TEN Acquires VLCC M/T Maersk Estelle

Tuesday, December 23, 2003
Tsakos Energy Navigation Limited (TEN) announced that it has acquired the 299,700 dwt double hull VLCC M/T Maersk Estelle, built in Denmark in 1994, from the AP Moller / Maersk Group. Initially, this vessel will participate in the current strong spot market while the Company considers opportunities for longer-term employment. TEN will assume ownership of the vessel during the later part of January 2004. "We are very excited about this latest addition to our fleet of young and environmentally friendly tankers," stated Nikolas P. Tsakos, President and CEO of Tsakos Energy Navigation. "This is the first vessel that we have acquired outside our 23 vessel strong newbuilding program since 1997. However, the quality of the tonnage, coupled with the increased demand for vessels of this type, made this an extremely attractive transaction. We anticipate that the revenues generated by this vessel will have an immediate impact to our bottom line."
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