ATHENS, Greece, July 28, 2009 (GLOBE NEWSWIRE) -- Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE:TNP) today announced the delivery of the double-hull DNA designed 105,000dwt Aframax tanker Ise Princess from Sumitomo Heavy Industries in Japan. The vessel is the fifth delivery in an eight vessel series. The Company expects to take delivery of the remaining three vessels by May 2010.
Ise Princess immediately commenced a repositioning time-charter for up to four months with a major international oil trader at a fixed rate. Upon conclusion of this charter, the vessel is expected to operate in the Mid-Atlantic basin.
With the addition of this new time charter, TEN's fixed employment for 2009 and 2010 is 64% and 44%, respectively. Discounting the potential for profit sharing and assuming only the minimum rates for the remaining operating days in 2009, TEN expects to earn at least $128 million in incremental gross revenue. For 2010, based on the same assumptions, the minimum gross revenue already secured is estimated at $170 million.
"We are pleased to welcome another quality tanker to our fleet. It's the fifth in a series of eight sister vessels we commenced contracting back in 2004, well before the run up in newbuilding asset prices. We immediately chartered the vessel on a repositioning voyage that will bring Ise Princess closer to her typical trading area," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "We continue with our strategy of modernizing and growing the fleet and feel that all the DNA tankers in the Princess series will continue to be healthy contributors to our bottom line going forward."
ABOUT TSAKOS ENERGY NAVIGATION
TEN's pro forma fleet consists of 50 vessels of 5.3 million dwt. TEN's operational fleet consists of 47 vessels all of double-hull design. TEN's newbuilding program includes three DNA-aframax crude carriers representing 315,000 dwt.
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.
TEN's employment profile:
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Type of Employment Vessels
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Period Employment - Fixed, fixed w/profit share
& min max 33
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CoA - market related 2
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Pool - market related 3
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Spot - market related 9
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TEN's current newbuilding program:
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Aframax DWT Hull Type / Design Delivery
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1. Asahi Princess 105,000 DH / DNA Q3 2009
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2. Sapporo Princess 105,000 DH / DNA Q1 2010
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3. Uraga Princess 105,000 DH / DNA Q2 2010
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DH: Double Hull
DNA: Design New Aframax
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.