The lead arranger was Chase Manhattan plc and the other arrangers included Credit Lyonnais, Deutsche Schiffsbank, and the Bank of New York.
MIF is pleased that the offering was enthusiastically received in the financial community. This event marks the end of the beginning. MIF is now in its fifth year of operation, having acquired its initial fleet of four tankers in late 1993, based on an initial equity capital of US$ 35 million. Today MIF owns thirteen ships. In July 1998, it will accept delivery of an additional aframax (107,000 dwt) tanker built by Imabari in Japan. This vessel to be named the MARIA TSAKOS joins two sister new buildings, the TOULA Z and the ATHENS 2004 enlarging the fleet to fourteen tankers of over 1 million dwt. These new buildings underscore MIF's strategy to own and through its commercial and technical manager, Tsakos Shipping and Trading, to operate a young and growing fleet of tankers serving first rate clients.
The first four years of operation have produced growth not only in size and revenues, but equally important in earnings and shareholder value. Today's market capitalization provides an equity base of some US$ 170 million and a solid platform for future expansion.