{"id":477500,"date":"2021-04-16T09:03:03","date_gmt":"2021-04-16T13:03:03","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ten-ltd-announces-24-month-charter-for-four-panamax-tankers\/"},"modified":"2021-04-16T09:03:03","modified_gmt":"2021-04-16T13:03:03","slug":"ten-ltd-announces-24-month-charter-for-four-panamax-tankers","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ten-ltd-announces-24-month-charter-for-four-panamax-tankers\/","title":{"rendered":"TEN Ltd Announces 24-Month Charter for Four Panamax Tankers"},"content":{"rendered":"
\n

\n
\n $40.0 million in minimum gross revenues<\/strong>
\n <\/em>\n <\/p>\n

\n
\n Strong industry fundamentals<\/strong>
\n <\/em>\n <\/p>\n

ATHENS, Greece, April 16, 2021 (GLOBE NEWSWIRE) — TEN, Ltd (\u201cTEN\u201d or the \u201cCompany\u201d) (NYSE:TNP) today announced 24-month charters with profit sharing provisions for four LR1 product tankers to an oil concern. The combined minimum revenues from these contracts are expected to be around $40.0 million, excluding any additional revenue that may be generated from profit-sharing.<\/p>\n

\u201cThese charters highlight our policy of flexible long-term contracts with first-class counterparties that on the one hand provide cash flow security while on the other preserve the Company\u2019s ability to capture market upturns in strong freight environments,\u201d Mr. George Saroglou, COO of TEN commented. \u201cThese contracts are a reflection of strong industry fundamentals as world economies restart and mirror the ones currently in evidence in the container and dry bulk sectors,\u201d Mr. Saroglou concluded.<\/p>\n

\n ABOUT TSAKOS ENERGY NAVIGATION <\/strong>
\n
TEN, founded in 1993 and celebrating this year 28 years as a public Company, is one of the first and most established public shipping companies in the world. TEN\u2019s diversified energy fleet currently consists of 68 double-hull vessels, including one LNG carrier and one suezmax DP2 shuttle tanker under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.5 million dwt.<\/p>\n

\n ABOUT FORWARD-LOOKING STATEMENTS
<\/strong>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.<\/p>\n

For further information, please contact:<\/p>\n

\n Company<\/strong>
\n
Tsakos Energy Navigation Ltd.
George Saroglou
COO
+30210 94 07 710
gsaroglou@tenn.gr<\/a>\u00a0<\/p>\n

\n Investor Relations \/ Media<\/strong>
\n
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
ten@capitallink.com<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

$40.0 million in minimum gross revenues Strong industry fundamentals ATHENS, Greece, April 16, 2021 (GLOBE NEWSWIRE) — TEN, Ltd (\u201cTEN\u201d or the \u201cCompany\u201d) (NYSE:TNP) today announced 24-month charters with profit sharing provisions for four LR1 product tankers to an oil concern. The combined minimum revenues from these contracts are expected to be around $40.0 million, excluding any additional revenue that may be generated from profit-sharing. \u201cThese charters highlight our policy of flexible long-term contracts with first-class counterparties that on the one hand provide cash flow security while on the other preserve the Company\u2019s ability to capture market upturns in strong freight environments,\u201d Mr. George Saroglou, COO of TEN commented. \u201cThese contracts are a reflection of strong industry fundamentals as world … <\/p>\n

Continue reading “TEN Ltd Announces 24-Month Charter for Four Panamax Tankers”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-477500","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nTEN Ltd Announces 24-Month Charter for Four Panamax Tankers - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ten-ltd-announces-24-month-charter-for-four-panamax-tankers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TEN Ltd Announces 24-Month Charter for Four Panamax Tankers - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"$40.0 million in minimum gross revenues Strong industry fundamentals ATHENS, Greece, April 16, 2021 (GLOBE NEWSWIRE) — TEN, Ltd (\u201cTEN\u201d or the \u201cCompany\u201d) (NYSE:TNP) today announced 24-month charters with profit sharing provisions for four LR1 product tankers to an oil concern. 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