TEN Sends New Aframax Tanker to Work for Statoil

Maritime Activity Reports, Inc.

June 23, 2016

Tsakos Energy Navigation Ltd. (NYSE:TNP) has taken delivery of the aframax tanker Elias Tsakos, part of the 15-vessel newbuilding program and the first of the nine assigned for the Statoil long-term business.

The vessel was delivered from Daewoo Mangalia Heavy Industries and will immediately be employed by Statoil with potential gross revenues in excess of $100 million.

“Following the delivery and long term charter of the VLCC Ulysses, we are pleased to announce the commencement of our strategic relation with Statoil, one of the most recognized oil companies in the world,” commented Mr. Nikolas Tsakos, President and CEO of TEN.  “This new cooperation makes our solid employment base even stronger and increases our profitability. 

It proves that TEN is positioned as a carrier of choice to blue-chip international oil majors and enhances our uninterrupted dividend distribution record since inception.  TEN's tested operational strategy has served us well navigating the company through 23 years of successful growth regardless of market cycles,” Mr. Tsakos concluded.


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