Tsakos Energy Navigation Limited (TEN or the “Company")(NYSE: TNP) announced a two-year time charter extension for the 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. The gross revenues from the extension of this charter are expected to be approximately $14.5 million over the corresponding period.
“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."