TEN Accepts Delivery of Double-Hull Suezmax Tanker

Tsakos Energy Navigation Limited (TEN) announced the delivery of the 162,400dwt 1A Ice-Class double-hull crude oil tanker "Archangel" from Hyundai Heavy Industries in South Korea. The vessel is the first in a series of eight 1A ice-class vessels the Company is building and the sixth ice-class vessel to join TEN's existing fleet. The Archangel will operate in the spot market to take advantage of current firm rates. Joining the 1C ice-class suezmax Eurochampion 2004, Archangel is the second suezmax out of the seven modern suezmaxes in the fleet to have spot employment. The remaining five operate on time charters and profit sharing arrangements. The next newbuilding expected to join TEN's fleet is the 1A ice-class suezmax tanker "Alaska" which is scheduled to be delivered from Hyundai Heavy Industries in South Korea on February 27, 2006.