ATHENS, GREECE--(Marketwire - Jun 20, 2011) - Tsakos Energy Navigation Ltd. ("TEN" or the "Company") (
"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.
ABOUT TSAKOS ENERGY NAVIGATION
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:
Suezmax | DWT | Hull Type / Design | Expected Delivery |
1. Dimitris P | 158,000 | DH | July 2011 |
2. Suezmax DP2 | 157,000 | DH | Q4 2012 |
3. Suezmax DP2 | 157,000 | DH | Q1 2013 |
DH: Double Hull
Employment of operating fleet at June 20, 2011:
Type of Employment | Vessels |
Period Employment - Fixed, fixed w/profit share & min max | 27 |
CoA - market related | 1 |
Pool - market related | 6 |
Spot - market related | 14 |
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
http://www.tenn.gr
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Ramnique Grewal
+212 661 7566
ten@capitallink.com