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Tsakos Energy Navigation Announces Purchase of Newbuilding Aframax Contract H/N 1334
H/N 1224 was acquired on November 2004 with expected delivery in June 2005 and its sale should generate a net profit of approximately $10.5 million, to be recognised in the second quarter. This leaves TEN's orderbook unaltered at thirteen orders, eleven in Korean yards, of which one is an LNG, and two in Japanese yards.
"The very profitable sale of H/N 1224 with the simultaneous ordering of a replacement Aframax, at a lower cost, highlights management's strategy to engage in selective sale and purchase activity as an integral part of operations in order to enhance shareholder value," Mr. Nikolas P. Tsakos,President & CEO of TEN stated.
Since the beginning of 2004 TEN has disposed of seven vessels totaling 486,000 dwt contributing $45.0 million in capital gains and has taken delivery of three vessels and placed a further ten newbuilding orders with 1.39 million dwt combined capacity. The ten orders were placed in addition to the five newbuildings that were ordered in 2003.
TEN'S CURRENT NEWBUILDING ORDERBOOK
VESSEL DWT Expected Design
Delivery
SUEZMAX
M/T Euroniki 164,000 September 2005 1C Ice Class
M/T Archangel 162,400 January 2006 1A Ice Class
M/T Alaska 162,400 March 2006 1A Ice Class
M/T Arctic 162,400 February 2007 1A Ice Class
M/T Antarctic 162,400 April 2007 1A Ice Class
AFRAMAX
H/N 1328 105,000 May 2007 DNA Design
H/N 1334 105,000 August 2007 DNA Design
HANDYMAX
M/T Dionisos 37,000 June 2005 -------
M/T Antares 36,660 June 2006 1A Ice Class
M/T Arion 36,660 October 2006 1A Ice Class
M/T Andromeda 36,660 February 2007 1A Ice Class
M/T Aegeas 36,660 May 2007 1A Ice Class
LNG
LNG TBN 150,000 m(3) February 2007 Membrane
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- 04/28/2005
/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 +1-212-537-8026,
pdave@gcigroup.com, for Tsakos Energy Navigation Ltd./
/Web site: http://www.tenn.gr /
(TNP)