367 Syngrou Avenue, 175 64 P. Faliro, Hellas
Tel: 30 210 94 07 710-3, Fax: 30 210 94 07 716, e-mail: ten@tenn.grWebsite: http://www.tenn.gr
Press Release
September 24, 2013
Currently, TEN's secured contract coverage is 74% and 60% for the available vessel days of 2013 and
2014, with expected minimum revenues of $69 million and $214 million, respectively. Overall, TEN's
minimum contracted charter revenues is approximately $965 million with an average employment of three years per vessel.
"We are pleased to secure the Millennium, until March 2015, at a rate that reflects the changing environment in the crude tanker sector," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "This charter highlights TEN's ability to offer its diversified fleet of products, crude and LNG vessels to its high-end clientele and solidify its position with such names for more business in the future. With a policy of fixing our fleet in medium to long term charters, we are confident that the cash flow visibility we project will continue to provide attractive returns and enhance shareholder value through dividend payments," Mr. Tsakos concluded.
To date, TEN's fleet, including an LNG carrier under construction, consists of 49 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 4.9 million dwt. Of these, 28 are product carriers ranging from shuttle suezmaxes to handysize, 19 are crude tankers ranging from VLCCs to aframaxes, and two are LNG carriers.
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.
Visit our company website at: http://www.tenn.gr
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For further information please contact:
Company
Tsakos Energy Navigation Ltd. George Saroglou, COO
+30210 94 07 710 gsaroglou@tenn.gr
Capital Link, Inc. Nicolas Bornozis Paul Lampoutis
+212 661 7566
ten@capitallink.com
Visit our company website at: http://www.tenn.gr
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