TEN Repurchases Tanker

Wednesday, October 08, 2008

Tsakos Energy Navigation Limited (TEN) announced has completed the reacquisition of the 2002-built double hull suezmax tanker from the German K/G financial institution that had initially acquired the vessel from TEN in 2003 through a sale-and-leaseback transaction. The repurchase price agreed upon during the 2003 transaction is approximately half of what independent brokers consider the vessel’s current fair market value. The will reassume her original name, Decathlon, upon delivery back to TEN. The vessel will remain employed under its current charter, which has at least another 12 months remaining, and is expected to generate at least a further $13.0 million in gross revenues.

In November 2008, TEN expects to reacquire the sister-ship of the Decathlon, the Balboa (to be named Pentathlon) which was part of the same 2003 sale-and-leaseback transaction.

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