Tsakos Energy Navigation (TEN) announces completion of 15-vessel newbuilding program

By Vessels

TEN, Ltd. (TEN) (NYSE: TNP) today reported the delivery of the ice-class Aframax tanker Bergen TS, the last in the 15-vessel, pre-employed on long-term business, growth program, which increased the size of TEN's fleet by 30% over the last 18 months.

Tsakos Energy Navigation (TEN) announces completion of 15-vessel newbuilding program
Caption: Crude oil tanker Bergen TS - Image courtesy of Adi Man/Shipspotting

With 65 vessels fully operational, the fleet's minimum revenue backlog comes to $1.3 billion with average contract duration of 2.5 years.

"With the largest growth in the Company's history, successfully and timely completed, TEN is well positioned to take advantage of market opportunities as they will appear," Mr. Nikolas P. Tsakos, President & CEO of TEN stated. "The fully employed renewal program is expected to significantly contribute to TEN's bottom line and solidify the fleet's income visibility and cash generation from now and into the future," Mr. Tsakos concluded.

Source: TEN