Product Carrier Rates News

Athens, Greece--May 11, 2011--Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) (the “Company”) today reported results (unaudited) for the first quarter ended March 31, 2011. TEN attained net income of $9.3 million (including a $5.8 million gain on the sale of a vessel) for the first quarter of 2011 compared to $19.5 million (including $14.3 million gains on the sale of vessels) for the first quarter of 2010. Diluted EPS this first quarter were $0.20. Revenues, net of commissions…

Athenian Carriers Ltd. for approximately $585 million. these vessels into its current fleet operations. market conditions. environment. newbuilding program into OMI's operations. crude oil and product tanker businesses. little integration risk. delivery in a historically volatile sector. were impaired. newbuilding program. in July and August of 2004. mortgage debt secured by these vessels. that are associated with this acquisition. operations of acquired vessels for which debt has been raised. coverage is likewise strong, with LTM EBIT/interest of about 6.8x. greater longevity than most market upturns. that this strong market should continue at least through 2005. conditions deteriorate in a cyclical downturn. commitments. strong tanker rate environment through 2005. fundamentals.