TSAKOS ENERGY NAVIGATION ACQUIRES FOUR 2009-BUILT PANAMAX TANKERS AND SELLS 1990-BUILT PANAMAX TANKER VICTORY III

Acquisition renews fleet, expands strategic alliance with major oil entity and reduces average fleet age to 6.5 years

ATHENS, GREECE - July 28, 2010 - Tsakos Energy Navigation Limited (NYSE:TNP) (“TEN” or the “Company”) today announced the concurrent acquisition of four fully-coated 2009 Korean-built panamax tankers, two to be delivered immediately and two in the fourth quarter of 2010, as well as the sale of the 1990-built panamax tanker Victory III to a third party. The first two vessels, World Harmony and Chantal, are direct replacements of Victory III and Hesnes (sold in April 2010) and are on time charters to a major South American state affiliated oil entity at a minimum base rate with 100% upside for the Company. The charters expire in April and June 2011, respectively. Combined, these charters are expected to generate at least $10 million in minimum revenues over the vessels’ respective employment. In addition, through this acquisition TEN further expands and solidifies its strategic partnership with the charterer by expanding the number of TEN vessels with this client from five to seven. The remaining two panamaxes, Selini and Salamis, currently operate in a spot pool and management will consider employment options upon delivery depending on prevailing market conditions.

All four vessels were acquired from affiliated companies and will continue to be managed by Tsakos Columbia ShipManagement to ensure a seamless transfer. The four vessels are sister vessels to the 2008-built panamaxes Selecao and Socrates already in the Company’s fleet, and together with the sale of Victory III, will assist not only in expanding the size of the fleet, but also in reducing TEN’s fleet age profile from 7.0 to 6.5 years.

Victory III, a sister vessel of Hesnes sold earlier in 2010, will be delivered to its new owners by the end of this month and will release approximately $1.0 million in free cash to the Company after repayment of outstanding debt.

Total consideration for the four vessels is $218.0 million including newbuilding extras for quality enhancements. TEN has secured a bank loan for the acquisition of the first two vessels and is currently negotiating the financing of the remaining two vessels with various international banks. The equity portion of the transaction will be financed from TEN’s own funds.

“In line with TEN’s policy of fleet renewal and expansion, the Company is happy to announce these transactions,” stated Mr. D. John Stavropoulos, Chairman of the Board of Tsakos Energy Navigation, Ltd. He added, “We project these acquisitions will be immediately accretive to net income and per share earnings and enhance shareholder value.”

About Tsakos Energy Navigation

TEN's pro forma fleet consists of 50 vessels of 5.3 million dwt. TEN’s operational fleet consists of 46 vessels all of double-hull design of which 21 are ice-class. TEN’s remaining newbuilding program includes two suezmax tankers totaling about 316,000 dwt.

TEN's balanced operational fleet profile is reflected in 21 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