TEN Sells Tanker
Wednesday, September 19, 2007
Tsakos Energy Navigation Ltd., announced the sale of the 1999-built 107,181 dwt Aframax tanker Olympia to an independent Greek- based operator. The Olympia will be delivered to her new owners in January, 2008 resulting in a $34m capital gain that will be recorded
in the first quarter of 2008. The Olympia is debt-free and as a result all
proceeds from this sale will be free cash available for reinvestment.