TEN Delivers Tanker Antarctic and Handysize Product Tanker Aegeas

Thursday, May 03, 2007
Tsakos Energy Navigation Ltd. (TEN) announced the delivery of the 162,400 dwt, 1A ice-class tanker Suezmax tanker Antarctic from Hyundai Heavy Industries and the 36,660 dwt 1A ice-class handysize product tanker Aegeas from Hyundai Mipo Dockyard, both in South Korea. The delivery of the Antarctic completes the company's current Suezmax newbuilding program while the delivery of the Aegeas further augments the company's ice-class capabilities in the product tanker category. The Aegeas will enter an attractive three year time-charter with a major international oil entity for a fixed minimum rate and a 50/50 profit share should rates exceed that minimum. Taking into account only the minimum rate, the Aegeas is expected to generate about $21 million in gross revenues over the charter period. The Antarctic has entered a repositioning voyage until the beginning of June and, upon expiration, it is expected to enter the spot market.

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