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$127m from all fixed time charters

$127m from all fixed time charters
TEN announced a fixed rate time charter starting this week for the 2006-built double hull Aframax product tanker Promitheas for up to 6 months.

TEN announced a fixed rate time charter starting this week for the 2006-built double hull Aframax product tanker Promitheas for up to 6 months.

TEN expects to earn at least $127 million from all fixed time charters for the balance of 2009 .Tsakos Energy Navigation Limited ("TEN" or the "Company") today announced a fixed rate time charter starting this week for the 2006-built double hull Aframax product tanker Promitheas for up to 6 months. Prior to this charter the vessel operated in the spot market. With the addition of this new time charter, TEN's fixed employment for 2009 and 2010 is 63% and 44%, respectively. Ignoring the potential for profit sharing and assuming only the minimum rates for the remaining operating days in 2009, TEN expects to earn at least $127 million in incremental gross revenues. For 2010, based on the same assumptions, the minimum gross revenue already secured is estimated at $170 million.

"It is encouraging to see charterers fixing vessels forward during the seasonally slow third quarter and look forward to the freight market's improvement in the fourth quarter of the year and in 2010, when the global economy and oil demand are forecast to begin growing again," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "In the meantime our objective remains to operate the fleet with the highest possible utilization rate, efficiently and profitably."

TEN's pro forma fleet consists of 50 vessels of 5.3 million dwt. TEN's operational fleet consists of 47 vessels all of double-hull design. TEN's newbuilding program includes three DNA-aframax crude carriers representing 315,000 dwt.

TEN's balanced fleet profile is reflected in 25 crude tankers ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize; complemented by one LNG.

www.TurkishMaritime.com.tr

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