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Tsakos Energy Navigation Nominates William A. O'Neil &
"It is with honor and pride that that we extend this invitation to Mr. O'Neil. He would bring a tremendous wealth of experience and third-party perspective to our organization," said D. John Stavropoulos, Chairman of the Board of TEN. "A global organization with the international reach that TEN possesses would benefit greatly from the experience in shipping legislation, aritime security, and environmental standards that someone of Mr. O'Neil's
calibre can provide."
Mr. William A. O'Neil is Secretary-General Emeritus of the International Maritime Organization ("IMO"), the United Nations agency charged with monitoring maritime safety and preventing pollution from ships. Mr. O'Neil as first elected Secretary-General of the IMO in 1989, and assumed the office in 1990. He served a second term with the IMO beginning in 1994, a third term beginning in 1998 and a further two-year term beginning in 2002. Mr. O'Neil has served in various positions with the Canadian Federal Department of Transport. He was Commissioner of the Canadian Coast Guard from 1975 until 1980 and later became President and Chief Executive Officer of the St. Lawrence Seaway Authority, a position he held until joining IMO. Mr. O'Neil has been associated with the IMO since 1972 when he represented Canada at the
IMO Council. He became Chairman of the IMO Council in 1980 and was re-elected four times. Mr. O'Neil holds a degree in civil engineering from the University of Toronto from where he graduated in 1949.
Mr. Nusspickel is a retired partner of Arthur Andersen LLP with 35 years of public accounting experience. He served as a member of Arthur Andersen's Transportation Industry Group and worldwide Industry Head for the Ocean Shipping segment. His responsibilities included projects for mergers and acquisitions, fraud investigations, arbitrations and debt and equity offerings. He was President of the New York State Society of Certified Public Accountants from 1996 to 1997, a member of the AICPA Council from 1992 to 1998, and is presently Chairman of the
Professional Ethics Committee of the New York State Society of Certified Public Accountants.
Mr. Stavropoulos continued, "The addition of Mr. Nusspickel would greatly enhance the depth of our current board. His analytical skills, deep experience in transportation, and expertise in corporate governance issues would all have a marked and lasting impact on TEN as the Company grows."
ABOUT TSAKOS ENERGY NAVIGATION
Tsakos Energy Navigation expects to operate a fleet of 42 vessels with approximately 4.3 million DWT by 2007, which would include 30 newbuildings (1997-2007) with approximately 3.3 million DWT. The Company currently operates a fleet of 28 vessels (including one chartered-in aframax, the Olympia, and two suezmaxes, the renamed Cape Baker and Cape Balboa). The fleet comprises 2,981,252 DWT with an average age of 7.1 years, compared to the world's tanker tonnage, which has an average age of 12.8 years. Between 2004 and 2007, TEN is scheduled to take delivery of a further thirteen newbuildings. The Company also has an option for one additional vessel, a handysized tanker for delivery in 2004. The Company has also announced its
intention to contract for an LNG carrier for delivery in 2007 with an option for one additional LNG vessel.
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.
Visit our company website at: http://www.tenn.gr
SOURCE Tsakos Energy Navigation Limited
-05/06/2004
/CONTACT: George V. Saroglou, COO of Tsakos Energy Navigation Limited,
+30-210-94-07-710-3, or ten@tenn.gr; or Thomas J. Rozycki, Jr. of GCI Group,
+1-212-537-8016, or trozycki@gcigroup.com, for Tsakos Energy Navigation
Limited /
/First Call Analyst: /
/FCMN Contact: /
/Web site: http://www.tenn.gr /
(TNP)