Tsakos Energy Navigation Ltd. (NYSE: TNP) announced the sale of the 1998-built 107,181 dwt Aframax tankers Maria Tsakos and Athens 2004 to an independent Greek-based operator. The Maria Tsakos will be delivered to her new owners on July 11, 2007 resulting in a $31 million capital gain that will be recorded in the third quarter of this year. The Athens 2004 will be delivered in the beginning of the fourth quarter resulting in an additional $31 million capital gain to be recorded at that time. After the repayment of related debt associated with the two vessels, approximately $50 million in total cash will be released.
“The Maria Tsakos and Athens 2004, part of TEN’s first generation newbuildings, have served the Company well over the years, gaining the respect of charterers internationally. We wish their new owners equally good fortune,” stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. “The sales and purchase market has always played an integral role in the modernization and growth of our fleet and has been an important contributor to our bottom line. These sales reduce the age of our fleet and further strengthen our balance sheet providing the basis for future growth and enhanced shareholder value,” Mr. Tsakos concluded.