Tsakos Announces 3-year Charter

Tsakos Energy Navigation Ltd. (TNP - Snapshot Report) has entered into a 3-year profit sharing charter for the double hull suezmax tanker Arctic.

The Greek sea-based transportation provider said that the charter is expected to generate gross revenue of at least $25 million over the period.

The company also said that it has already secured minimum gross revenue of about $180 million from profit sharing charters for 2010.

Meanwhile, the consensus forecast for the company's full-year earnings has declined a penny to $1.30 per share over the past month, as 1 of 7 covering analysts lowered expectations.

TNP, a Zacks #3 Rank ("Hold") stock, has slipped more than 1.5% on volume of approximately 252,000, compared to the average daily volume of about 248,000.

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