Tsakos Energy Navigation Listed In Europe's Top 500 Companies

Athens, Greece:  20 December 2004 - Tsakos Energy Navigation Limited (TEN) (NYSE:TNP), a leading owner and operator of a fleet of modern tankers providing marine transportation services for national,majorand other independent oil companies and refiners, announced today that it has ranked 128 on Europe's 500 listing of fast growing businesses in Europe.

"With its ranking on the prestigious Europe's 500, TEN has proven its vision and commitment to provide value through growth for itsshareholders," said George V. Saroglou, Chief Operating Officer of TEN. "This accomplishment is a direct reflection of our dedication to our strategies for growth, the high quality maritime training of our employees, and to providing our customers safe, punctual and superior service."

Europe's 500 annual rankings are based on coprorate performace criteria, requiring companies to demonstrateentrepreneurial involvement, growth in turnover, employment and organic growth, over three fiscal years.  The Company's market capitalization grew over 500% since January 1st, 2001 and its profitability over 850% in the comparable period.

Mr. D. John Stravropoulos, Chairman o TEN, has accepted the award on behalf of the Company during an awards ceremony held in Paris, France by Europe's 500 on December 7, 2004.

Additionally, TEN announced the completion of the sale of the Aframax Toula Z, built in 1997, to a third party on December 16th.  The Company will recognize a net gain of over $11 million from the sale of this vessel in the fourth quarter. TEN has place two additional N/B orders for Aframaxes to replace the Toula Z in Japan, with deliveries in June 2005 and June 2007 respectively. Including these two Aframaxes, TEN will take delivery of five newbuildings in 2005, four in 2006 and six in 2007.

Out of a fleet of 41 vesels (including the 15 newbuildings), TEN has 26 in operation, with 22 vessels operating under medium or long-term engagement contracts with the remaining 4 vessels performing in the spot market.  Employment has now been secured for 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 operatea fleet of 41vessels with approximately 4.4 million dwt by mid 2007, which would include 30 newbuildings (1998-2007) with approximately 3.5 million dwt.  The Company currently oeprates a fleet of 27 vessels (including three chartered-in vessels, one aframax and two suesmaxes).  The fleet comprises 2.9 million dwt with an average age of 7.3 years, compared to the world's tanker tonnage, whch 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 Suesmaxes, 2 Aframaxes, 6 handysite 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.