TSAKOS ENERGY NAVIGATION ANNOUNCES THREE-YEAR CHARTERS FOR DOUBLE-HULL NEWBUILDING PANAMAX TANKERS SELECAO AND SOCRATES

Vessels to be delivered in February and March 2008 in South Korea

Charters to generate over $57 million in gross revenues

ATHENS, GREECE – January 28, 2008 - Tsakos Energy Navigation Limited (TEN or the “Company”) (NYSE:TNP) today announced three-year time-charters for Panamax newbuildings “Selecao” and “Socrates” to a major South American state oil company. The charters are expected to generate gross revenues in excess of $57 million for the Company over the corresponding charter period. The vessels are expected to be delivered in February and March of this year.

After delivery of the “Selecao” and the “Socrates”, TEN’s earnings visibility will be further enhanced with 82% and 60% of 2008 and 2009 employment days fixed on time charters of varying types. These fixtures translate to an average of 2.1 years of employment for the 39 vessels under fixed charters and the total gross revenue these vessels are expected to generate (assuming only the minimum rate for the 24 vessels with profit sharing arrangements) will be approximately $700 million.

“We are pleased to start the new year by welcoming two state-of-the-art vessels with attractive charters to a long-time client which allows us to further expand our footprint in the international product trades,” stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. “The level, duration and timing of these charters exhibit a healthy appetite by oil companies to fix quality tonnage long-term. This contrasts favourably with the recent performance of tanker equities which we believe have been disproportionately impacted by turbulence in the financial sector and world capital markets. We expect healthy sector fundamentals to continue to provide value to shareholders.” Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION
TEN’s proforma fleet currently consists of 51 vessels of 5.4 million dwt. With the imminent delivery of the “Selecao,” TEN’s operational fleet will consist of 44 vessels all of double-hull design. After the delivery of the “Selecao,” TEN’s newbuilding program of seven vessels will include six aframax crude carriers and one panamax tanker representing 703,800dwt.

The strategy of a balanced diverse fleet is reflected in 26 crude transporters ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize; complemented by one LNG.

Tsakos Energy Navigation press release