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Tsakos Energy Navigation Announces New Time Charter

30 30 2004

ATHENS, April 28 - Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) today announced a new time-charter contract for the handysized product carrier Crux to a major North American state-owned oil company. The vessel has been chartered for 15 months for transport of petroleum products in the Caribbean. The new charter commences in September of this year upon expiry of Crux' current contract, and represents a higher rate than the vessel is currently earning. The rate is accretive, and is expected to have a positive impact on earnings.

"TEN's diverse fleet has once again provided us with an opportunity to deepen a strong relationship with a state owned oil company," stated Nikolas P. Tsakos, President and CEO of TEN. "We remain focused on building, maintaining and providing tankers that meet our clients' individual requirements and by providing superior customer service and support. We will continue to strengthen our balance sheet by securing attractive, long-term charters that will provide a steady and predictable flow of earnings."

Mr. Tsakos continued, "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. The rate that we have secured for this vessel is a testament to TEN's reputation as a high-quality, customer focused provider."

Including options and the LNG carriers announced in late March, TEN's fleet is expected to grow to 46 vessels by the end of 2007. Out of the 28 vessels currently trading, 22 operate with medium or long-term employment contracts, 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. Currently, 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 two suezmaxes, the renamed Cape Baker and Cape Balboa). The fleet comprises 2,981,252 DWT and has an average age of 7.1 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 thirteen newbuildings between 2004 and 2007. The Company also has options for three additional vessels, a handysized tanker for delivery in 2004 and two additional 1B ice-class handysized product carriers for delivery in 2007. The company has also announced its intention to contract for an LNG carrier for delivery in 2007 with an option for one additional LNG vessel. The resulting fleet of 46 vessels with approximately 4.5 million DWT and would include 34 newbuildings (1997-2007) with approximately 3.5 million DWT.

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.