Tsakos Energy Navigation Announces Delivery And Charter Of Product Carrier

Athens, Greece: January 10, 2004 - Tsakos Energy Navigation
Limited (TEN) (NYSE: TNP) today announced that it has taken delivery of a 37,432 dwt double hull product carrier, built by the Hyundai MIPO shipyard in South Korea.  The vessel, named M/T Didimon, will immediately enter into a one-year time charter contract with a South American oil major at a market based daily rate but with a guaranteed minimum of $18,450 per day.  TEN will earn all proceeds derived from rates which are in excess of the minimum rate.
    "We expect another strong year in 2005 as high demand factors remain in place and oil prices return to the kind of levels that allow economic growth and an environment in which tanker operators may prosper. We aim to continue our strategy of securing attractive long-term employment with flexible contracts that not only ensure a stable base of earnings but also lets us take advantage of a buoyant market," stated Nikolas P. Tsakos, President and CEO of Tsakos Energy Navigation.  "The delivery of the Didimon perfectly represents this strategy as her maiden voyage, starting today, is expected to earn a rate substantially higher than the agreed minimum."
    Mr. Tsakos continued, "Our fleet has grown to meet the ever changing needs of our clientele, and we continue to build and acquire modern high quality tankers of all categories to meet those needs and the latest stringent environmental regulations.  The Didimon joins one of the youngest and most diversified fleets in the industry, enabling TEN to remain flexible and customer focused in a rapidly changing environment."

   Furthermore, TEN is scheduled to take delivery of an additional four newbuild vessels in 2005, with three scheduled for the second quarter as well as one in the third quarter.

Following the delivery of Didimon, TEN has 23 vessels operating with medium or long-term employment contracts, several on variable rates, with the remaining 4 vessels performing in the pure spot market. Employment has 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 4.3 million dwt by mid-2007, which would include 30 purpose built new-buildings (1998-2007) with approximately 3.4 million dwt. The
Company currently operates a fleet of 27 vessels (including three chartered-in vessels, one aframax and two suezmaxes). The current fleet comprises 2.8
million dwt with an average of 7.4 years, compared to the world's tanker average age of 12.1 years. Between now and mid-2007, TEN is scheduled to take delivery of   fourteen new-buildings (6 Suezmaxes, 2 Aframaxes, 5 handysize product carriers 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.

SOURCE  Tsakos Energy Navigation Ltd.
    -0-                             01/11/2005
    /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 /
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    /Web site:  http://www.tenn.gr /
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