TEN Takes Delivery of ‘Rio 2016’

Tsakos Energy Navigation Limited (TEN) has taken delivery of the fully-coated DP2 shuttle tanker with a carrying capacity of 157.000 DWT named ‘Rio 2016’. The second sister shuttle tanker, the Brasil 2014, is scheduled to be delivered in April 2013.

“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.”

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.

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Press Release, March 12, 2013