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Tsakos Energy Navigation Limited (TEN) Issues Statement
Hamilton, Bermuda: 29 November 2004 - Tsakos Energy Navigation, Ltd. (NYSE: TNP) has been informed by its technical managers, Tsakos Shipping & Trading SA (TST), that, while maneuvering under pilotage and tug boat control towards the Citgo terminal in Paulsboro, New Jersey, the M/T Athos I, a 1983 built, double-sided tanker sustained damage to its hull.
The vessel, which is managed by Tsakos Shipping and Trading SA, has no legal or financial relationship with TEN.
TEN has been assured by TST that following this unfortunate incident, TST is fully cooperating with the US Coast Guard and all related authorities to protect and restore the environment of the affected area, and to safely deliver the vessel's cargo to the receiving terminal.
ABOUT TSAKOS ENERGY NAVIGATION
Tsakos Energy Navigation expects to operate a fleet of 41 vessels with approximately 4.4 million dwt by mid-2007, which would include 30 newbuildings (1998-2007) with approximately 3.5 million dwt. The Company currently operates a fleet of 27 vessels (including three chartered-in vessels, one aframax and two suezmaxes). The fleet comprises 2.9 million dwt with an average age of 7.3 years, compared to the world's tanker tonnage, which has an average age of 12.1 years. Currently, more than 91% of TEN's fleet is of double hull design.
Between 2005 and 2007, TEN is scheduled to take delivery of a further fifteen newbuildings, (6 Suezmaxes, 2 Aframaxes, 6 handysize product tankers and 1 LNG carrier).
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
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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