Tsakos takes delivery of two ships

Tsakos takes delivery of two ships from Hyundai shipyards

Tankers ANTARCTIC and AEGEAS delivered. Tsakos Energy Navigation Ltd. today announced the delivery of the 162,400 dwt, 1A ice-class tanker Suezmax tanker Antarctic from Hyundai Heavy Industries and the 36,660 dwt 1A ice-class handysize product tanker Aegeas from Hyundai Mipo Dockyard, both in South Korea.

The delivery of the Antarctic completes the Company’s current Suezmax newbuilding program while the delivery of the Aegeas further augments the Company’s ice-class capabilities in the product tanker category.

The Aegeas will enter an attractive three year time-charter with a major international oil entity for a fixed minimum rate and a 50/50 profit share should rates exceed that minimum. Taking into account only the minimum rate, the Aegeas is expected to generate about $21 million in gross revenues over the charter period. The Antarctic has entered a repositioning voyage until the beginning of June and, upon expiration, it is expected to enter the spot market.

“These two latest additions represent the fifth and sixth newbuildings we have taken delivery of this year,” stated Mr. Nikolas P. Tsakos, President and Chief Executive Officer of TEN. “With five still to come in 2007, and an additional six over the next two and a half years, the continued growth of our company is on track. Further, we will be better positioned to offer charterers an even wider pool of attractive vessels.”

Mr. Tsakos concluded, “We remain confident in the market. The growth of our fleet, the youth and diversity of our vessels, and our balanced chartering policy should further enhance our ability to benefit from opportunities as they present themselves.”

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