TEN Announces Charters for Tankers

Tuesday, March 20, 2007
New Charters Expected to Generate a Minimum of $42M in Gross Revenue Tsakos Energy Navigation Ltd. (TEN) announced the fixture of the 2006-built 1A ice-class Handysize product tanker Andromeda for three-years to an international trading house for a minimum rate and a 50:50 profit share if rates exceed that minimum. Concurrently with this fixture, TEN concluded a three-year charter, to the same end-user and for the same terms, for the sister handysize vessel Aegeas which is expected to be delivered in April 2007 from Hyundai Mipo Dockyard in South Korea. The charter of the Andromeda will commence in May 2007 while for the Aegeas immediately upon delivery. By earning just the minimum rate, the company expects to generate at least $42 million in gross revenues over the corresponding charter period.
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