SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

October 06, 2010 09:04 ET

Tsakos Energy Navigation Announces Appointment of Mr. Takis Arapoglou to Board of Directors

ATHENS, GREECE--(Marketwire - October 6, 2010) -  Tsakos Energy Navigation Limited (TEN) (NYSE: TNP), a leading owner and operator of a fleet of modern tankers providing marine transportation services for national, major and independent oil companies and refiners, announced today that Mr. Takis Arapoglou has been appointed to the Company's board of directors. 

Mr. Arapoglou was Chairman and Chief Executive Officer of the National Bank of Greece from March 2004 until December 2009 and Chairman of the Hellenic Bankers Association from 2005 to 2009. Prior to this and between 2000 and 2004, he was Managing Director and Global Banking Industry Head for Citigroup based in London. He is a graduate of the University of Athens School of Mathematics and earned a BSc in Naval Architecture from the University of Glasgow and an MSc in Management from Brunel University.

Mr. D. John Stavropoulos, Chairman of the Board, commented, "We are delighted to have someone with Mr. Arapoglou's background and experience join our board. His insight to the financial world and his long tenure in financial-related executive positions will be greatly beneficial to TEN, making him an indispensable member of our team. We warmly welcome Mr. Arapoglou on board."


Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks 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.

About Tsakos Energy Navigation
TEN's pro forma fleet (including the recently acquired Panamaxes) consists of 50 vessels of 5.3 million dwt. TEN's operational fleet consists of 46 vessels all of double-hull design of which 21 are ice-class. TEN's remaining newbuilding program includes two suezmax tankers totaling 316,000 dwt.

TEN's balanced operational fleet profile is reflected in 21 crude tankers ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize; complemented by one LNG.

TEN's current employment profile:

Type of Employment   Vessels
Period Employment - Fixed and fixed with profit share   30
CoA - market related   3
Pool - market related   4
Spot - market related   9

TEN's current newbuilding program:

Suezmax   DWT   Hull Type/ Design   Delivery
1. S2034   158,000   DH   Q2 2011
2. S2035   158,000   DH   Q3 2011

DH: Double Hull

Contact Information

  • For further information, please contact:
    Tsakos Energy Navigation Ltd.
    George Saroglou
    +30210 94 07 710

    Investor Relations / Media
    Capital Link, Inc.
    Nicolas Bornozis
    Ramnique Grewal
    +212 661 7566

    Communications Advisor
    Cubitt Jacobs & Prosek Communications
    Thomas J. Rozycki, Jr.
    +212 279 3115 (x208)