SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

October 03, 2014 09:00 ET

Tsakos Energy Navigation Announces Charter Extension for Three Product Tankers

The Three New Charters to Generate Total Revenues of $40 Million; Spot Rates Increase in Q4

ATHENS, GREECE--(Marketwired - Oct 3, 2014) - Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the charter extension for three product tankers, including two Panamaxes and one MR, for two and three years respectively to a South American oil major. These contracts are expected to generate $40 million in total gross revenues over their relevant duration.

"These three accretive fixtures following those announced in August, expand our contracted revenues and solidify our profitability. In addition, they reconfirm TEN's position as a shipowner of choice for major oil companies," stated Mr. Nikolas P. Tsakos, President & CEO of TEN. "The growing appetite of end users for long term charters and the recent strengthening of the spot market, for both crude and products, reinforces our optimism going forward. TEN's mix of long term employments and vessels in the spot market takes advantage of current market conditions and further enhances our bottom line," Mr. Tsakos concluded.

To date, TEN's fleet, including the LNG carrier Maria Energy, nine Aframax crude oil tankers and two LR1 tankers all under construction, consists of 62 double-hull vessels, a mix of crude tankers, product tankers and LNG carriers, totaling 6.4 million dwt. Of these 44 vessels trade in crude, 14 in products, two are shuttle tankers and two LNG carriers. The average age of the operational fleet is 7.2 years.

The Company's newbuilding program consists of:

Vessel Dwt Built
1. LNG Maria Energy 174,000 cbm 1Q2016
2. Aframax H/N 5010 112,700 dwt 2Q2016
3. Aframax H/N 5011 112,700 dwt 2Q2016
4. Aframax H/N 5012 112,700 dwt 3Q2016
5. Aframax H/N 5013 112,700 dwt 4Q2016
6. Aframax H/N 5014 112,700 dwt 1Q2017
7. Aframax H/N 5015 112,700 dwt 1Q2017
8. Aframax H/N 5016 112,700 dwt 2Q2017
9. Aframax H/N 5017 112,700 dwt 2Q2017
10. Aframax H/N 5018 112,700 dwt 3Q2017
11. LR1 TBA 74,000 dwt 2H2016
12. LR1 TBA 74,000 dwt 2H2016

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.

Contact Information

  • Contact:

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

    Investor Relations / Media
    Capital Link, Inc.
    Nicolas Bornozis
    Paul Lampoutis
    +212 661 7566