Oil Tanker Fleets News

While it is difficult to find an industry where fierce competition and price wars are not the hallmarks, it seems at times that the ship repair industry has created and patented the formula. Ship repair and conversion yards have weathered years of cut-throat battling, as a slew of new, low-cost competitors regularly make an appearance. The trend is predicted to continue indefinitely. In general, ship repair operations are weathering many of the same financial, corporate and political storms as other major industrial companies. According to Dennis Stonebridge, a shipping consultant for Drewry Shipping Consultants, the forecast revenue for 1998-2003 is likely to fall in total by an estimated 1.5 percent.

Tsakos Energy Navigation Limited announced that it has taken delivery of two new vessels from Imabari Shipyards in Japan. The aframax Marathon was delivered on January 22, and immediately entered into an accretive repositioning voyage with a major South American oil concern. The panamax Maya, the first in a series of four new fully coated panamaxes, was received on January 24, and also immediately entered into an accretive repositioning voyage with a major Asian oil concern. Including these two vessels, TEN expects to add 6 newbuildings to its fleet in 2003. "TEN is proud to begin the new year by enhancing one of the youngest and most efficient oil tanker fleets in the world," stated Nikolas P. Tsakos, President and CEO.

Tsakos Energy Navigation Limited (TEN) has entered into a new medium-term charter arrangement with PMI, the state owned oil company of Mexico. Under the terms of the agreement, TEN has chartered its newly delivered coated double-hulled Panamax, the Aztec, to PMI. The contract is for 30 months at an accretive rate. TEN currently has the Handysize product carrier Libra chartered to PMI until 2005. "We are pleased to furnish PMI with another high-quality vessel to serve their growing production needs," said Nikolas Tsakos, President and CEO of TEN. The Panamax Aztec was delivered on May 29 from Imabari Shipyards in Japan. The vessel immediately entered into a profitable repositioning voyage with a major oil trading concern, and will then commence the time charter with PMI.

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.