TSAKOS ENERGY NAVIGATION ANNOUNCES TWO-YEAR CHARTER EXTENSIONS FOR TWO DOUBLE-HULL AFRAMAX PRODUCT TANKERS

ATHENS, GREECE - June 12, 2008 - Tsakos Energy Navigation Limited (TEN or the “Company”) (NYSE:TNP) today announced two-year time-charter extensions for two Aframax product tankers to Neste Oil of Finland, the original charterers. The charters are comprised of a minimum rate and 50:50 profit share if rates exceed that level. The charters, assuming only the minimum rate, are expected to generate gross revenues in excess of $42.5 million over the corresponding period. The vessels are expected to commence their new employment upon expiration of the existing charters in July and October of this year. In order to conform with the Company’s balanced employment strategy, a third sister vessel will enter the spot market.

Of TEN’s 44 vessel operating fleet, 31 have flexible charters with the ability to take advantage of market peaks and enhance the fleet’s earnings potential while 40 of these 44 vessels have fixed employment of various types that provide employment irrespective of market cycles.

“These charter extensions are a vote of confidence from a world-class client like Neste and a testament to our ability to enhance our strategic relations with our major clients for the benefit of shareholders,” stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. “The level, duration and timing of these charters, combined with an additional Aframax tanker in the pure spot market, allows the Company to maintain its flexible and balanced employment policy that safeguards healthy revenues irrespective of market cycles. On our quest to always strive to increase shareholder value, we believe these charter combinations will go a long way in meeting these goals.” Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION

TEN’s proforma fleet consists of 50 vessels of 5.3 million dwt. TEN’s operational fleet consists of 44 vessels all of double-hull design. TEN’s newbuilding program includes six DNA-aframax crude carriers representing 630,000dwt.

The strategy of a balanced diverse fleet is reflected in 25 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