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TEN Holds Eleventh Annual General Meeting

07 7 2004

Athens, Greece: June 7 2004 - Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) today announced that it had conducted its Annual General Meeting (AGM). All of the resolutions proposed were approved, and specifically, the Company announced that:

*Mr. D. John Stavropoulos and Mr. P. Nicholson were re-elected to serve two-year terms on the Board of Directors.

*Mr. W. O'Neil and Mr. F. Nusspickel were newly elected to the Board of Directors to serve two-year terms.

*Ernst & Young were appointed as auditors for the financial year ending December 31, 2004

*The proposal for the remuneration of the non-executive directors was approved

*Shareholder acceptance of the Tsakos energy Navigation Limited 2004 Incentive Plan

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 Suexmax 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.

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

website: http://www.ten.gr/

(TNP)