Tsakos Energy Navigation Announces Two-Year Time Charter Extension for Two Panamax Tankers

Tsakos Energy Navigation Limited yesterday announced two-year time charter extensions for two of its 2009 Korean-built panamax tankers, Chantal and World Harmony. These fixtures will continue with the same charterer, a major South American state affiliated oil entity, at a minimum base rate with open upside for the Company. The renewed charters are now scheduled to expire in the third quarter of 2013. The gross revenues from the extension of these two charters, assuming only the minimum rate, are expected to be approximately $22 million over the corresponding period.
"These extensions are evidence of our tested commercial strategy, of maintaining and developing long-term relationships with established end users," said Mr. Nikolas P. Tsakos, President & CEO of TEN. "For TEN, these flexible rates with open upside and downside protection, together with the capital gains generated from our continuous sale and purchase activity, should assist in narrowing the gap between our stock price and the real value of the Company," Mr. Tsakos concluded.
To date, TEN's pro forma fleet consists of 52 double-hull vessels of 5.4 million dwt (including the Opal Queen) that includes two suezmax tankers currently under construction totalling 316,000 dwt to be delivered in 2011 and two suezmax DP2 tankers for delivery in 2012. TEN's balanced fleet profile is reflected in 25 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and one LNG carrier.
Source: Tsakos Energy Navigation Ltd.