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Tsakos Energy Navigation Announces New Time Charters

05 5 2004

ATHENS, Greece: April 5 - Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) today announced two new time-charter contracts. The aframax Vergina II has been chartered for two years for transport of crude in the Atlantic basin, and the product carrier Dion has been chartered for one year for the transport of petroleum products predominantly in the Far East. Both contracts become effective immediately upon the expiry of each vessels's current cotract, and the rates for both charters are accretive, and are expected to have a positive impact on earnings.

"TEN remains committed to securing attractive, long-term charters that will provide a steady and predictable flow of earnings and strengthen its balance sheet," stated George V. Saroglou, Chief Operating Officer of TEN. "We continue to deepen our strong relationships with oil majors and state owned oil companies around the world by building, maintaining and providing tankers that meet our clients' individual requirements and by providing superior customer service and support."

Mr. Saroglou continued, "The rates that we have secured for these vessels are a testament to the reputation of TEN as a high-quality, customer focused provider. TEN's growing fleet ensures that we can continually meet the needs of our clients, no matter what the cargo or origin, while allowing us to maintain a balanced fleet employment profile of spot voyages and medium to long-term charters."

Including options and the LNG carriers announced late last month, TEN's fleet is expected to grow to 44 vessels by the end of 2007. Out of the 28 vessels currently trading, 22 operate with medium or long-term employment ontracts, some at variable rates, accounting for 70% of the operating days for 2004, and 56% of the operating days of 2005. These contracts will generate a minimum of approximately $140 million in revenues for 2004 and $110 million for 2005, which should provide a sustainable flow of earnings. The company currently employs its remaining 6 vessels in the spot market. Curently, 90% of TEN's fleet is of the double hull design.

ABOUT TSAKOS ENERGY NAVIGATION

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 6.9 years, compared to the average for the world's tanker tonnage which has an average age of 12.8 years.

TEN is scheduled to take delivery of a further fourteen newbuildings between 2004 and 2007. The Company also has options for two additional vessels, a handysized tanker for delivery in 2004 and an LNG carrier for delivery in 2007. The resulting fleet of 44 vessels with 3,969,572 DWT and 145,000 cubic meters will include 30 newbuildings (1997-2007) with 2,970,633 DWT and 145,000 cubic meters.