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Tsakos Energy Navigation Announces Delivery Of 1C Ice-Class Suezmax Tanker - 'Eurochampion 2004'
"We are particularly proud of this new delivery as it kicks-off our program to establish a strong presence in ice-class trades which we have identified as a fast growing segment of the tanker industry" stated Nicholas P..Tsakos, President and CEO of Tsakos Energy Navigation. We expect 2005 to be another good year for tanker companies as high demand factors are expected to remain in place reflecting continued global economic growth. Due to its versatility and ability to operate in ice-bound regions, we expect the Eurochampion 2004 to be a well sought vessel by charterers. Therefore we will operate it in the spot market to take full advantage of current firm freight rates. The delivery of the Eurochampion 2004 perfectly represents our strategy to expand the versatility of our fleet and offer our customers a wide
range of high spec vessels to service any of their needs."
Mr. Tsakos continued, "The Eurochampion 2004 joins one of the youngest, most modern and diversified fleets in the industry and strongly highlights our commitment to the environment and underlines our full compliance to all
stringent environmental regulations."
TEN is scheduled to take delivery of three additional newbuilding vessels in 2005, with two scheduled for the second quarter as well as one in the third quarter.
SCHEDULE OF DELIVERY OF REMAINING VESSELS CURRENTLY UNDER CONSTRUCTION
VESSEL DWT Expected
Delivery
1. M/T Dionisos 37,000 June 2005 -------------
2. M/T Yerotsakos 113,000 June 2005 Wide-Body Aframax
3. M/T Euroniki 164,000 September 2005 1C Ice Class
4. M/T Archangel 162,400 January 2006 1A Ice Class
5. M/T Alaska 162,400 March 2006 1A Ice Class
6. M/T Antares 36,660 June 2006 1A Ice Class
7. M/T Arion 36,660 October 2006 1A Ice Class
8. M/T Andromeda 36,660 February 2007 1A Ice Class
9. M/T Arctic 162,400 February 2007 1A Ice Class
10. M/T Antarctic 162,400 April 2007 1A Ice Class
11. M/T Aegeas 36,600 May 2007 1A Ice Class
12. M/T TBN 105,000 May 2007 DNA design Aframax
13. LNG TBN 150,000 cm(3) February 2007 Membrane
Following the delivery of the Eurochampion 2004, TEN has 5 vessels operating in the spot market and 22 in medium or long-term employment contracts, several of which are on variable rates to take advantage of market
peaks. Employment has been arranged for about 75% of 2005 operating days, which will generate minimum revenues of approximately $150 million.
ABOUT TSAKOS ENERGY NAVIGATION
Tsakos Energy Navigation expects to operate a fleet of 40 vessels with approximately 4.2 million dwt by mid-2007, which includes 30 purpose built newbuildings (1998-2007) with approximately 3.4 million dwt. The Company
currently operates a fleet of 27 vessels (including three chartered-in vessels - one aframax and two suezmaxes). The current fleet comprises 2.9 million dwt with an average of 6.8 years, compared to the world's tanker average age of 12.0 years. Between now and mid-2007, TEN is scheduled to take delivery of thirteen new-buildings (5 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- 04/18/2005
/CONTACT: George V. Saroglou, COO of Tsakos Energy Navigation Ltd.
+30-210-94-07-710-3, ten@tenn.gr; or Parag Dave of GCI Group for Tsakos Energy
Navigation Ltd., +1-212-537-8026, pdave@gcigroup.com/
/First Call Analyst: /
/FCMN Contact: /
/Web site: http://www.tenn.gr /
(TNP)