New Charters Increase to 68% Long Term Employment; Secured Revenues at Minimum $1.4 Billion with 2.8 Years Average Contract
Duration
ATHENS, GREECE--(Marketwired - Dec 6, 2016) - 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
| |
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| # |
|
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.