We own a fleet of modern, versatile, high-quality tankers that are designed for enhanced safety and low operating costs. Over the past years we have committed in undertaking a massive newbuilding program thereby renewing our fleet, which currently stands out as one of the youngest tanker fleets in the industry. We believe that increasingly stringent environmental regulations and heightened concerns about liability for oil pollution have contributed to a significant demand for our vessels by leading oil companies, oil traders and major government oil entities. Tsakos Shipping & Trading S.A. (TST), the technical manager of our fleet, is certified in accordance with ISM Code, ISO 9001, ISO 14001, OHSAS 18001 and ISO 50001 standards thereby ensuring optimal fleet utilization.


TEN Ltd. owns a versatile fleet of 64 double-hull vessels, constituting a mix of modern VLCC’s, suezmax, aframax, panamax, handysize and handymax tankers, LNGs and shuttle tankers, enabling us to better serve our customers’ international petroleum product and crude oil transportation needs. Growing to become one of the largest ice-class tanker operators in the world, TEN Ltd. now lists, among its clientele, state entities, international oil majors and major oil traders. Through its extensive newbuilding and acquisition strategic program TEN Ltd. has built an expanded base of 25 ice class vessels, which can access ice-bound ports depending on certain thickness of ice. Additionally, TEN Ltd. entered the LNG market with the delivery of our first LNG carrier, Neo Energy, in 2007 and our second one, Maria Energy, in 2016. We also entered the shuttle tanker market with our first two DP2 suezmaxes M/T Rio 2016 and M/T Brasil 2014 delivered in 2013 and a third one, M/T Lisboa, delivered in 2017, thus becoming a one stop shipping company.


Historically, we have employed a high percentage of our fleet on long and medium-term employment with fixed rates or minimum rates plus profit sharing agreements. We believe this approach has resulted in high utilization rates for our vessels. At the same time, we maintain flexibility in our chartering policy to allow us to take advantage of favorable rate trends through spot market employment, pools and contract of affreightment charters with periodic adjustments. Over the last five years, our overall average fleet utilization rate was 97%.


For 50 years, the Group has maintained relationships with and achieved acceptance by national, major and other independent oil companies and refiners. Several of the world’s major oil companies and traders, including BP, ExxonMobil, FLOPEC, Hyundai Merchant Marine, Dorado, Shell and Stena are among the regular customers of TEN Ltd. in particular.


We are well positioned to capitalize on rising demand for LNG sea transport and offshore shuttle tanker transport because of our extensive relationships with existing customers, strong safety track record, superior technical management capabilities and financial flexibility. We already own three LNG carriers and three DP2 suezmax shuttle tankers.