ATHENS, Greece, Nov. 18, 2009 (GLOBE NEWSWIRE) -- Tsakos Energy Navigation Ltd. ("TEN" or "the Company") (NYSE:TNP) today 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.
"In view of our long stated policy to actively participate in the sale and purchase market in order to always maintain a young fleet profile, the sales of the Pentathlon and the Decathlon should be viewed in context of our recent two-suezmax newbuilding order in South Korea," stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. "Through these sales, TEN will further increase its cash position and aim to utilize this strength to explore growth opportunities that might appear from the current challenging market environment. The Decathlon, as well as the Pentathlon, served TEN well over the years and we wish her new owners equally good fortune in the future," Mr. Tsakos concluded.
ABOUT TSAKOS ENERGY NAVIGATION
TEN's pro forma fleet consists of 51 double-hull vessels of 5.5 million dwt and includes two DNA-aframax crude carriers and two suezmax tankers currently under construction totalling 526,000 dwt.
TEN's balanced fleet profile is reflected in 26 crude tankers ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize and one LNG.
TEN's employment profile: Type of Employment Vessels Period Employment - Fixed, fixed w/profit share & min max 32 CoA - market related 2 Pool - market related 6 Spot - market related 8 TEN's current newbuilding program: Aframax DWT Hull Type / Design Delivery 1. Sapporo Princess 105,000 DH / DNA Q1 2010 2. Uraga Princess 105,000 DH / DNA Q3 2010 3. S2034 158,000 DH Q3 2011 4. S2035 158,000 DH Q3 2011 DH: Double Hull DNA: Design New Aframax
FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.