TEN Takes Delivery of Pentathlon

Wednesday, October 23, 2002
Tsakos Energy Navigation Limited (TEN) announced that it has taken delivery of the Pentathlon, the third in a series of four new double hull suezmax tankers. Suezmax tankers are the largest vessels that can call on U.S. ports originating from regions including the Black Sea, the Caribbean and western Africa. Concurrently, the Company announced that a major Russian oil company has employed the vessel on a repositioning voyage. TEN is scheduled to receive the fourth suezmax sister ship, the Triathlon, before the end of 2002. "TEN continues to build one of the youngest and most efficient oil tanker fleets in the world," stated Nikolas P. Tsakos, President and CEO. He added, "The Pentathlon represents the continuation of our fleet's full transition to safe and efficient double-hulled vessels. Additionally, like our other recent new deliveries, the aframax Opal Queen, the suezmax Silia T and the suezmax Decathlon, the Pentathlon will begin generating revenue upon delivery." In addition to the Triathlon, TEN's newbuilding program will continue with the scheduled delivery of two aframaxes and four panamaxes in 2003. TEN also announced the chartering of the handymax Libra for two years, with the option for a third year, to a major North American oil company at a favourable rate. The vessel's current employment is due to expire in December of this year. Mr. Tsakos commented, "Consistent with our business plan, we are continuing to actively seek employment for our fleet to maximize utilization. The Libra has been chartered, without interruption, since its delivery eight years ago at increasingly beneficial rates. This new charter illustrates that we are executing on our plan and continually enhancing shareholder value."

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