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Tsakos Energy Navigation Announces the Sale of Two 20-Year-Old Handymax Tankers M/T Pella and M/T Dion
sale produced a substantial net profit of approximately $8.0 million which will be recognized in the second quarter and brings TEN closer to its stated goal of operating a fleet exclusively of modern double-hull vessels.
"We completed this sale with mixed emotion," Nikolas P. Tsakos, President and CEO of Tsakos Energy Navigation stated. "Despite these two vessels being part of TEN's original fleet we recognized that the market was in our favour to book a substantial profit and go a long way in further modernizing our fleet." Mr. Tsakos concluded, "Sale and purchase activity such as this is an integral part of our strategy and we will continue to seek similar opportunities that enhance shareholders value."
Since the beginning of 2004 TEN has disposed of six vessels totaling 372,000 dwt contributing $34.5 million in capital gains and has taken delivery of three vessels and placed a further nine newbuilding orders with 1.2 million dwt combined capacity. The nine orders were placed in addition to the five newbuildings that were ordered in 2003.
ABOUT TSAKOS ENERGY NAVIGATION
TEN expects to operate a fleet of 38 vessels of 4.1 million dwt by mid-2007. Currently it operates a fleet of 25 vessels (including three chartered-in, one Aframax and two Suezmaxes vessels) of approximately 2.8 million dwt with an average age of 6.5 years compared to 12 years of the world average. Its newbuilding program today consists of 13 vessels (5 Suezmax, 2 Aframax, 5 Handymax, 1 LNG) of 1.3 million dwt.
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- 04/26/2005
/CONTACT: George V. Saroglou, COO, Tsakos Energy Navigation Ltd.,
+30-210-94-07-710-3, ten@tenn.gr; Parag Dave, GCI Group for Tsakos Energy
Navigation Ltd., +1-212-537-8026, pdave@gcigroup.com /
/Web site: http://www.tenn.gr /
(TNP)