TSAKOS ENERGY NAVIGATION ANNOUNCES THE COMPLETION OF SALE OF THE AFRAMAX TANKER OPAL QUEEN

News Release Tsakos Energy Navigation Ltd. March 25, 2011

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ATHENS, GREECE – March 24, 2011 - Tsakos
Energy Navigation Limited (“TEN” or the
“Company”) (NYSE:TNP) today announced the delivery of the
2001-built aframax tanker
Opal Queen to her new owners. The capital gain of over $5 million
while the free cash of over
$16 million from this sale will be recorded in the first quarter
of 2011, while the free cash to be
generated will be used for future vessel opportunities.
George Saroglou, Chief Operating Officer, said “Sale &
Purchase activity is an integral part of
TEN’s operations that has generated close to $280 million in
capital gains. The transaction
displays the Company’s ability to supplement its profits through
sales and project its reputation
of having a fleet with superior technical characteristics that
appeal to prospective buyers of
vessels. We wish the vessel’s new owners safe and profitable
voyages”.</DIV></BODY></HTML>