Tsakos Energy Navigation Limited Declares Quarterly Dividend

ATHENS, GREECE--(Marketwire -04/17/12)- The Board of Directors of Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE: TNP - News) has declared a quarterly dividend of $0.15 per share of common stock outstanding. The record date is May 21, the payment date is May 25 and the shares will trade ex-dividend on May 17.

D. John Stavropoulos, Chairman of the Board, stated, "We are pleased to continue our payment of regular dividends commenced in October 2002. We are very proud of this record which including this dividend will result in total cash dividends of $9.375 per share (adjusted for the 2-for-1 split in November 2007) compared with the IPO price in March 2002 of $7.50 per share (also split adjusted)."

Mr. Stavropoulos added, "We have confidence in the resilience of our strategy and business model which should continue enabling TEN to take advantage of market opportunities while maintaining dividend distributions."

As of today, the Company has secured charter agreements and renewals with expected minimum revenues in excess of $1 billion over the life of these charters. The Company has 33 out of its 51 vessels under term employment (including the two DP2 shuttle tankers that TEN expects to take delivery in Q1 2013 and Q2 2013 which are fixed on 15-year time charters).

In accordance with our dividend policy, payments of dividends are subject to prudent financial policy and the discretion of the Board of Directors after due consideration of available cash, anticipated cash needs, loan agreement restrictions, and future prospects for earnings and cash flow as well as other relevant factors.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's pro forma fleet consists of 51 double-hull vessels of approximately 5.5 million dwt that includes one LNG carrier and two DP2 suezmax shuttle tankers totaling 400,000 dwt. The company has options for two conventional suezmax tankers and an additional LNG carrier to be declared no later than September 2012, totaling 402,000 dwt. TEN's balanced fleet profile is reflected in 23 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and two LNG carriers.

TEN's employment profile (operating fleet as of April 12, 2012):

 
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Type of Employment                                          Vessels
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Period Employment - Fixed, fixed w/profit share & min max   31
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Pool - market related                                       5
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Spot - market related                                       12
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TEN's current newbuilding program:

 
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Suezmax               DWT        Hull Type / Design     Expected Delivery
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1. Suezmax DP2        157,000    DH                     Q1 2013
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2. Suezmax DP2        157,000    DH                     Q2 2013
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LNG
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1. TBN                86,000     Tri-Fuel               Q1 2015
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Newbuilding Options
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LNG
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1. TBN                86,000     Tri-Fuel               Q4 2015
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Suezmax
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1. S2032              158,000    DH                     Q2 2012
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2. S2033              158,000    DH                     Q1 2013
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DH: Double Hull

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.