ATHENS, GREECE--(Marketwire - May 9, 2011) - Tsakos Energy Navigation Limited ("TEN" or the "Company") (
"The duration and structure of this transaction is a testament to the quality of our fleet and operations while the calibre of the counterparty is a proof of the high-value relationships our Company has cultivated over the years," said Mr. Nikolas P. Tsakos, President & CEO of TEN. "These two fixtures fall in line with our tried and tested policy of cash flow predictability as they provide us with a flexible and stable income stream over a very long period. These two new charters together with the recent fifteen year contracts secured for the two suezmax shuttle tankers currently under construction should generate a minimum of $720 million in gross revenues over their corresponding charter periods," Mr. Tsakos concluded.
ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's pro forma fleet consists of 51 double-hull vessels of 5.5 million dwt that includes four suezmax tankers currently under construction totalling 630,000 dwt to be delivered in Q2 and Q3 2011 and two suezmax DP2 shuttle tankers for delivery in 2012 and 2013. TEN's balanced fleet profile is reflected in 24 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 as of May 14, 2011): | |
Type of Employment | Vessels |
Period Employment - Fixed, fixed w/profit share & min max | 29 |
CoA - market related | 2 |
Pool - market related | 6 |
Spot - market related | 11 |
TEN's current newbuilding program: | |||
Suezmax | DWT | Hull Type / Design | Delivery |
1. Spyros K | 158,000 | DH | Expected May 14, 2011 |
2. Dimitrios P | 158,000 | DH | July 2011 |
3. Suezmax DP2 | 157,000 | DH | Q4 2012 |
4. Suezmax DP2 | 157,000 | DH | Q1 2013 |
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