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Tsakos Energy Navigation Announces New Two-Year Employment for Two MR Product Tankers With Potential Revenue Upside

ATHENS, GREECE--(Marketwired - Jun 11, 2013) - Tsakos Energy Navigation Limited (TEN or the "Company") ( NYSE : TNP ), a leading product, crude and LNG tanker operator, today announced two-year plus one year fixtures at charterers option with minimum rate provisions, for two MR product tankers to a major international end-user. The new charters should generate gross revenues of $22.0 million, excluding potential gains over the minimum rates that can apply in the second year and optional year. The total gross revenue to be generated over a three year period for the two vessels, can amount to over $33.0 million. Both charters are expected to commence within the second half of June 2013. 

"The fixture of our two MR tankers reflect our dominant position in the international product trades and the current strength in the products market," said George Saroglou, Chief Operating Officer. "The charterer, a prime end-user in world oil markets, is a new relationship for us and we expect these two agreements to be the first step in a long journey. Today, we operate one of the world's largest product tanker fleets, with 28 vessels in the water, which complemented by our presence in LNG, shuttle tankers and crude carriers, reinforce TEN's position in maintaining its cash generating ability while rewarding shareholders over the foreseeable future," Mr. Saroglou concluded.

ABOUT TSAKOS ENERGY NAVIGATION
The Company pro-forma fleet today consists of 49 tankers (28 product carriers, 19 crude tankers and 2 LNG carriers, one of which under construction plus an option for an additional newbuidling), 32 of which are under fixed or fixed with profit sharing contracts.

TEN's current newbuilding program:

  • LNG 174,000 cbm Tri-Fuel Scheduled Delivery: Q1 2016