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Tsakos Energy Navigation (TEN) and Lauritzen-Kosan Agree to Dissolve Joint Venture
In accordance with the agreement, the parties have decided to suspend
phase two of the joint venture. TEN and Lauritzen Kosan A/S have determined that an expansion of the fleet is not appropriate at this time. Accordingly, the existing joint venture will automatically end on August 31st, 2003 with TEN's original investment and profit share to be returned. Lauritzen Kosan A/S will reacquire the vessels from the joint venture.
"At this time, we believe that focusing on our core markets, namely the
transportation of crude for oil majors around the world, is the most prudent use of our resources," commented Nikolas P. Tsakos, President and CEO of TEN. "We are extremely grateful to J. Lauritzen of Denmark for affording us the opportunity to expand our knowledge of the rapidly expanding gas market."
Both companies will continue to work together in operational areas and
seek grounds for future cooperation and synergies. Lauritzen remains a
shareholder of TEN and the President and Chief Executive of Lauritzen, Mr. Torben Janholt, will continue to serve on the Board of Directors of TEN.
Mr. Tsakos continued, "The experience that we have gained in conducting
this venture is further proof that our management team is focused on growing the business by identifying accretive transactions. We will continue to look for opportunities to expand the scope and reach of our operations, always looking to increase value for our shareholders."
ABOUT TSAKOS ENERGY NAVIGATION
TEN currently operates a fleet of 28 tankers (including one chartered-in aframax and one chartered-in product carrier) comprising 2,713,467 DWT with an average age of 6.3 years, which TEN believes is much younger than the world's tanker tonnage, which has an average age of 12.4 years. Following delivery this year of the Maya, Marathon,
Inca, Aztec, Parthenon and Andes, TEN is scheduled to take delivery of a further five newbuildings in 2004 and 2005. The resulting fleet of 32 vessels (including only one chartered-in vessel, an aframax) with 3,121,000 DWT will include 21 newbuildings (1997-2005) with 2,422,000 DWT.
FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters
discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
CONTACT: George V. Saroglou, COO pf Tsakos Energy Navigation Ltd., +3010-94 07-710-3, ten@tenn.gr; or Thomas J. Rozycki, Jr., of GCI Group for Tsakos Energy Navigation Ltd., +1-212-537-8016, trozycki@gcigroup.com /TNP.