ATHENS, GREECE--(Marketwire - Apr 10, 2012) - Tsakos Energy Navigation Limited (TEN or the "Company") (
Concurrently with this order, TEN announced the commencement of the previously announced four-year charter for its LNG carrier Neo Energy to a major international entity and a repeat employer of the vessel at an accretive rate reflective of current market conditions.
"We are particularly pleased with this order as it expands our presence in this exciting field. LNG operations require a particular set of discipline and commitment in order to gain credence with the sector's premier charterers and we are proud to have met the challenge," stated Mr. John Stavropoulos, Chairman of the Board.
"The LNG sector together with the offshore shuttle tankers market will be playing a growing role in our Company's affairs going forward. These segments provide longer term fixed rate charters that enhance the visibility of future revenues and profits and allow the Company to maintain its strong balance sheet and dividend sustainability going forward," said Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. "These new LNG orders add to the Company's two shuttle tanker contracts with delivery in Q1 and Q2 2013 to a major South American oil company for 15 years each with minimum revenues in excess of $500 million in total. Today we operate one of the most modern product carrier fleets in the world, have significant presence in the crude sector and enhanced ice-class capabilities. These new investments follow our clients' needs in the ever growing energy sector and we remain committed to provide them with a diversified fleet to meet their requirements. In the meantime and in this low cost environment, we entertain various opportunities in the greater tanker sector and intend to move on these in the near future," Mr. Tsakos concluded.
ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's pro forma fleet consists of 51 double-hull vessels of 5.5 million dwt that includes one LNG carrier and two DP2 suezmax shuttle tankers currently under construction totaling 400,000 dwt. TEN's balanced fleet profile is reflected in 23 crude tankers ranging from VLCCs to aframaxes and 26 clean/product carriers ranging from aframaxes to handysize and two LNG carriers.
TEN's employment profile - Operating fleet (as of April 8, 2012): |
|
Type of Employment | Vessels |
Period Employment - Fixed, fixed w/profit share & min max (*) | 29 |
Pool - market related | 7 |
Spot - market related | 12 |
(*) Excluding the two shuttle tanker newbuildings that will enter 15 year charters at delivery
TEN's current newbuilding program: |
|||
Suezmax | DWT | Hull Type / Design | Expected Delivery |
1. Suezmax DP2 | 157,000 | DH | Q1 2013 |
2. Suezmax DP2 | 157,000 | DH | Q2 2013 |
LNG | |||
1. TBN | 86,000 | Tri-Fuel | Q1 2015 |
DH: Double Hull
Contact Information:
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
+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