SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

December 06, 2016 18:10 ET

Tsakos Energy Navigation Announces Four New Time Charter Contracts

New Charters Increase to 68% Long Term Employment; Secured Revenues at Minimum $1.4 Billion with 2.8 Years Average Contract Duration

ATHENS, GREECE--(Marketwired - Dec 6, 2016) - Tsakos Energy Navigation Limited ("TEN") (NYSE: TNP), a leading diversified tanker owner, today announced new time charter contracts for four vessels, an aframax, two panamaxes, and a handysize product tanker, all to major end users. The average contract length of all four fixtures is 14 months which bring the aggregate fleet gross revenues to a minimum of $1.4 billion. 

"The new time charters increase TEN's fleet under secured revenue employment to 68%. With seven more vessels delivering in 2017, six of which under long term charters, the coverage will well exceed 70%. Responding to our charterers' appetite, we will be reaching our long term coverage goal well ahead of schedule," stated Mr. Nikolas P. Tsakos, President and CEO of TEN and current Chairman of INTERTANKO. "Repeat business from first class clients fits well with our industrial shipping model, solidify further our balance sheet, and support TEN's continued profitability, all attributes which should ultimately be reflected in TEN's true valuation," 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, five Aframax tankers and a Suezmax DP2 shuttle tanker under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt. Of these, 45 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers.

COMPANY'S GROWTH TIME-TABLE

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

Visit our company website at: http://www.tenn.gr

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