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Tsakos Energy Navigation Announces Delivery of Product Shuttle Tanker Rio 2016

Mar 12 2013 12:00AM

Marketwire

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ATHENS, GREECE -- (Marketwire) -- 03/12/13 -- Tsakos Energy Navigation Limited (TEN or the "Company") (NYSE: TNP), a leading product, crude and LNG tanker operator, today announced the delivery of the fully-coated DP2 shuttle tanker, the first of its kind internationally to fly the Greek flag, with a carrying capacity of 157,000 dwt, Rio 2016. The delivery was attended by the Greek Minister of Mercantile Marine accompanied by the Ambassadors of Greece in South Korea and the Philippines together with dignitaries representing the local authorities. The second sister shuttle tanker, the Brasil 2014, is scheduled to be delivered in April 2013. Both vessels have secured fifteen year employments with a national oil major that are expected to generate $520 million in gross revenues over the corresponding periods.

"We are excited with the delivery of our shuttle tanker which allow us to broaden our maritime energy scope and further diversify our sources of revenue," said Mr. Nikolas P. Tsakos, President and Chief Executive Officer of TEN. "With our presence in shuttle tankers and LNG, both sectors with high barriers of entry, and a dominating position in product tankers, a sector that has experienced a noticeable firmness of late, we are confident in providing investors with a growing stream of income. The versatility of our fleet along with positive developments in crude markets provides us with comfort that TEN can be a main beneficiary of a market recovery translating to more positive results going forward particularly when compared to prior years," Mr. Tsakos concluded.

The Company also announced that it will issue its fourth quarter and full year ended December 31, 2012 financial results including its quarterly dividend declaration on April 19, 2013. That same morning, at 10:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond what is included in the earnings press release.

Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please quote "Tsakos" to the operator.

A telephonic replay of the conference call will be available until Friday, April 26, 2013 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 90295809#

Simultaneous Slides and Audio Webcast:
There will also be a simultaneous live, and then archived, slides webcast of the conference call, available through TEN's website (www.tenn.gr). The slides webcast will also provide details related to fleet composition and deployment and other related company information. This presentation will be available on the Company's corporate website reception page at www.tenn.gr. Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

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 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

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
e-mail: ten@tenn.gr
Website: http://www.tenn.gr





Source: Marketwire


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