SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

July 09, 2014 08:30 ET

Tsakos Energy Navigation Announces the Delivery of Two Modern Suezmax Crude Tankers Sister Vessels to Existing Units

Vessels Positive Bottom Line Contribution Will Commence in the 3Q2014

ATHENS, GREECE--(Marketwired - Jul 9, 2014) -  Tsakos Energy Navigation Ltd. (TEN or the "Company") (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the 2013 and 2012-built suezmaxes, Eurovison and Euro, sister vessels to the 2011-built Spyros K and Dimitris P.

The Euro is currently on a remaining sixteen-month charter to a major US oil company at a rate with escalation features and expected gross revenues of about $12 million, while the Spyros K and the Dimitris P are under nine year, on average, remaining contracts with profit sharing provisions to a major Far Eastern concern with expected minimum revenues of $142 million. In total, three of the four sister-vessels have secured forward minimum gross revenues of approximately $154 million while the third, the Eurovision, is taking advantage of the spot market. The performance of these new acquisitions will start to be reflected in the third quarter of this year and in full from the fourth quarter onwards.

"The addition of these two modern suezmaxes to the existing sister units, further solidifies TEN's presence in the crude sector and reaffirms the company's chartering strategy. Two vessels are on long time charters with profit sharing, the third is on a medium time charter with escalations and the fourth is already taking advantage of an improving spot market," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "The sister-ship concept is a permanent theme for TEN as it provides our customers with choice and interchangeability while at the same time it generates economies of scale that provide savings that go straight to the bottom line," Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's fleet, including the LNG carrier Maria Energy and nine Aframax crude oil tankers under construction, consists of 60 double-hull vessels, a mix of crude tankers, product tankers and LNG carriers, totaling 6.2 million dwt. Of these, 30 are crude tankers ranging from VLCCs to Aframaxes, 28 are product carriers ranging from DP2 shuttle suezmaxes to handysize, 14 of which are currently carrying crude cargoes, and two are LNG carriers. 

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