Tsakos Energy Navigation Announces Three-Year Time-Charter for Handysize Tanker Bosporos

Fuente: CNN Money

ATHENS, Greece, July 9 /PRNewswire-FirstCall/ -- Tsakos Energy Navigation Ltd. ("TEN" or the "Company") today announced a three-year time- charter to a major European charterer of the 37,340 dwt 1B ice-class handysize product tanker Bosporos, expected to be delivered from Hyundai Mipo Dockyard of South Korea at the end of August. The charter is structured with a minimum rate and a 50/50 profit share should rates exceed that minimum. The gross proceeds from this charter, assuming only the minimum rate, are expected to exceed $21 million.

"Securing this attractive fixture prior to delivery is a testament to the quality of the vessel and the market's demand for such versatile tonnage," stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. "The Byzantion, a sister vessel of the Bosporos delivered earlier this year, is operating under an identical charter. The welcome addition of the Bosporos will complete a series of eight handysize newbuilding deliveries since September 2004, representing a significant footprint in the product carrier market," Mr. Tsakos concluded.

About Tsakos Energy Navigation

TEN's proforma fleet consists of 53 vessels of 5.7 million dwt. Today, TEN operates a fleet of 44 vessels all double-hull. Additionally, its newbuilding program of 9 vessels includes six Aframax crude carriers, two Panamax tankers and one Handysize product carrier representing 815,000 dwt.

The strategy of a balanced diverse fleet is reflected in 28 crude transporters ranging from VLCCs to Aframaxes and 24 product carriers ranging from Handysize to Aframaxes; complemented by one LNG.


TEN's remaining newbuilding program:

Vessel Dwt Design Delivery

Handysize

1. Bosporos 37,340 DH / Ice-Class (1B) 21 August 2007

Panamax

1. Selecao 73,000 DH 15 November 2007
2. Socrates 73,000 DH 30 November 2007

Aframax

1. Maria Princess 105,000 DH / DNA November 2008
2. Nikko Princess 105,000 DH / DNA November 2008
3. Ise Princess 105,000 DH / DNA Q3 2009
4. Asahi Princess 105,000 DH / DNA Q4 2009
5. Saporo Princess 105,000 DH / DNA Q4 2009
6. Uraga Princess 105,000 DH / DNA Q1 2010

DH: Double Hull
DNA: Design New Aframax


Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.


Contacts:
George V. Saroglou, COO
Tsakos Energy Navigation Ltd.
Tel: 30 210 94 07 710-3
ten@tenn.gr

Thomas J. Rozycki, Jr., Investor Relations
Cubitt Jacobs & Prosek Communications
212-279-3115 x208
trozycki@cjpcom.com