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Tsakos Energy Navigation Announces 60-Month Aggregate Time Charters With Profit Share for Three Product Tankers

Apr 4 2013 12:00AM



ATHENS, GREECE -- (Marketwired) -- 04/04/13 -- Tsakos Energy Navigation Limited (TEN or the "Company") (NYSE: TNP), a leading product, crude and LNG tanker operator, today announced the time-charter employment with profit-sharing provisions for three product tankers, two LR1 panamaxes and one MR handysize, to major international end-users. The new charters, two years for the LR1s and 12 months for the MR are expected to generate gross revenues of $23.0 million over their respective periods, excluding any potential gains from the profit share.

The Company operates 28 product carriers, 17 of which are under fixed or fixed with profit sharing contracts.

"We are happy to announce three more product tanker charters with flexible contracts that on the one hand expand our customer base while on the other provide flexibility to take advantage of current product rate firmness," said George Saroglou, Chief Operating Officer. "By operating one of the largest product tanker fleets in the world, complemented by our presence in LNG and our recent expansion in shuttle tankers, TEN is well positioned to further enhance its bottom line," Mr. Saroglou concluded.

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 totaling 400,000 dwt. TEN's balanced fleet existing profile is reflected in 19 crude tankers ranging from VLCCs to aframaxes and 28 product carriers ranging from shuttle suezmaxes to handysize and one LNG carrier.

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)

Tsakos Energy Navigation Ltd.
367 Syngrou Avenue, 175 64 P. Faliro, Hellas
Tel: 30 210 94 07 710-3
Fax: 30 210 94 07 716

For further information please contact:
Tsakos Energy Navigation Ltd.
George Saroglou, COO
+30210 94 07 710

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Paul Lampoutis
+212 661 7566

Source: Marketwire

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