SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

June 20, 2011 16:05 ET

Tsakos Energy Navigation Announces Charter of DNA-Aframax Tanker Maria Princess

Chartering Entry Into Chinese Market

ATHENS, GREECE--(Marketwire - Jun 20, 2011) - Tsakos Energy Navigation Ltd. ("TEN" or the "Company") (NYSE: TNP) today announced the charter of the 105,000 dwt, DNA design Aframax tanker, Maria Princess, to a major Chinese oil concern for a twelve month period. This charter comes in line with the Company's pre-stated policy in exploring opportunities in the wider Chinese energy market.

"The growth of oil consumption in China is a major determinant in worldwide tanker demand and we are pleased to participate directly in this development with one of our modern DNA aframax vessels," stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. "We hope that this fixture will further enhance our relationship with local chartering concerns and be our gateway to this major economy for additional opportunities in the future. Our modern and versatile fleet gives us confidence that this fixture will not stand in isolation once we strategically begin to redeploy our vessels in the longer term charter market," Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's pro forma fleet consists of 51 double-hull vessels of 5.5 million dwt that includes three suezmax tankers currently under construction totaling 472,000. TEN's balanced fleet profile is reflected in 24 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and one LNG carrier.

TEN's current newbuilding program:

SuezmaxDWTHull Type / DesignExpected Delivery
1. Dimitris P158,000DHJuly 2011
2. Suezmax DP2157,000DHQ4 2012
3. Suezmax DP2157,000DHQ1 2013

DH: Double Hull

Employment of operating fleet at June 20, 2011:

Type of EmploymentVessels
Period Employment - Fixed, fixed w/profit share & min max28
CoA - market related1
Pool - market related6
Spot - market related13

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

  • 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
    Biraj Gyawali
    +212 661 7566
    ten@capitallink.com