TSAKOS ENERGY NAVIGATION ANNOUNCES NEW TIME CHARTER OF LIQUEFIED NATURAL GAS (LNG) CARRIER NEO ENERGY

News Release Tsakos Energy Navigation Ltd. June 20, 2011

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Significant accretion to bottom line
expected
ATHENS, GREECE – June 20, 2011 – Tsakos Energy Navigation Ltd.
("TEN" or the
“Company”) (NYSE: TNP) today announced a four year time charter for the
2007-built
150,000 m3 LNG carrier Neo Energy to a major international energy concern.
The charter is
expected to commence in the first quarter of next year
upon
expiration of the vessel’s existing
employment. This new charter, in line with current market levels,
is anticipated to make a
significant contribution to the bottom line over its
duration.
“The operational performance of the Neo Energy since delivery in
2007 coupled with the
current strength in the LNG markets has enabled us to secure an
attractive employment for the
vessel over the next four years,” stated Mr. Nikolas P. Tsakos,
President and Chief Executive
Officer of TEN. “The LNG market remains a close-knit and selective sector with
demanding
operating procedures. TEN has qualified as a reliable owner and
operator of LNG tonnage and
gained the acceptance of the LNG community worldwide. We view LNG
transportation as
integral in the overall energy chain, and we will continue to explore
tangible opportunities
in
order to expand our footprint in this promising sector,” Mr. Tsakos
concluded.</DIV></BODY></HTML>