TSAKOS ENERGY NAVIGATION ANNOUNCES THE REPURCHASE OF SUEZMAX TANKER CAPE BAKER

LNG Carrier Neo Energy Charter Extended

08 October 2008

ATHENS, GREECE – October 8, 2008 - Tsakos Energy Navigation Limited (TEN) (NYSE:TNP), announced today that it completed the reacquisition of the 2002-built double hull suezmax tanker Cape Baker from the German K/G financial institution that had initially acquired the vessel from TEN in 2003 through a sale-and-leaseback transaction. The repurchase price agreed upon during the 2003 transaction is approximately half of what independent brokers consider the vessel’s current fair market value. The Cape Baker will reassume her original name, Decathlon, upon delivery back to TEN. The vessel will remain employed under its current charter, which has at least another 12 months remaining, and is expected to generate at least a further $13.0 million in gross revenues.

In November 2008, TEN expects to reacquire the sister-ship of the Decathlon, the Cape Balboa (to be named Pentathlon) which was part of the same 2003 sale-and-leaseback transaction.

Nikolas P. Tsakos, CEO of Tsakos Energy Navigation commented, “We would like to thank our German partners for their professional cooperation these five years. The return of the Decathlon to our fully owned fleet, especially at a time of firm second-hand values, is similar to our reacquisition of the aframax Olympia. In that transaction, we reacquired the vessel for approximately half of its fair market value in January of 2007 and then sold her for a substantial profit earlier this year, having successfully operated the vessel in the interim.”

Mr. Tsakos concluded, “Transactions such as the one announced today clearly demonstrate that profitable, growth-oriented transactions backed by attractive financing are still a fundamental piece of our corporate strategy. Even in the midst of the current capital market instability, which we believe has unfairly affected tanker stocks, our company remains financially sound, well capitalized and focused on identifying opportunities that this environment is bound to create. TEN continues its chartered course on a steady footing.”

TEN also announced today that it has successfully extended the time-charter of its LNG vessel Neo Energy for another 22 months at a profitable rate, with a charterers option for two additional 16 and 12-month periods at an escalating rate.

ABOUT TSAKOS ENERGY NAVIGATION
TEN's pro forma 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 of six vessels includes six DNA-aframax crude carriers representing 630,000 dwt.

The strategy of a balanced diverse fleet is reflected in 25 crude tankers ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize; complemented by one LNG.

Tsakos Energy Navigation press release