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Tsakos Energy Navigation Announces Delivery of Product Tanker M/T Dionisos
"We are very happy to welcome the M/T Dionisos into one of the youngest and most diversified fleets in the industry," stated Nikolas P. Tsakos,President and CEO of Tsakos Energy Navigation. "In acquiring this vessel, TEN
demonstrates a highly accretive redeployment of the cash realized from our recent sales while also contributing to the TEN's third quarter earnings."
Mr. Tsakos concluded, "The acquisition of the M/T Dionisos, as a direct replacement of the vessels M/T Pella and M/T Dion sold last week, brings TEN closer to management's goal of operating a fleet of exclusively modern vessels of the double hull design."
SCHEDULE OF DELIVERY OF REMAINING VESSELS CURRENTLY UNDER CONSTRUCTION
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 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 m(3) February 2007 Membrane
Following the delivery of the Dionisos, TEN has 5 vessels operating in the spot market and 21 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 80% of 2005 operating days, which will generate minimum revenues of approximately $150 million.
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 26 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 12 vessels (5 Suezmax, 2 Aframax, 4 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- 06/28/2005
/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 for Tsakos Energy
Navigation Ltd., +1-212-537-8026, pdave@gcigroup.com/
(TNP)