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Tsakos Energy Navigation Continues Fleet Expansion Through Acquisition Of Vessels And Newbuilding Contracts

13 13 2006

Athens, Greece: January 12, 2006 - Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) today announced the acquisition of two newbuilding contracts and two second-hand vessels. The newbuilding contracts are for the construction of two 1B ice-class product carriers, to be delivered to the Company in the second and third quarters of 2007. The second-hand vessels consist of a double-hull product tanker and a double-hull VLCC to be delivered to the Company in the first quarter of 2006. The product tanker is on time-charter until September 2006 while the VLCC operates in the spot market. These vessels were acquired from entities affiliated with the Tsakos Group and will continue to be managed by Tsakos Shipping & Trading S.A. ensuring a seamless transfer.

Total consideration for the four vessels (including newbuilding instalments) is $219.0 million and will be financed by TEN's own funds and bank debt. The price to be paid for the four acquisitions is based on fair market valuations received from five independent ship brokers. A committee of independent directors reviewed management's proposal and the board of directors approved and authorized the acquisitions.

TEN also announced today the placement of a newbuilding order for a 105,000 dwt Aframax tanker at Sumitomo Heavy Industries, Ltd. of Japan to be delivered in the second half of 2008. This latest order is for a sister vessel to two other Aframaxes also being built for TEN by Sumitomo. The contract price for this newbuilding is $58.9 million and will also be financed with TEN's own funds and bank debt.

"In line with TEN's policy of acquiring quality vessels to augment its fleet, the Company is happy to announce these transactions," stated Mr. D. John Stavropoulos, Chairman of the Board of Tsakos Energy Navigation, Ltd. "They will provide TEN with more versatility to serve its clients and will assure shareholders of management's commitment and capacity to grow the Company not only through newbuildings, but also through selective acquisitions of second-hand vessels." Mr. Stavropoulos concluded, "We project these acquisitions will be immediately accretive to net income and per share earnings which should enhance shareholder value and increase the Company's dividend capacity".

The next newbuilding to join TEN's existing fleet is the 1A ice-class double-hull suezmax tanker "Alaska" expected to be delivered on February 27^th, 2006 from Hyundai Heavy Industries in South Korea.

Additional specifications on all five vessels are as follows:

Type	Dwt	Yard	Built
Aframax	105,000	Sumitomo Heavy Industries, Japan	2008
1B ice-class Product	37,340	Hyundai Mipo, South Korea	2007
1B ice-class Product	37,340	Hyundai Mipo, South Korea	2007
Product	37,532	Hyundai Mipo, South Korea	2004
VLCC	298,900	Odense Lindo, Denmark	1993

Following the above transaction the proforma fleet outlook is as follows:

Type	Total Vessels	Double Hull	Ice-Class	Total Dwt
VLCC	3	3	-	900,000
Suezmax	10	10	6	1,636,000
Aframax	10	9	-	1,055,000
Panamax	7	7	3	478,000
Handysize/Product	10	8	6	379,000
LNG	1	1	-	74,000
TOTAL	41	38	15	4,522,000

ABOUT TSAKOS ENERGY NAVIGATION

Including the vessels announced above, TEN operates a fleet of 28 vessels (including three chartered-in vessels) of approximately 3.4 million dwt with an average age of 6.5 years compared to 11.7 years of the world average. Its newbuilding program consists of 13 vessels (3 Suezmax, 3 Aframax, 6 Handysize, 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