MT »Cape Balboa«

The Vessel

The MT »Cape Balboa« is a double covering crude oil tanker (Suezmax class) and can carry 164,497 metric tons total deadweight (as certified by the Classification Society) of cargo, bunkers, water and stores on an assigned summer mean draft of 17.00 meters and an assigned freeboard of 6.117 meters. The MT »Cape Balboa« have an ice class. The ship was already handed over on 8 January 2004 to the holding company. The MT "Cape Balboa" is registered under the flag of Marshall-Islands in Majuro.

Partner and Charterer

Dockyard is the Hyundai Samho Heavy Industries C. Ltd., South-Korea.

Charterer is a 100 percent daughter of the listed company Tsakos Energy Navigation. The term of charter amounts to, starting from 17 November 2003, 5 years plus 2 options of 24 and/or 12 months (+/- 30 days). The daily charterrate amounts to USD 22.750 (net) for the first five years. The daily charterratesfor the option years amounts to USD 23,500 (net) for the first two years and USD 24,000 (net) for the remaining period.

Shipmanager is the Columbia Shipmanagement (www.columbia.com.cy), one the world-wide largest Shipmanager. The society is a subsidiary of the renowned Schoeller Holdings Ltd., Limassol/Zypern, (www.schoeller-holdings.com).

Economic and tax data

A participation is possible as limited partner or as preferred limited partner. The average payment net yield (without sales) for the preferred limited liability capital amounts to 9% p.a.
The average payment net yield (without sales) for the standard limited liability capital amounts to 9.6% p.a.