Princess Takamado names ship for Tsakos
IZUMO PRINCESS delivered to Tsakos Energy Navigation

Tsakos Energy Navigation Limited today announced the March 29, 2007 delivery of the 105,000 dwt new-design Aframax IZUMO PRINCESS from Sumitomo Heavy Industries of Japan. This vessel, christened by H.I.H. Princess Hisako Takamado, is the first of a series of eight DNA-Aframaxes the Company has ordered from the same yard and expects to take delivery of over the next three years. These designs, which differ from conventional Aframaxes in Length Overall (LOA), allow for greater flexibility in accessing various ports with LOA restrictions in areas like the West Coast of South America, the Caribbean and the United States. Upon delivery, the  IZUMO PRINCESS  entered a repositioning voyage with a major international end-user.

"We are particularly pleased with this latest delivery as it is not only the fourth newbuilding we have taken delivery of this year, but one that further solidifies the strong relationships we established with the Japanese yards when we started our newbuilding program ten years ago," stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. “This delivery marks the beginning of our DNA series deliveries, with seven additional vessels of various types and capabilities to join our fleet this year, and six additional vessels between 2008 and early 2010. Our current newbuilding program of thirteen vessels forms the backbone of our growth strategy, a strategy that we are confident the current market and our chartering strategy will continue to support.”

TEN’s proforma fleet consists of 53 vessels of 5.6 million dwt. Today, TEN operates a fleet of 40 vessels all double-hull. Additionally, its newbuilding program of 13 vessels includes seven Aframax crude carriers, one Suezmax, two Panamax tankers and three Handysize product carriers representing 1.2 million dwt.