Delivery, Charter of Aframax Tanker Asahi Princess

Monday, September 21, 2009

Tsakos Energy Navigation Limited (NYSE:TNP) announced the delivery and charter of DNA-aframax tanker Asahi Princess from Sumitomo Heavy Industries in Japan. The vessel was placed on a one-to-four month repositioning time-charter with a major international oil trader. Upon expiry of the charter, the vessel will be redelivered to its intended operating area, the mid-Atlantic basin.

“We welcome the Asahi Princess into our fleet, the sixth DNA aframax tanker, in a series of eight that we signed with the Sumitomo yard in the summer of 2004,” said Mr. Nikolas P. Tsakos, President and CEO of TEN. “We are confident that this vessel, as is the case with its sister-ships, will play a major role in the cash flow generating ability of TEN for the years to come. In our quest to always maintain the modernity and versatility of our fleet, our DNA designed vessels should continue to prove very attractive assets to us and the chartering community in general. We are confident that the Asahi Princess will maintain this trend.”

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