Tsakos Energy Navigation Limited announced three-year time- charters for Panamax newbuildings "Selecao" and "Socrates" to a major South American state oil company
. The charters are expected to generate gross revenues in excess of $57 million for the Company over the corresponding charter period. The vessels are expected to be delivered in February and March of this year.
After delivery of the "Selecao" and the "Socrates," TEN's earnings visibility will be further enhanced with 82% and 60% of 2008 and 2009 employment days fixed on time charters of varying types. These fixtures translate to an average of 2.1 years of employment for the 39 vessels under fixed charters and the total gross revenue these vessels are expected to generate (assuming only the minimum rate for the 24 vessels with profit sharing arrangements) will be approximately $700 million.