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Tsakos Energy Navigation Announces Sale and Delivery of Handymax Tankers
Mr. Nikolas P. Tsakos, President and CEO of Tsakos Energy Navigation said, "The two vessels were amongst the four original vessels in the TEN fleet in 1993 and they have contributed a great deal to our growth and profitability. We wish their new owners the same success". Mr. Tsakos added, "Sale and purchase activity such as the sale of the vessels M/T Pella and M/T Dion is an integral part of our operation and strategy. We recognized that the current market was optimal for registering a generous capital gain, while allowing the Company to further modernize the fleet through the sale of these two vessels."
Mr. Tsakos concluded, "Management is committed to seeking similar opportunities that enhance shareholder value as demonstrated by this sale as well as the current share repurchase program."
Since the beginning of 2004 TEN has disposed of seven vessels 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 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- 06/21/2005
/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., +1-212-537-8016, pdave@gcigroup.com /
(TNP)