Greece: Brasil 2014 Joins TEN’s Fleet

Tsakos Energy Navigation Limited (TEN or the “Company”), a leading product, crude and LNG tanker operator today announced the successful delivery of its second fully coated DP2 suezmax shuttle product tanker, Brasil 2014, from South Korea.

The Brasil 2014 is a sister vessel to the Rio 2016 that was delivered in March. Both vessels are being deployed on 15-year charters to a major South-American oil concern with contracts that are expected to generate $520 million in gross revenues. This brings TEN’s fleet to comprise of 28 product carriers, 19 crude tankers and 2 LNG carriers, including a newbuild.

TEN’s fixed minimum contracted revenues exceed $1.0 billion with an average secured fleet employment of 3.2 years per vessel.

“We are delighted to have taken delivery of our second DP2 shuttle tanker that further strengthens our presence in this high-end and rewarding specialized segment,” stated Mr. Nikolas P. Tsakos, President and CEO of TEN.

“With a leading position in product tankers, solid critical mass in crude and established presence in LNG, we have positioned the Company to immediately take advantage of market upturns, already evident in our main sector the products, and at the same time expand and solidify our future revenue streams,” Mr. Tsakos concluded.

[mappress]
Press release, April 26, 2013