Tsakos Energy Navigation Reports Record Earnings for First Quarter 2004

Company Also Posts Record Quarterly Revenues and Net Income

FIRST QUARTER HIGHLIGHTS

* Record net revenues at $ 79.5 million, an improvement of 42.8% over Q103

* Record net income at $ 33.4 million, a gain of 84.7%

* Record EPS of $ 1.94 versus $ 1.06 in the prior year period

* Added second VLCC to fleet in January

* Declared $ 0.50 cash dividend paid in April 2004, resulting in a total dividend of $ 1.00 with respect to 2003 operations

Hamilton, Bermuda: 10 May 2004 - /PRNewswire-FirstCall/ -- Tsakos Energy Navigation Limited (NYSE: TNP) (TEN) today reported management results (unaudited) for the first quarter of 2004.

Net revenues for the first quarter of 2004 were $79.5 million compared with $55.68 million for the first three months of 2003. Income before depreciation was $ 42.08 million in the first quarter of 2004 versus $25.5 million in the year earlier period. Net income for the first quarter of 2004 rose to $33.4 million, a gain of 84.7% from the $18.08 million of net income produced in the first quarter of 2003. As a result, basic earnings per share in the recently completed quarter were $1.94 versus $ 1.06 in the year earlier quarter.

The strong net revenue gains resulted from the combination of higher charter rates and timely fleet expansion. The average time charter equivalent (TCE) rate for the TEN fleet rose to $30,029 per day in the first three months of 2004 as compared with an average TCE of $24,695 per day in the first quarter of 2003. The parallel dynamic of growth in the fleet from an average of 23.6 vessels in the 2003 period to an average of 27.7 tankers in the most recent quarter, as well as a rebound in the utilization rate from 92.0% to 96.4%, drove the 42.8% growth in net revenues.

Vessel operating expenses rose to $13.7 million in the first quarter of 2004 from $9.99 million a year earlier. This 36.9% increase resulted from the aforementioned expansion of the fleet, higher insurance rates, significant repair bills, and the pressures of a weaker dollar, which averaged 16.4% less against the euro on a year-over-year basis.

Depreciation and dry-docking amortization costs were $11.1 million in the first quarter of 2004 as against $9.2 million reflecting fleet expansion and somewhat higher dry-docking expenditures.

Management fees grew to $1.3 million from $1 million reflecting operating fleet expansion. General and administrative expenses rose to $.6 million versus $.4 million reflecting professional fees, travel costs, and other expenses related to shareholder services and investor relations. Interest and finance costs increased slightly to $3.2 million from $3 million, or 4.7%, although debt was 10.0% higher in the first quarter of 2004 versus one year earlier.

Net income in the most recent quarter rose 84.7% from the first quarter of 2003 which, at the time, was the best quarter in TEN's history. As noted earlier, cost pressures have been increasing in the past twelve months, driven by insurance premiums, repair yard price hikes, and the overarching effect of a weaker U.S. dollar. Overall vessel expenses, including corporate overhead, were an average of $ 6,983 per day in the 2004 period versus $ 6,063 in the 2003 quarter. Effective cost containment programs and productivity advances kept these expenses within manageable and competitive levels.

"TEN has demonstrated the ability to consistently deliver solid financial performance," stated Mr. D. John Stavropoulos, Chairman of TEN. "The hallmarks of quality service and a competitive cost structure have enabled TEN to support its dynamic organic expansion program, whereby it has built one of the most modern, diverse, and youngest tanker fleets in the world. As a result, shareholder value has continued to build, and the most recent quarter was no exception. Overall, a 43% increase in net revenues translated into an 85% rise in net income."

FLEET EXPANSION

Since TEN initiated its aggressive expansion program in 1997, the Company has added 17 vessels to its operating fleet: 16 through its newbuilding program and one VLCC in the second-hand market. This strong momentum has continued in 2004 with the addition of six newbuilding orders, bringing the total number of newbuildings on order to 13. Additionally, TEN has signed a letter of intent for the construction of an LNG carrier with the option for one additional vessel, both scheduled for delivery in 2007. Nikolas P. Tsakos, President and CEO of TEN added, "Our ability to grow the fleet organically through our newbuilding program has enabled us to construct a custom designed

fleet to specifically meet the future needs of our clients. This is clearly illustrated by our orders for ten ice class vessels that position TEN to serve existing and new clients in the ice-bound regions of Russia, Canada, and Alaska".

Assuming no interim retirement of older vessels, the following table illustrates the composition of TEN's fleet after delivery of the firm orders cited above.

TYPE Double Double/Single Single

Hull Hull Hull Total

VLCC 2 2

Suezmax 10* 10*

Aframax 7* 3 10*

Panamax 7 1 8

Handysize 7 4 - 11

TOTAL 33* 4 4 41*

* Includes two Suezmaxes and one Aframax chartered-in

"The impact on our revenue growth has been significant," Mr. Tsakos

continued, "TEN's fleet additions since 1997 currently represent 67% of the active fleet in terms of tonnage and produced approximately $24.7 million or 74% of net income in the first quarter of 2004."

TANKER INDUSTRY PROSPECTS

The consensus forecast of analysts is that worldwide consumption of oil products will reach or exceed 2% for the second consecutive year in 2004, spurred by the economic recovery in the U.S. and, to a lesser extent, Europe. Meanwhile Japan, Korea and the other key economies of the Pacific Rim have all been lifted by the expectations for China. India likewise is an awakened giant enjoying a growth spurt. TEN welcomes recent pronouncements by Chinese leaders that they plan to curtail growth in certain sectors and to work towards financial system reforms. Strong, but sustainable growth is clearly the appropriate objective for the world economy.

The prospect of 2% growth in oil consumption and the conspicuous low levels of inventories suggest that demand for transportation of petroleum and its products should remain at a high level in 2004. Geopolitical circumstances could disrupt sources of supply and relocate trade routes, but the expectation is that basic demand will be satisfied.

The supply side should experience modest expansion in overall tanker capacity in 2004 and for the foreseeable future. The constraints of limited shipyard capacity and regulatory encouragement for early retirement of older tonnage, supported by unusually high scrap values, lend optimism to the expectation that the industry will avoid significant overcapacity. Charterer selectivity has become a key driver in support of solid demand for well-managed, modern tonnage. TEN has been encouraged by the level of charter rates in the fourth quarter of 2003, the first quarter of 2004, and thus far in the second quarter. TEN continues to expect that the usual seasonal decline in the

spring, summer, and fall could be more moderate in 2004.

TEN's OUTLOOK

TEN has enjoyed substantial benefits from the strong spot markets for virtually all tanker sizes in much of 2003 and thus far in 2004.

The timing of fleet additions of suezmaxes, aframaxes, and panamaxes has been most fortunate. Moving forward, the further fleet expansion starting in June should also prove accretive. TEN expects future cost pressures from industry-wide increases in insurance rates, the lag effect of the soft U.S. dollar, higher finance costs, security costs, and general corporate overhead. Nevertheless, firmer charter rates, increasing scale, and cost containment management should provide the foundation for further growth in profits.

ABOUT TSAKOS ENERGY NAVIGATION

Tsakos Energy Navigation expects to operate by 2007 a fleet of 41 vessels with approximately 4.3 million DWT, which would include 30 newbuildings (1997-2007) with approximately 3.3 million DWT. The Company 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 with an average age of 7.1 years, compared to the world's tanker tonnage, which has an average age of 12.8 years. Between 2004 and 2007, TEN is

scheduled to take delivery of a further thirteen newbuildings. The Company also has an option for one additional vessel, a handysized tanker for delivery in 2004. 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.

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.

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.

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CONTACT: George V. Saroglou, COO pf Tsakos Energy Navigation Ltd.,

+3010-94 07-710-3, ten@tenn.gr; or Thomas J. Rozycki, Jr., of GCI Group for Tsakos Energy Navigation Ltd., +1-212-537-8016, trozycki@gcigroup.com /TNP