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Tsakos Energy Announces Delivery of Second DP2 Shuttle Product Tanker

Apr 26 2013 12:00AM

Marketwire

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ATHENS, GREECE -- (Marketwired) -- 04/26/13 -- Tsakos Energy Navigation Limited (TEN or the "Company") (NYSE: TNP), a leading product, crude and LNG tanker operator today announced the successful delivery of its second fully coated DP2 suezmax shuttle product tanker, Brasil 2014, from South Korea. The Brasil 2014 is a sister vessel to the Rio 2016 that was delivered in March. Both vessels are being deployed on 15-year charters to a major South-American oil concern with contracts that are expected to generate $520 million in gross revenues.

This brings TEN's fleet to comprise of 28 product carriers, 19 crude tankers and 2 LNG carriers, including a newbuild.

TEN's fixed minimum contracted revenues exceed $1.0 billion with an average secured fleet employment of 3.2 years per vessel.

"We are delighted to have taken delivery of our second DP2 shuttle tanker that further strengthens our presence in this high-end and rewarding specialized segment," stated Mr. Nikolas P. Tsakos, President and CEO of TEN. "With a leading position in product tankers, solid critical mass in crude and established presence in LNG, we have positioned the Company to immediately take advantage of market upturns, already evident in our main sector the products, and at the same time expand and solidify our future revenue streams," Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's fleet, including an LNG carrier under construction, consists of 49 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 4.9 million dwt. Of these, 19 are crude tankers ranging from VLCCs to aframaxes, 28 are product carriers ranging from shuttle suezmaxes to handysize and two are LNG carriers.

TEN's current newbuilding program:

•LNG 86,000dwt/162,000 cbm Tri-Fuel Scheduled Delivery: Second half 2015

(All vessels are Double Hull)



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

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