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Tsakos Energy Navigation Announces Delivery Of lA Ice-Class Suezmax Newbuilding "Alaska"

28 28 2006

Athens, Greece: February 28, 2006 - Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) today announced the delivery of the 162,400dwt 1A Ice-Class double-hull crude oil tanker Alaska from Hyundai Heavy Industries in South Korea. The vessel is the second in a series of eight 1A ice-class vessels the Company is building and the seventh ice-class tanker to join TEN's existing fleet. The Alaska was fixed at delivery for a repositioning voyage to the Atlantic by a European state oil company at an accretive rate. Current intentions are for the vessel to operate in the spot market to take advantage of current firm rates. With the addition of the Alaska, TEN now has three out of eight modern Suezmaxes operating in the spot market with the remaining five operating on time charters and profit sharing arrangements.

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 a sister vessel to the three other Aframaxes also being built for TEN by Sumitomo.

"In line with our stated policy, we continue to expand our fleet with modern, state-of-the art vessels to cater to the current and future needs of our clients," stated Mr. Nikolas P. Tsakos, President and CEO of Tsakos Energy Navigation. "The delivery of the Alaska further strengthens TEN's growing presence in the ever important ice-class sector while the additional Aframax order further highlights our confidence in the market going forward. With two 1A ice-class product tanker newbuildings still to join our fleet in 2006, and with one of the largest newbuilding programs in existence consisting of sister vessels of various categories, our shareholders can rest assured that our company will continue to grow, in all the sectors it operates, in the years to come."

The next newbuilding expected to join TEN's fleet is the 1A ice-class product tanker "Antares" which is scheduled to be delivered from Hyundai MIPO shipyard in South Korea on June 5, 2006.

ABOUT TSAKOS ENERGY NAVIGATION

Tsakos Energy Navigation, Ltd. operates a versatile fleet of modern ice-class and conventional tankers providing worldwide marine transportation services to national, state and international refiners under long, medium and short-term charters. It's proforma fleet of 42 vessels (including the vessels acquired from the Tsakos Group in January 2006) consists of:

VESSELS	Pro-forma - (Ice Class)		Existing - (Ice Class)
VLCC	3		3
Suezmax	10	(6)	8	(4)
Aframax	11		7
Panamax	7	(3)	7	(3)
Handysize/Product	10	(6)	4
LNG	1		-
TOTAL	42	(15)	29	(7)
*DWT*	*4,626,000*		*3,587,000*

The average age of the existing fleet is 6.3 years compared to the world average of 11.5 years. In terms of dwt, approximately 98% of the existing fleet is of double hull design. The newbuildings currently on order (2 Suezmax, 4 Aframax, 6 Handysize/Product, 1 LNG) are expected to be delivered in 2006, 2007 and 2008.

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