Tsakos Energy Navigation Ltd. Announces Charter Extension for One MR Tanker and Commencement of Strategic Alliance With European Oil Major Through the Chartering of a Modern Crude Aframax Vessel

ATHENS, GREECE--(Marketwired - May 5, 2014) -  Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the charter extension for a further 12-months of one of its MR tankers to the current charterer, a major Japanese trading house. This fixture has profit-sharing provisions attached and excluding those, the Company expects to generate a minimum of $5 million in gross revenues over the duration of the contract. Concurrent with this, TEN commenced its strategic partnership with a major European oil major through the chartering of the first of its modern DNA Aframax crude carriers operating, up to now, in the spot market.

"We view the above fixtures as a reflection of the growing appetite of major end-users to subcontract their cargo needs to proven and reliable operators, particularly with modern fleets, like ourselves," stated Mr. Nicholas P. Tsakos, President & CEO of TEN. "With the majority of our fleet today operating in crude trades but also with a notable presence in products operations, coupled with our shuttle tankers and LNG vessels, we feel confident that our Company will continue reaping the rewards that are steadily surfacing and further solidify its bottom line not only through the straight chartering of vessels but also through deeper strategic initiatives that have been, and will continue to be, pursued," Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION

To date, TEN's fleet, including the LNG carrier Maria Energy and nine Aframax crude oil tankers under construction, consists of 58 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 5.9 million dwt. Of these, 28 are product carriers ranging from DP2 shuttle suezmaxes to handysize, 14 of which are currently carrying crude cargoes, 28 are crude tankers ranging from VLCCs to Aframaxes, and two are LNG carriers. 

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.