TEN Delivers Tanker

Wednesday, March 01, 2006
Tsakos Energy Navigation Limited announced the delivery of the 162,400dwt 1A Ice-Class double-hull crude oil tanker Alaska from Hyundai Heavy Industries in South Korea. The vessel is the second in a series of eight 1A ice-class vessels the Company is building and the seventh ice-class tanker to join TEN's existing fleet. The Alaska was fixed at delivery for a repositioning voyage to the Atlantic by a European state oil company at an accretive rate. Current intentions are for the vessel to operate in the spot market to take advantage of current firm rates. With the addition of the Alaska, TEN now has three out of eight modern Suezmaxes operating in the spot market with the remaining five operating on time charters and profit sharing arrangements.

TEN also announced the placement of a newbuilding order for a 105,000 dwt Aframax tanker at Sumitomo Heavy Industries, Ltd. of Japan to be delivered in the second half of 2008. This latest order is a sister vessel to the three other Aframaxes also being built for TEN by Sumitomo.

The next newbuilding expected to join TEN's fleet is the 1A ice-class product tanker "Antares" which is scheduled to be delivered from Hyundai MIPO shipyard in South Korea on June 5, 2006.

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