Tsakos Energy Navigation Charters DNA-Aframax Tanker

Tuesday, June 21, 2011
Tsakos Energy Navigation Ltd. (TEN) announced the charter of the 105,000 dwt, DNA design Aframax tanker, Maria Princess, to a major Chinese oil concern for a twelve month period. This charter comes in line with the Company's pre-stated policy in exploring opportunities in the wider Chinese energy market.
 
"The growth of oil consumption in China is a major determinant in worldwide tanker demand and we are pleased to participate directly in this development with one of our modern DNA aframax vessels," stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. "We hope that this fixture will further enhance our relationship with local chartering concerns and be our gateway to this major economy for additional opportunities in the future. Our modern and versatile fleet gives us confidence that this fixture will not stand in isolation once we strategically begin to redeploy our vessels in the longer term charter market," Mr. Tsakos concluded.
 
TEN's current newbuilding program:
 
        
Suezmax           DWT        Hull Type / Design    Expected Delivery
        ------------------------------------------------------------------------
        1. Dimitris P     158,000    DH                    July 2011
        ------------------------------------------------------------------------
        2. Suezmax DP2    157,000    DH                    Q4 2012
        ------------------------------------------------------------------------
        3. Suezmax DP2    157,000    DH                    Q1 2013
        ------------------------------------------------------------------------
        
        
 
 
 
DH: Double Hull
Employment of operating fleet at June 20, 2011:
 
  Type of Employment                                            Vessels
        ----------------------------------------------------------------------
        Period Employment - Fixed, fixed w/profit share & min max     28
        ----------------------------------------------------------------------
        CoA - market related                                          1
        ----------------------------------------------------------------------
        Pool - market related                                         6
        ----------------------------------------------------------------------
        Spot - market related                                         13
        ----------------------------------------------------------------------
        
        
 

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