TEN Buys-Back Aframax Tanker Olympia

Wednesday, January 17, 2007
Navigation Ltd. (TEN) announced that it has taken delivery, pursuant of the exercise of its option in October 2006, of the 1999-built double-hull Aframax tanker Olympia from the German KG house to which it had sold the vessel in 1999. The purchase option was exercised at $31.1 million while its fair market value is estimated to be approximately $60 million. The vessel is currently operating in the spot market and will remain so for the foreseeable future. Separately, the Company also announced the delivery of the 1989 double- hull Panamax tanker Bregen to its new owners, resulting in a $5 million capital gain which will be recorded in the first quarter of 2007. The Company also announced that two sister Panamaxes in the fleet, the 1990-built double-hull Hesnes and Victory III, have terminated their pooling obligations and have commenced their new employment with a major South American state oil company. The long-term charters for periods up to 25 months, could generate gross revenues in excess of $35 million over the corresponding period.
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