TEN Announces Long Term Charter for VLCC Ulysses

Nikos-Tsakos

Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced a 40-month charter for the recently delivered VLCC Ulysses with a Far Eastern end-user with gross revenues expected in the range of $50 million. This fixture is scheduled to commence in early July upon expiration of the vessel’s maiden spot employment.

TEN’s 15-vessel expansion program, the largest since its IPO, has started to deliver with the Ulysses being the first. All vessels but two are under long term accretive contracts while management is in negotiations for similar term employment for the remaining.

“We are pleased to announce an accretive fixture and the initiation of another long-term relationship with a first-class end-user,” Mr. Nikolas Tsakos, President and CEO of TEN commented. “TEN’s tested and successful strategy has been through the building of long-term relationships with oil majors and quality end users. The maintenance and enhancement of a solid employment base strengthens TEN’s bottom line, increases profitability and secures our uninterrupted dividend distribution record since inception. With limited tonnage supply going forward, growing demand and the creation of new sea trade routes, market prospects remain positive,” Mr. Tsakos concluded.

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