TEN fixes charter for newbuild tanker
CEO says it marks significant step in new market


Tsakos Energy Navigation Ltd. today announced the fixture of its recently delivered 150,000 m3 LNG tanker, NEO ENERGY. The vessel has been employed on a 40 to 60 day voyage charter with a major state-owned LNG producer. The Company believes that this charter is a significant step on its way to establishing its reputation as a reliable and efficient operator in this new market.

“This is a very exciting day for TEN and its LNG program,” stated Mr. Nikolas P. Tsakos, President and Chief Executive Officer of TEN. “This charter was awarded to Neo Energy because of the quality of the vessel, our Company’s track record in oil transportation and our commitment to become a more significant player in the LNG sector.”

Mr. Tsakos concluded, “2007 has so far been a very busy year for TEN. We have already taken delivery of four newbuildings this year, with seven additional vessels of various types and capabilities still to join the fleet. We will receive six additional vessels between 2008 and early 2010. Our current newbuilding program of thirteen vessels forms the backbone of our growth strategy, and as we enter the LNG market, should support further expansion of shareholder value.”

The ship was built by Hyundai Heavy Industries and delivered to the company in February this year. Tsakos said a the time of the delivery they intended to be a 'strong' player in the LNG transportation market.