SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

March 02, 2011 08:00 ET

Tsakos Energy Navigation Announces Fourth Quarter and Full Year 2010 Financial Results Release Date, Conference Call and Webcast

ATHENS, GREECE--(Marketwire - March 2, 2011) - Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE: TNP) will report earnings for the fourth quarter and full year 2010 prior to the open of the market on Monday, March 14, 2011.

That same morning, at 10:00 a.m. Eastern Time, TEN will also host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond what is included in the earnings press release.

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please quote "Tsakos" to the operator.

A telephonic replay of the conference call will be available until March 21, 2011 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 90295809#

Simultaneous Slides and Audio Webcast:

There will also be a simultaneous live, and then archived, slides webcast of the conference call, available through TEN' website (www.tenn.gr). The slides webcast will also provide details related to fleet composition and deployment and other related company information. This presentation will be available on the Company's corporate website reception page at www.tenn.gr. Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

ABOUT TSAKOS ENERGY NAVIGATION

To date, TEN's pro forma fleet consists of 52 double-hull vessels (including the Opal Queen agreed to be sold) of 5.6 million dwt that includes two suezmax tankers currently under construction to be delivered in April and July 2011 and two suezmax DP2 shuttle tankers for delivery in 2012 totalling 646,000 dwt. TEN's balanced fleet profile is reflected in 25 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and one LNG carrier.

TEN's employment profile (operating fleet):
Type of Employment                                            Vessels
                                                              -------
Period Employment - Fixed, fixed w/profit share & min max       30
CoA  - market related                                           2
Pool - market related                                           6
Spot - market related                                           10

TEN's current newbuilding program:

Suezmax                      DWT           Hull Type / Design    Delivery
                             -------       ------------------    ----------
1. S2034 (tbn Spyros K)      158,000       DH                    April 2011
2. S2035                     158,000       DH                    July 2011
3. Suezmax DP2               157,000       DH                    Q3 2012
4. Suezmax DP2               157,000       DH                    Q4 2012
DH: Double Hull

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