Greece: Tsakos Energy Navigation Announces Charter of DNA Aframax Tanker Maria Princess

Tsakos Energy Navigation Ltd. today announced the charter of the 105,000 dwt, DNA design Aframax tanker, Maria Princess to a major Chinese oil concern for a twelve month period. This charter comes in line with the Company’s pre-stated policy in exploring opportunities in the wider Chinese energy market.

“The growth of oil consumption in China is a major determinant in worldwide tanker demand and we are pleased to participate directly in this development with one of our modern DNA aframax vessels,” stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. “We hope that this fixture will further enhance our relationship with local chartering concerns and be our gateway to this major economy for additional opportunities in the future. Our modern and versatile fleet gives us confidence that this fixture will not stand in isolation once we strategically begin to redeploy our vessels in the longer term charter market,” Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION

To date, TEN’s pro forma fleet consists of 51 double-hull vessels of 5.5 million dwt that includes three suezmax tankers currently under construction totaling 472,000. TEN’s balanced fleet profile is reflected in 24 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and one LNG carrier.

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Source: Tsakos Energy Navigation, June 21, 2011