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Tsakos Energy Navigation Announces the Sale of the Panamax Liberty
"Though we are saddened to see out oldest vessel retired, which has contributed so much to our past profitability, our future clearly depends on operating a modern fleet composed entirely of double-hulled vessels," stated Nikolas P. Tsakos, President and CEO of TEN. "The current strong market made this an advantageous time to dispose of this vessel and relize a significant capital gain."
Out of TEN's 27 vessels currently trading, 21 operate with medium or long-term employment contracts, some at variable rates, accounting for 78% of the remianing operating days for 2004, and 63% of the operating days of 2005. These contracts will generate a minimum of approximately $210 million over the next seven quarters, which should provide a sustainable flow of earnings. The company currently employs its remaining 6 vessels inthe spot market. Currently, 90% of TEN's fleet is of the double hull design
ABOUT TSAKOS ENERGY NAVIGATION
Tsakos Energy Navigation expects to operate a fleet of 39 vessels with approximaely 4.1 million DWT by 2007, which would include 28 newbuildings (1997-2007) with approximately 3.3 million DWT. The Company currently operates a fleet of 27 vessels (including three chartered-in vessels, one aframax and two suezmaxes). The fleet comprises 2.9 million DWT with an average age of 7 years, compared to the world's tanker tonnage, which has an average age of 12.8 years. Between 2004 and 2007, TEN is scheduled to take delivery of a further twelve newbuildings, (6 Suezmaxx and handysize produce tanker). The Company has also announced its intention to contract for an LNG carrier for delivery in 2007 with an option for one additional LNG vessel.
FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Contact: George V. Saroglou, COO of Tsakos Energy Navigation Ltd., +30-210-94-07-710-3, ten@tenn.gr; Thomas J. Rozycki, Jr., of GCI Group for Tsakos Energy Navigation Ltd., = 1-212-537-8016, trozycki@gcigroup.com
Website: Http://www.tenn.gr/