TSAKOS ENERGY NAVIGATION ANNOUNCES DELIVERY AND IMMEDIATE CHARTER OF PRODUCT TANKER BYZANTION
Tuesday, 15 May 2007
tentsakos.gifATHENS, GREECE – May 15, 2007 – Tsakos Energy Navigation Ltd. ("TEN" or the “Company”) (NYSE: TNP) today announced the delivery of the 37,340 dwt, 1B ice-class handysize product tanker Byzantion 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. The Company expects the vessel to generate a minimum of $21 million in gross revenue over the duration of the charter. The delivery of the Byzantion increases the number of handysize product tankers currently operating in the fleet to seven of which five are of ice-class design. The Byzantion delivery, the seventh of eleven newbuildings in 2007, will further contribute to the cash generating ability of our fleet,” stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. “Our newbuilding program continues to fuel our organic growth and provide high quality vessels to meet our clients increasingly diversified requirements,” Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION
TEN’s proforma fleet consists of 53 vessels of 5.7 million dwt. Today, TEN operates a fleet of 43 vessels all double-hull. Additionally, its newbuilding program of 10 vessels includes seven Aframax crude carriers, two Panamax tankers and one Handysize product carrier representing 918,340 dwt.

The strategy of a balanced diverse fleet is reflected in 28 crude transporters ranging from VLCCs to Aframaxes and 24 product carriers ranging from Handysize to Aframaxes; complemented by one LNG.


TEN’s further newbuilding program:

Vessel

Dwt

Design

Delivery

Aframax

 

 

 

1. Sakura Princess

105,000

DH / DNA

8 June 2007

2. H/N 1342

105,000

DH / DNA

November 2008

3. H/N 1344

105,000

DH / DNA

November 2008

4. H/N 1349

105,000

DH / DNA

Q3 2009

5. H/N 1350

105,000

DH / DNA

Q4 2009

6. H/N 1356

105,000

DH / DNA

Q1 2010

7. H/N 1360

105,000

DH / DNA

Q2 2010

Panamax

 

 

 

1. Selecao

73,000

DH

15 November 2007

2. Socrates

73,000

DH

30 November 2007

Handysize

 

 

 

1. Bosporos

37,340

DH / 1B - Ice-Class

21 August 2007

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.