SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

March 24, 2011 16:05 ET

Tsakos Energy Navigation Announces the Completion of Sale of the Aframax Tanker Opal Queen

ATHENS, GREECE--(Marketwire - March 24, 2011) - Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE: TNP) today announced the delivery of the 2001-built aframax tanker Opal Queen to her new owners. The capital gain of over $5 million while the free cash of over $16 million from this sale will be recorded in the first quarter of 2011, while the free cash to be generated will be used for future vessel opportunities.

George Saroglou, Chief Operating Officer, said, "Sale & Purchase activity is an integral part of TEN's operations that has generated close to $280 million in capital gains. The transaction displays the Company's ability to supplement its profits through sales and project its reputation of having a fleet with superior technical characteristics that appeal to prospective buyers of vessels. We wish the vessel's new owners safe and profitable voyages."

ABOUT TSAKOS ENERGY NAVIGATION
TEN's pro forma fleet consists of 51 double-hull vessels of 5.5 million dwt, that includes two suezmax tankers currently under construction to be delivered in April and July 2011 and two suezmax DP2 shuttle tankers for delivery in 2012 totalling 630,000 dwt. TEN's balanced fleet profile is reflected in 24 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and one LNG carrier. Visit our company website at: http://www.tenn.gr

TEN's employment profile (operating fleet):

Type of Employment Vessels
Period Employment - Fixed, fixed w/profit share & min max 28
CoA - market related 2
Pool - market related 6
Spot - market related 11

TEN's current newbuilding program:

Suezmax DWT Hull Type / Design Delivery
1. S2034 (tbn Spyros K) 158,000 DH April 2011
2. S2035 (tbn Dimitris P) 158,000 DH July 2011
3. S7001 157,000 DH/DP2 Q4 2012
4. S7002 157,000 DH/DP2 Q1 2013
DH: Double Hull

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.

Contact Information

  • For further information, please contact:
    Company
    Tsakos Energy Navigation Ltd.
    George Saroglou
    COO
    +30210 94 07 710
    gsaroglou@tenn.gr

    Investor Relations / Media
    Capital Link, Inc.
    Nicolas Bornozis
    Biraj Gyawali
    +212 661 7566
    ten@capitallink.com