Tsakos Energy Navigation Announces Delivery and Long-Term Charter of Aframax Crude Tanker Elias Tsakos

ATHENS, GREECE -- (Marketwired) -- 06/22/16 -- Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the aframax tanker Elias Tsakos, part of the 15-vessel newbuilding program and the first of the nine assigned for the Statoil long-term business. The vessel was delivered from Daewoo Mangalia Heavy Industries and will immediately be employed by Statoil with potential gross revenues in excess of $100 million.

"Following the delivery and long term charter of the VLCC Ulysses, we are pleased to announce the commencement of our strategic relation with Statoil, one of the most recognized oil companies in the world," commented Mr. Nikolas Tsakos, President and CEO of TEN. "This new cooperation makes our solid employment base even stronger and increases our profitability. It proves that TEN is positioned as a carrier of choice to blue-chip international oil majors and enhances our uninterrupted dividend distribution record since inception. TEN's tested operational strategy has served us well navigating the company through 23 years of successful growth regardless of market cycles," Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. The Company's pro-forma fleet, including one VLCC, one LNG carrier, nine Aframax crude tankers, a Suezmax DP2 shuttle tanker and two LR1 product tankers all under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers. All of TEN's tanker newbuildings except the one remaining VLCC Hercules and the LNG carrier Maria Energy are fixed on long-term project businesses. As of June 2016, 60% of 2016 fleet available days, taking into account nine deliveries, are on secured contracts with an average length of 2.5 years and minimum gross revenues of about $1.5 billion.

VESSEL CONSTRUCTION PROGRAM

----------------------------------------------------------------------------
#  Vessel Name         Type       Dwt   Delivery    Status  Employment
----------------------------------------------------------------------------
1  Ulysses             VLCC     300,000  Q2 2016  Delivered Yes
----------------------------------------------------------------------------
2  Elias Tsakos      Aframax    112,700  Q2 2016  Delivered Yes
----------------------------------------------------------------------------
3  Thomas Zafiras    Aframax    112,700  Q3 2016     TBD    Yes
----------------------------------------------------------------------------
4  Leontios H        Aframax    112,700  Q4 2016     TBD    Yes
----------------------------------------------------------------------------
5  TS Parthenon      Aframax    112,700  Q4 2016     TBD    Yes
----------------------------------------------------------------------------
6  TS Marathon       Aframax    112,700  Q1 2017     TBD    Yes
----------------------------------------------------------------------------
7  TS Sola           Aframax    112,700  Q1 2017     TBD    Yes
----------------------------------------------------------------------------
8  TS Oslo           Aframax    112,700  Q2 2017     TBD    Yes
----------------------------------------------------------------------------
9  TS Stavanger      Aframax    112,700  Q3 2017     TBD    Yes
----------------------------------------------------------------------------
10 TS Bergen         Aframax    112,700  Q4 2017     TBD    Yes
----------------------------------------------------------------------------
11 Sunray          Panamax LR1  74,200   Q3 2016     TBD    Yes
----------------------------------------------------------------------------
12 Sunrise         Panamax LR1  74,200   Q3 2016     TBD    Yes
----------------------------------------------------------------------------
13 Lisboa City     DP2 Shuttle  157,000  Q1 2017     TBD    Yes
----------------------------------------------------------------------------
14 Hercules            VLCC     300,000  Q4 2016     TBD    In Negotiations
----------------------------------------------------------------------------
15 Maria Energy        LNG      93,616   Q3 2016     TBD    In Negotiations
----------------------------------------------------------------------------

ABOUT FORWARD-LOOKING STATEMENTS Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

For further information please contact:

Company
Tsakos Energy Navigation Ltd.
George Saroglou
COO
+30210 94 07 710
[email protected]

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Paul Lampoutis
+212 661 7566
[email protected]

Source: Tsakos Energy Navigation

You May Also Be Interested In

• Netflix's subscribers, TSMC, Tesla upside - what's moving markets
• Tillman Networks Secures $80 Million in Revolving Credit Facilities to Support Turnkey Deployment for Wireless Carriers
• AMERISERV FINANCIAL, INC. ANNOUNCES QUARTERLY COMMON STOCK CASH DIVIDEND