Tsakos Energy Navigation Partners With Statoil to Build Up to Nine Aframaxes

tsakos energy navigation arctic suezmax
TEN’s Arctic, an Ice-class suezmax tanker

Tsakos Energy Navigation Limited (NYSE:TNP) has announced today strategic partnership with Statoil involving the construction and chartering of five to nine DSME-built Aframax crude tankers with a contract term of five to twelve years, including options.

In their emailed statement, Tsakos Energy Navigation notes the gross revenues from this project are expected to range between $250 million and approximately $1 billion.

“TEN continues its policy of forging strategic partnerships with international shippers with a track record of Health Safety and Environmental (HSE) performance and financial prudence. We are proud to announce today the expansion of our business relationship with Norway-based, Statoil. With this accretive transaction we further modernize and grow responsibly our fleet in cooperation with such a prestigious partner.” Mr. Nikolas P. Tsakos, President and CEO of TEN commented.

Tsakos Energy Navigation’s fleet, including the LNG Maria Energy and five Aframax crude oil tankers under construction, consists of 54 double-hull vessels, including a mix of product tankers, crude tankers and LNG carriers, totaling 5.5 million dwt. Of these, 28 are product carriers ranging from DP2 shuttle suezmaxes to handysize, 24 are crude tankers ranging from VLCCs to Aframaxes, and two are LNG carriers.

The Company holds also an option for a 174,000 cbm tri-fuel LNG carrier to be exercised no later than January 31, 2014.