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Tsakos Energy Navigation Announces Two-Year Charter for Aframax Product Tanker Propontis and Sale of Its Oldest Vessels, the VLCCs La Prudencia and La Madrina

Jan 24 2013 12:00AM

Marketwire

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ATHENS, GREECE -- (Marketwire) -- 01/24/13 -- Tsakos Energy Navigation Limited (TEN or the "Company") (NYSE: TNP) today announced the charter of its 2008-built 1A ice-class aframax product tanker Propontis to Northern European end-users for two years. This charter is expected to generate $14.5 million of revenue over its duration. In addition, the Company announced the completion of the sale to third party interests of its two oldest vessels, the VLCCs La Prudencia and La Madrina, built in 1993 and 1994 respectively.

"We are pleased to report another attractive fixture which is again a testament of our strategy to maintain long term industrial relationships with high-end charterers for the versatile and quality fleet that we have built over the years. As we speak today, we have a fixed employment of approximately two years for each vessel in our fleet. Further on, the divestment of our two older assets will supplement our long stated, and so far successful, objective of cost containment while on the other hand allow us to maintain the young profile of our fleet," said Mr. George Saroglou, Chief Operating Officer of TEN. "These vessels have served the Company well over the years and we wish their new owners similar fortunes. We remain committed to enhancing and diversifying our revenue streams and we look forward to the introduction and subsequent 15-year employment of the two DP2 Shuttle tankers that will be delivered in March and April of this year," Mr. Saroglou concluded.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's pro forma fleet (excluding newbuilding options) consists of 49 double-hull vessels of 4.9 million dwt. This figure includes one LNG carrier and two DP2 suezmax shuttle tankers under construction 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: March 2013 •Suezmax Shuttle DP2 157,000dwt Scheduled Delivery: April 2013 •LNG TBN 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 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