Tsakos Energy Navigation Announces a Three-Year Time Charter Extension for Suezmax Tanker
News Release
Tsakos Energy Navigation Ltd.
September 24, 2012
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<P align=justify><STRONG>Time Charter to Generate $20.0 Million in minimum Gross
Revenues</STRONG> <BR></P>
<P align=justify><B>Athens, Greece</B> - September 24, 2012 - Tsakos Energy
Navigation Limited (TEN or the "Company") (NYSE: TNP) today announced a
three-year time charter extension for the 2007 built, 163,216 dwt, double hull
suezmax tanker, Arctic, with the same charterer, a South American state oil
company. The charter incorporates minimum and maximum levels and a 50:50 profit
split for rates in between. The minimum gross revenues from this fixture are
estimated in the region of $20.0 million. <BR><BR>"The principal of rate
flexibility and profit sharing has become the cornerstone of our chartering
policy and fits well with our long standing strategy of downside protection with
upside potential. Moreover, the continuation of the employment with the existing
charterer provides us with assurances that our vessels remain on the top-list of
quality end-users which is where you want to be in challenging times like
today," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "We remain
optimistic on the outlook of tankers and we will continue to position our fleet
accordingly to take advantage of the market upturn when it materializes. With
the upcoming introduction of our two shuttle tanker newbuildings, our overall
minimum secured revenues today remain in excess of $1.1 billion which provides
the base for strong cash flow generation and healthy dividend distributions,"
Mr. Tsakos concluded. </P></DIV></BODY></HTML>
<HTML><HEAD><TITLE></TITLE>
<META content="text/html; charset=unicode" http-equiv=Content-Type>
<META name=GENERATOR content="MSHTML 8.00.6001.19298"></HEAD>
<BODY>
<DIV>
<P align=justify><B></B> </P>
<P align=justify><STRONG>Time Charter to Generate $20.0 Million in minimum Gross
Revenues</STRONG> <BR></P>
<P align=justify><B>Athens, Greece</B> - September 24, 2012 - Tsakos Energy
Navigation Limited (TEN or the "Company") (NYSE: TNP) today announced a
three-year time charter extension for the 2007 built, 163,216 dwt, double hull
suezmax tanker, Arctic, with the same charterer, a South American state oil
company. The charter incorporates minimum and maximum levels and a 50:50 profit
split for rates in between. The minimum gross revenues from this fixture are
estimated in the region of $20.0 million. <BR><BR>"The principal of rate
flexibility and profit sharing has become the cornerstone of our chartering
policy and fits well with our long standing strategy of downside protection with
upside potential. Moreover, the continuation of the employment with the existing
charterer provides us with assurances that our vessels remain on the top-list of
quality end-users which is where you want to be in challenging times like
today," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "We remain
optimistic on the outlook of tankers and we will continue to position our fleet
accordingly to take advantage of the market upturn when it materializes. With
the upcoming introduction of our two shuttle tanker newbuildings, our overall
minimum secured revenues today remain in excess of $1.1 billion which provides
the base for strong cash flow generation and healthy dividend distributions,"
Mr. Tsakos concluded. </P></DIV></BODY></HTML>