SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

February 01, 2011 08:20 ET

Tsakos Energy Navigation Announces Sale of Aframax Tanker Opal Queen

$280 Million in Total Capital Gains Over the Last Twenty-Eight Quarters

ATHENS, GREECE--(Marketwire - February 1, 2011) - Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE: TNP) today announced the sale of the 2001-built aframax tanker Opal Queen to an international operator. The delivery of the vessel to its new owners is expected to take place in February 2011. The capital gain 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.

"A young fleet profile and healthy cash reserves to pursue our growth strategy and meet our shareholder obligations have always been associated with a tested sale and purchase policy that has been integral to operations since the Company started in 1993," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "TEN remains committed to rejuvenating its fleet while growing its presence in all sectors it operates. The market price achieved for this sale highlights the imbalance between TEN's actual assets and the steep discount the stock trades to its net asset value. We intend to continue the pursuit of income from capital gains, $280 million in the last twenty-eight quarters which over time should close the gap between our stock price and the real value our Company," Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's pro forma fleet consists of 52 double-hull vessels of 5.4 million dwt (including the Opal Queen) that includes two suezmax tankers currently under construction totalling 316,000 dwt to be delivered in 2011 and two suezmax DP2 tankers for delivery in 2012. TEN's balanced fleet profile is reflected in 25 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and one LNG carrier.

TEN's employment profile (operating fleet):

Type of Employment   Vessels
Period Employment - Fixed, fixed w/profit share & min max   30
CoA - market related   2
Pool - market related   6
Spot - market related   10

TEN's current newbuilding program:

Suezmax DWT Hull Type / Design Delivery
1. S2034 (tbn Spyros K) 158,000 DH April 2011
2. S2035 158,000 DH July 2011
3. Suezmax DP2 157,000 DH Q3 2012
4. Suezmax DP2 157,000 DH Q4 2012

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
    Ramnique Grewal
    +212 661 7566
    ten@capitallink.com