TEN, LTD. (NYSE:TNP), a leading crude, product and LNG tanker operator, yesterday announced the charter employment for an aggregate 6 years for one Aframax crude tanker and two MR product carriers to significant global end-users. The gross revenues for these contracts are expected to exceed $32 million.
“With these fixtures, TEN continues to increase its long term time charter coverage to major oil concerns and further solidify its cash flow and dividend visibility,” Mr. George Saroglou, Chief Operating Officer of TEN stated. “With 78% of the fleet in long term charters, half of which with provisions to capture market upturns, resulting to minimum secured revenues of $1.4 billion, TEN is well positioned to benefit from the expected market upturn due to the fast declining orderbook and the seasonally strong months ahead,” Mr. Saroglou concluded.
In addition, Maria Tsakos TCM Maritime Training Center received the 2017 Lloyds List Education – Training Award for an innovative curriculum and high-quality equipment for bridge-engine cargo on conventional vessels, ice-class tankers, shuttle tankers and LNG carriers.
Furthermore, Nikolas P. Tsakos, Founder and CEO of TEN and current Chairman of INTERTANKO, received the Tanker Shipping & Trade Industry Leader award for 2017 at this year’s Tanker Shipping & Trade Conference in London.