Tsakos Energy Navigation announces delivery and long-term charter of aframax crude tanker Elias Tsakos

Naming of second and third aframaxes Thomas Zafiras and Leontios H

$1.5 billion in total fleet contractual revenues with average contract duration 2.5 years

Athens, Greece — June 22, 2016

Tsakos Energy Navigation Ltd. (NYSE:TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the aframax tanker Elias Tsakos, part of the 15- vessel newbuilding program and the first of the nine assigned for the Statoil long-term business.

The vessel was delivered from Daewoo Mangalia Heavy Industries and will immediately be employed by Statoil with potential gross revenues in excess of $100 million.

“Following the delivery and long term charter of the VLCC Ulysses, we are pleased to announce the commencement of our strategic relation with Statoil, one of the most recognized oil companies in the world,” commented Mr. Nikolas Tsakos, President and CEO of TEN. “This new cooperation makes our solid employment base even stronger and in creases our profitability. It proves that TEN is positioned as a carrier of choice to blue-chip international oil majors and enhances our uninterrupted dividend distribution record since inception. TEN's tested operational strategy has served us well navigating the company through 23 years of successful growth regardless of market cycles,” Mr. Tsakos concluded.

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, nine Aframax crude 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 June 2016, 60% of 2016 fleet available days, taking into account nine deliveries, are on secured contracts with an average length of 2.5 years and minimum gross revenues of about $1.5 billion.

Vessel Construction Program


Tsakos Energy Navigation press release