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Tsakos Energy Navigation ("TEN Ltd") Announces Delivery and Long Term Charter of Aframax Tanker "Thomas Zafiras"

Second of Nine Vessels Purposely Built to Service a Northern European Charterer; Gross Revenues Could Exceed $100 Million


/EINPresswire.com/ -- ATHENS, GREECE -- (Marketwired) -- 08/15/16 -- TEN Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the Aframax crude tanker "Thomas Zafiras" from Daewoo Mangalia Heavy Industries which will immediately enter a long term contract to a Northern European charterer that could generate gross revenues in excess of $100 million.

This is the second vessel in a series of nine purposely built Aframax tankers on long term time charters at accretive rates. TEN's new building program continues later this month with the delivery of a Panamax LR1 tanker also chartered to long term accretive employment.

The majority of the Company's new building vessels are built against long lasting time charters that secure revenue growth and dividend distributions.

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. The Company's pro-forma fleet, including one VLCC, one LNG carrier, eight Aframax tankers, a Suezmax DP2 shuttle tanker and two LR1 product tankers all under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers. All of TEN's tanker newbuildings except the one remaining VLCC Hercules and the LNG carrier Maria Energy are fixed on long-term project businesses. As of August 2016, about 60% of 2016 fleet available days, assuming nine deliveries, are on secured contracts with an average length of 2.5 years and minimum gross revenues of about $1.5 billion.


VESSELS UNDER CONSTRUCTION

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#   Vessel Name          Type       Dwt   Delivery   Status  Employment
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1   Ulysses              VLCC     300,000  Q2 2016 Delivered Yes
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2   Elias Tsakos        Aframax   112,700  Q2 2016 Delivered Yes
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3   Thomas Zafiras      Aframax   112,700  Q3 2016 Delivered Yes
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4   Leontios H          Aframax   112,700  Q4 2016    TBD    Yes
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5   TS Parthenon        Aframax   112,700  Q4 2016    TBD    Yes
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6   TS Marathon         Aframax   112,700  Q1 2017    TBD    Yes
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7   TS Sola             Aframax   112,700  Q1 2017    TBD    Yes
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8   TS Oslo             Aframax   112,700  Q2 2017    TBD    Yes
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9   TS Stavanger        Aframax   112,700  Q3 2017    TBD    Yes
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10  TS Bergen           Aframax   112,700  Q4 2017    TBD    Yes
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11  Sunray            Panamax LR1  74,200 Aug 2016    TBD    Yes
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12  Sunrise           Panamax LR1  74,200  Q3 2016    TBD    Yes
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13  Lisboa City       DP2 Shuttle 157,000  Q1 2017    TBD    Yes
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14  Hercules             VLCC     300,000  Q4 2016    TBD    In Negotiations
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15  Maria Energy          LNG      93,616  Q3 2016    TBD    In Negotiations
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ABOUT 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.

For further information please contact:

Company
Tsakos Energy Navigation Ltd.
George Saroglou
COO
+30210 94 07 710
gsaroglou@tenn.gr

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Paul Lampoutis
+212 661 7566
ten@capitallink.com


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