TEN Sells Panamax Liberty

Tuesday, June 08, 2004
Tsakos Energy Navigation Limited (TEN) announced the sale of the panamax Liberty to a third party. The sale price of the Liberty resulted in a net capital gain of approximately $1 million, which will be recognized in the second or third quarter, depending on the delivery date to the purchaser.

"Though we are saddened to see our oldest vessel retired, which has contributed so much to our past profitability, our future clearly depends on operating a modern fleet composed entirely of double-hulled vessels," stated Nikolas P. Tsakos, President and CEO of TEN. "The current strong market made this an advantageous time to dispose of this vessel and realize a significant capital gain." Out of TEN's 27 vessels currently trading, 21 operate with medium or long- term employment contracts, some at variable rates, accounting for 78% of the remaining operating days for 2004, and 63% of the operating days of 2005. These contracts will generate a minimum of approximately $210 million over the next seven quarters, which should provide a sustainable flow of earnings. The company currently employs its remaining 6 vessels in the spot market. Currently, 90% of TEN's fleet is of the double hull design.

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