TEN Signs Time Charter for 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." Overall TEN has 19 vessels operating with medium or long-term employment contracts or contracts accounting for 78 percent of estimated operating days for the remainder of 2003 and 62 percent for 2004. which should provide a sustainable flow of revenue and earnings and enhance shareholder value.

Maritime Reporter Magazine, page 17, Nov 2003

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