TEN Sells Two Tankers

Tuesday, September 12, 2006
Tsakos Energy Navigation Limited (TEN) announced the sale of the 1988 and 1987 double side/single bottom 41,161dwt handysize tankers Libra and Crux. The vessels were delivered to their new owners on the 7th and 8th of September 2006 respectively. A capital gain of $12.5m will be recorded in the third quarter of 2006 and $30 million of cash flow is expected to be released for further investments. Concurrently with the above sales, TEN placed four newbuilding orders: Two orders were placed with Sumitomo Heavy Industries, Japan for the construction of 105,00dwt Aframax-DNA crude carriers and two at Sungdong Shipbuilding & Marine Engineering in South Korea for the construction of 73,000dwt panamax product tankers. The DNA designed Aframaxes, sister vessels to the four the Company is currently building at the same yard, are expected to be delivered in the third and fourth quarter of 2009 with the panamax product tankers in the second half of 2007. The total consideration for both newbuilding projects is about $228 million, which the Company expects to finance with bank debt and cash.

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