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Tsakos Energy Navigation Announces Sale of the Single-Hull Aframax Tanker 'Tamyra'
Limited (TEN) (NYSE: TNP) today announced the sale of the 22 year-old single-hull M/T Tamyra for cash to third party interests. The sale will generate a net gain of approximately $2 million to be reflected in the Company's fourth quarter financial statements. Delivery to the new owners is expected to occur by the beginning of November 2005. The sale reduces TEN's single-hull exposure to just one vessel, the M/T Vergina II, and is in line with the Company's stated policy to operate exclusively a fleet of modern double-hull vessels.
Mr. Nikolas P. Tsakos, President and CEO of Tsakos Energy Navigation said, "It has long been our aim to have TEN operate exclusively double hull tankers. With the sale of the Tamyra, we move a step closer to achieving that goal. Measured in terms of dead-weight tons, 97% of our fleet is now of the double-hull design."
Mr. Tsakos added, "In addition to disposing of a vessel that has served the company well over the years, we are particularly proud that, once again, we were successful in realizing a significant capital gain. Management remains committed to enhancing shareholder value through its fleet renewal and growth agenda."
Since the beginning of 2004 TEN has sold eight vessels totaling 570,000 dwt at an average age of 15.0 years, contributing $48.2 million in capital gains, excluding the three sale and leaseback transactions. Meanwhile, the Company has taken delivery of six vessels (five newbuildings and one second-hand) at an average age of 1.7 years and has placed orders for ten additional
newbuildings with 1.6 million dwt combined capacity. The next newbuilding expected to enter the fleet is the Suezmax tanker "Euroniki," scheduled for delivery on September 14th, 2005 in Korea. The vessel is expected to enter a time charter with a major US refinery.
ABOUT TSAKOS ENERGY NAVIGATION
TEN's proforma fleet consists of 37 vessels of 4.0 million dwt. Currently it operates a fleet of 26 vessels (including three chartered-in vessels) of approximately 2.9 million dwt with an average age of 6.7 years compared to 12 years of the world average. Its newbuilding program today consists of 12 vessels (5 Suezmax, 2 Aframax, 4 Handymax, and 1 LNG) of 1.2 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.
CONTACTS:
George V. Saroglou, COO
Tsakos Energy Navigation Ltd.
Tel: 30 210 94 07 710-3
ten@tenn.gr
Thomas J. Rozycki, Jr., Vice President
Cubitt Jacobs & Prosek Communications
212-279-3115 x208
tom@cjpcom.com
SOURCE Tsakos Energy Navigation Limited
-0- 09/06/2005
/CONTACT: George V. Saroglou, COO of Tsakos Energy Navigation Ltd.,
+30-210-94-07-710-3, ten@tenn.gr, of Tsakos Energy Navigation Limited; or
Thomas J. Rozycki, Jr., Vice President, +1-212-279-3115 x208, tom@cjpcom.com,
of Cubitt Jacobs & Prosek Communications for Tsakos Energy Navigation Limited/
(TNP)