Approximately $200 million in time-charter equivalent gross earnings over period of contract
55% of the Fleet with Exposure in the Spot Market
TEN, LTD. (NYSE:TNP), a leading crude, product and LNG tanker operator, today announced the delivery of an Aframax tanker, the first in a series of four advanced technology vessels, built against long-term contracts to a major US oil concern.
The proceeds in time charter equivalent terms, equate to approximately $200 million over the minimum duration.
“TEN continues its tested policy of enhancing strategic relationships with major end users,” Mr. George Saroglou, Chief Operating Officer of TEN stated. “With the charter markets moving in the right direction and with 37 vessels in the fleet with the ability to capture the rates upturn, TEN efficiently combines secured revenue generation and the ability to participate in the strong freight environment,” Mr. Saroglou concluded.