SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

June 14, 2016 09:00 ET

Tsakos Energy Navigation Announces Long Term Charter for VLCC Ulysses

30% Organic Fleet Expansion Through Q3 2017; $1.5 Billion in Total Fleet Contractual Revenues With Average Contract Duration 2.5 Years

ATHENS, GREECE--(Marketwired - Jun 14, 2016) - Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced a 40-month charter for the recently delivered VLCC Ulysses with a Far Eastern end-user with gross revenues expected in the range of $50 million. This fixture is scheduled to commence in early July upon expiration of the vessel's maiden spot employment.

TEN's 15-vessel expansion program, the largest since its IPO, has started to deliver with the Ulysses being the first. All vessels but two are under long term accretive contracts while management is in negotiations for similar term employment for the remaining.

"We are pleased to announce an accretive fixture and the initiation of another long-term relationship with a first-class end-user," Mr. Nikolas Tsakos, President and CEO of TEN commented. "TEN's tested and successful strategy has been through the building of long-term relationships with oil majors and quality end users. The maintenance and enhancement of a solid employment base strengthens TEN's bottom line, increases profitability and secures our uninterrupted dividend distribution record since inception. With limited tonnage supply going forward, growing demand and the creation of new sea trade routes, market prospects remain positive," 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.

VESSELS UNDER CONSTRUCTION

#   Vessel Name   Type   Dwt   Delivery   Status   Employment
1   Ulysses   VLCC   300,000   Q2 2016   Delivered   Yes
2   Elias Tsakos   Aframax   112,700   Q2 2016   TBD   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 Negotiation
15   Maria Energy   LNG   93,616   Q3 2016   TBD   In Negotiation
                         

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