Tsakos Energy Navigation Announces Three-Year Time Charters for Five Panamax
Product Tankers; Time Charters to Generate Gross Revenues of
ATHENS, GREECE -- (Marketwire) -- 03/19/13 -- Tsakos Energy
Navigation Limited (TEN or the "Company") (NYSE: TNP), a leading
product, crude and LNG tanker operator, today announced three-year
charters for five Panamax LR1 product tankers to a major national
end-user. These fixtures are expected to generate close to $80
million in gross revenues over the duration of their contracts.
Inclusive of the above, the total revenue of the Company's secured
fleet, excluding any profit sharing arrangements, is over $1.0
"We are happy to announce this five-vessel fixture which is in line
with the improving sentiment in the greater tanker sector and an
extension of our strategic alliance with major end users," said
George Saroglou, Chief Operating Officer. "Operating one of the
largest and most versatile product tanker fleets in the world,
particularly with the recent addition of a shuttle tanker, and
another to join the fleet this April, we feel that TEN's income
stream, particularly with the profit sharing element attached in some
of our vessels and together with the earnings visibility, position
the Company well for the expected market turnaround," Mr. Saroglou
ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's pro forma fleet
(excluding newbuilding options) consists of 49 double-hull vessels, a
mix of product tankers, crude tankers and LNG carriers, of 4.9
million dwt. This figure includes one LNG carrier under construction
and two DP2 suezmax shuttle tankers (as above) totaling 400,000 dwt.
TEN's balanced fleet existing profile is reflected in 19 crude
tankers ranging from VLCCs to aframaxes and 26 product carriers
ranging from suezmaxes to handysize and one LNG carrier. The Company
has an option for a third LNG carrier to be declared no later than
end of first quarter 2013.
TEN's current newbuilding program:
-- Suezmax Shuttle DP2 157,000dwt Scheduled Delivery: April 2013
-- LNG 86,000dwt/162,000 cbm Tri-Fuel Scheduled Delivery: Q1 2015
(All vessels are Double Hull - Option vessel technical specs subject to
change depending on charterer/employment)
For further informa
tion please contact:
Tsakos Energy Navigation Ltd.
George Saroglou, COO
+30210 94 07 710
Investor Relations / Media
Capital Link, Inc.
+212 661 7566
TSAKOS ENERGY NAVIGATION LIMITED (TEN)
367 Syngrou Avenue, 175 64 P. Faliro, Hellas
Tel: 30 210 94 07 710-3
Fax: 30 210 94 07 716
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