ATHENS, Greece, July 22, 2009 (GLOBE NEWSWIRE) -- Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE:TNP) today announced a fixed rate time charter starting this week for the 2006-built double hull Aframax product tanker Promitheas for up to 6 months. Prior to this charter the vessel operated in the spot market.
With the addition of this new time charter, TEN's fixed employment for 2009 and 2010 is 63% and 44%, respectively. Ignoring the potential for profit sharing and assuming only the minimum rates for the remaining operating days in 2009, TEN expects to earn at least $127 million in incremental gross revenues. For 2010, based on the same assumptions, the minimum gross revenue already secured is estimated at $170 million.
"It is encouraging to see charterers fixing vessels forward during the seasonally slow third quarter and look forward to the freight market's improvement in the fourth quarter of the year and in 2010, when the global economy and oil demand are forecast to begin growing again," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "In the meantime our objective remains to operate the fleet with the highest possible utilization rate, efficiently and profitably."
ABOUT TSAKOS ENERGY NAVIGATION
TEN's pro forma fleet consists of 50 vessels of 5.3 million dwt. TEN's operational fleet consists of 47 vessels all of double-hull design. TEN's newbuilding program includes three DNA-aframax crude carriers representing 315,000 dwt.
TEN's balanced fleet profile is reflected in 25 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 32 --------------------------------------------------------------------- CoA - market related 2 --------------------------------------------------------------------- Pool - market related 3 --------------------------------------------------------------------- Spot - market related 10 --------------------------------------------------------------------- TEN's current newbuilding program: --------------------------------------------------------------------- Aframax DWT Hull Type / Design Delivery --------------------------------------------------------------------- 1. Asahi Princess 105,000 DH / DNA Q3 2009 --------------------------------------------------------------------- 2. Sapporo Princess 105,000 DH / DNA Q1 2010 --------------------------------------------------------------------- 3. Uraga Princess 105,000 DH / DNA Q2 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.