Tsakos Energy Navigation Announces Three-Year Employment With A Major Oil Company For Suezmax Tankers Antarctic And Eurochampion 2004

Hamailton Bermuda: October 30, 2007 - Tsakos Energy Navigation Ltd. ("TEN" or the "Company") (NYSE: TNP) today announced three-year time-charters to a major European oil company for the 2007-built 1A ice-class suezmax tanker Antarctic and the 2005-built 1C iceclass suezmax tanker Eurochampion 2004. The charters are structured with a minimum rate and a 50/50 profit-share when rates exceed that minimum. Prior to these charters both vessels operated in the spot market.

The Antarctic charter began on October 27, 2007, while the Eurochampion 2004 charter is expected to commence at the beginning of November 2007. The gross proceeds from these charters, assuming only the minimum rate, are expected to exceed $76 million over the corresponding charter period. With the commencement of these charters, the Company, based on a total fleet of 43 vessels in operation, has fixed forward 75% of the available earning days for 2008 and 60% for 2009.

Of the 43 vessels, 38 operate in period charters some extending beyond 2009. The minimum gross revenue therefore already secured from these charters before any profit-sharing, as of October 30, 2007, is in excess of $700 million.

"True to our policy of creating strategic chartering alliances with quality and renowned oil

majors, we have once again secured two attractive period charters," stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. "These charters will enhance our

relationship with a major client and allow us to further solidify the company's cash flow

generating ability and bottom line for the benefit of both the company and its shareholders.

The Antarctic and the Eurochampion 2004 operated successfully in the spot market and have been major contributors to the company's revenue base. We expect these new charters to continue this success."

ABOUT TSAKOS ENERGY NAVIGATION

TEN's proforma fleet consists of 51 vessels of 5.4 million dwt. Today, TEN operates a fleet of 43 vessels all of double-hull design. Additionally, its newbuilding program of eight vessels includes six aframax crude carriers and two panamax tankers representing 777,000dwt. The strategy of a balanced diverse fleet is reflected in 26 crude transporters ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize; complemented by one LNG.

TEN's remaining newbuilding program:

Vessel Dwt Design Delivery

Panamax

1. Selecao 73,000 DH January 2008

2. Socrates 73,000 DH February 2008

Aframax

1. Maria Princess 105,000 DH / DNA November 2008

2. Nikko Princess 105,000 DH / DNA November 2008

3. Ise Princess 105,000 DH / DNA Q3 2009

4. Asahi Princess 105,000 DH / DNA Q4 2009

5. Saporo Princess 105,000 DH / DNA Q4 2009

6. Uraga Princess 105,000 DH / DNA Q1 2010

DH: Double Hull

DNA: Design New Aframax

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.