Tsakos Energy Navigation ("TEN Ltd") Announces Delivery and Long Term Charter of Aframax Tanker "Thomas Zafiras"

Second of Nine Vessels Purposely Built to Service a Northern European Charterer

Gross revenues could exceed $100 million

Athens, Greece — August 15, 2016

TEN Ltd. (NYSE:TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the Aframax crude tanker “Thomas Zafiras” from Daewoo Mangalia Heavy Industries which will immediately enter a long term contract to a Northern European charterer that could generate gross revenues in excess of $100 million.

This is the second vessel in a series of nine purposely built Aframax tankers on long term time charters at accretive rates. TEN’s new building program continues later this month with the delivery of a Panamax LR1 tanker also chartered to long term accretive employment.

The majority of the Company’s new building vessels are built against long lasting time charters that secure revenue growth and dividend distributions.

Vessels under Construction


About Tsakos Energy Navigation
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. The Company’s pro-forma fleet, including one VLCC, one LNG carrier, eight Aframax tankers, a Suezmax DP2 shuttle tanker and two LR1 product tankers all under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers. All of TEN’s tanker newbuildings except the one remaining VLCC Hercules and the LNG carrier Maria Energy are fixed on long-term project businesses. As of August 2016, about 60% of 2016 fleet available days, assuming nine deliveries, are on secured contracts with an average length of 2.5 years and minimum gross revenues of about $1.5 billion.

Tsakos Energy Navigation press release