Tsakos Energy Navigation Announces Purchase of Special Design Newbuilding Aframax for Delivery in 2005

Hamilton, Bermuda: 29 November 2004 - Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) today announced that it has purchased a resale contract for a newbuilding wide body double-hulled aframax tanker under construction at Sanoyas Hishino Meisho Corp. in Japan. The vessel, with a carrying capacity of 115,000 dwt, is scheduled for delivery in June of 2005. It features a special wide-body design, which is expected to provide customers with new options for moving cargoes in the aframax class. This is the Company's 31st newbuilding tanker since 1997.

Like the newbuilding aframax announced in August, the special design of this new acquisition creates a more flexible vessel that will allow it to trade in a greater variety of ports, especially in the US, the Caribbean, and South America. TEN will be able to offer this vessel to service clients that were otherwise serviced by more limited aframax or panamax tankers.

"We are very excited to announce another environmental friendly, highly versatile, vessel that will allow us to transport larger loads," said Nikolas P. Tsakos, President and CEO of TEN. "The purchase of this newbuilding contract allows us to take advantage of the strong rate environment for moving cargoes in the aframax class and is consistent with our strategy of building one of the most modern tanker fleets."

The vessel is specifically designed to meet the stringent environmental protection requirements of classification societies and other regulatory bodies, and the rules and guidelines of various port authorities and terminals. Additionally, the vessel meets all the technical requirements of all oil majors.

Mr. Tsakos continued, "From the beginning, the aframax class was the foundation of our newbuilding program, propelling TEN's growth during its first decade of existence. We believe that the price and timing of delivery is most advantageous, given our view of the rate environment." Mr. Tsakos concluded, "We feel that this newbuilding will provide another opportunity for TEN to increase its earnings potential and shareholder value."

Since 1997, TEN has built a state of the art, diversified fleet having added to its already existing fleet sixteen newbuildings and one second hand VLCC tanker. The following table presents the additional newbuilding vessels currently on order:

   VESSEL                  DWT           Expected Delivery
 
  1. M/T Didimon           37,000        January 2005   -------
  2. M/T Dionisos          37,000        June 2005      -------
  3. M/T TBN               115,000       June 2005      Wide-Body Aframax
  4. M/T Eurochampion 2004 164,000       April 2005     1C Ice Class
  5. M/T Euroniki          164,000       September 2005 1C Ice Class
  6. M/T Archangel         162,400       January 2006   1A Ice Class
  7. M/T Alaska            162,400       March 2006     1A Ice Class
  8. M/T Antares           36,660        June 2006      1A Ice Class
  9. M/T Arion             36,660        October 2006   1A Ice Class
 10. M/T Andromeda         36,660        February 2007  1A Ice Class
 11. M/T Aegeas            36,660        May 2007       1A Ice Class
 12. M/T Arctic            162,400       February 2007  1A Ice Class
 13. M/T Antarctic         162,400       April 2007     1A Ice Class
 14. M/T TBN               107,000       May 2007       DNA design Aframax
 15. LNG TBN               150,000cm(3)  February 2007  Membrane

TEN currently has 22 vessels operating under medium or long-term engagement contracts with the remaining 5 vessels performing in the spot market. Employment has now been secured for virtually all remaining operating days in 2004. Employment has also been arranged for 72% of the operating days of 2005, which will generate minimum revenue of approximately $150 million next year.
 
ABOUT TSAKOS ENERGY NAVIGATION
Tsakos Energy Navigation expects to operate a fleet of 41 vessels with approximately 4.4 million dwt by mid-2007, which would include 30 new buildings (1998-2007) with approximately 3.5 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 7.3 years, compared to the world's tanker tonnage, which has an average age of 12.1 years. Currently, more than 91% of TEN's fleet is of double hull design.
Between 2005 and 2007, TEN is scheduled to take delivery of a further fifteen newbuildings, (6 Suezmaxes, 2 Aframaxes, 6 handysize product tankers and 1 LNG carrier).
 
 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.
 
Visit our company website at: http://www.tenn.gr
 
SOURCE: Tsakos Energy Navigation Limited
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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