Charter to generate at least $32 million in gross revenue ATHENS, Greece, Nov. 30 /PRNewswire-FirstCall/ -- Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE:TNP) today announced two year time-charters with profit sharing for four 2005-built handymax MR product tankers to an international oil entity starting promptly. The minimum revenue expected from these fixtures is estimated at $32 million. Prior to these fixtures, the vessels were operating in the spot market. Following these charters, TEN's fixed employment including pool vessels for 2010 and 2011 is approximately 70% and 50%, respectively. "We are pleased to announce the commencement of a long term relationship with a well known international oil client and look forward to a successful and productive cooperation together. This cooperation based on flexible time charters, the cornerstone in TEN's employment policy, further assists in safeguarding our company against market downturns while allowing for profit participation in market ups," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "It is encouraging that major users are entering the market and offering long-term charters to quality vessels. We are confident that TEN, with its modern fleet, quality operations and long track record, will be one of the prime beneficiaries of this recent trend," Mr. Tsakos concluded. ABOUT TSAKOS ENERGY NAVIGATION TEN's pro forma fleet consists of 51 double-hull vessels of 5.5 million dwt and includes two DNA-aframax crude carriers and two suezmax tankers currently under construction totalling 526,000 dwt. TEN's balanced fleet profile is reflected in 26 crude tankers ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize and 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 6 Spot - market related 7 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. CONTACTS: Company Investor Relations Tsakos Energy Navigation, Ltd. CJP Communications George Saroglou, COO Thomas J. Rozycki, Jr. Tel: +30210 94 07 710 Tel: +212 279 3115 (x208) Marketing Advisor Capital Link, Inc. Nicholas Bornozis Tel: +212 661 7566 Visit our company website at: http://www.tenn.gr DATASOURCE: Tsakos Energy Navigation Limited CONTACT: George Saroglou, COO, Tsakos Energy Navigation, Ltd., +30210-94-07-710, ; or Investor Relations, Thomas J. Rozycki, Jr., CJP Communications, +1-212-279-3115 (x208), ; or Marketing Advisor, Nicholas Bornozis, Capital Link, Inc., +1-212-661-7566, Web Site: http://www.tenn.gr/

Copyright