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Tsakos Energy Navigation Announces the Sale of the Single Hull Aframax Panos G
result in a capital gain of $5.5 million, which will be recognized in the first quarter of 2005.
"Although the vessel has contributed significantly to earnings during recent months, our objective remains to operate a modern fleet composed entirely of double-hull vessels," stated Nikolas P. Tsakos, President and CEO of TEN. "The continuing market strength provides a favourable environment in which to sell the vessel and realize a significant capital gain."
Following the sale of the Panos G, TEN's fleet comprises of 20 vessels of double hull design equating to about 93% in terms of fleet dwt. Out of a fleet of 26 vessels, 23 vessels operate with medium or long-term employment contracts, with upside options. The remaining 3 vessels operate purely in the spot market. Employment has been arranged for 72% of the operating days of 2005, which will generate minimum revenues of approximately $150 million this year.
ABOUT TSAKOS ENERGY NAVIGATION
Tsakos Energy Navigation expects to operate a fleet of 40 vessels with approximately 4.3 million dwt by mid-2007, which would include 30 purpose built new-buildings (1998-2007) with approximately 3.4 million dwt. The
Company currently operates a fleet of 26 vessels (including one chartered-in aframax and two chartered-in suezmaxes). The current fleet comprises 2.8 million dwt with an average of 6.9 years, compared to the world's tanker average age of 12.1 years. Between now and mid-2007, TEN is scheduled to take delivery of fourteen new-buildings (6 suezmaxes, 2 aframaxes, 5 handysize product carriers and 1 LNG carrier).
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.
SOURCE Tsakos Energy Navigation Limited
-0- 02/01/2005
/CONTACT: George V. Saroglou, COO of Tsakos Energy Navigation Ltd., +30-210-94-07-710-3, or ten@tenn.gr; or Parag Dave of GCI Group, for Tsakos Energy Navigation Ltd., +1-212-537-8026, or pdave@gcigroup.com /
/Web site: http://www.tenn.gr /
(TNP)