Tsakos Time Charter for Aframax Product Tanker

Thursday, July 23, 2009

Tsakos Energy Navigation Limited (NYSE:TNP) announced a fixed rate time charter starting this week for the 2006-built double hull Aframax product tanker Promitheas for up to six months. Prior to this charter the vessel operated in the spot market.

With the addition of this new time charter, TEN’s fixed employment for 2009 and 2010 is 63% and 44%, respectively. Ignoring the potential for profit sharing and assuming only the minimum rates for the remaining operating days in 2009, TEN expects to earn at least $127m in incremental gross revenues. For 2010, based on the same assumptions, the minimum gross revenue already secured is estimated at $170m.

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