Tsakos Energy Announces 3-Year Time Charter Extension for Suezmax Tanker

Tsakos Energy Navigation Limited

today announced a three-year time charter extension for the 2007 built, 163,216 dwt, double hull suezmax tanker, Arctic, with the same charterer, a South American state oil company. The charter incorporates minimum and maximum levels and a 50:50 profit split for rates in between. The minimum gross revenues from this fixture are estimated in the region of $20.0 million.