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Tsakos Energy Navigation Limited (TNP) Contracts Vessel for Two Years

Tsakos Energy Navigation Limited announced the signing of a contract for a two-year lease on the Euronike, a suezmax size vessel that was built in 2005. The contract will result in revenue of $15.3 million over the term, with an extra $8.1 million if the contract is extended for another year.

“The recent appetite of major end users to fix quality tonnage long term is encouraging and solidifies the Company’s cash generating capability and ability to maintain its stated dividend policy going forward,” said Nikolas P. Tsakos, the CEO of Tsakos Energy Navigation Limited.

Tsakos Energy Navigation Limited now has 78% and 54% of its fleet contracted in 2009 and 2010, respectively.

Tsakos Energy Navigation Limited has 52 vessels in its existing fleet. This includes 27 vessels built to carry crude oil, and 25 vessels designed to carry goods and other cargo. All the ships are double-hulled vessels, and the company’s fleet has an average age of 6.6 years.

The company has four vessels under construction with delivery expected in 2010 and 2011.

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