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Tsakos Energy Navigation secures time charters for eight tankers

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tsakosstackAthens headquartered Tsakos Energy Navigation Limited  (NYSE: TNP) today announced time charters of four of its Suezmax tankers, 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 three-and-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.

As of today, 73 percent of remaining available days for this year have been fixed with minimum expected revenues of $104 million and 56 percent 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,” said President and CEO Nikolas P. Tsakos concluded.

September 28, 2011

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