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Tsakos Energy Navigation Announces New Time Charter
"Our ability to provide quality tonnage to oil majors around the world is a key part of business strategy," said Nikolas P. Tsakos, President and CEO of TEN. "This latest contract with Exxon illustrates that our deep relationships with top-tier companies continue to support our growth and provide increase shareholder value. We remain focused on building and maintaining tankers that meet our clients' individual requirements and on providing superior customer service and support."
Mr. Tsakos continued, "Our fleet will continue to grow over the coming quarters. The new ice-class vessels and LNG carrier that we have on order will enable us to meet the growing needs of our expanding client base. We will continue to strengthen our balance sheet by securing attractive, long-term charters that will ensure a steady and predictable flow of earnings."
Out of TEN's 27 vessels currently trading, 21 operate with medium or long-term employment contracts, some at variable rates, accounting for 78% of the remaining operating days for 2004, and 65% of the operating days of 2005. These contracts will generate a minimum of approximately $200 million over the next six quarters, which should provide a sustainable flow of earnings. The company currently employs its remaining 6 vessels in the spot market. Currently, 91% of TEN's fleet is of the double hull design.
ABOUT TSAKOS ENERGY NAVIGATION
Tsakos Energy Navigation expects to operate a fleet of 40 vessels with approximately 4.2 million DWT by mid-2007, which would include 29 newbuildings (1997-2007) with approximately 3.6 million DWT. The Company currently operates a fleet of 27 vessels (including three chartered-in vessels, one aframax and two suezmaxes). The fleet comprises 2.9 million DWT with an average age of 7 years, compared to the world's tanker tonnage, which has an average age of 12.3 years. Between 2004 and 2007, TEN is scheduled to take delivery of a further thirteen newbuildings, (6 Suezmaxes, 6 handysize product tankers and 1 LNG carrier). The Company is also negotiating for an additional LNG carrier, with one option, for delivery in 2007.
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.
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http://www.tenn.gr
SOURCE Tsakos Energy Navigation Limited
-0- 07/28/2004
/CONTACT: George V. Saroglou, COO of Tsakos Energy Navigation,+30-210-94-07-710-3, or ten@tenn.gr; or Thomas J. Rozycki, Jr. of GCI Group for Tsakos Energy Navigation, +1-212-537-8016, or trozycki@gcigroup.com/
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/Web site: http://www.tenn.gr /