SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

February 10, 2014 09:00 ET

Tsakos Energy Navigation Announces Time Charter Extension for Handysize Tanker

Time Charter to Generate Approximately $6.0 Million in Gross Revenues

ATHENS, GREECE--(Marketwired - Feb 10, 2014) - Tsakos Energy Navigation Ltd. (TEN or the "Company") (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the time charter renewal of a 2004 built, double hull Handysize product tanker with a major national end-user for a period of twelve months. The new charter commenced in February 2014 and is expected to generate gross revenues of approximately $6.0 million during the corresponding period.

Currently, TEN's secured contract coverage is 60% and 38% for the available vessel days of 2014 and 2015, with expected minimum revenues of approximately $190 million and $150 million, respectively. Overall, TEN's minimum contracted charter revenues is approximately $880 million with an average employment of 2.7 years per vessel. The Company has currently 20 vessels on fixed time charters, eight vessels on charters with profit sharing arrangements and 20 vessels trading in COAs and spot related charters.

"This charter renewal demonstrates our company's strength on forming strategic partnerships on several fronts particularly with major oil companies. Furthermore, due to our fleet's versatility and employment flexibility, we can count on stable cash flows while retaining the ability to take advantage of the current market recovery," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "This charter renewal is significantly higher than its previous rate and with all signs pointing to strengthening tanker rates. In addition with this extension we will continue to serve the same major energy company which has been using the vessel since 2004. This is a testament to the caliber of our company and the high quality of our vessels," Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION

To date, TEN's fleet, including the LNG carrier Maria Energy and five Aframax crude oil tankers under construction, consists of 54 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 5.5 million dwt. Of these, 28 are product carriers ranging from DP2 shuttle suezmaxes to handysize, 24 are crude tankers ranging from VLCCs to Aframaxes, and two are LNG carriers. The Company also held an option for construction of an LNG carrier that was initially exercisable by January 31, 2014 and intends to engage in discussions with the shipyard to extend the option to the end of February 2014. 21 vessels have ice class designation.

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
    Paul Lampoutis
    +212 661 7566
    ten@capitallink.com