ATHENS, GREECE--(Marketwire - Sep 28, 2011) - Tsakos Energy Navigation Limited ("TEN" or the "Company") (
Inclusive of the above, as of today, 73% of remaining available days for this year have been fixed with minimum expected revenues of $104 million and 56% for 2012 with minimum revenues at $175 million.
"These charters are a testament to the quality of our fleet and the relations our Company has developed with first class clients over the years. This follows the Company's consistent policy of securing downside protection and upside potential to protect it from the turbulent freight cycles. The willingness of charterers to employ our vessels long term on profit sharing arrangements is a positive sign. Such fixtures reinforce TEN's ability to take advantage of accretive growth opportunities that surface in weak markets and maintain its dividend. Our policy to further strengthen TEN's balance sheet and to bridge the gap between our share price and the real value of our Company remains," Mr. Tsakos concluded.
ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's pro forma fleet consists of 50 double-hull vessels of 5.4 million dwt that includes two DP2 suezmax tankers currently under construction totalling 314,000 dwt. TEN's balanced fleet profile is reflected in 23 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. Suezmax DP2 | 157,000 | DH | Q4 2012 | |||
2. Suezmax DP2 | 157,000 | DH | Q1 2013 |
DH: Double Hull |
Fleet Employment: | ||
Type of Employment | Vessels | |
Period Employment - Fixed, fixed w/profit share & min max | 30 | |
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
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Biraj Gyawali
+212 661 7566
ten@capitallink.com