Energy Navigation

Phoenix Energy Nav Joins Aframax Pool

PDV Marina, S.A. (PDVM), the marine transportation subsidiary of Petroleos de Venezuela, S.A. (PDVSA), the Venezuelan state oil company, and Overseas Shipholding Group, Inc. announced that Phoenix Energy Navigation SA (Phoenix) has joined the Aframax International Pool. Phoenix has contributed two double-hulled Aframax tankers to the pool (the Phoenix Alpha and the Phoenix Beta both built in 2003), expanding the number of vessels in the Pool to 34, including committed newbuildings. "We are very pleased to welcome Phoenix Energy Navigation SA into the Aframax International Pool." The Pool's Managers noted that "the addition of Phoenix's two modern vessels to the Aframax International Pool will enable the Pool to continue to offer additional capacity to its customers and to achieve further scheduling and operating efficiencies through the continued expansion of its fleet as well as the continued strategic marketing of the Pool into new areas."

Tsakos Energy Time Charter for Product Tankers

Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) announced two year time-charters with profit sharing for four 2005-built handymax MR product tankers to an international oil entity starting promptly. The minimum revenue expected from these fixtures is estimated at $32m. Prior to these fixtures, the vessels were operating in the spot market.  

Tsakos Energy Navigation Announces 3Q Profits

Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) reported financial results (unaudited) for the third quarter and first nine months of 2007. Net income was a record $50.0m for the third quarter of 2007, (including capital gains of $31.8m) as compared with $44.5m (including capital gains of $13.3m) for the third quarter of 2006. Net revenues (voyage revenues net of commissions and voyage expenses) expanded 3.9% to $97.2m from $93.5m reflecting growth of the fleet (43

TEN Sells Tanker

Tsakos Energy Navigation Ltd., announced the sale of the 1999-built 107,181 dwt Aframax tanker Olympia to an independent Greek- based operator. The Olympia will be delivered to her new owners in January, 2008 resulting in a $34m capital gain that will be recorded in the first quarter of 2008. The Olympia is debt-free and as a result all proceeds from this sale will be free cash available for reinvestment.

TEN Acquires VLCC

Tsakos Energy Navigation Limited (TEN) recently acquired the 299,700 dwt double hull VLCC M/T Maersk Estelle, built in Denmark in 1994, from the AP Moller / Maersk Group. Initially, this vessel will participate in the current strong spot market while the Company considers opportunities for longer-term employment. TEN will assume ownership of the vessel during the later part of January 2004. "We are very excited about this latest addition to our fleet of young and environmentally friendly

TSAKOS Announces The Completion Of Sale Of The Aframax Tanker Opal Queen

ATHENS, GREECE – March 24, 2011 - Tsakos Energy Navigation Limited (“TEN” or the “Company”) (NYSE:TNP) today announced the delivery of the 2001-built aframax tanker Opal Queen to her new owners. The capital gain of over $5 million while the free cash of over $16 million from this sale will be recorded in the first quarter of 2011, while the free cash to be generated will be used for future vessel opportunities.  

TEN Announces Sale of the Panamax Bregen

Tsakos Energy Navigation Ltd. (TEN) announced the sale of the 1989-built double hull Panamax tanker Bregen. Following the sale of 1987-built Crux and 1988- built Libra during the third quarter of 2006, the sale of the Bregen represents the disposition of the last remaining 1980's built tanker in the Company's fleet. The vessel will be delivered to its] new owners in the first quarter of 2007, and as a result of the sale, TEN] will recognize a capital gain of $5 million at that time.

TEN Announces Delivery and Immediate Charter

Tsakos Energy Navigation Ltd. (TEN) announced the delivery of the 37,340 dwt, 1B ice-class handysize product tanker Byzantion from Hyundai Mipo Dockyard, in South Korea. Concurrent with the delivery, the vessel entered a three-year time charter with a European oil trader for a minimum rate and a 50/50 profit share should rates exceed that minimum. The company expects the vessel to generate a minimum of $21m in gross revenue over the duration of the charter. The delivery of the

TEN Announces Charter Extensions for Tankers

Tsakos Energy Navigation Limited announced a two-year time-charter extensions for two Aframax product tankers to Neste Oil of , the original charterers. The charters are comprised of a minimum rate and 50:50 profit share if rates exceed that level. The charters, assuming only the minimum rate, are expected to generate gross revenues in excess of $42.5 million over the corresponding period. The vessels are expected to commence their new employment upon expiration of the existing charters in

Tsakos Time Charters for Suezmax Tankers

Tsakos Energy Navigation Limited (NYSE:TNP) announced a two year time-charter extension with profit sharing up to a maximum level with the same charterer, for the 2002-built double hull suezmax tanker Decathlon. TEN also announced a three-to-six month time charter for the 2006-built suezmax tanker Archangel through the initiation of a relationship with an international oil major. Prior to this new charter, the Archangel was operating in the spot market.