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Tsakos Energy Navigation Limited Announces Semi-Annual Cash Dividend

29 29 2004

ATHENS, Greece, Sept. 28 - Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) announced today that its Board of Directors has declared the Company's first half 2004 cash dividend of $0.70 per common share, payable October 26th, 2004 to stockholders of record on October 20th, 2004.The ex-dividend date will be October 18th, 2004.

"We are proud to increase our dividend based on our record setting financial performance in the first half of 2004 and the encouraging prospects for the future," commented Mr. D. John Stavropoulos, Chairman of the Board. "We remain focused on growing our fleet and optimizing utilization to sustain a steady stream of revenue and a healthy return to our shareholders."

TEN intends to pay cash dividends representing between one-quarter and one-half of ordinary net income. Such payments are subject to the discretion of the Board of Directors and depend on available cash, anticipated cash needs, overall financial condition, loan agreement restrictions, capital commitments, future prospects for earnings and cash flows, as well as other relevant factors. The Company pays a semi-annual dividend in October and April.

ABOUT TSAKOS ENERGY NAVIGATION

Tsakos Energy Navigation expects to operate a fleet of 41 vessels with approximately 4.3 million DWT by mid-2007, which would include 30 newbuildings (1997-2007) with approximately 3.6 million DWT. The Company currently operates a fleet of 27 vessels (including three chartered-in vessels, one aframax and two suezmaxes). The fleet comprises 2.9 million DWT with an average age of 7 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 fourteen newbuildings, (6 Suezmaxes, 1 Aframax, 6 handysize product tankers and 1 LNG carrier).

FORWARD-LOOKING STATEMENTS

Except for the historicalinformation 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 Limited

-0- 09/28/2004

/CONTACT: George V. Saroglou, COO of Tsakos Energy Navigation Ltd., Tel: 3010 94 07 710-3, or ten@tenn.gr; or Thomas J. Rozycki of GCI Group for Tsakos Energy Navigation Ltd., 212-537-8016, or trozycki@gcigroup.com/

/FCMN Contact: pdave@gcigroup.com /

(TNP)