Consistent with its strategy and policies TEN has entered into two additional time charters. Upon delivery, a newly acquired aframax will be on time charter until March 2004 and a newbuilding suezmax will on delivery commence a one year/one year option time charter through June 2004. These agreements expand the number of TEN vessels on time charter or under contract of affreightment to fourteen out of eighteen available vessels. Projected through year-end 2002, the fleet will add four additional newbuildings (one aframax and three suezmaxes) bringing the fleet to twenty-two vessels. During 2003, TEN will receive four newbuilding panamaxes. Management will seek attractive opportunities to fix these ships with time charters or other forms of term employment which provide more assured revenues and contribute to operational efficiencies. TEN is very well positioned to serve the growing and diverse needs of its customers. Beginning in 2004 it will have a fleet of twenty-six vessels with deadweight tonnage of approximately 2.6 million and an average age of 6.7 years (one VLCC, four suezmaxes, nine aframaxes, eight panamaxes and four handymaxes).
TEN also advises that its annual general meeting will be held in Athens on Thursday, May 30th, just before the Posidonia-week, the bi-annual shipping symposium which begins on Monday June 3rd. The record date for the annual general meeting will be April 25th, 2002.
Headquartered in Athens, Greece, TEN owns a fleet of modern tankers providing world-wide marine transportation services for national, major and other independent oil companies and refiners under long, medium and short-term charters.
Statements in this release that are not strictly historical are "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, which may cause the Company's actual results in the future to differ materially from expected results. These risks are qualified in their entirety by cautionary language and risk factors set forth in the Company's filings with the Securities Exchange Commission.