Tsakos Energy Navigation Limited (TEN), a leading product, crude and LNG tanker operator, today announced the delivery of the fully-coated DP2 shuttle tanker, the first of its kind internationally to fly the Greek flag, with a carrying capacity of 157,000 dwt, Rio 2016.
The delivery was attended by the Greek Minister of Mercantile Marine accompanied by the Ambassadors of Greece in South Korea and the Philippines together with dignitaries representing the local authorities. The second sister shuttle tanker, the Brasil 2014, is scheduled to be delivered in April 2013. Both vessels have secured fifteen year employments with a national oil major that are expected to generate $520 million in gross revenues over the corresponding periods.
“We are excited with the delivery of our shuttle tanker which allow us to broaden our maritime energy scope and further diversify our sources of revenue,” said Mr. Nikolas P. Tsakos, President and Chief Executive Officer of TEN . “With our presence in shuttle tankers and LNG, both sectors with high barriers of entry, and a dominating position in product tankers, a sector that has experienced a noticeable firmness of late, we are confident in providing investors with a growing stream of income. The versatility of our fleet along with positive developments in crude markets provides us with comfort that TEN can be a main beneficiary of a market recovery translating to more positive results going forward particularly when compared to prior years,” Mr. Tsakos concluded.
[mappress]
TEN, March 12, 2013