Tsakos Energy Navigation Ltd. Announces Sale of 1991 – Built Aframax Tanker Vergina II
News Release
Tsakos Energy Navigation Ltd.
June 22, 2011
ATHENS, GREECE – June 21, 2011 - Tsakos Energy Navigation Limited (NYSE:TNP)
(“TEN” or the “Company”) today announced the sale of the 1991-built aframax tanker Vergina
II to third party owners. Vergina II, sister vessel of Victory III sold earlier in 2010, will be
delivered to its new owners by the end of this month and will release approximately $1.8
million in free cash after repayment of outstanding debt.
“The Vergina II has served the Company well and played a significant role in the Company’s
development for over 15 years,” stated Mr. George Saroglou, Chief Operating Officer of TEN.
“With this sale, the average age of our aframax fleet improves significantly with vessels built in
2006 now constituting the older tonnage in that particular segment,” Mr. Saroglou concluded.
(“TEN” or the “Company”) today announced the sale of the 1991-built aframax tanker Vergina
II to third party owners. Vergina II, sister vessel of Victory III sold earlier in 2010, will be
delivered to its new owners by the end of this month and will release approximately $1.8
million in free cash after repayment of outstanding debt.
“The Vergina II has served the Company well and played a significant role in the Company’s
development for over 15 years,” stated Mr. George Saroglou, Chief Operating Officer of TEN.
“With this sale, the average age of our aframax fleet improves significantly with vessels built in
2006 now constituting the older tonnage in that particular segment,” Mr. Saroglou concluded.