ATHENS, GREECE--(Marketwired - Dec 1, 2015) - Tsakos Energy Navigation Ltd. (
"This accretive charter highlights oil majors' appetite for long term fixtures and reaffirms our belief that the health of the crude oil market remains strong," Mr. George Saroglou, Chief Operating Officer of TEN commented. "With $1.5 billion in minimum secured revenues, TEN will continue to adjust its employment strategy so to enhance cash flow visibility, irrespective of market conditions, while continuing to take advantage of firm spot rates. With a large part of our fleet in secured and flexible contracts, including many under profit sharing provisions, to be complimented by selective vessel sales, we remain confident that TEN will continue to provide attractive returns to shareholders through share price appreciation and the payment of steady, growing dividends," Mr. Saroglou concluded.
ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's fleet, including two VLCCs, an LNG carrier, nine Aframax crude oil tankers, a Suezmax DP2 shuttle tanker and two LR1 tankers all under construction, consists of 65 double-hull vessels, 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. In addition, TEN has an option to construct another Suezmax DP2 shuttle tanker. All of TEN's tanker newbuildings except the two VLCCs and the LNG carrier Maria Energy are fixed on long-term project businesses.
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.
Visit our company website at: http://www.tenn.gr
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