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February 22, 2010

Tsakos and Schoeller in ship management JV

Tsakos Shipping & Trading SA (TST) and Schoeller Holdings Ltd (SHL) the owner of Columbia Shipmanagement Ltd have formed a joint venture ship management company. The new entity, Tsakos Columbia Shipmanagement SA (TCM) will start operations in the second quarter of 2010.

The purpose of the new company is to expand its services to third party owners and continue the technical management of the existing TST managed fleet. TCM will operate independently under its own Document of Compliance. There will be no changes to the existing Quality, Safety and Environmental Management Systems applied by TST or to the pool of shore and seagoing personnel employed by TST.

TCM will be based in Athens in new office space within the Tsakos Group premises.

The new joint venture is the result of a close working relationship between the two companies that started more than 10 years ago and has developed strongly in recent years.

Columbia Shipmanagement Ltd, holder of the "International Ship Management 2010" Award of the Institute of Transport Management (ITM) is a well-known ship management company established in Cyprus in 1978. The company currently provides either crew and/or technical shipmanagement services to about 350 vessels of every type and size.

Tsakos Shipping & Trading S.A., established in 1970, currently manages a diverse fleet of approximately 85 vessels (tankers, containers, bulk carriers, LNG and ro-ro).

TCM will amalgamate the best philosophies of its founding partners with respect to the environment, client relationship/satisfaction, safety of operation and efficiency. It expects to provide significant operational and financial benefits for clients, shipowners, charterers and shareholders.


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