Tsakos Energy Navigation Announces Three-Year Employment with a Major Oil Company for Suezmax Tankers Antarctic and Eurochampion 2004

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Oct 2007

Tsakos Energy Navigation Ltd. announced three-year time- charters to a major European oil company for the 2007-built 1A ice-class suezmax tanker Antarctic and the 2005-built 1C ice-class suezmax tanker Eurochampion 2004. The charters are structured with a minimum rate and a 50/50 profit-share when rates exceed that minimum. Prior to these charters both vessels operated in the spot market. The Antarctic charter began on October 27, 2007, while the Eurochampion 2004 charter is expected to commence at the beginning of November 2007. The gross proceeds from these charters, assuming only the minimum rate, are expected to exceed $76 million over the corresponding charter period. With the commencement of these charters, the Company, based on a total fleet of 43 vessels in operation, has fixed forward 75% of the available earning days for 2008 and 60% for 2009. Of the 43 vessels, 38 operate in period charters some extending beyond 2009. The minimum gross revenue therefore already secured from these charters before any profit-sharing, as of October 30, 2007, is in excess of $700 million.''True to our policy of creating strategic chartering alliances with quality and renowned oil majors, we have once again secured two attractive period charters,'' stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. ''These charters will enhance our relationship with a major client and allow us to further solidify the company's cash flow generating ability and bottom line for the benefit of both the company and its shareholders. The Antarctic and the Eurochampion 2004 operated successfully in the spot market and have been major contributors to the company's revenue base. We expect these new charters to continue this success.''