SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

September 08, 2010 08:30 ET

Tsakos Energy Navigation Announces a Three-Year Time Charter for a Modern Handysize Product Tanker

ATHENS, GREECE--(Marketwire - September 8, 2010) -  Tsakos Energy Navigation Ltd. ("TEN") (NYSE: TNP) (or the "Company") today announced a three-year time charter for a modern, double hull, handysize product tanker to a major South American state oil company. This charter is expected to generate gross revenues in excess of $14 million during the corresponding charter period. Prior to this fixture the vessel was operating in the spot market.

"This fixture to a charterer that the Company has developed a longstanding strategic relationship with, is a testament to our vessels' operational capabilities and reaffirms our confidence in an improving environment, particularly for product tankers," Mr. Nikolas P. Tsakos, President & CEO of TEN stated. "The recent appetite of charterers in all segments of the tanker market is encouraging and falls in line with our stated policy for medium to long term charters to well known oil concerns. We are confident that following this charter and in view of the size and quality of our fleet the Company will be in position to announce further fixtures in the near future that will provide the Company with additional layers of secured revenues for the years to come," Mr. Tsakos concluded. 

About Tsakos Energy Navigation
TEN's pro forma fleet consists of 50 vessels of 5.3 million dwt, 21 of which are of ice-class design. TEN's remaining newbuilding program includes two suezmax tankers totaling about 316,000 dwt.

TEN's balanced operational fleet profile is reflected in 21 crude tankers ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize; complemented by one LNG carrier.

TEN's current employment profile:

Type of Employment Vessels
Period Employment - Fixed and fixed with profit share 30
CoA - market related 3
Pool - market related 4
Spot - market related 9

TEN's current newbuilding program:

Suezmax DWT Hull Type/ Design Delivery
1. S2034 158,000 DH Q2 2011
2. S2035 158,000 DH Q3 2011

DH: Double Hull

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
    Ramnique Grewal
    +212 661 7566
    ten@capitallink.com

    Communications Advisor
    Cubitt, Jacobs & Prosek Communications
    Thomas J. Rozycki, Jr.
    +212 279 3115 (x208)
    trozycki@cjpcom.com