ATHENS, Greece, Sept. 30, 2009 (GLOBE NEWSWIRE) -- Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE:TNP) today announced a two-year time charter extension with profit sharing up to a maximum level with the same charterer, for the 2002-built double hull suezmax tanker Decathlon. TEN also announced a three-to-six month time charter for the 2006-built suezmax tanker Archangel through the initiation of a relationship with an international oil major. Prior to this new charter, the Archangel was operating in the spot market.
Assuming the minimum rate on the Decathlon and the minimum duration on the Archangel, the charters should generate gross revenues in excess of $17.5 million. Should the Archangel charterer exercise its option for an additional 90 days, the total gross revenues could grow by another $2.5 million, providing up to $20 million in cash flow contribution.
Following this charter extension, TEN's fixed employment, including pool vessels, for remainder of 2009 and 2010 operating days, is revised upward to 67% and 52%, respectively.
"TEN continues to extend its charter coverage with first class, long-term clients and by initiating new business relationships with major oil companies," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "TEN remains committed to its balanced employment policy to safeguard revenues to allow the Company to meet its growth plans."
ABOUT TSAKOS ENERGY NAVIGATION
TEN's pro forma fleet consists of 52 vessels of 5.7 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 Q3 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.