SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

June 21, 2011 07:30 ET

Tsakos Energy Navigation Announces Sale of 1991-Built Aframax Tanker Vergina II

ATHENS, GREECE--(Marketwire - Jun 21, 2011) - Tsakos Energy Navigation Limited (NYSE: TNP) ("TEN" or the "Company") today announced the sale of the 1991-built aframax tanker Vergina II to third party owners. Vergina II, sister vessel of Victory III sold earlier in 2010, will be delivered to its new owners by the end of this month and will release approximately $1.8 million in free cash after repayment of outstanding debt.

"The Vergina II has served the Company well and played a significant role in the Company's development for over 15 years," stated Mr. George Saroglou, Chief Operating Officer of TEN. "With this sale, the average age of our aframax fleet improves significantly with vessels built in 2006 now constituting the older tonnage in that particular segment," Mr. Saroglou concluded.

To date, TEN's pro forma fleet consists of 50 double-hull vessels of 5.4 million dwt that includes three suezmax tankers currently under construction totaling 472,000. TEN's balanced fleet profile is reflected in 23 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and one LNG carrier.

TEN's current newbuilding program:

SuezmaxDWTHull Type / DesignExpected Delivery
1. Dimitris P158,000DHJuly 2011
2. Suezmax DP2157,000DHQ4 2012
3. Suezmax DP2157,000DHQ1 2013

DH: Double Hull

Employment of operating fleet at June 20, 2011:

Type of EmploymentVessels
Period Employment - Fixed, fixed w/profit share & min max28
CoA - market related1
Pool - market related6
Spot - market related12

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