Tsakos Energy Ship Sales

Thursday, November 19, 2009

Tsakos Energy Navigation Ltd. (NYSE: TNP) announced the delivery of the Pentathlon to its new owners and the sale of the 2002-built 164,274 dwt suezmax tanker Decathlon to the same independent third party. The Decathlon will be delivered to its buyers in February 2010.The capital gains resulting from the sale of the vessels will be recorded in the fourth quarter of 2009 and the first quarter of 2010. All proceeds from both sales will be free cash available for reinvestment.


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