Minimum $200 million in revenues over charter period
ATHENS, GREECE – May 9, 2011 - Tsakos Energy Navigation Limited (“TEN” or the “Company”) (NYSE:TNP) today announced two long-term fixtures with minimum and profit sharing provisions to a major Far Eastern entity for two suezmax tankers to be delivered in mid-May and mid-July of this year in South Korea. The charters, of eleven and twelve-year periods will commence upon delivery and are expected to generate combined gross revenues, assuming only the minimum rates, of approximately $200 million.
“The duration and structure of this transaction is a testament to the quality of our fleet and operations while the calibre of the counterparty is a proof of the high-value relationships our Company has cultivated over the years,” said Mr. Nikolas P. Tsakos, President & CEO of TEN. “These two fixtures fall in line with our tried and tested policy of cash flow predictability as they provide us with a flexible and stable income stream over a very long period. These two new charters together with the recent fifteen year contracts secured for the two suezmax shuttle tankers currently under construction should generate a minimum of $720 million in gross revenues over their corresponding charter periods ,” Mr. Tsakos concluded.