TEN Takes Delivery of Aframax Crude Tanker

Crude, product and LNG tanker operator TEN, LTD. announced the delivery of the aframax tanker Stavanger TS, the eighth in a series of nine tankers built against long-term employment to a major European oil concern and one of the four, of this particular order, with ice-class specifications. 

The last remaining ship to complete the 15-vessel organic growth program, the Bergen TS is scheduled to be delivered and commence its long-term employment in the third quarter of this year. All 15 new tankers have long-term employment. With the delivery of the Bergen TS, TEN’s current expansion program will reach its conclusion and result in 75 percent of the fleet in secured contracts with minimum gross revenues of $1.5 billion and average charter duration of 2.6 years.