SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

June 22, 2016 09:00 ET

Tsakos Energy Navigation Announces Delivery and Long-Term Charter of Aframax Crude Tanker Elias Tsakos

Naming of Second and Third Aframaxes Thomas Zafiras and Leontios H; $1.5 Billion in Total Fleet Contractual Revenues With Average Contract Duration 2.5 Years

ATHENS, GREECE--(Marketwired - Jun 22, 2016) - Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the aframax tanker Elias Tsakos, part of the 15-vessel newbuilding program and the first of the nine assigned for the Statoil long-term business. The vessel was delivered from Daewoo Mangalia Heavy Industries and will immediately be employed by Statoil with potential gross revenues in excess of $100 million.

"Following the delivery and long term charter of the VLCC Ulysses, we are pleased to announce the commencement of our strategic relation with Statoil, one of the most recognized oil companies in the world," commented Mr. Nikolas Tsakos, President and CEO of TEN. "This new cooperation makes our solid employment base even stronger and increases our profitability. It proves that TEN is positioned as a carrier of choice to blue-chip international oil majors and enhances our uninterrupted dividend distribution record since inception. TEN's tested operational strategy has served us well navigating the company through 23 years of successful growth regardless of market cycles," Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. The Company's pro-forma fleet, including one VLCC, one LNG carrier, nine Aframax crude tankers, a Suezmax DP2 shuttle tanker and two LR1 product tankers all under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers. All of TEN's tanker newbuildings except the one remaining VLCC Hercules and the LNG carrier Maria Energy are fixed on long-term project businesses. As of June 2016, 60% of 2016 fleet available days, taking into account nine deliveries, are on secured contracts with an average length of 2.5 years and minimum gross revenues of about $1.5 billion.

VESSEL CONSTRUCTION PROGRAM

# Vessel Name Type Dwt Delivery Status Employment
1 Ulysses VLCC 300,000 Q2 2016 Delivered Yes
2 Elias Tsakos Aframax 112,700 Q2 2016 Delivered Yes
3 Thomas Zafiras Aframax 112,700 Q3 2016 TBD Yes
4 Leontios H Aframax 112,700 Q4 2016 TBD Yes
5 TS Parthenon Aframax 112,700 Q4 2016 TBD Yes
6 TS Marathon Aframax 112,700 Q1 2017 TBD Yes
7 TS Sola Aframax 112,700 Q1 2017 TBD Yes
8 TS Oslo Aframax 112,700 Q2 2017 TBD Yes
9 TS Stavanger Aframax 112,700 Q3 2017 TBD Yes
10 TS Bergen Aframax 112,700 Q4 2017 TBD Yes
11 Sunray Panamax LR1 74,200 Q3 2016 TBD Yes
12 Sunrise Panamax LR1 74,200 Q3 2016 TBD Yes
13 Lisboa City DP2 Shuttle 157,000 Q1 2017 TBD Yes
14 Hercules VLCC 300,000 Q4 2016 TBD In Negotiations
15 Maria Energy LNG 93,616 Q3 2016 TBD In Negotiations

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

  • 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