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Tsakos Energy Navigation Continues Fleet Expansion

23 23 2003

ATHENS, GREECE - July 23, 2003 - Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) today announced the delivery of two new vessels from Imabari Shipyards in Japan. In a joint ceremony on July 23rd, the Company received the aframax Parthenon and the panamax Andes, the latter of which will actually be delivered on September 15th. The Parthenon immediately entered into an accretive repositioning voyage with a major oil concern. The Andes represents the last in a series of four new fully coated panamaxes that TEN has taken delivery this year. With these two vessels, TEN has added 6 newbuildings to its fleet in 2003, and is scheduled to take delivery of a further five newbuildings in 2004 and 2005.

"We are extremely pleased to receive these latest additions to our fleet from our partners at Imabari Shipyards," stated Nikolas P. Tsakos, President and CEO. He added, "The Parthenon and the Andes further enhance one of the youngest and most efficient oil tanker fleets in the world and will allow us to provide ships that meet our clients' individual requirements. Since the delivery of our first newbuilding in 1997, the Toula Z., we have expanded our fleet exclusively through our newbuilding program. As of today, 80% of our fleet is comprised of these technically advanced, purpose built vessels."

Upon the delivery of the panamax Andes in September, TEN will have 19 vessels operating with medium or long-term employment charters or contracts. This includes TEN's three previously delivered panamaxes, the Maya, Inca and Aztec, which are all fixed to long-term employment with major oil concerns. Overall, TEN has coverage 70% of estimated operating days for 2003, and has fixed 50% of the fleet's operating days for 2004, which should provide a sustainable flow of revenue and profits.

Mr. Tsakos continued, "Our strategy of providing superior customer service and support directly to major oil producers has afforded the opportunity for both of these vessels to immediately begin generating revenue, which will positively impact earnings and enhance shareholder value."

Financing arrangements for the Parthenon and the Andes were previously secured, and financing for the remainder of the newbuilding program is well advanced. As the Company has stated in the past, TEN will continue to seek additional attractive opportunities to add modern vessels and dispose of older vessels. The Company recently announced contracts for the building of two additional suezmax tankers scheduled for delivery in 2005.

ABOUT TSAKOS ENERGY NAVIGATION

TEN currently operates a fleet of 28 tankers (including one chartered-in aframax and one chartered-in product carrier) comprising 2,713,467 DWT with an average age of 6.3 years, which TEN believes is much younger than the world's tanker tonnage, which has an average age of 12.4 years. Following delivery this year of the Maya, Marathon, Inca, Aztec, Parthenon and Andes, TEN is scheduled to take delivery of a further five newbuildings in 2004 and 2005. The resulting fleet of 32 vessels (including only one chartered-in vessel, an aframax) with 3,121,000 DWT will include 21 newbuildings (1997-2005) with 2,422,000 DWT. In addition, since October 2002 TEN has entered into a joint venture with Lauritzen Kosan A/S of Denmark, jointly owning four modern LPG carriers. Consistent with the Company's strategy, to offer its customers a young and growing fleet, TEN will seek additional attractive opportunities to contract for new vessels and to dispose of older vessels.