Tsakos takes delivery of 2nd DP2 shuttle product tanker

Tsakos Energy Navigation Limited (TEN or the "Company") (NYSE: TNP), a leading product, crude and LNG tanker operator has taken delivery of its second fully coated DP2 suezmax shuttle product tanker, Brasil 2014, from South Korea, the company press release said.

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.

To date, TEN's fleet, including an LNG carrier under construction, consists of 49 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 4.9 million dwt. Of these, 19 are crude tankers ranging from VLCCs to aframaxes, 28 are product carriers ranging from shuttle suezmaxes to handysize and two are LNG carriers.

TEN's current newbuilding program includes LNG 86,000dwt/162,000 cbm Tri-Fuel. The newbuild is scheduled for delivery for H2, 2015.    

Tsakos Energy Navigation Ltd (TEN) is one of the largest transporters of energy in the world and controls a versatile fleet of modern crude and product tankers with strong ice-class capabilities. With a fleet of 50 vessels (48 operational and 2 under construction) TEN provides worldwide marine transportation services to state and international oil majors and refineries under long, medium and short-term charters. TEN operates a young fleet with an average age of 6.5 years, compared to the world’s average of 8.5 years. TEN ’s two newbuildings are expected to be delivered in Q4 2012 and Q1 2013 and the resulting fleet will include 23 crude carriers and 27 product tankers, 21 of which can operate in ice-class environments, that together with the company’s LNG carrier enhance TEN’s position in international seaborne trades. TEN Limited is incorporated in Bermuda, managed out of Athens Greece.