SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

August 01, 2016 15:05 ET

Tsakos Energy Navigation Limited Announces Date of Second Quarter 2016 Financial Results and Provides an Update on Its Expansion Program

ATHENS, GREECE--(Marketwired - Aug 1, 2016) -  TEN, Ltd (NYSE: TNP), a leading crude, product, and LNG tanker operator, provides an update on its forthcoming deliveries and sets the date for the Second Quarter 2016 Financial Results, Conference Call and Webcast.

Expansion Update
TEN's growth program, the majority of vessels under long term accretive contracts, has successfully commenced with the deliveries of the VLCC "Ulysses" and the Aframax "Elias Tsakos" in June. This month, two additional vessels will join the fleet and enter charter operations, the Aframax "T. Zafeiras" and the LR1 product tanker "Sunray". All four of the aforementioned vessels are employed on long term attractive contracts to major end users.

Date of Second Quarter 2016 Financial Results, Conference Call and Webcast
TEN, Ltd will report earnings for the second quarter prior to the open of the market in New York on Friday, September 9, 2016.

That same morning, at 10:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond what is included in the earnings press release.

Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please quote "Tsakos" to the operator.

A telephonic replay of the conference call will be available until Friday, September 16, 2016 by dialling 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 90295809#

Simultaneous Slides and Audio Webcast:
There will also be a simultaneous live, and then archived, slides webcast of the conference call, available through TEN's website (www.tenn.gr). The slides webcast will also provide details related to fleet composition and deployment and other related company information. This presentation will be available on the Company's corporate website reception page at www.tenn.gr. Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. The Company's pro-forma fleet, including one VLCC, one LNG carrier, eight Aframax tankers, a Suezmax DP2 shuttle tanker and two LR1 product tankers all under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers. All of TEN's tanker newbuildings except the one remaining VLCC Hercules and the LNG carrier Maria Energy are fixed on long-term project businesses. As of July 2016, about 60% of 2016 fleet available days, assuming nine deliveries, are on secured contracts with an average length of 2.5 years and minimum gross revenues of about $1.5 billion.

VESSELS UNDER CONSTRUCTION

                         
#   Vessel Name   Type   Dwt   Delivery   Status   Employment
1   Ulysses   VLCC   300,000   Q2 2016   Delivered   Yes
2   Elias Tsakos   Aframax   112,700   Q2 2016   Delivered   Yes
3   Thomas Zafiras   Aframax   112,700   Q3 2016   TBD   Yes
4   Leontios H   Aframax   112,700   Q4 2016   TBD   Yes
5   TS Parthenon   Aframax   112,700   Q4 2016   TBD   Yes
6   TS Marathon   Aframax   112,700   Q1 2017   TBD   Yes
7   TS Sola   Aframax   112,700   Q1 2017   TBD   Yes
8   TS Oslo   Aframax   112,700   Q2 2017   TBD   Yes
9   TS Stavanger   Aframax   112,700   Q3 2017   TBD   Yes
10   TS Bergen   Aframax   112,700   Q4 2017   TBD   Yes
11   Sunray   Panamax LR1   74,200   Q3 2016   TBD   Yes
12   Sunrise   Panamax LR1   74,200   Q3 2016   TBD   Yes
13   Lisboa City   DP2 Shuttle   157,000   Q1 2017   TBD   Yes
14   Hercules   VLCC   300,000   Q4 2016   TBD   In Negotiations
15   Maria Energy   LNG   93,616   Q3 2016   TBD   In Negotiations
                         

ABOUT 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