Tsakos Energy Navigation announces two-year time charter
extension for an aframax tanker
Time Charter to Generate $14.5 Million in Gross Revenues
Current time charters account for $1.1 billion in minimum gross revenues
Athens, Greece - July 27, 2012
Tsakos Energy Navigation Limited (TEN or the "Company") (NYSE: TNP) today announced a two-year time charter extension for the 2008 built, 105,392 dwt, double hull aframax tanker, Nippon Princess, with the same charterer, a state oil company. The new charter commenced in July 2012. The gross revenues from the extension of this charter are expected to be approximately $14.5 million over the corresponding period.
"We are pleased with the extension of Nippon Princess which follows our company's stated policy of long term, repeat business directly with the end users." said Mr. Nikolas P. Tsakos, President and CEO of TEN. "Our balanced fleet employment strategy has enabled our Company to navigate through difficult markets while being able to benefit from the eventual market upturn. This new time charter for the Nippon Princess enhances our cash flow predictability for 2012 and 2013. Our current time charters account for $1.1 billion in minimum gross revenues and reaffirm our position as a partner of choice for major end users. We are looking to more similar transactions in the near future that secure our company's strong cash flow and dividend distributions."
About Tsakos Energy Navigation
To date, TEN's pro forma fleet consists of 51 double-hull vessels of 5.5 million dwt. This figure includes one LNG carrier and two DP2 suezmax shuttle tankers under construction totaling 400,000 dwt. TEN's balanced fleet profile is reflected in 23 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and two LNG carriers. The Company has an option for a third LNG carrier to be declared no later than October 2012, totaling 86,000 dwt.
TENs employment profile (operating fleet as of July 27, 2012):
Period Employment - Fixed, fixed w/profit share & min max (31)
Pool - market related (5)
Spot - market related (12)
TEN's current newbuilding program:
Suezmax DP2 157,000dwt Q1 2013
Suezmax DP2 157,000dwt Q2 2013
LNG TBN 86,000dwt/162,000 m3 Tri-Fuel Q1 2015
LNG TBN 86,000dwt/162,000 m3 Tri-Fuel Q4 2015 (option)
(All vessels are Double Hull)
Tsakos Energy Navigation press release
