Tsakos Charters Modern Handysize Product Tanker

Thursday, September 09, 2010

Tsakos Energy Navigation Ltd. (TEN) (NYSE: TNP) announced a three-year time charter for a modern, double hull, handysize product tanker to a major South American state oil company. This charter is expected to generate gross revenues in excess of $14m during the corresponding charter period. Prior to this fixture the vessel was operating in the spot market.

"This fixture to a charterer that the company has developed a longstanding strategic relationship with, is a testament to our vessels' operational capabilities and reaffirms our confidence in an improving environment, particularly for product tankers," Nikolas P. Tsakos, President & CEO of TEN stated. "The recent appetite of charterers in all segments of the tanker market is encouraging and falls in line with our stated policy for medium to long term charters to well known oil concerns. We are confident that following this charter and in view of the size and quality of our fleet the Company will be in position to announce further fixtures in the near future that will provide the Company with additional layers of secured revenues for the years to come."

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