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Tsakos Energy Navigation Completes the 2002 Phase Of Its Fleet Renewal/Expansion Program On Schedule

19 December 2002

ATHENS, GREECE - December 19, 2002 - Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) today announced that it has taken delivery of the Triathlon, the last in a series of four new double hull suezmax tankers in TEN's ongoing newbuilding program. The Triathlon immediately entered into a spot voyage charter with a major oil company. Overall TEN added five newbuildings to its fleet during 2002, one aframax and four suezmaxes.

"Joining her sister ships Silia T, Pentathlon and Decathlon, the addition of the Triathlon allows TEN to continue to offer one of the youngest and most efficient oil tanker fleets," stated Nikolas P. Tsakos, President and CEO. He added, " Because this vessel immediately entered into an accretive maiden voyage, TEN began recognizing revenue upon delivery which will be attributable to our fourth quarter results."

"The balance of the new buildings program includes two aframaxes and four panamaxes scheduled for delivery in 2003. TEN has also contracted for the construction one handy-size tanker with options for five additional handy-size tankers for delivery in 2004. TEN´s on-going new buildings program underscores the Company's strategy to offer its customers a young and growing fleet designed to serve their diverse and evolving requirements. TEN will seek additional attractive opportunities to add new vessels and dispose of older vessels. "

The Company has long maintained a strategy of committing a significant portion of its tonnage to medium and long-term employment. Consistent with this policy, the new aframax and one of the new suezmaxes are operating with medium term time charters of one to two years. TEN intends to seek and arrange such contracts for additional new buildings as they become available. In the meantime, the spot market has benefited from a most welcomed strengthening for all sizes of tankers.

Financing of the Company's newbuildings program is well advanced. TEN has arranged financing for the two aframaxes and two of the four panamaxes scheduled for delivery next year. Remaining financing needs include two panamaxes scheduled for delivery in the second half of 2003 and one handy-size products carrier to be delivered in 2004.

The Company continues to accelerate its dry-docking program with four vessels this quarter either completing survey repairs or heading towards a repair yard. These include the product carrier Pella which, on completion, will be followed by her sister vessel Dion. In order to secure continuous service to the charterer of both vessels, a third-party owned product carrier has been chartered-in at a competitive rate for six months to cover the off-hire period of the Pella and Dion under similar terms to the original time charters.

The management of Tsakos Energy Navigation and the seafarers on our vessels send their best wishes for the season and a very prosperous new year to all.