TEN Announces New Time Charter

Tsakos Energy Navigation Limited (TEN) announced a new time charter contract for the aframax Toula Z to Exxon-Mobil. The vessel has been chartered for three years for the transport of crude oil worldwide. The new charter commences in the third quarter of 2004 upon expiration of the vessel's current contract. The rate is accretive, and is expected to have a positive impact on earnings. "Our ability to provide quality tonnage to oil majors around the world is a key part of business strategy," said Nikolas P. Tsakos, President and CEO of TEN. "This latest contract with Exxon illustrates that our deep relationships with top-tier companies continue to support our growth and provide increase shareholder value. We remain focused on building and maintaining tankers that meet our clients' individual requirements and on providing superior customer service and support." Mr. Tsakos continued, "Our fleet will continue to grow over the coming quarters. The new ice-class vessels and LNG carrier that we have on order will enable us to meet the growing needs of our expanding client base. We will continue to strengthen our balance sheet by securing attractive, long-term charters that will ensure a steady and predictable flow of earnings."