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Tsakos Energy Navigation Recognized As "Tanker Company Of The Year" At The 2006 Lloyd's List Greek Shipping Awards
Hamilton, Bermuda: December 14, 2006 - Tsakos Energy Navigation Ltd. ("TEN") (NYSE: TNP, BSX: TEN.BH) proudly announced its selection as "Tanker Company of the Year - 2006" at the annual Greek Shipping Awards dinner hosted in Athens on December 8th, 2006 by Lloyd's List, a London-based prestigious maritime journal dating back to 1734. The award was given to TEN for its achievements in 2006 including its activities in the mergers & acquisition front as well as for the innovative strategic alliances it struck with major international oil majors.
"It is indeed an honor for TEN to be singled out among a distinguished group of peers" said D. John Stavropoulos, Chairman of the Board of TEN. He further commented "dedication to consistent quality customer service provided by seafarers and land-based management of the Tsakos Group are the foundation of TEN. Nikolas P. Tsakos, our President and CEO with his management team have built on these strengths over the last thirteen years to shape a company with solid vision, a proven business plan and a platform that continues to build shareholders value"
ABOUT TSAKOS ENERGY NAVIGATION
TEN's balanced chartering strategy is designed to provide stable revenue streams over the coming years. Based on the Company's currently operating fleet of 37 vessels, TEN has secured employment for 80% of the available days of 2007 and 70% of the available days of 2008, which should provide minimum revenues of $250 million and $220 million respectively. TEN's proforma fleet today consists of 52 vessels of 5.5 million dwt. Today, TEN operates a fleet of 37 vessels. Additionally, its newbuilding program has 15 vessels totaling 1.3 million dwt including: two Suezmaxes, six Aframax crude carriers, two Panamax tankers, four Handysize product carriers, and one LNG. The fleet is 100% double hull. The strategy of a balanced diverse fleet is reflected in 26 crude transporters ranging from VLCCs to Aframaxes and 25 product carriers ranging from Handysize to Aframaxes; complemented by one LNG.
Visit our company website at: http://www.tenn.gr
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.