Tsakos Energy Navigation Announces Four New Time Charter Contracts
New Charters Increase to 68% Long Term Employment; Secured Revenues at Minimum $1.4 Billion with 2.8 Years Average Contract Duration
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ATHENS, GREECE -- (Marketwired) -- 12/06/16 -- Tsakos Energy Navigation Limited ("TEN") (NYSE: TNP), a leading diversified tanker owner, today announced new time charter contracts for four vessels, an aframax, two panamaxes, and a handysize product tanker, all to major end users. The average contract length of all four fixtures is 14 months which bring the aggregate fleet gross revenues to a minimum of $1.4 billion.
"The new time charters increase TEN's fleet under secured revenue employment to 68%. With seven more vessels delivering in 2017, six of which under long term charters, the coverage will well exceed 70%. Responding to our charterers' appetite, we will be reaching our long term coverage goal well ahead of schedule," stated Mr. Nikolas P. Tsakos, President and CEO of TEN and current Chairman of INTERTANKO. "Repeat business from first class clients fits well with our industrial shipping model, solidify further our balance sheet, and support TEN's continued profitability, all attributes which should ultimately be reflected in TEN's true valuation," 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, five Aframax tankers and a Suezmax DP2 shuttle tanker under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt. Of these, 45 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers.
COMPANY'S GROWTH TIME-TABLE
---------------------------------------------------------------------------- # Vessel Name Type Dwt Delivery Status Employment ---------------------------------------------------------------------------- 1 Ulysses VLCC 300,000 May 2016 Delivered Yes ---------------------------------------------------------------------------- 2 Elias Tsakos Aframax 112,700 June 2016 Delivered Yes ---------------------------------------------------------------------------- 3 Thomas Zafiras Aframax 112,700 Aug 2016 Delivered Yes ---------------------------------------------------------------------------- 4 Leontios H Aframax 112,700 Oct 2016 Delivered Yes ---------------------------------------------------------------------------- 5 Parthenon TS Aframax 112,700 Nov 2016 Delivered Yes ---------------------------------------------------------------------------- 6 Sunray Panamax LR1 74,200 Aug 2016 Delivered Yes ---------------------------------------------------------------------------- 7 Sunrise Panamax LR1 74,200 Sep 2016 Delivered Yes ---------------------------------------------------------------------------- 8 Maria Energy LNG 93,616 Oct 2016 Delivered Yes ---------------------------------------------------------------------------- 9 Hercules VLCC 300,000 Q1 2017 TBD In Negotiations ---------------------------------------------------------------------------- 10 Lisboa DP2 Shuttle 157,000 Q1 2017 TBD Yes ---------------------------------------------------------------------------- 11 Marathon TS Aframax 112,700 Q1 2017 TBD Yes ---------------------------------------------------------------------------- 12 Sola TS Aframax 112,700 Q2 2017 TBD Yes ---------------------------------------------------------------------------- 13 Oslo TS Aframax 112,700 Q2 2017 TBD Yes ---------------------------------------------------------------------------- 14 Stavanger TS Aframax 112,700 Q3 2017 TBD Yes ---------------------------------------------------------------------------- 15 Bergen TS Aframax 112,700 Q4 2017 TBD Yes ----------------------------------------------------------------------------
Visit our company website at: http://www.tenn.gr
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
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