The Silia T is the second delivery in an eleven-ship newbuilding program that received its first delivery earlier this year. In March, TEN took delivery of an aframax tanker, the Opal Queen, which entered into a two year time charter contract with a major Japanese company.
The remaining newbuilding program is comprised of two aframaxes, one scheduled to be delivered in 2002 and one in 2003, and four Panamaxes scheduled to be delivered during 2003 in addition to the three aforementioned suezmaxes to be delivered in 2002.
Today, TEN operates a fleet of eighteen tankers, including one chartered-in aframax, comprising 1,700,000 DWT. At the completion of the newbuilding program, which is scheduled for the end of 2003, TEN's fleet of 27 vessels is expected to comprise 2,680,000 DWT. Of those 27 vessels, it is anticipated that 16 will be newbuildings (1997-2003). Upon completion of its newbuilding program TEN believes its fleet, which will have an average age of 6.4 years, will be among the youngest and most modern in the industry.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involverisks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.