Tsakos Energy Navigation Announces Time Charter Employment of Eight of its Tankers
News Release
Tsakos Energy Navigation Ltd.
September 29, 2011
Approximately $140 million in new charters over the next 3.5 years
ATHENS, GREECE – September 28, 2011 - Tsakos Energy Navigation Limited (“TEN” or
the “Company”) (NYSE:TNP) today announced time charters of four of its Suezmaxes, three
of its Panamaxes and one of its Aframaxes to first class international end users. Four of the
vessels have been fixed on a minimum with profit-sharing arrangements, while the other four
have been chartered on fixed rates. These charters range in duration between one and threeand-
a-half years and are expected to contribute minimum revenues of $140 million. When
combined with the recently announced fixtures of the two newbuilding Suezmaxes for 11 and
12 years, the DP2 Shuttle tankers, still under construction, for 15 years, the Company’s LNG
carrier for four years and one Handymax MR2 for a year, the sum of all chartering activity of
late is expected to generate approximately $1 billion in total gross revenues to the Company.
Inclusive of the above, as of today, 73% of remaining available days for this year have been
fixed with minimum expected revenues of $104 million and 56% for 2012 with minimum
revenues at $175 million.
“These charters are a testament to the quality of our fleet and the relations our Company has
developed with first class clients over the years. This follows the Company’s consistent policy
of securing downside protection and upside potential to protect it from the turbulent freight
cycles. The willingness of charterers to employ our vessels long term on profit sharing
arrangements is a positive sign. Such fixtures reinforce TEN’s ability to take advantage of
accretive growth opportunities that surface in weak markets and maintain its dividend. Our
policy to further strengthen TEN’s balance sheet and to bridge the gap between our share price
and the real value of our Company remains,” Mr. Tsakos concluded.
ATHENS, GREECE – September 28, 2011 - Tsakos Energy Navigation Limited (“TEN” or
the “Company”) (NYSE:TNP) today announced time charters of four of its Suezmaxes, three
of its Panamaxes and one of its Aframaxes to first class international end users. Four of the
vessels have been fixed on a minimum with profit-sharing arrangements, while the other four
have been chartered on fixed rates. These charters range in duration between one and threeand-
a-half years and are expected to contribute minimum revenues of $140 million. When
combined with the recently announced fixtures of the two newbuilding Suezmaxes for 11 and
12 years, the DP2 Shuttle tankers, still under construction, for 15 years, the Company’s LNG
carrier for four years and one Handymax MR2 for a year, the sum of all chartering activity of
late is expected to generate approximately $1 billion in total gross revenues to the Company.
Inclusive of the above, as of today, 73% of remaining available days for this year have been
fixed with minimum expected revenues of $104 million and 56% for 2012 with minimum
revenues at $175 million.
“These charters are a testament to the quality of our fleet and the relations our Company has
developed with first class clients over the years. This follows the Company’s consistent policy
of securing downside protection and upside potential to protect it from the turbulent freight
cycles. The willingness of charterers to employ our vessels long term on profit sharing
arrangements is a positive sign. Such fixtures reinforce TEN’s ability to take advantage of
accretive growth opportunities that surface in weak markets and maintain its dividend. Our
policy to further strengthen TEN’s balance sheet and to bridge the gap between our share price
and the real value of our Company remains,” Mr. Tsakos concluded.