Tsakos Energy Navigation 2-yr Time Charter

Tuesday, October 20, 2009

Tsakos Energy Navigation Limited (NYSE:TNP) announced a two year time-charter with profit sharing for the 2005-built suezmax tanker Euronike to an international oil major, an existing client of the company. The minimum revenue expected from this fixture is estimated at $15.3m with an extra $8.1m due if charterers extend employment for an additional year. Should the charterer exercise this option, the total minimum gross revenues to TEN from this charter will rise to $23.4m. Prior to this fixture, the Euronike was operating in the spot market.

Following this charter, TEN’s fixed employment including pool vessels for 2009 and 2010 is 78% and 54%, respectively.

“The Euronike is the fifth vessel that we have chartered over the last month and another fixture that signifies TEN’s ability to implement its stated employment strategy of profit sharing with first class clients,” said Nikolas P. Tsakos, President and CEO of TEN. “The recent appetite of major end users to fix quality tonnage long term is encouraging and solidifies the company’s cash generating capability and ability to maintain its stated dividend policy going forward.”


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