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New employment for Suezmax Tanker

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Hydrocarbon Engineering,

Tsakos Energy Navigation Ltd has announced a long-term suezmax charter to a major oil concern. This fixture is scheduled to commence in December 2015 upon completion of the vessel's current voyage, and is expected to generate approximately US$18.5 million in total gross revenues.

Following this employment, the number of time charter fixtures since the beginning of 2015 totals 15. Total gross revenues have been estimated at US$280 million. Adding the contracts attached on twelve vessels under construction that will enter the fleet from early 2016, the total minimum secured revenue of the Company amount to approximately US$1.5 billion. As a result, so far to-date and including the newbuildings that will enter the fleet in 2016, the days under secured coverage (for 2016) exceed 55%, up from 35% earlier in the year.

"This accretive charter highlights oil majors' appetite for long term fixtures and reaffirms our belief that the health of the crude oil market remains strong," Mr. George Saroglou, Chief Operating Officer of TEN commented. "With US$1.5 billion in minimum secured revenues, TEN will continue to adjust its employment strategy so to enhance cash flow visibility, irrespective of market conditions, while continuing to take advantage of firm spot rates. With a large part of our fleet in secured and flexible contracts, including many under profit sharing provisions, to be complimented by selective vessel sales, we remain confident that TEN will continue to provide attractive returns to shareholders through share price appreciation and the payment of steady, growing dividends.”

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