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TSAKOS ENERGY NAVIGATION LTD ANNOUNCES DELIVERY AND CHARTER OF AFRAMAX TANKER URAGA PRINCESS
Hamilton, Bermuda – 08 July, 2010 – Tsakos Energy Navigation Ltd. ("TEN"; Ticker: TEN.BH; NYSE: TNP) announced the delivery and charter of the 105,000 dwt DNA-aframax tanker Uraga Princess from Sumitomo Heavy Industries in Japan, the final new building in a series of eight ordered in 2004. Upon delivery, the vessel entered a minimum 30-day repositioning voyage with the oil trading arm of a major financial institution.
“We are pleased to welcome the final vessel in a series of eight DNA-aframaxes the first of which was ordered in Sumitomo six years ago. We are grateful for their exceptional and innovative engineering,” said Mr. Nikolas P. Tsakos, President and CEO of TEN. “The DNA-aframax class vessels are high specification vessels with enhanced operational versatility and have widened our customer service capabilities. The previous seven vessels have performed excellently and have been attractive assets to the chartering community. We are confident, that the Uraga Princess, built to the same high-standards of its sister vessels, will perform equally well and contribute to our bottom line.”
Mr. Tsakos concluded, “Operating a fleet of modern tankers positions TEN well for the future. We remain optimistic that TEN will benefit from an expected improvement in market dynamics.”
ABOUT TSAKOS ENERGY NAVIGATION
TEN's pro forma fleet consists of 47 vessels of 5.0 million dwt. TEN's operational fleet
consists of 45 vessels all of double-hull design of which 22 are ice-class. TEN's remaining newbuilding program includes two suezmax tankers totalling about 316,000 dwt.
TEN’s balanced fleet profile is reflected in 23 crude tankers ranging from VLCCs to aframaxes and 23 product carriers ranging from aframaxes to handysize; complemented by one LNG.
Visit our company website at: http://www.tenn.gr
TEN’s employment profile:
Type of Employment Vessels
Period Employment – Fixed, fixed w/profit share & min max 28
CoA – market related 3
Pool – market related 4
Spot – market related 10
TEN’s current newbuilding program:
Aframax DWT Hull Type / Design Delivery
1. S2034 158,000 DH Q2 2011
2. S2035 158,000 DH Q3 2011
DH: Double Hull
DNA: Design New Aframax
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.
CONTACTS:
Company
Tsakos Energy Navigation, Ltd.
George Saroglou, COO Tel: +30210 94 07 710
Investor Relations
Cubitt, Jacobs & Prosek Communications
Thomas J. Rozycki, Jr. Tel: +212 279 3115 (x208)
trozycki@cjpcom.com
Marketing Advisor
Capital Link, Inc.
Nicholas Bornozis Tel: +212 661 7566
nbornozis@capitallink.com