TSAKOS ENERGY NAVIGATION REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2012

News Release Tsakos Energy Navigation Ltd. May 25, 2012

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50% income improvement from Q4 2011, net of impairments 
Quarterly dividend of $0.15 per share paid today, May 25, 2012 
Active fleet utilization of 97% 
FIRST QUARTER AND RECENT HIGHLIGHTS 
 Voyage revenues of $102.2 million 
 45 out of 48 vessels with positive EBITDA 
 EBITDA totals $26.2 million 
 $1.0 million in operating income 
 Net loss of $8.8 million (attributable largely to LNG special survey and
two VLCCs) 
 Strong liquidity maintained of $193 million as at end of quarter 
 Further $63m added in equity offering of April 18, 2012 
 Commencement of new accretive four-year charter for LNG
Neo-Energy 
 Total of five new charters since January 2012 with future
minimum gross revenues of $172 million over their respective fixtures spanning
from one to five years 
 Active fleet utilization of 97% 
 Quarterly dividend of $0.15 per share, paid February 14, 2012, and a
further quarterly dividend of $0.15 per share paid today 
 Order of new tri-fuel 162,000 m3 LNG carrier 
 Options for further LNG carrier and two conventional suezmaxes

Athens, Greece--May 25, 2012--Tsakos Energy
Navigation Limited (TEN) (NYSE: TNP) (the "Company") today reported results
(unaudited) for the first quarter ended March 31, 2012. 
Revenues, net of commissions and voyage expenses amounted to $66.2 million in
the first quarter of 2012, a 7% improvement over the fourth quarter of 2011. TEN
operated an average of 48.0 vessels in the first quarter of 2012. However, this
includes one vessel, the VLCC La
Prudencia, which was not operating during the quarter in
anticipation of a sale or conversion and the VLCC, La Madrina
which is held for sale but performed operations.
Excluding La Visit our company website at:
http://www.tenn.gr
2 
Prudencia, the fleet utilization was 96.7%, a high level of
productivity given the continued state of the market. 
The average daily time charter equivalent (TCE) rate (voyage revenue less
voyage expenses) was $17,129, which was an improvement of about 9.0% over the
fourth quarter of 2011 due primarily to regional spikes in aframax freight rates
and some increase in product carrier rates. However, these spikes were offset
partially by bunker prices which were 10% higher than the average prices of
2011. A part of these costs, however, was recovered through our bunker hedges,
which are included in finance costs. 
All the vessels generated positive EBITDA in the first quarter of 2012 with
the exception of the LNG carrier which was in dry dock and the two VLCCs which
are held for sale. In total EBITDA amounted to $26.2 million in the first
quarter of 2012. 
Total operating expenses amounted to $35.5 million in the first quarter of
2012. This was higher than normal due almost entirely to dry-dockings in which
additional non-deferrable expenditure was incurred, particularly with regards to
the LNG carrier Neo Energy where special
attention was given to the vessel prior to commencement of its new four-year
charter at a very accretive rate. It is expected that from the second quarter of
2012, operating expenses will return to levels more comparable to the 2011
average expenditure level, aided by fewer dry-dockings and a strengthening of
the US dollar against the Euro. 
General and administrative expenses in the first quarter of 2012 were reduced
to $0.8 million, due to savings in investor relations, promotional activities
and office and sundry expenses. 
Interest and finance costs were kept down to $10.3 million primarily due to
positive valuation movements on interest rate and bunker swaps. Interest paid on
interest rate swaps again amounted to approximately $7.7 million. 
The first quarter of 2012 ended with a net loss of $8.8 million which,
excluding the year-end impairment charges, was an improvement of about 50% over
the fourth quarter result mainly due to better than expected market rates. The
first quarter 2012 loss is attributable to a number of factors, apart from the
general state of the freight market, including high bunker costs, high interest
rate swap costs, exceptional dry-dock repair costs on five vessels, and
continued losses on the two older VLCCs which are held for sale (albeit at a
much reduced level). In the second quarter of 2012, we are seeing some
improvement in the suezmax and VLCC rates, which should allow the VLCC
La Madrina to cover much of its
costs prior to its sale. Bunker costs have fallen slightly which should have
some positive impact and there are only three vessels undergoing dry-dock in the
second quarter of 2012. Seven of the interest rate swaps will expire in the
latter part of the year providing some relief in 2013, although it remains our
intention to hedge against interest rate volatility at more attractive levels.

Total cash and liquid investments amounted to $193 million at the end of the
first quarter 2012, an increase of $9 million over the year-end balances. Total
indebtedness remained at approximately the same level as of December 31, 2011.
Finance (including pre-delivery) has been arranged for the first of the two
suezmax DP2 shuttle tankers to be delivered in early 2013 and similar terms are
nearing completion for the second shuttle tanker. We concluded a successful
follow-on equity offering on April 18, 2012, and raised net proceeds of $62.7
million on the sale of ten million common shares. Offering proceeds will
primarily be utilized for the Visit our company website at:
http://www.tenn.gr
3 
initial installments of two LNG carriers, one of which we have already
ordered. We have an option for the second which we expect to exercise in
September 2012. 
Subsequent Events 
On April 18, 2012, the Company concluded a follow-on public equity offering
that raised, net of underwriting discount, $62.7 million on the issuance of 10
million common shares. The proceeds from the equity offering will be used
primarily to fund growth initiatives, primarily in the LNG sector. 
On April 17, 2012, the Company declared a quarterly dividend of $0.15 per
share which will be paid today May 25, 2012 to shareholders of record May 21,
2012. TEN has paid a dividend every year since its listing on the New York Stock
Exchange in March 2002. Since then, TEN has distributed a total of $9.375 per
share in dividends against a listing price at that time of $7.50 per share,
accounting for the 2-1 share split of November 14, 2007. 
On April 12, 2012, the Company announced three and five year charters for two
of its modern handysize product tankers to a major end-user. The contracts are
expected to generate minimum gross revenues of $42 million over the duration of
their respective contracts. 
Strategy & Outlook 
In this challenging environment, TEN remained committed to its stated policy
of balanced and flexible fleet employment which translated into high fleet
utilization rates, operating efficiencies, cost containments and selective
growth. The Company remains focused on its LNG presence with the placement of a
one-plus-one newbuilding order while maintaining an interest in value
opportunities as may surface in the conventional tankers market for modern
tonnage. Further to that, management is exploring ways to enhance its presence
in the developing shuttle tankers markets in order to solidify its involvement
through the two shuttle tanker newbuildings with delivery in Q1 and Q2 2013.

Management remains optimistic for the long-term prospects of the tanker
industry and will continue to position the Company both in terms of assets and
employment patterns to benefit from an expected recovery in freight rates. 
"TEN is prepared to take advantage of low market opportunities whilst making
sure to comfortably navigate through current choppy waters.," stated Mr. Nikolas
P. Tsakos, President & Chief Executive Officer of TEN. "In doing so, we have
continued to follow our tried and tested policy of a strong balance sheet, a
long-term and flexible employment as well as the concept of operating a modern
and diversified fleet. Cash preservation, dividends and opportunistic
acquisitions remain a core in our strategy going forward. We feel that the
modernity of our fleet coupled with our involvement in LNG and shuttle tankers
will make such challenging quarters a mere aberration in our Company’s 19 year
history," Mr. Tsakos concluded. 
Conference Call 
As previously announced, today, Friday, May 25, 2012 at 10:00 a.m. Eastern
Time, TEN will host a conference call to review first quarter 2012 results as
well as management's outlook for the business. The call, which will be hosted by
TEN's senior management, may contain information beyond what is included in this
press release. Visit our company website at:
http://www.tenn.gr
4 
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953
0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial
In). Please quote "Tsakos" to the operator.

A telephonic replay of the conference call will be available until June 1,
2012 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll
Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access
Code: 90295809# 
Simultaneous Slides and Audio Webcast: 
There will also be a simultaneous live, and then archived, slides webcast of
the conference call, available through TEN’s website (www.tenn.gr). The slides
webcast will also provide details related to fleet composition and deployment
and other related company information. This presentation will be available on
the Company's corporate website reception page at www.tenn.gr. Participants for
the live webcast should register on the website approximately 10 minutes prior
to the start of the webcast. </DIV></BODY></HTML>