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Tsakos Energy Navigation Announces New Time Charters

20 20 2003

ATHENS, Greece, March 20 /PRNewswire-FirstCall/ -- Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) today announced new time-charter contracts for two of its product carriers, the Libra and the Crux. The Libra has a two-year contract, with a further one-year option, starting immediately at a rate of $13,450 with a major North American oil concern. The Crux has a sixteen-month time charter starting in April 2003 at $13,000 with another,major international charterer.

"With these contracts, TEN is continuing its established practice of maintaining a balanced fleet employment profile with spot voyages and medium to long-term accretive charters," stated Nikolas P. Tsakos, President and CEO. He added, "The attractive rates that we have secured for these vessels are indicative of the continued strong market that we have been observing over the last several months. These charters will positively impact earnings and enhance shareholder value."

Mr. Tsakos continued, "Additionally, due to the strength and timeliness of our newbuilding program, we have also been able to take advantage of the strong spot market, and we will continue to leverage spot opportunities while seeking longer-term commitments. As always, TEN will continue to seek additional attractive opportunities to add new vessels and dispose of older vessels."

Overall TEN has 14 vessels operating with medium or long-term employment charters or contracts accounting for 57% of estimated operating days for 2003, which should provide a sustainable flow of revenue and profits.