Tsakos Energy Navigation Announces Two-Year Time Charter for Suezmax Euronike

Fifth vessel chartered in a month - Charter to generate at least $15.3 million in gross revenue

• Press Release
• Source: Tsakos Energy Navigation Limited
• On 9:03 am EDT, Tuesday October 20, 2009

ATHENS, Greece, Oct. 20 /PRNewswire-FirstCall/ -- Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE: TNP - News) today announced a two year time-charter with profit sharing for the 2005-built suezmax tanker Euronike to an international oil major, an existing client of the Company. The minimum revenue expected from this fixture is estimated at $15.3 million with an extra $8.1 million due if charterers extend employment for an additional year. Should the charterer exercise this option, the total minimum gross revenues to TEN from this charter will rise to $23.4 million. Prior to this fixture, the Euronike was operating in the spot market.

Following this charter, TEN's fixed employment including pool vessels for 2009 and 2010 is 78% and 54%, respectively.

"The Euronike is the fifth vessel that we have chartered over the last month and another fixture that signifies TEN's ability to implement its stated employment strategy of profit sharing with first class clients," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "The recent appetite of major end users to fix quality tonnage long term is encouraging and solidifies the Company's cash generating capability and ability to maintain its stated dividend policy going forward." Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION

TEN's pro forma fleet consists of 52 double-hull vessels of 5.6 million dwt and includes two DNA-aframax crude carriers and two suezmax tankers currently under construction totalling 526,000 dwt.

TEN's balanced fleet profile is reflected in 28 crude tankers ranging from VLCCs to aframaxes and 23 product carriers ranging from aframaxes to handysize and one LNG.

    TEN's employment profile:

    Type of Employment                                          Vessels

    Period Employment - Fixed, fixed w/profit share & min max      27
    CoA - market related                                            5
    Pool - market related                                           6
    Spot - market related                                          10

    TEN's current newbuilding program:


    Aframax                 DWT          Hull Type / Design     Delivery

    1. Sapporo Princess   105,000            DH / DNA            Q1 2010
    2. Uraga Princess     105,000            DH / DNA            Q3 2010
    3. S2034              158,000            DH                  Q3 2011
    4. S2035              158,000            DH                  Q3 2011


    DH: Double Hull
    DNA: Design New Aframax

FORWARD-LOOKING STATEMENTS

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

CONTACTS:

    Company                          Investor Relations
    Tsakos Energy Navigation, Ltd.   Cubitt, Jacobs & Prosek Communications
    George Saroglou, COO             Thomas J. Rozycki, Jr.
    Tel: +30210 94 07 710            Tel: +212 279 3115 (x208)
    gsaroglou@tenn.gr                trozycki@cjpcom.com

                                     Marketing Advisor
                                     Capital Link, Inc.
                                     Nicholas Bornozis
                                     Tel: +212 661 7566
                                     nbornozis@capitallink.com

Visit our company website at: http://www.tenn.gr.

Buzz up!