ATHENS, Greece, Jan. 22, 2010 (GLOBE NEWSWIRE) -- Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE:TNP) today announced that it has signed a Memorandum of Agreement with a state oil company for the sale of the 2003-built aframax tankers Marathon and Parthenon for a combined price of $78 million. One vessel will be delivered to its new owner at the end of February and the other at the end of April, at the expiration of their voyage charters. The capital gains that will be generated from this sale will be booked during the respective quarters of this fiscal year. With the conclusion of this sale, TEN's cash reserves are expected to be approximately $370 million.
"In line with our long stated policy to actively participate in the sale and purchase market, such sales in tandem with our newbuilding program have kept our fleet both profitable and modern. The sale of the above vessels coincides with the delivery, in March and July 2010, of the last two DNA aframax newbuildings from the series of eight Princess aframaxes ordered in 2004. The Marathon and Parthenon have served us extremely well and we wish their new owner equally good fortune," said Mr. Nikolas P. Tsakos, President and CEO of TEN. He added, "We are well positioned to continue our growth strategy based on a solid balance sheet and our strong cash reserves."
ABOUT TSAKOS ENERGY NAVIGATION
Today, TEN's 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 | 31 |
| CoA – market related | 4 |
| Pool – market related | 6 |
| Spot – market related | 6 |
TEN's current newbuilding program:
| Aframax | DWT | Hull Type / Design | Delivery |
| 1. Sapporo Princess | 105,000 | DH / DNA | March 30, 2010 |
| 2. Uraga Princess | 105,000 | DH / DNA | July 4, 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.