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TEN Announces Delivery and Immediate Charter

Tuesday, May 15, 2007

Tsakos Energy Navigation Ltd. (TEN) announced the delivery of the 37,340 dwt, 1B ice-class handysize product tanker Byzantion from Hyundai Mipo Dockyard, in South Korea. Concurrent with the delivery, the vessel entered a three-year time charter with a European oil trader for a minimum rate and a 50/50 profit share should rates exceed that minimum. The company expects the vessel to generate a minimum of $21m in gross revenue over the duration of the charter. The delivery of the Byzantion increases the number of handysize product tankers currently operating in the fleet to seven of which five are of ice-class design.

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