TEN Announces Renewal of Time Charter

Tsakos Energy Navigation Limited (TEN) announced that the time charter agreement for the product carrier Pella has been renewed. For the third consecutive year, the Pella will be directly employed at an attractive rate to a major South American oil concern. "This contract further illustrates how TEN is continuing its established practice of maintaining a balanced fleet employment profile with spot voyages and medium to long-term accretive charters," stated Nikolas P. Tsakos, President and CEO. He added, "We are pleased that the Pella will continue to be employed by this long standing customer. TEN is focused on expanding our relationships in this region by providing ships that meet our clients' individual requirements and providing superior customer service and support directly to major oil producers." "The accretive rate that we have secured for the Pella shows that the market continues to be strong," Tsakos continued. "Overall TEN has 17 vessels operating with medium or long-term employment charters or contracts accounting for 70% of estimated operating days for the remainder of 2003 and 50% for 2004, which should provide a sustainable flow of revenue and profits and positively impact earnings and enhance shareholder value." As is the Company's policy, TEN will continue to seek additional attractive opportunities to add new vessels and dispose of older vessels. TEN plans to receive the Aframax Parthenon in July of this year and the last of four Panamaxes, the Andes, in August 2003.