TEN: Delivery and Long Term Charter of Aframax Tanker “Thomas Zafiras”

TEN

TEN Ltd. (NYSE : TNP), a leading crude, product and LNG tanker operator, announced the delivery of the Aframax crude tanker “Thomas Zafiras” from Daewoo Mangalia Heavy Industries which will immediately enter a long term contract to a Northern European charterer that could generate gross revenues in excess of $100 million.

This is the second vessel in a series of nine purposely built Aframax tankers on long term time charters at accretive rates. TEN’s new building program continues later this month with the delivery of a Panamax LR1 tanker also chartered to long term employment.

The majority of the Company’s new building vessels are built against long lasting time charters that secure revenue growth and dividend distributions.

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