SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

December 01, 2015 09:45 ET

Tsakos Energy Navigation Announces New Long-Term Employment for Suezmax Tanker

Fifteen New Fixtures YTD and $1.5 Billion in Secured Future Revenues; Secured Coverage for 2016 Increases to 55%

ATHENS, GREECE--(Marketwired - Dec 1, 2015) - Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced a long-term suezmax charter to a major oil concern. This fixture, scheduled to commence in December 2015 upon completion of the vessel's current voyage, is expected to generate approximately $18.5 million in total gross revenues. This employment brings the number of time charter fixtures since the beginning of the year to fifteen with total gross revenues of about $280 million. Adding the contracts attached on twelve vessels under construction that will enter the fleet from early 2016, the total minimum secured revenue of the Company amount to approximately $1.5 billion. As a result, so far to-date and including the newbuildings that will enter the fleet in 2016, the days under secured coverage (for 2016) exceed 55%, up from 35% earlier in the year.

"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.

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.

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.

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Contact Information

  • For further information please contact:

    Tsakos Energy Navigation Ltd.
    George Saroglou
    +30210 94 07 710

    Investor Relations / Media
    Capital Link, Inc.
    Nicolas Bornozis
    Paul Lampoutis
    +212 661 7566