Tsakos receives newbuild in 17-vessel acquisition program

Tsakos Energy Navigation Ltd. on Mar.20 took delivery of the Panamax tanker Inca from Imabari Shipyards in Japan. The vessel is the latest in TEN's 17-vessel newbuild acquisition program and the second of four new Panamax class vessels, joining sister ship Maya, which was received Jan. 24.

April 8, 2003

By OGJ editors

HOUSTON, Apr. 8 -- Tsakos Energy Navigation Ltd. (TEN) on Mar.20 took delivery of the Panamax tanker Inca from Imabari Shipyards in Japan. The vessel is the latest in TEN's 17-vessel newbuild acquisition program and the second of four new Panamax class vessels, joining sister ship Maya, which was received Jan. 24.

TEN said it also expects to take delivery of the Panamax Aztec on May 23 and to add an Aframax and two more Panamaxes to its fleet within the next 5 months.

In addition, in October 2002, TEN entered into a joint venture with Lauritzen Kosan AS of Denmark, initially jointly owning four modern LPG carriers.