\ Tsakos Energy Navigation Announces the Delivery and Charter of Aframax Tanker Asahi Princess
Company News: Page (1) of 1 - 09/21/09

Tsakos Energy Navigation Announces the Delivery and Charter of Aframax Tanker Asahi Princess

September 21, 2009 --

ATHENS, Greece, Sept. 18, 2009 (GLOBE NEWSWIRE) -- Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE:TNP) today announced the delivery and charter of DNA-aframax tanker Asahi Princess from Sumitomo Heavy Industries in Japan. The vessel was placed on a one-to-four month repositioning time-charter with a major international oil trader. Upon expiry of the charter, the vessel will be redelivered to its intended operating area, the mid-Atlantic basin.

"We welcome the Asahi Princess into our fleet, the sixth DNA-aframax tanker, in a series of eight that we signed with the Sumitomo yard in the summer of 2004," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "We are confident that this vessel, as is the case with its sister-ships, will play a major role in the cash flow generating ability of TEN for the years to come. In our quest to always maintain the modernity and versatility of our fleet, our DNA designed vessels should continue to prove very attractive assets to us and the chartering community in general. We are confident that the Asahi Princess will maintain this trend."

ABOUT TSAKOS ENERGY NAVIGATION

TEN's pro forma fleet consists of 52 vessels of 5.6 million dwt. TEN's operational fleet consists of 48 vessels all of double-hull design. TEN's newbuilding program includes two DNA-aframax crude carriers and two suezmax tankers totalling about 526,000 dwt.


TEN's balanced fleet profile is reflected in 27 crude tankers ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize; complemented by one LNG.

TEN's employment profile: ------------------------------------------------------------------- Type of Employment Vessels ------------------------------------------------------------------- Period Employment - Fixed, fixed w/profit share & min max 28 ------------------------------------------------------------------- CoA - market related 2 ------------------------------------------------------------------- Pool - market related 6 ------------------------------------------------------------------- Spot - market related 12 -------------------------------------------------------------------

TEN's current newbuilding program: ------------------------------------------------------------------- Aframax DWT Hull Type / Design Delivery ------------------------------------------------------------------- 1. Sapporo Princess 105,000 DH / DNA Q1 2010 ------------------------------------------------------------------- 2. Uraga Princess 105,000 DH / DNA Q2 2010 ------------------------------------------------------------------- 3. S2034 158,000 DH Q3 2011 ------------------------------------------------------------------- 4. S2035 158,000 DH Q3 2011 ------------------------------------------------------------------- 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.

CONTACT: Tsakos Energy Navigation, Ltd. George Saroglou, COO +30210 94 07 710 [email protected] Cubitt, Jacobs & Prosek Communications Investor Relations Thomas J. Rozycki, Jr. +212 279 3115 (x208) [email protected] Capital Link, Inc. Marketing Advisor Nicholas Bornozis +212 661 7566 [email protected]

Page: 1
Related Keywords: TRANSPORTATION, MARITIME, CONTRACTS, INTERNATIONALJapan, Inc., Biology, Genetics, Business,

Source:2009 GlobeNewswire, Inc. . All Rights Reserved

Our Privacy Policy --- @ Copyright, 2017 Digital Media Online, All Rights Reserved

Webmaster
Privacy.