Tsakos Energy Navigation Announces Long Term Time Charters for Two Suezmax Newbuilding Tankers

News Release Tsakos Energy Navigation Ltd. May 9, 2011

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Minimum $200 million in revenues over charter
period
ATHENS, GREECE – May 9, 2011 - Tsakos Energy Navigation Limited
(“TEN” or the
“Company”) (NYSE:TNP) today announced two long-term fixtures with minimum
and profit
sharing provisions to a major Far Eastern entity for two suezmax
tankers to be delivered in
mid-May and mid-July of this year in South Korea. The charters, of
eleven and twelve-year
periods will commence upon delivery and are expected to generate
combined gross revenues,
assuming only the minimum rates, of approximately $200
million.
“The duration and structure of this transaction is a testament to
the quality of our fleet and
operations while the calibre of the counterparty is a proof of the
high-value relationships our
Company has cultivated over the years,” said Mr. Nikolas P.
Tsakos, President & CEO of
TEN. “These two fixtures fall in line with our tried and tested policy
of cash flow predictability
as they provide us with a flexible and stable income stream over a
very long period. These two
new charters together with the recent fifteen year contracts
secured for the two suezmax shuttle
tankers currently under construction should generate a minimum of
$720 million in gross
revenues over their corresponding charter periods ,” Mr. Tsakos
concluded.</DIV></BODY></HTML>