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Tsakos Energy Navigation Announces The Sale Of The Product Carrier Delos

04 4 2004

Athens, Greece: June 2, 2004 - Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) today announced the sale of the product carrier Delos to the Australian Navy. The Delos, scheduled for delivery later this month, is one of seven handysize sisterships built by the Hyundai Mipo shipyard in Korea scheduled for delivery to TEN between 2004 and 2007. In addition to the handy sized vessels, TEN also has six suezmax sister vessels on order for delivery between 2005 and 2007. The Company stated that it intends to take delivery of the remaining twelve newbuilding tankers. The sale price of the Delos resulted in a net profit of approximately $9 million, which will be recognized in the second quarter.

"TEN's board and management believe that the opportunity to recognize a substantial gain on the sale of this vessel is in the best interest of the Company and its shareholders," stated Nikolas P. Tsakos, President and CEO of TEN. "Further, the buyer will not be utilizing in the commercial marketplace in competition with TEN. The significant proceeds from this sale and release of associated debt will further strengthen our balance sheet, and allow the Company to exploit opportunities for accretive acquisitions and to expand our newbuilding program."

Out of TEN's 28 vessels currently trading, 21 operate with medium or long-term employment contracts, some at variable rates, accounting for 78% of the remaining operating days for 2004, and 63% of the operating days of 2005. These contracts will generate a minimum of approximately $210 million over the next seven quarters, which should provide a sustainable flow of earnings. The company currently employs its remaining 7 vessels in the spot market. Currently, 90% of TEN's fleet is of the double hull design.

ABOUT TSAKOS ENERGY NAVIGATION

Tsakos Energy Navigation expects to operate a fleet of 40 vessels with approximately 4.2 million DWT by 2007, which would include 28 newbuildings (1997-2007) with approximately 3.3 million DWT. The Company currently operates a fleet of 28 vessels (including three chartered-in vessels, one aframax and two suezmaxes). The fleet comprises 3.0 million 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 twelve newbuildings, (6 Suezmax and 6 handysize product tankers). 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.

SOURCE Tsakos Energy Navigation Ltd.

-0- 06/02/2004

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

+30-210-94-07-710-3, or ten@tenn.gr; or Thomas J. Rozycki, Jr. of GCI Group, +1-212-537-8016, or trozycki@gcigroup.com, for Tsakos Energy Navigation Ltd./

/First Call Analyst: /

/FCMN Contact: /

/Web site: http://www.tenn.gr /

(TNP)