SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

June 20, 2011 07:30 ET

Tsakos Energy Navigation Announces New Time Charter of Liquefied Natural Gas (LNG) Carrier Neo Energy

Significant Accretion to Bottom Line Expected

ATHENS, GREECE--(Marketwire - Jun 20, 2011) - Tsakos Energy Navigation Ltd. ("TEN" or the "Company") (NYSE: TNP) today announced a four year time charter for the 2007-built 150,000 m3 LNG carrier Neo Energy to a major international energy concern. The charter is expected to commence in the first quarter of next year upon expiration of the vessel's existing employment. This new charter, in line with current market levels, is anticipated to make a significant contribution to the bottom line over its duration.

"The operational performance of the Neo Energy since delivery in 2007 coupled with the current strength in the LNG markets has enabled us to secure an attractive employment for the vessel over the next four years," stated Mr. Nikolas P. Tsakos, President and Chief Executive Officer of TEN. "The LNG market remains a close-knit and selective sector with demanding operating procedures. TEN has qualified as a reliable owner and operator of LNG tonnage and gained the acceptance of the LNG community worldwide. We view LNG transportation as integral in the overall energy chain, and we will continue to explore tangible opportunities in order to expand our footprint in this promising sector," Mr. Tsakos concluded.

To date, TEN's pro forma fleet consists of 51 double-hull vessels of 5.5 million dwt that includes three suezmax tankers currently under construction totaling 472,000. 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 current newbuilding program:

SuezmaxDWTHull Type / DesignExpected Delivery
1. Dimitris P158,000DHJuly 2011
2. Suezmax DP2157,000DHQ4 2012
3. Suezmax DP2157,000DHQ1 2013

DH: Double Hull

Employment of operating fleet at June 20, 2011:

Type of EmploymentVessels
Period Employment - Fixed, fixed w/profit share & min max 27
CoA - market related 1
Pool - market related 6
Spot - market related14

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