Tsakos Delivery & Charter of Sapporo Princess

Thursday, April 15, 2010

Tsakos Energy Navigation Limited (NYSE: TNP) announced the delivery and charter of DNA-aframax tanker Sapporo Princess from Sumitomo Heavy Industries in Japan, the penultimate newbuilding in a series of eight ordered in 2004. The vessel was placed on an up to four month time-charter to a major international oil trader. The Sapporo Princess will replace the 2003-built conventional aframax tanker Marathon which will be delivered to its new owners at the end of next week. The $6.2m capital gain from this sale will be recorded in the second quarter of this year.
Furthermore, the company announced the sale of the 1991-built panamax tanker Hesnes to an independent third party. The vessel was one of the three vessels held for sale as announced in the Company’s March 17, 2010 earnings press release.

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