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Tsakos Energy Navigation Announces Charters for Ice-Class Trio

Dec 20 2012 12:00AM

Marketwire

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ATHENS, GREECE -- (Marketwire) -- 12/20/12 -- Tsakos Energy Navigation Limited (TEN or the "Company") (NYSE: TNP) one of the largest independent ice-class owners in the world with 21 out of 51 vessels with ice-class capabilities today announced six-month time charters for three ice class tankers to a global energy end-user at rates that reflect currently available market premiums.

"As we enter the winter months, the ice-class capabilities of our modern vessels provide a much sought after feature for quality energy companies that seek access to ice-bound ports worldwide," said Mr. George Saroglou, Chief Operating Officer of TEN. "As we head into the seasonally strong first quarter of 2013, we will continue to position our vessels to take advantage of market upturns which we see developing particularly now that the oversupply situation seems to be waning. With the upcoming introduction of our two shuttle tanker newbuildings in the 1st and 2nd quarters of 2013 coupled with the performance of our LNG Neo Energy under its new charter, our overall minimum secured revenues are in excess of $1.1 billion. This cash flow visibility puts the Company on a steady course to navigate safely through the current challenging environment," Mr. Saroglou concluded.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's pro forma fleet (excluding options) consists of 51 double-hull vessels of 5.5 million dwt. This figure includes one LNG carrier and two DP2 suezmax shuttle tankers under construction totaling 400,000 dwt. It also includes two non operational VLCCs held for sale. TEN's balanced fleet profile is reflected in 23 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and two LNG carriers. 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 Q1 2013 •Suezmax Shuttle DP2 157,000dwt Q2 2013 •LNG TBN 86,000dwt/162,000 cbm Tri-Fuel Q1 2015 •LNG TBN 86,000dwt/162,000 cbm Tri-Fuel Q4 2015 (option)

(All vessels are Double Hull - Option vessel technical specs subject to change depending on charterer/employment)



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
Paul Lampoutis
+212 661 7566
ten@capitallink.com





Source: Marketwire


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