TSAKOS ENERGY NAVIGATION ANNOUNCES DELIVERY AND CHARTER OF DNA-DESIGN AFRAMAX TANKER MARIA PRINCESS

Sister vessel Nippon Princess to be delivered and chartered on November 12, 2008

ATHENS, GREECE – October 23, 2008 - Tsakos Energy Navigation Limited (“TEN”) (NYSE:TNP) announced today the delivery of the double-hull DNA designed 105,000dwt Aframax Maria Princess from Sumitomo Heavy Industries in Japan. The Nippon Princess, a sister vessel to the Maria Princess, is expected to be delivered to the Company, from the same yard, on November 12, 2008. On delivery, the Maria Princess commenced a 30-90 day repositioning time-charter to a major international oil trader at a $50,000 per day rate. A similar charter has also been arranged for the Nippon Princess. Upon conclusion of these charters, the vessels will be located to their natural trading area, the Mid-Atlantic basin, where management will determine the next employment from the various options currently available.

These Aframaxes are part of the eight vessel-Princess series the Company inaugurated in March 2007 with the delivery of the Izumo Princess, christened by Her Imperial Highness Princess Hisako Takamado of Japan. The Company expects to take delivery of the remaining five vessels, including the Nippon Princess, over the next six quarters.

Nikolas P. Tsakos, CEO of Tsakos Energy Navigation commented, “We are extremely pleased to add these high specification aframaxes to our fleet as they will not only expand our presence in the crude oil market but also enhance our reach in a multitude of Aframax trades. In line with our strategy of modernization and growth, these upgraded aframaxes come in as a replacement to the three 1998 and 1999-built vessels we sold some months back and should be healthy contributors to our bottom line going forward.”

“Despite current conditions in the financial markets, companies with a strong balance sheet, a long track record and access to capital, like ours, will be on the forefront of opportunities as they arise and will continue to provide a long-term value proposition to shareholders,” Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION
TEN's pro forma fleet consists of 50 vessels of 5.3 million dwt. TEN's operational fleet consists of 45 vessels all of double-hull design. TEN's newbuilding program includes five DNA-aframax crude carriers representing 525,000 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