SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

November 05, 2014 09:00 ET

Tsakos Energy Navigation Announces Long Term Charters for up to Two Highly Specialized DP2 Shuttle Tankers; Tanker Spot Rates Rise as Oil Price Drops

ATHENS, GREECE--(Marketwired - Nov 5, 2014) - Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced an agreement for a long-term time charter to a national oil company of a new DP2 suezmax shuttle tanker for delivery in the first quarter of 2017, with an option for a second vessel. This project will make a positive contribution to TEN's bottom line.

Shuttle tankers are a highly specialized sector, which calls for state of the art vessels specifically designed for oil transport from an offshore field. Typically, such vessels are committed to industrial projects for long periods and function in a complex operational environment.

"We are pleased to continue our expansion into this niche segment together with a first class end user. This project is expected to generate significant long term advantages for our Company and its shareholders. In the interim, the current spot market rates continue to rise in both the crude and product sectors, as the drop in the price of oil increases demand for our services and enhances our profitability," Mr. Nikolas P. Tsakos, President and CEO of TEN commented.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's fleet, including the LNG carrier Maria Energy, nine Aframax crude oil tankers and two LR1 tankers all under construction, consists of 64 double-hull vessels (including Suezmax DP2 option), a mix of crude tankers, product tankers and LNG carriers, totaling 6.72 million dwt. Of these 44 vessels trade in crude, 14 in products, four are shuttle tankers (including Suezmax DP2 option) and two LNG carriers. The average age of the operational fleet is 7.2 years.

All TEN's newbuildings, except the Maria Energy, are fixed on accretive long term project business. Finance for 10 out of 14 newbuilding vessels has been arranged and discussions for the remainder are in progress.

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

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    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