August 22, 2007
TEN takes delivery of ice class product carrier
Athens-headquartered Tsakos Energy Navigation Ltd. (TEN) (NYSE: TNP) today announced the delivery of the 37,275 dwt, 1B ice-class handysize product tanker Bosporos from Hyundai Mipo Dockyard, in South Korea.
Concurrent with the delivery, the vessel entered a three-year time charter with a European oil trader for a minimum rate and a 50/50 profit share should rates exceed that minimum.
TEN expects the vessel to generate a minimum of $21 million in gross revenue over the duration of the charter. The delivery of the Bosporos increases the number of handysize product tankers currently operating in the TEN fleet to eight-- six of them of ice-class design.
"The Bosporos delivery represents the ninth of eleven newbuildings in 2007," stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. "She will enhance the cash generating ability of our fleet and fuel our organic growth. We are proud to add yet another high-specification vessel to our fleet as we continue to meet our clients' increasingly diversified requirements."
TEN's currently operates a fleet of 44 vessels all double-hull. Additionally, its newbuilding program of eight vessels includes six aframax crude carriers and two panamax tankers representing 776,000 dwt.