ATHENS, GREECE--(Marketwire - October 12, 2010) - Tsakos Energy Navigation Ltd. ("TEN") (
NYSE:
TNP) or (the "Company") today announced two-year charters with 50:50 profit
share for two suezmaxes with charterers option for one additional year on
one vessel and one twelve-month charter with 50:50 profit share for an ice-
class aframax product tanker. These charters combined are expected to
generate minimum gross revenues in excess of $44.0 million or $53.5 million
if charterers exercise the one-year option on the one suezmax vessel. In
addition to the recently announced three year fixture of a handysize
product tanker, together with the employment of the other two aframax
product tankers in the summer, the minimum gross revenue the company will
expect to generate from its recent chartering activity should rise to $82.0
million.
The suezmax charters are in direct continuation from their previous
fixtures with the same international oil major while the aframax was
trading in the spot market. All three 1A ice-class aframaxes are chartered
to a major North European shipping concern active in ice trades where the
vessels are expected to operate. The vessels will earn a premium over the
base rate for the duration of ice operations.
"We are pleased to continue implementing our tested chartering policy of
term employment with upside potential to major international oil concerns.
This allows us to both secure our bottom line and participate in market
upturns in cooperation with our clients," Mr. Nikolas P. Tsakos, President
& CEO of TEN stated. "The recent appetite of oil companies for term
fixtures is a positive sign for the future particularly in a weak spot rate
environment," Mr. Tsakos concluded.
About Tsakos Energy Navigation
TEN's pro forma fleet (including the recently acquired Panamaxes) consists
of 50 vessels of 5.3 million dwt. TEN's operational fleet consists of 46
vessels all of double-hull design of which 21 are ice-class. TEN's
remaining newbuilding program includes two suezmax tankers totaling 316,000
dwt.
TEN's balanced operational fleet profile is reflected in 21 crude tankers
ranging from VLCCs to aframaxes and 24 product carriers ranging from
aframaxes to handysize; complemented by one LNG.
TEN's current employment profile:
Type of Employment Vessels
Period Employment - Fixed and fixed with profit share 30
CoA - market related 3
Pool - market related 4
Spot - market related 9
TEN's current newbuilding program:
Suezmax DWT Hull Type/ Design Delivery
1. S2034 158,000 DH Q2 2011
2. S2035 158,000 DH Q3 2011
DH: Double Hull
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
Ramnique Grewal
+212 661 7566
ten@capitallink.com
Communications Advisor
Cubitt Jacobs & Prosek Communications
Thomas J. Rozycki, Jr.
+212 279 3115 (x208)
trozycki@cjpcom.com