SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

March 19, 2013 08:30 ET

Tsakos Energy Navigation Announces Three-Year Time Charters for Five Panamax Product Tankers; Time Charters to Generate Gross Revenues of $80.0 Million

ATHENS, GREECE--(Marketwire - Mar 19, 2013) - Tsakos Energy Navigation Limited (TEN or the "Company") (NYSE: TNP), a leading product, crude and LNG tanker operator, today announced three-year charters for five Panamax LR1 product tankers to a major national end-user. These fixtures are expected to generate close to $80 million in gross revenues over the duration of their contracts.

Inclusive of the above, the total revenue of the Company's secured fleet, excluding any profit sharing arrangements, is over $1.0 billion.

"We are happy to announce this five-vessel fixture which is in line with the improving sentiment in the greater tanker sector and an extension of our strategic alliance with major end users," said George Saroglou, Chief Operating Officer. "Operating one of the largest and most versatile product tanker fleets in the world, particularly with the recent addition of a shuttle tanker, and another to join the fleet this April, we feel that TEN's income stream, particularly with the profit sharing element attached in some of our vessels and together with the earnings visibility, position the Company well for the expected market turnaround," Mr. Saroglou concluded.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's pro forma fleet (excluding newbuilding options) consists of 49 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, of 4.9 million dwt. This figure includes one LNG carrier under construction and two DP2 suezmax shuttle tankers (as above) totaling 400,000 dwt. TEN's balanced fleet existing profile is reflected in 19 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from suezmaxes to handysize and one LNG carrier. The Company has an option for a third LNG carrier to be declared no later than end of first quarter 2013.

TEN's current newbuilding program:

  • Suezmax Shuttle DP2 157,000dwt Scheduled Delivery: April 2013
  • LNG 86,000dwt/162,000 cbm Tri-Fuel Scheduled Delivery: Q1 2015

(All vessels are Double Hull - Option vessel technical specs subject to change depending on charterer/employment)

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
    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