TEN LTD Announces Charter Extension for LNG Carrier

Expected $30 million in gross revenues over first-year period

Strong outlook for all tanker segments

ATHENS, Greece, Dec. 05, 2019 (GLOBE NEWSWIRE) -- TEN, LTD. (NYSE: TNP), a leading diversified tanker operator, today announced the extension of one of its LNG carriers for a minimum one-maximum three-year period. The new increased rate is set to commence in the first quarter of 2020 and expected to generate around $30 million of gross revenues.

“We are delighted to continue the employment of our LNG carrier to one of the industry’s top names which highlights TEN’s operational capabilities in this highly demanding sector,” Mr. George Saroglou, Chief Operating Officer of TEN stated. “The LNG sector continues to be an area of increasing interest to us and the recent newbuilding order is a testament to that. TEN’s diversified fleet of crude, product, shuttle tankers and LNG carriers, provides management with the flexibility to choose the most accretive business in each segment, in today’s strong tanker market environment,” Mr. Saroglou concluded. 

ABOUT TSAKOS ENERGY NAVIGATION

TEN, a pioneering energy company, founded in 1993 and celebrating this year 26 years as a public company, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet consists of 70 double-hull vessels (pro-forma), constituting a mix of crude tankers, product tankers and LNG carriers (including one LNG newbuilding option), totaling 7.8 million dwt.

ABOUT FORWARD-LOOKING STATEMENTS

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

For further information please contact:

Company

Tsakos Energy Navigation Ltd.

George Saroglou

COO

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