TEN Takes Delivery of Latest Newbuilding

Thursday, March 27, 2003
Tsakos Energy Navigation Limited (TEN) has taken delivery of the latest vessel in its newbuilding program from Imabari Shipyards in Japan. The Panamax Inca was delivered on March 20, and immediately entered into an accretive repositioning voyage with a major Far Eastern concern at $25,000 per day. The Inca is the second of four new fully coated panamaxes, and joins its sister ship, the Maya, which was received on January 24, 2003. TEN plans to receive three additional newbuildings to its fleet within the next five months, one aframax and two Panamaxes. TEN also announced that it expects to take delivery of the next vessel in its newbuilding program, the Panamax Aztec, on May 23, 2003. Overall TEN has 14 vessels operating with medium or long-term employment charters or contracts accounting for 57% of estimated operating days for 2003, which provides a sustainable flow of revenue and profits. TEN's remaining vessels are enjoying the prevailing firm spot market.

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