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Tsakos Energy Navigation Signs Contract for Sistership Aframax Tanker
Limited (TEN) (NYSE: TNP) today announced the signing of a second Aframax newbuilding tanker H/N 1334 from Sumitomo Heavy Industries Marine & Eng. Co. Ltd for delivery in August 2007. H/N 1334 is a uniquely designed double hull tanker, with a carrying capacity of 105,000 dwt and is sistership to H/N 1328 that TEN is currently building at the same yard. This new contract replaces
the contract for H/N 1224 that was sold in April 2005 realizing a capital gain of $10.5 million.
Mr. Nikolas P. Tsakos, President & CEO of TEN said, "We continue building our Company's fleet with another versatile, high specification sistership vessel that will provide our customers with new options in the aframax class."
Mr. Tsakos added, "Our aim is to continue taking advantage of the current market by selectively exploring sales and purchase opportunities. The signing of this contract is evidence of our redeploying profits from our recent S&P transactions in modern vessel acquisitions that will enhance value for our Company, our clients and most importantly our shareholders."
TEN's orderbook is currently at thirteen orders, eleven in Korean yards, of which one is an LNG, and two in Japanese yards.
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. TEN has placed a further 10 newbuilding orders
with 1.39 million dwt combined capacity, in addition to the five newbuildings that were ordered in 2003.
TEN'S CURRENT NEWBUILDING ORDERBOOK
VESSEL DWT Expected Delivery Design
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
H/N 1754 150,000 meters cubed 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- 05/31/2005
/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, +1-212-537-8026, or pdave@gcigroup.com , for Tsakos Energy Navigation Ltd./
/Web site: http://www.tenn.gr /
(TNP)