TEN Closes Initial U.S. Public Offering and Lists on NYSE

Hamilton, Bermuda: 11 March, 2002 - Tsakos Energy Navigation Limited (NYSE: TNP; Oslo Børs: TEN BSX:TEN.BH) today announced the closing of its initial U.S. public offering of 6.35 million common shares at $15 per share, together with a concurrent offshore offering of 1 million shares, for aggregate gross proceeds of $110.25 million.

The shares commenced trading on the New York Stock Exchange (NYSE) on Tuesday, March 5, 2002 under the symbol "TNP". The Company's common shares are also traded on the Oslo Børs under the symbol "TEN".

Headquartered in Athens, Greece, Tsakos Energy Navigation owns a fleet of modern tankers providing world-wide marine transportation services for national, major and other independent oil companies and refiners under long, medium and short-term charters. The Company's diversified fleet of 16 tankers includes one very large crude carrier, seven Aframax tankers, four Panamax tankers and four Handymax tankers. The Company has contracts to purchase four Suezmax tankers and two Aframax tankers with delivery expected in 2002, and four Panamax tankers with delivery expected in 2003 and 2004 which will increase the total size of the Company's fleet to 26 vessels.

The Company intends to use approximately $60.8 million of the net proceeds to pay a portion of the aggregate amount required to complete the Company's 10 vessel newbuilding program and intends to use the remaining $40 million of the net proceeds of the offering to repay a portion of its secured bank indebtedness.

J.P. Morgan Securities Inc. acted as lead manager and Jefferies & Company, Inc., Sunrise Securities Corp., and Alpha Finance US Corporation acted as co-managers for the underwriting group.