ATHENS, Greece, May 7, 2009 (GLOBE NEWSWIRE) -- Tsakos Energy Navigation Ltd. ("TEN" or "the Company") (NYSE:TNP) will report earnings for the first quarter of 2009 prior to the open of the market on Monday, May 18, 2009.
That same morning, at 10:00 a.m. Eastern Time, TEN will also 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.
To participate in the call from the United States or Canada, please dial +1.888.694.4702 approximately five minutes prior to the starting time. To participate in the call outside the United States or Canada, please dial +1.973.582.2741 five minutes prior to the starting time. The Conference ID is 9795 2426.
Two hours after the completion of the conference call, a digital recording of the call will be available for seven days, and can be accessed by dialing +1.800.642.1687 from inside the United States or Canada and +1.706.645.9291 from outside the United States or Canada and entering the Conference ID 9795 2426.
The call, which will be simultaneously broadcast live over the Internet, can be accessed at: http://www.videonewswire.com/event.asp?id=58674. The online archive of the broadcast will be available within one hour of the live call at the same web address.
Concurrent with the live broadcast, the Company will post a supplemental slide presentation providing 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.
ABOUT TSAKOS ENERGY NAVIGATION
TEN's pro forma fleet consists of 50 vessels of 5.3 million dwt. TEN's operational fleet consists of 46 vessels all of double-hull design. TEN's newbuilding program includes four DNA-aframax crude carriers representing 420,000 dwt.
TEN's fixed employment for remaining 2009 days reaches 70% while for 2010, fixed employment is currently at 43%. Assuming the profit-sharing charters were only to generate the minimum for the remaining days of 2009, TEN would still expect to earn at least another $300 million in gross revenues. For 2010, based on the same assumptions, the minimum gross revenue already secured is currently $180 million.
TEN's balanced fleet profile is reflected in 25 crude tankers ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize; complemented by one LNG.
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.