TEN Announces New Time Charter for the Aframax Olympia

Tsakos Energy Navigation Limited (TEN) announced a new time-charter contract for the Aframax Olympia with a major European charterer. The two-year contract begins in November 2003 upon the expiration of Olympia's current contract. The rate obtained for the new time charter will positively impact earnings. "TEN remains committed to securing attractive, long-term charters that will provide a steady and predictable flow of earnings and strengthen its balance sheet," stated Nikolas P. Tsakos, President and CEO of TEN. "We will continue to expand our strong relationships with our clients in Europe and around the world by building, maintaining and providing tankers that meet our clients' individual requirements and by providing superior customer service and support." Tsakos continued, "The rate that we have secured for this vessel is a testament to the reputation of TEN as a high-quality, customer focused provider. TEN's vessels continually meet the needs of our clients and allow us to maintain a balanced fleet employment profile of spot voyages and medium to long-term charters." Overall TEN has 19 vessels operating with medium or long-term employment contracts or contracts accounting for 78% of estimated operating days for the remainder of 2003 and 62% for 2004, which should provide a sustainable flow of revenue and earnings and enhance shareholder value.