Tsakos Energy Navigation (TEN) Reports Record Profits

ATHENS, GREECE: November 4, 2005 - TSAKOS ENERGY NAVIGATION LIMITED (TEN) (NYSE: TNP) today reported management results (unaudited) for the first nine months and the third quarter of 2005.

Net income was $100.92 million for the first nine months of 2005 as compared with $89.02 million for the first three quarters of 2004. Basic earnings per share based on average number of shares outstanding rose to $5.06 in the 2005 period as against $4.77 in the first nine months of 2004. Net revenues for the first nine months of 2005 were $198.03 million compared to $215.03 million for the like period of 2004. Income before depreciation charges was $127.55 million for the 2005 period versus $115.54 million for the first nine months of 2004.

Notable positive comparisons for the first nine months of 2005 versus the like period of 2004 included: significantly lower amortization of deferred charges due to vessel sales; lower financing costs and much higher interest income; and gains from vessel sales which totaled $24.81 million in the first three quarters of 2005 as compared with $8.76 million in the like period of 2004. The net results were record compared with the previous record of $89.02 million during the same period in 2004.

The principal factors contributing to the lower revenues were a smaller fleet of 26.3 ships versus 27.4, lower charter rates for VLCCs and aframaxes only partially offset by higher rates for other vessel sizes, and lower utilization rate of 95.6% as compared with 97.4% in the 2004 period. Per vessel expenses, both operations and overhead increased 5.7% reflecting higher crew costs, increased insurance rates, general corporate governance and investor relations expenses, as well as the effect of the dollar's depreciation against the Euro (average of 3.0% for the first nine months of 2005 versus the like period of 2004).

Net income in the most recent quarter was $19.17 million as against $25.47 million in the third quarter of 2004.  Earnings per share (basic) based on average number of shares outstanding were $0.98 as compared with $1.26. Net revenues for the third quarter of 2005 were $61.39 million compared to $71.84 million for the third quarter of 2004.  Income before depreciation charges was $28.37 million in the third quarter of 2005 versus $34.39 million for the same period of 2004.

The principal factors contributing to lower revenues were a smaller fleet of 25.9 versus 27.0 vessels; lower charter rates for VLCC´s and aframaxes, which were only partially offset by higher rates for suezmaxes and product carriers; a somewhat lower fleet utilization rate of 95.6% versus 97.8% associated with dry dockings; and unusually frequent and extended periods at demurrage rates in the Venezuela-Houston trade route. Per vessel expenses including both operations and overhead rose a modest 1.7% reflecting higher crew costs and insurance rates along with corporate governance expenses. Higher depreciation was more than offset by lower amortization of deferred charges and management fees. Significantly lower finance costs and much higher interest income contributed to the net income.

"Profits of the first nine months of 2005 reconfirmed the efficacy of TEN´s corporate strategy and business plan" observed Mr. D. John Stavropoulos, Chairman of the Board. "The record results were achieved within the context of a young and growing fleet. These exceptional results have funded a new building program, increased dividends, expanded the share repurchase program, and strengthened the balance sheet."

FLEET EXPANSION

TEN continues to aggressively modernize, broaden and expand its fleet. Since 1997, TEN has taken delivery of 22 new buildings and one second-hand VLCC. An additional eleven vessels are on order for scheduled delivery by August 2007. During 2004 and 2005 TEN has sold three single hull tankers, leaving only one remaining in the fleet and two single/double hull vessels with two remaining in the fleet.

Mr. Nikolas P. Tsakos, President and CEO of TEN observed, "Our expansion program is on track. We will expand our fleet by over 40% during the next seven quarters. The principal focus on our new building program is additions to our ice-class fleet (eight 1A Ice-Class ships - 4 Suezmaxes and 4 Product Carriers) complemented by 2 Aframaxes and our first LNG carrier. In the interim, if market conditions are ripe, we will attain our goal of an all double hull fleet".

Mr. Tsakos added, "We have achieved our fleet renewal goals to this point, and at the same time realized capital gains of approximately $64 million. We consider a productive purchases and sales strategy an integral aspect of a successful shipping operation and we remain focused on identifying opportunities in both the second hand and newbuilding markets to further grow TEN."

The following table presents the newbuilding vessels currently on order:

Assuming no interim retirements of vessels (except for the aframax Tamyra and the products carrier Dionisos, which were sold and delivered in October 2005) the following table outlines the composition of TEN´s fleet after the deliveries cited above:

TANKER INDUSTRY

The normal relationship of supply/demand for crude oil and oil products has been severely disrupted. The loss of both crude oil production and refinery capacity arising from hurricane Katrina and Rita resulted in releases from the U.S. strategic reserves and those of the IEA member-nations. The latter represents only the second such exercise in the 30 years history of the organization. Meanwhile, demand destruction from the record high prices for petroleum products has been limited but could expand in future months. Most industry observers anticipate that if the northern hemisphere winter produces normal temperatures in the U.S. northeast, Europe, and Asia the producing countries will need to maximize output to keep pace with needs.

The shortfall in oil production in the U.S. Gulf and reduced refinery throughput will result in greater tanker demand than otherwise. The seasonal pickup in charter rates is already evident and could extend for a longer period than usual reflecting a rebuilding of inventories and strategic stockpiles.

The economies of the major oil importing nations including the U.S.A, China, and Japan continue in a growth mode, as do India and the greater Pacific Rim. The IEA has projected daily oil demand at 85.2 million barrels for 2006 up 2.2% from 83.4 billion barrels for 2005. North America, China and developing Asian economies are forecast to absorb two-thirds of the growing thirst. These are all net importers and somewhat distant from the primary production sites.

Expansion of the tanker fleet has been more robust than anticipated because of somewhat fewer removals during the course of 2005. The fleet is projected to expand at a high but less aggressive rate in 2006. However, because of the unusual demand pressures cited above, the overall balance should be maintained at least through mid-2006.

Longer term, major shipyards are booked through much of 2008. Barring a significant slowdown in the growth of the World's economic locomotives (U.S.A., Japan, China, India) the growth in oil consumption, longer trade routes, significant scrappage arising from regulatory restrictions, and selectivity by leading charterers suggest that no serious supply/demand imbalance will develop in the foreseeable future. The rosy outlook for charter rates may be partially offset by rising costs. Higher priced ships will result in greater depreciation expenses and dry docking costs as well as increased capital costs and insurance premiums.

A return to more normal interest rates may further impact the cost of capital. Bunkering and lubricant expenses will follow the overall higher costs for oil products. General operating costs will be burdened with inflation and the impact of a weak dollar. Corporate governance regulations continue to build overhead burdens. Nevertheless, the balance of 2005 should provide attractive returns to tanker owners and operators. Barring major economic disruptions and assuming normal fuel requirements in the upcoming winter in the northern hemisphere, 2006 promises a fourth consecutive year of prosperity for the tanker industry.

OUTLOOK FOR TEN

The momentum of early 2005 has continued through October and we project favorable comparisons for the fourth quarter of the year. 88% of employable days in the fourth quarter have been booked or are under contract. We anticipate that the 12% of remaining employable days not yet under contract and those vessels that are employed at variable rates will operate in a strong charter rate market. Although the expense environment described above will affect TEN, the prospects for fourth quarter and full year results are promising.

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

Email: ten@tenn.gr

Thomas J. Rozycki, Jr., Vice President

Cubitt Jacobs & Prosek Communications

212-279-3115 x208

tom@cjpcom.com