ATHENS, GREECE--(Marketwire - October 26, 2010) - Tsakos Energy Navigation Ltd. ("TEN") (
CCS was established in 1956, is one of the ten full members of the International Association of Classification Societies (IACS) and the only specialized organization of China to provide classification services. By the end of 2009, CCS classed fleet was 2,282 ships totalling 34.45 million gross tonnage.
"This agreement creates for TEN new opportunities for strategic business development in China with a strong and reliable local partner," Mr. Nikolas P. Tsakos, President & CEO of TEN, stated. "The economic development and potential of China is staggering. With its continued infrastructure development, China has played and will continue to play a major role in raw materials commodity growth, global energy demand and thus in shipping."
"We believe that CCS will be our gateway in developing energy and shipping related opportunities in China. In TEN, the focus has always been in developing long term, strategic relationships with oil majors, government entities and refineries in both the developed and developing world."
About Tsakos Energy Navigation
TEN's pro forma fleet consists of 50 vessels of 5.3 million dwt, 21 of which are of ice-class design. TEN's remaining newbuilding program includes two suezmax tankers totaling about 316,000 dwt.
TEN's balanced operational fleet profile is reflected in 21 crude tankers ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize; complemented by one LNG carrier.
For the remainder of 2010 and for 2011, approximately 87% and approximately 65%, respectively, of TEN's fleet are fixed on either time charters or period employment with variable rates. The remainder of the fleet will trade in the spot market.
TEN's current employment profile:
| Type of Employment | Vessels |
| Period Employment - Fixed and fixed with profit share | 30 |
| CoA - market related | 3 |
| Pool - market related | 4 |
| Spot - market related | 9 |
TEN's current newbuilding program:
| Suezmax | DWT | Hull Type/ Design | Delivery |
| 1. S2034 | 158,000 | DH | Q2 2011 |
| 2. S2035 | 158,000 | DH | Q3 2011 |
DH: Double Hull
Contact Information:
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
Ramnique Grewal
+212 661 7566
ten@capitallink.com
Communications Advisor
Cubitt, Jacobs & Prosek Communications
Thomas J. Rozycki, Jr.
+212 279 3115 (x208)
trozycki@cjpcom.com