SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

February 12, 2015 09:00 ET

Tsakos Energy Navigation Announces Storage Employment for VLCC Vessel; Low Oil Price Boosts Demand and Spot Rates and Drastically Reduces Voyage Costs

ATHENS, GREECE--(Marketwired - Feb 12, 2015) - Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the six month storage contract for a VLCC vessel to an international major. The minimum proceeds from this contract are expected to be in the region of $10.0 million.

"Accretive transactions like the one announced today is proof of the strong tanker market currently in evidence due to the drop in oil prices, which on its own merit offers TEN significant benefits on two fronts. On the first, it allows for strong spot rates which our flexible and diversified fleet takes advantage of while on the second, it materially reduces voyage expenses," Mr. George Saroglou, Chief Operating Officer of TEN commented. "This drop in oil prices is expected to sustain the current strong cycle for crude tankers and provide a welcoming boost for product carriers as well," Mr. Saroglou concluded.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's fleet, including the LNG carrier Maria Energy, nine aframax crude oil tankers and two LR1 tankers all under construction, consists of 64 double-hull vessels (including a suezmax DP2 option), a mix of crude tankers, product tankers and LNG carriers, totaling 6.72 million dwt. Of these 44 vessels trade in crude, 14 in products, four are shuttle tankers (including a suezmax DP2 option) and two LNG carriers. The average age of the operational fleet is 7.2 years.

All TEN's newbuildings, except the Maria Energy, are fixed on accretive long term project business. Finance for ten out of 14 newbuilding vessels has been arranged and discussions for the remainder are in progress.

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.

Contact Information

  • Contact:

    For further information please contact:
    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

    TSAKOS ENERGY NAVIGATION LIMITED
    (TEN)
    367 Syngrou Avenue, 175 64 P. Faliro, Hellas
    Tel:30 210 94 07 710-3
    Fax:30 210 94 07 716
    e-mail:ten@tenn.gr
    Website:http://www.tenn.gr