Greece's TEN Charters Out One Ship, Sells Two

Press Release
Thursday, January 24, 2013
TEN VLCC: Photo courtesy of Tsakos Energy Navigation

Tsakos Energy Navigation Limited (TEN) charters out ice-class aframax product tanker 'Propontiss', & sells two oldest vessels.

The company announce the charter of its 2008-built 1A ice-class aframax product tanker Propontis to Northern European end-users for two years, which is expected to generate $14.5 million of revenue over its duration.

In addition, the sale has been completed to third party interests of its two oldest vessels, the VLCCs La Prudencia and La Madrina, built in 1993 and 1994 respectively.

"We are pleased to report another attractive fixture which is again a testament of our strategy to maintain long term industrial relationships with high-end charterers for the versatile and quality fleet that we have built over the years. As we speak today, we have a fixed employment of approximately two years for each vessel in our fleet. Further on, the divestment of our two older assets will supplement our long stated, and so far successful, objective of cost containment while on the other hand allow us to maintain the young profile of our fleet.," said Mr. George Saroglou, Chief Operating Officer of TEN.

"These vessels have served the Company well over the years and we wish their new owners similar fortunes. We remain committed to enhancing and diversifying our revenue streams and we look forward to the introduction and subsequent 15-year employment of the two DP2 Shuttle tankers that will be delivered in March and April of this year," Mr. Saroglou concluded.

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