Tsakos Energy Navigation Announces Orders For Two 1A Ice-Class Suezmaxes

Both vessels are to be constructed by Hyundai Heavy Industries (HHI), and represent the 26th and 27th vessels in TEN's newbuilding program since 1997. The vessels are specifically designed to meet the stringent requirements of classification societies and other regulatory bodies, the rules and guidelines of oil majors and various port authorities and terminals relating to environmental protection. Additionally, the 1A ice class specification ensures that the vessels will be able to operate in ice blocked ports.

"The innovative design of these environmentally friendly, 1A ice-class vessels, signifies the next phase of our newbuilding program," said Nikolas P. Tsakos, President and CEO of TEN. "Like the handysize contracts we announced in late January, we expect these vessels will have the opportunity to earn a significant premium for their unique capabilities."

TEN's management believes that these vessels will be in heavy demand by Russian, Finnish and Canadian based oil majors and charterers in the near future, especially as many developing oilfields and ports currently under development in Russia, Eastern Siberia and Alaska will start producing oil and will require these specialized tankers for its transportation. Because ice-class vessels operate in a niche market, they can carry a substantial freight premium.

"The demand for this type of vessel is growing, and TEN will be prepared to meet that market need," Mr. Tsakos continued. "We already have seen 1A ice-class vessels earning a substantial premium in the spot market for voyages loading from the Baltic. The demand for ice-class tankers to transport crude from various northern ports to the rest of the world make this the perfect time to begin construction of these class 1A tankers, the highest specification currently available. Our clients will be able to move their cargoes, no matter where they originate, by leveraging our young and diverse fleet. We believe that these newbuildings provide another opportunity for TEN to increase its earnings potential, and shareholder value."

Including the contract announced today, TEN expects its fleet to grow to 39 vessels by the end of 2007. Out of the 28 vessels currently trading, 21 operate with medium or long-term employment contracts, some at variable rates, accounting for 65% of the operating days for 2004. These contracts will generate a minimum of approximately $135 million in revenues, which should provide a sustainable flow of earnings and enhanced shareholder value. The company currently employs its remaining 7 vessels in the spot market, including the new VLCC. Currently, 90% of TEN's fleet is of the double hull design.

ABOUT TSAKOS ENERGY NAVIGATION

Including the addition of the M/T La Madrina, TEN currently operates a fleet of 28 vessels (including one chartered-in aframax, the Olympia, and the two suezmaxes, the renamed Cape Baker and Cape Balboa, recently the subject of the sale and charter-back deal). The fleet comprises 2,981,252 DWT and has an average age of 6.8 years, compared to the average for the world's tanker tonnage of 12.8 years. TEN is scheduled to take delivery of a further eleven newbuildings over the next three years. The resulting fleet of 39 vessels with 4,147,052 DWT will include 27 newbuildings (1997-2007) with 3,148,113 DWT. Additionally, the Company has options for 3 more tankers: one handysize tanker for delivery in 2004, and two 1A ice class handysize tankers, which would be delivered in 2007.

VLCC 2 vessels

Suezmaxes 10 vessels(1)

Aframaxes 10 vessels

Panamaxes 8 vessels

Handysize 9 vessels(2)

TOTAL as of February 11, 2004: 39 vessels

(1) includes 6 vessels on order/under construction

(2) includes 5 vessels on order/under construction