TEN Announces Charters for Ice-Class Trio

Press Release
Thursday, December 20, 2012

Tsakos Energy Navigation Limited (TEN ) (NYSE: TNP) one of the largest independent ice-class owners in the world with 21 out of 51 vessels with ice-class capabilities has announced six-month time charters for three ice class tankers to a global energy end-user at rates that reflect currently available market premiums.

"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, Chief Operating Officer of TEN. "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 Company on a steady course to navigate safely through the current challenging environment," Mr. Saroglou concluded.

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