Tsakos Energy Navigation Limited Announces Semi-Annual Cash Dividend of $0.95 Per Common Share

 ATHENS, Greece:Feb.23 - Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) announced today that its Board of Directors has declared the Company's final cash dividend with respect to 2004 operations of $0.95 per common share, payable April 26th, 2005 to stockholders of record on April 15th, 2005.  The ex-dividend date will be April 12th, 2005.
    "We are proud to once again increase our dividend based on our record setting financial performance in 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."
    This declaration combined with the $0.70 paid in October 2004, brings the total attributable to fiscal 2004 operations to $1.65, this compares with $1.00 with respect to 2003 operations and $0.70 with respect to 2002
operations.  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.
    In addition, TEN announced today that it has decided to approach OSE for a possible delisting of TEN shares based on the small number of registered in the VPS and traded in Oslo making the cost of maintaining the listing on the OSE unjustifiable.
    The board is of the opinion that the interests of the shareholders would be best served by concentrating TEN's efforts on the NYSE listings.
All shareholders registered in VPS will be offered the right to sell their shares back to the company or will be given detailed information on how the shares can be registered and traded directly in the US market. The letter to the shareholders will be published in the OSE information system and also sent by post to the shareholders concerned.

    ABOUT TSAKOS ENERGY NAVIGATION
    Tsakos Energy Navigation expects to operate a fleet of 40 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 26 vessels (including one chartered-in aframax and two chartered-in suezmaxes). The current fleet comprises 2.8 million dwt with an average of 7 years, compared to the world's tanker average age of 12 years. Between now and mid-2007, TEN is scheduled to take delivery of 14 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-                             02/23/2005
    /CONTACT:  George V. Saroglou, COO of Tsakos Energy Navigation Ltd.,
+3010-94-07-710-3, ten@tenn.gr; or Parag Dave of the GCI Group,
+1-212-537-8026, Pdave@gcigroup.com, for Tsakos Energy Navigation Ltd./
    (TNP)