ATHENS, Greece, April 14, 2010 (GLOBE NEWSWIRE) -- Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE:TNP) today announced the delivery and charter of DNA-aframax tanker Sapporo Princess from Sumitomo Heavy Industries in Japan, the penultimate newbuilding in a series of eight ordered in 2004. The vessel was placed on an up to four month time-charter to a major international oil trader. The Sapporo Princess will replace the 2003-built conventional aframax tanker Marathon which will be delivered to its new owners at the end of next week. The $6.2 million capital gain from this sale will be recorded in the second quarter of this year.
Furthermore, the Company announced the sale of the 1991-built panamax tanker Hesnes to an independent third party. The vessel was one of the three vessels "held for sale" as announced in the Company's March 17, 2010 earnings press release.
"We welcome the Sapporo Princess into our fleet, the seventh DNA-aframax tanker in a series of eight," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "TEN continues to be active in the sale and purchase market, as the recent sale of the Marathon and the Hesnes testify, and is always looking for opportunities to enhance its young fleet profile. The introduction of this versatile tanker will assist us in this goal and should prove a valuable vessel for the company. We remain optimistic of market prospects for the future and we believe that companies with modern tonnage such as ours will continue to benefit from the improving market dynamics," Mr. Tsakos concluded.
ABOUT TSAKOS ENERGY NAVIGATION
TEN's pro forma fleet consists of 48 vessels of 5.2 million dwt. TEN's operational fleet consists of 45 vessels all of double-hull design. TEN's newbuilding program includes one DNA-aframax crude carrier and two suezmax tankers totaling about 421,000 dwt.
TEN's balanced fleet profile is reflected in 24 crude tankers ranging from VLCCs to aframaxes and 23 product carriers ranging from aframaxes to handysize, complemented by one LNG.
TEN's employment profile:
| Type of Employment | Vessels |
| Period Employment – Fixed, fixed w/profit share & min max | 30 |
| CoA – market related | 4 |
| Pool – market related | 6 |
| Spot – market related | 5 |
TEN's current newbuilding program:
| Aframax | DWT | Hull Type / Design | Delivery |
| 1. Uraga Princess | 105,000 | DH / DNA | Q2 2010 |
| 2. S2034 | 158,000 | DH | Q3 2011 |
| 3. 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.