TEN Exercises Options for Product Carriers

Thursday, March 18, 2004
Tsakos Energy Navigation Limited (TEN) has exercised options for two handysize, double hull, 1A ice-class tankers, with carrying capacity of 37,000 dwt each. The vessels have a contract price of just under $30 million per ship and are scheduled for delivery in March and June of 2007. These vessels are sister ships to the newbuildings announced in January of this year. The vessels are to be constructed by Hyundai Heavy Industries at their Mipo shipyard, and represent the 28th and 29th vessels in TEN's newbuilding program since 1997. These vessels are specifically designed to meet the stringent requirements of classification societies and other regulatory bodies, the rules and guidelines of oil majors and various port authorities and terminals relating to environmental protection. They can also carry all petroleum products including all types and categories of aviation fuels and light chemicals including alcohol and MTBE, the "green", environmentally friendly additive in gasoline. Additionally, the vessels adhere to the Finnish Maritime Authority (FMA) standards, which ensure high structure strength for operation in areas with heavy ice presence. "With the exercise of these options, TEN has clearly illustrated its commitment to maintain a diversified fleet which meets the growing needs of its clients," said Nikolas P. Tsakos, President and CEO of TEN. "These environmentally friendly, high-specification vessels have the opportunity to earn a significant premium for their trading versatility. We expect future demand for this type of vessel to increase, and by building these vessels now, TEN joins an exclusive fraternity of shipowners who participate in this specialized segment of our industry."

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