Tsakos Energy Navigation Limited today reported th e strategic partnership with Statoil, an international energy company headquartered in Stavanger Norway for the construction and chartering of five to nine purpose built Daewoo Aframax crude tankers with a contract term of five to twelve years including options, the company said in its press release.
The gross revenues from this project are expected to range between minimum $250 million to approximately $1 billion. “TEN continues its policy of forging strategi c partnerships with in ternational shippers with a track record of Health Safety and Environmental (HSE) performance and financial prudence. We are proud to annou nce today the expansion of our business relationship with Norway-based, Statoil. Wi th this accretive transaction we further modernize and grow responsib ly our fleet in cooperation with such a prestigious partner.”Mr. Nikolas P. Tsakos, Pres ident and CEO of TEN commented.
ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's fleet, including the LNG Maria Energy and five Aframax crude oil tankers under construction, consists of 54 do uble-hull vessels, 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-fu el LNG carrier to be exerci sed no later than January 31, 2014.