Tsakos Energy Navigation Announces Sale of 1991-Built Aframax Tanker Vergina II

ATHENS, GREECE, Jun 21, 2011 (MARKETWIRE via COMTEX)

Tsakos Energy Navigation Limited TNP +0.99% ("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.

About Tsakos Energy Navigation
To date, TEN's pro forma fleet consists of 50 double-hull vessels of 5.4 million dwt that includes three suezmax tankers currently under construction totaling 472,000. TEN's balanced fleet profile is reflected in 23 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and one LNG carrier.

Tsakos Energy Navigation press release