Tsakos Energy Announces Time Charter for LNG Tanker Neo Energy (Greece)

Tsakos Energy Navigation Ltd. (TEN) today announced a four year time charter for the 2007-built 150,000 m(3) LNG carrier Neo Energy to a major international energy concern.

The charter is expected to commence in the first quarter of next year upon expiration of the vessel’s existing employment. This new charter, in line with current market levels, is anticipated to make a significant contribution to the bottom line over its duration.

“The operational performance of the Neo Energy since delivery in 2007 coupled with the current strength in the LNG markets has enabled us to secure an attractive employment for the vessel over the next four years,” stated Mr. Nikolas P. Tsakos, President and Chief Executive Officer of TEN. “The LNG market remains a close-knit and selective sector with demanding operating procedures. TEN has qualified as a reliable owner and operator of LNG tonnage and gained the acceptance of the LNG community worldwide. We view LNG transportation as integral in the overall energy chain, and we will continue to explore tangible opportunities in order to expand our footprint in this promising sector,” Mr. Tsakos concluded.

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Source: Tsakos Energy Navigation, June 20, 2011;