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Tsakos Energy Navigation Delivers 2002-Built Pentathlon, Sells 2002-Built Suezmax Tanker Decathlon

Posted on: Thu, 19 Nov 2009 14:05:00 EST

Symbols: TNP

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Nov 19, 2009 (FinancialWire via COMTEX) --
TNP | Quote | Chart | News | PowerRating -- (Comment on this article at http://www.financialwire.net/2009/11/19/tsakos-energy-navigation-delivers-2002-built-pentathlon-sells-2002-built-suezmax-tanker-decathlon/)

November 19, 2009 (FinancialWire) -- Tsakos Energy Navigation Ltd. (NYSE: TNP | Quote | Chart | News | PowerRating) 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 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," Tsakos concluded.

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.

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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

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