Tsakos Energy Navigation Limited (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.