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Tsakos Energy Navigation Limited Announces Semi-Annual Cash Dividend of $1.00 Per Common Share

29 29 2005

Hamilton, Bermuda - September 29th, 2005 - Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) announced today that its Board of Directors has declared the Company's first cash dividend relating to the fiscal year 2005 of $1.00 per common share, payable October 26th, 2005 to stockholders of record on October 20th, 2005. The ex-dividend date will be October 18th, 2005.

"We are proud to announce our dividend based on our financial performance in the first half of 2005 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

TEN's proforma fleet consists of 37 vessels of 4.0 million dwt (excluding the Tamyra which will be delivered to its new owners in early October). With the delivery of the Euroniki, the Company operates a fleet of 26 vessels (including three chartered-in vessels) of approximately 3.1 million dwt with an average age of 6.0 years compared to 11.7 years of the world average. TEN's newbuilding program today consists of 11 vessels (4 Suezmax, 2 Aframax, 4 Handymax, and 1 LNG) of 1.1 million dwt.

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.

CONTACTS:

George V. Saroglou, COO

Tsakos Energy Navigation Ltd.

Tel: 30 210 94 07 710-3

ten@tenn.gr

Thomas J. Rozycki, Jr., Vice President

Cubitt Jacobs & Prosek Communications

212-279-3115 x208

tom@cjpcom.com