Tsakos Energy Navigation Announces Long-Term Charters for Two Handysize Product Tankers
News Release
Tsakos Energy Navigation Ltd.
April 14, 2012
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<DIV><B><FONT size=4 face=Garamond-Bold><FONT size=4 face=Garamond-Bold>
<P align=left>Obtains options for two Suezmax
newbuildings</P></FONT></FONT><FONT face=Garamond-Bold>
<P align=left>Athens, Greece </B></FONT><FONT face=Garamond>– April 12, 2012 –
Tsakos Energy Navigation Limited (TEN or the</P>
<P align=left>“Company”) (NYSE: TNP) today announced three and five year
charters for two of its modern</P>
<P align=left>handysize product tankers to a major end-user. These vessels
currently under pooling</P>
<P align=left>arrangements will commence within April/May and are expected to
generate gross revenues of</P>
<P align=left>approximately $42 million over the duration of their respective
contracts.</P>
<P align=left>Concurrently with the above, the Company announces the options for
two conventional</P>
<P align=left>suezmax newbuildings from a South Korean yard expected to be
delivered in Q2 2012 and Q1</P>
<P align=left>2013. Should these options be exercised, the total number of
suezmaxes in TEN’s fleet will be</P>
<P align=left>14, including the two shuttle tankers under construction.</P>
<P align=left>“The appetite of end-users for long term employment of product
carriers is a positive</P>
<P align=left>testament for this segment. Our balanced employment policy with
long-term contracts and</P>
<P align=left>profit sharing provisions would allow for further income
visibility and continuous dividend</P>
<P align=left>distributions amid the sound confines of an already existing
strong balance sheet,” said Mr.</P>
<P>Nikolas P. Tsakos, President & Chief Executive Officer of
TEN.</P></FONT></DIV></BODY></HTML>
<HTML><HEAD><TITLE></TITLE>
<META content="text/html; charset=unicode" http-equiv=Content-Type>
<META name=GENERATOR content="MSHTML 8.00.6001.19222"></HEAD>
<BODY>
<DIV><B><FONT size=4 face=Garamond-Bold><FONT size=4 face=Garamond-Bold>
<P align=left>Obtains options for two Suezmax
newbuildings</P></FONT></FONT><FONT face=Garamond-Bold>
<P align=left>Athens, Greece </B></FONT><FONT face=Garamond>– April 12, 2012 –
Tsakos Energy Navigation Limited (TEN or the</P>
<P align=left>“Company”) (NYSE: TNP) today announced three and five year
charters for two of its modern</P>
<P align=left>handysize product tankers to a major end-user. These vessels
currently under pooling</P>
<P align=left>arrangements will commence within April/May and are expected to
generate gross revenues of</P>
<P align=left>approximately $42 million over the duration of their respective
contracts.</P>
<P align=left>Concurrently with the above, the Company announces the options for
two conventional</P>
<P align=left>suezmax newbuildings from a South Korean yard expected to be
delivered in Q2 2012 and Q1</P>
<P align=left>2013. Should these options be exercised, the total number of
suezmaxes in TEN’s fleet will be</P>
<P align=left>14, including the two shuttle tankers under construction.</P>
<P align=left>“The appetite of end-users for long term employment of product
carriers is a positive</P>
<P align=left>testament for this segment. Our balanced employment policy with
long-term contracts and</P>
<P align=left>profit sharing provisions would allow for further income
visibility and continuous dividend</P>
<P align=left>distributions amid the sound confines of an already existing
strong balance sheet,” said Mr.</P>
<P>Nikolas P. Tsakos, President & Chief Executive Officer of
TEN.</P></FONT></DIV></BODY></HTML>