SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

March 03, 2015 09:00 ET

Tsakos Energy Navigation Announces Charter Extension for Two LR1 Panamax Tankers; Minimum Revenues of $37.5 Million Including Optional Periods; Profit Sharing Provisions Attached

ATHENS, GREECE--(Marketwired - Mar 3, 2015) - Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the charter extension with profit sharing provisions for the panamax tankers Selini and Salamina for 24 and 30 months respectively with 12 months extensions to a European oil major. The minimum gross revenue to be generated by these two contracts, assuming the exercise of the options, exceeds $37.5 million.

"We are pleased to announce these charter renewals at accretive minimum rates to our long term strategic partners highlighting the quality of TEN's fleet and operations," Mr. George Saroglou, Chief Operating Officer of TEN commented. "We remain optimistic of the overall strength of the tanker market and expect significant revenues from profit sharing contracts, like those announced today. These together with income generated by spot trades should positively impact our bottom line going forward," Mr. Saroglou concluded.

ABOUT TSAKOS ENERGY NAVIGATION
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 64 double-hull vessels (including Suezmax DP2 option), a mix of crude tankers, product tankers and LNG carriers, totaling 6.72 million dwt. Of these 44 vessels trade in crude, 14 in products, four are shuttle tankers (including Suezmax DP2 option) and two LNG carriers. The average age of the operational fleet is 7.2 years.

All TEN's tanker newbuildings are fixed on accretive long term project business.

ABOUT FORWARD-LOOKING STATEMENTS
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:
    Company
    Tsakos Energy Navigation Ltd.
    George Saroglou
    COO
    +30210 94 07 710
    gsaroglou@tenn.gr

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

    367 Syngrou Avenue, 175 64 P. Faliro, Hellas
    Tel:30 210 94 07 710-3
    Fax: 30 210 94 07 716
    e-mail:ten@tenn.gr
    Website:http://www.tenn.gr