Tsakos Energy Navigation Scores $14.5 Million Contract Extension for the Nippon Princess

Image: TEN

Tsakos Energy Navigation Limited (TEN) announced a new two-year time charter extension today for their 2008 built, 105,392 dwt, double hull aframax tanker, Nippon Princess, with the same charterer, a state oil company.

The new charter commenced in July 2012 with gross revenues from the extension expected to reach approximately $14.5 million.

“We are pleased with the extension of Nippon Princess which follows our company’s stated policy of long term, repeat business directly with the end users.” said Mr. Nikolas P. Tsakos, President and CEO of TEN. “Our balanced fleet employment strategy has enabled our company to navigate through difficult markets while being able to benefit from the eventual market upturn.

This new time charter for the Nippon Princess enhances our cash flow predictability for 2012 and 2013. Our current time charters account for $1.1 billion in minimum gross revenues and reaffirm our position as a partner of choice for major end users. We are looking to more similar transactions in the near future that secure our company’s strong cash flow and dividend distributions. ”

Tsakos Energy Navigation Ltd (TEN) is one of the largest transporters of energy in the world and controls a versatile fleet of modern crude and product tankers with strong ice-class capabilities. To date, TEN’s fleet consists of 51 double-hull vessels of 5.5 million dwt which includes one LNG carrier and two DP2 suezmax shuttle tankers under construction totaling 400,000 dwt. 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 October 2012, totaling 86,000 dwt.

TEN Limited is incorporated in Bermuda, managed out of Athens Greece, and listed in the New York Stock Exchange (NYSE) under the symbol TNP, and in the Bermuda Stock Exchange (BSX) under the symbol TEN.

TEN’s employment profile (operating fleet as of July 27, 2012):
Period Employment – Fixed, fixed w/profit share & min max (31)
Pool – market related (5)
Spot – market related (12)

TEN’s current newbuilding program:
• Suezmax DP2 157,000dwt                                Q1 2013
• Suezmax DP2 157,000dwt                                 Q2 2013
• LNG TBN 86,000dwt/162,000m3 Tri-Fuel Q1 2015

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