Tsakos Energy Navigation Announces Charters for Newbuilding Aframax Tankers Maria Princess and Nikkon Princess

ATHENS, Greece, July 28 /PRNewswire-FirstCall/ -- Tsakos Energy Navigation Limited (News) (TEN or the "Company") today announced two repositioning time-charters for its two DNA-Aframax tankers Maria Princess and Nikkon Princess to a major international oil trader for a 30-90 day period. The charters will commence on delivery, in October and November of this year, and the fixed rate is more than twice the vessels anticipated all-in breakeven rate. Upon termination of this short-term employment, the vessels will be redelivered to their usual trading area, the Atlantic/Mediterranean region, where they will be expected to enter the spot market.

"These two very healthy charters concluded prior to actual delivery is a firm attestation to our belief that the crude market is heading the right direction," stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. "The delivery of these two state-of-the-art crude tankers will further augment our presence in the Aframax segment and will simultaneously increase our exposure in the spot market which should reflect positively on our bottom line," Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION

TEN's proforma fleet consists of 50 vessels of 5.3 million dwt. TEN's operational fleet consists of 44 vessels all of double-hull design. TEN's newbuilding program of six vessels includes six DNA-aframax crude carriers representing 630,000 dwt.

The strategy of a balanced diverse fleet is reflected in 25 crude transporters ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize; complemented by one LNG.


TEN's current newbuilding program:

Aframax DWT Hull Type / Design Delivery
1. Maria Princess 105,000 DH / DNA October 21, 2008 \
2. Nikkon Princess 105,000 DH / DNA November 15, 2008
3. Ise Princess 105,000 DH / DNA Q3 2009
4. Asahi Princess 105,000 DH / DNA Q4 2009
5. Saporo Princess 105,000 DH / DNA Q4 2009
6. Uraga Princess 105,000 DH / DNA Q1 2010

DH: Double Hull
DNA: Design New Aframax

Tsakos Energy Navigation press release