T Maersk Estelle News

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.

Tsakos Energy Navigation Limited (TEN) recently 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.

Tsakos Energy Navigation Limited (TEN) announced that it has taken delivery of the 299,700 dwt double hull VLCC M/T Maersk Estelle, built in Denmark in 1994. The vessel, renamed La Madrina, will immediately enter into a 40-day voyage loading West African crude for an oil major for discharge either in the US Gulf or in Continent/Med while the Company considers opportunities for longer- term employment. The time charter equivalent rate for this voyage equates to approximately $100,000 per day. "The current spot market for VLCCs makes this a extremely advantageous time to take delivery of the latest addition to our fleet," stated Nikolas P. Tsakos, President and CEO of Tsakos Energy Navigation.