Tsakos Energy Navigation (NYSE:TNP) – Initiating Coverage

Tsakos Energy Navigation is a strong buy at the current price level.  We have concluded our initial analysis and will publish our investment thesis in November.

To date, TEN’s fleet, including the LNG carrier Maria Energy, nine Aframax crude oil tankers and two
LR1 tankers all under construction, consists of 62 double-hull vessels, a mix of crude tankers, product
tankers and LNG carriers, totaling 6.4 million dwt. Of these, 44 vessels trade in crude, 14 in products,
two are shuttle tankers and two are LNG carriers. The average age of the operational fleet is 7.2 years.

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