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Tsakos Energy Navigation Announces Delivery And Immediate Carter Of Ice-Class Double-Hull Suesmax 'Euroniki'
"With the Euroniki, we complete delivery of our 1C ice-class vessels and enter the next phase of our ice-class program with four 1A ice-class Suezmaxes and four 1A ice-class Handysize product carriers, to be delivered in 2006 and 2007," Mr. Nicholas P. Tsakos, President and CEO of Tsakos Energy Navigation stated. "The Euroniki will enter a one-year time charter with one of the largest US independent petroleum refineries. This contract further strengthens our presence in the US market and adds another prestigious name to our growing list of customers. With the Euroniki on an accretive time-charter and the Eurochampion 2004 operating in the spot market we are confident that these two vessels will contribute significantly to our bottom line."
Mr. Tsakos concluded, "As we continue to grow the Company, it is imperative to further expand the operational reach of our vessels. We have therefore placed particular importance on building a diversified fleet. Our recently completed 1C deliveries and the upcoming deliveries of 1A vessels will provide our fleet with a significant increase in versatility."
Since the beginning of 2004 TEN has taken delivery of seven vessels (six newbuildings and one second-hand) at an average age of 1.4 years and has placed orders for ten additional newbuildings with 1.6 million dwt combined
capacity. In the same period, it sold eight vessels totalling 570,000 dwt at an average age of 15.0 years, contributing $48.2 million in capital gains. The next newbuilding to join TEN's fleet is the 1A ice-class double-hull Suezmax tanker, "Archangel" expected to be delivered in January 2006 in South Korea.
ABOUT TSAKOS ENERGY NAVIGATION
TEN's proforma fleet consists of 38 vessels of 4.1 million dwt. With the delivery of the Euroniki, the Company operates a fleet of 27 vessels (including three chartered-in vessels) of approximately 3.1 million dwt with an average age of 6.4 years compared to 12 years of the world average. TEN's newbuilding program today consists of 11 vessels (4 Suezmax, 2 Aframax, 4 Handymax, and 1 LNG) of 1.1 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- 09/14/2005
/CONTACT: George V. Saroglou, COO of Tsakos Energy Navigation Ltd.,
+30-210-94-07-710-3, ten@tenn.gr, or Thomas J. Rozycki, Jr., Vice President
Cubitt Jacobs & Prosek Communications for Tsakos Energy Navigation Limited,
+1-212-279-3115 ext. 208, tom@cjpcom.com/
/Web site: http://www.tenn.gr /
(TNP)