Tsakos Energy Navigation Caps off 2012 with Three New Charters

TEN’s Arctic, an Ice-class suezmax tanker

Tsakos Energy Navigation Limited (NYSE: TNP) rose over 4 percent today on the New York Stock Exchange after an announcement that they have signed six-month time charters for three of their ice-class tankers.

This is a positive cap for the end of a relatively successful year for TEN which according to their Q3 results, has so far been 159 percent better than 2011.

“As we enter the winter months, the ice-class capabilities of our modern vessels provide a much sought after feature for quality energy companies that seek access to ice-bound ports worldwide,” said Mr. George Saroglou,  Tsakos’ Chief Operating Officer.

“As we head into the seasonally strong first quarter of 2013 we will continue to position our vessels to take advantage of market upturns which we see developing particularly now that the oversupply situation seems to be waning. With the upcoming introduction of our two shuttle tanker newbuildings in the 1st and 2nd quarters of 2013 coupled with the performance of our LNG Neo Energy under its new charter, our overall minimum secured revenues are in excess of $1.1 billion. This cash flow visibility puts the TEN on a steady course to navigate safely through the current challenging environment,” Mr. Saroglou concluded.

The fleet

Tsakos Energy Navigation (TEN) is one of the largest independent ice-class owners in the world with 21 out of 51 vessels with ice-class capabilities

To date, TEN’s pro forma fleet (excluding options) consists of 51 double-hull vessels of 5.5 million dwt. This figure includes one LNG carrier and two DP2 suezmax shuttle tankers under construction totaling 400,000 dwt. It also includes two non operational VLCCs held for sale. TEN’s balanced fleet profile is reflected in 23 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and two LNG carriers. TEN has an option for a third LNG carrier to be declared no later than end of first quarter 2013.

TEN’s current newbuilding program:

• Suezmax Shuttle DP2 157,000dwt Q1 2013
• Suezmax Shuttle DP2 157,000dwt Q2 2013
• LNG TBN 86,000dwt/162,000 cbm Tri-Fuel Q1 2015
• LNG TBN 86,000dwt/162,000 cbm Tri-Fuel Q4 2015 (option)

(All vessels are Double Hull – Option vessel technical specs subject to change depending on charterer/employment)