ATHENS, GREECE--(Marketwire - October 26, 2010) - Tsakos Energy Navigation Ltd. ("TEN" or "the Company") (
That same morning, at 10:00 a.m. Eastern Time, TEN will also host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond what is included in the earnings press release.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please quote "Tsakos" to the operator.
A telephonic replay of the conference call will be available until November 30, 2010 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 90295809#
Simultaneous Slides and Audio Webcast:
There will also be a simultaneous live, and then archived, slides webcast of the conference call, available through TEN' website (www.tenn.gr). The slides webcast will also provide details related to fleet composition and deployment and other related company information. This presentation will be available on the Company's corporate website reception page at www.tenn.gr. Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Outlook for the Third Quarter 2010 and 2010 Fiscal Year
As the result of the softness in the tanker market, TEN expects to recognize a modest loss for the third quarter 2010 of between $0.10 and $0.15 per share, a portion of which is a non-cash charge related to the valuation of interest rate swap agreements. Despite a challenging year in the tanker sector, TEN currently anticipates reporting a profit for the full year 2010 due in large part to its long-term charter coverage.
As previously announced, today TEN is paying a dividend of $0.15 per common share in respect of the second quarter 2010, and anticipates paying a dividend in respect of the third quarter 2010.
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.
About Tsakos Energy Navigation
TEN's pro forma fleet consists of 50 vessels of 5.3 million dwt, 21 of which are ice-class design. TEN's remaining newbuilding program includes two suezmax tankers totaling 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.
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
FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that include assumptions, expectations, projections, intentions and beliefs about future events. We caution that the forward-looking statements included in this press release represent our estimates and assumptions only as of the date hereof and are not intended to give any assurance as to future results. These forward-looking statements are not statements of historical fact and represent only our management's belief as of the date hereof, and involve risks and uncertainties that could cause actual results to differ materially and adversely from expectations expressed in or indicated by the forward-looking statements. Assumptions, expectations, projections, intentions and beliefs about future events may, and often do, vary from actual results and these differences can be material. There are a variety of factors, many of which are beyond our control, which affect our operations, performance, business strategy and results and could cause actual reported results and performance to differ materially from the performance and expectations expressed in these forward-looking statements. These factors include, but are not limited to, supply and demand for crude oil carriers and product tankers, charter rates and vessel values, supply and demand for crude oil and petroleum products, accidents, collisions and spills, environmental and other government regulation, the availability of debt financing, fluctuation in currency exchange rates and interest rates and the other risks and uncertainties that are outlined in our Annual Report on Form 20-F for the fiscal year ended December 31, 2009, filed with the Securities and Exchange Commission (the "SEC") on April 9, 2010, as amended by Amendment No. 1 to the Form 20-F, filed with the SEC on October 25, 2010. As a result, the forward-looking events discussed in this press release might not occur and our actual results may differ materially from those anticipated in the forward-looking statements. Accordingly, you should not unduly rely on any forward-looking statements. We undertake no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events, a change in our views or expectations or otherwise after the date hereof. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.
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