TEN Sells Product Carrier Delos

Friday, June 04, 2004
Tsakos Energy Navigation Limited (TEN) announced the sale of the product carrier Delos to the Australian Navy. The Delos, scheduled for delivery later this month, is one of seven handysize sisterships built by the Hyundai Mipo shipyard in Korea scheduled for delivery to TEN between 2004 and 2007. In addition to the handy sized vessels, TEN also has six suezmax sister vessels on order for delivery between 2005 and 2007. The Company stated that it intends to take delivery of the remaining twelve newbuilding tankers. The sale price of the Delos resulted in a net profit of approximately $9 million, which will be recognized in the second quarter.

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