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Tsakos Energy Navigation (TEN) to Host First Quarter 2003 Conference Call
On Friday, May 9, 2003 at 8:30 A.M. Eastern Time, TEN will host aconference call to review first quarter results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management team, may contain information beyond what is included in the earnings press release.
To participate in the call from United States and Canada, please dial (800) 238-9007 approximately five minutes prior to the start time. To participate in the call outside the United States, please dial (719) 457-2622 five minutes prior to the start time. The Conference ID is 447565. Two hours after the completion of the conference call, a digital recording of the call will be available for seven days, and can be accessed by dialing (888) 203-1112 inside the United States and Canada and (719) 457-0820 outside the United States and entering the Conference ID 447565.
The call, which will be simultaneously broadcast live over the Internet,can be accessed at http://www.firstcallevents.com/service/ajwz381145929gf12.html approximately ten minutes before the start of the call.
Please allow extra time prior to the call to visit the site and download the streaming media software required to listen to the Internet broadcast. The online archive of the broadcast will be available within one hour of the live call.
ABOUT TSAKOS ENERGY NAVIGATION
TEN currently operates a fleet of 25 tankers (including one chartered-in aframax and one chartered-in product carrier) comprising 2,470,000 DWT with an average age of 6.4 years, which TEN believes is much younger than the world's tanker tonnage, which has an average age of 12.4 years. Additionally, following delivery of the previously announced Maya, Marathon and Inca, TEN is scheduled to take delivery of a further six newbuildings. With these six newbuildings (one aframax, two panamaxes and three handymax product tankers) the average pro-forma age of the fleet will be 7.4 years in March 2005. The resulting fleet of 30 vessels (including only one chartered-in vessel, an aframax)with 2,792,715 DWT will include 19 newbuildings (1997-2004) with 2,093,000 DWT. In addition, since October 2002 TEN has entered into a strategic joint venture with Lauritzen Kosan A/S of Denmark, initially jointly owning four modern LPG carriers. Consistent with the Company's strategy, to offer its customers a young and growing fleet, TEN will seek additional attractive opportunities to contract for new vessels and to dispose of older vessels.