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Tsakos Energy Navigation Limited enters Agreement With A Major Global Oil Trader For The Purchase Of Nine Ice Class Product Tankers
Athens, Greece: March 2, 2006 - Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) announced today that it has reached agreement with Western Petroleum S.A. OF Geneva, and companies associated with Western Petroleum S.A., to purchase, at an en-bloc price of of $530,000,000, a fleet of nine ships which will be funded by corporate cash and bank debt. Six of the vessels are 53,000 dwt ice class 1A MR product tankers, which were delivered in 2005. The remaining three vessels, all 116,000 dwt ice class 1A coated aframax product tankers, are currently under construction and are scheduled to be delivered during 2006. Delivery of the first six vessels to TEN is expected in April of 2006. The three vessels currently under construction are expected to be delivered directly from the builder in May, August and October of 2006.
ABOUT TSAKOS ENERGY NAVIGATION
Tsakos Energy Navigation, Ltd. operates a versatile fleet of modern ice-class and conventional tankers providing worldwide marine transportation services to national, state and international refiners under long, medium and short-term charters. Its proforma fleet of 42 vessels (including the vessels acquired by the Tsakos Group in January 2006) consists of:
The average age of the existing fleet is 6.3 years compared to the world average of 11.5 years. In terms of dwt, approximately 98% of the existing fleet is of double hull design. The newbuildings currently on order (2 Suezmax, 4 Aframax, 6 Handysize/Product, 1 LNG) are expected to be delivered in 2006, 2007 and 2008.
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: 3010 94 07 710-3
ten@tenn.gr
Thomas J. Rozycki, Jr., Vice President
Cubitt Jacobs & Prosek Communications
212-279-3115 x208
tom@cjpcom.com