Tsakos Energy Navigation Ltd. Announces Closing of Offering

Athens, Greece - April 29, 2014

Tsakos Energy Navigation Ltd. (NYSE:TNP), a leading crude, product and LNG tanker operator, today announced the closing of its successful public offering of 11,000,000 common shares at a price of $7.30 per share. The underwriters also have a 30-day option to purchase up to an additional 1,650,000 common shares. The gross proceeds of the offering are $80.3 million.

The Company plans to use the net proceeds to finance the expansion and modernization of its fleet through its vessel acquisition program, including installment payments on its existing crude oil carrier newbuilding program pursuant to its strategic partner ship with a well-known oil major, and for general corporate purposes. Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC acted as joint book-running managers of the offering. Clarkson Capital Markets LLC, DVB Capital Markets LLC and Brock Securities LLC acted as co-managers for the offering. The offering was made under an effective shelf registration statement.

The offering was made only by means of a prospectus supplement and accompanying base prospectus. The prospectus supplement and accompanying base prospectus relating to the offering may be obtained from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department, UBS Investment Bank, 299 Park Avenue, New York, NY 10171, Attn: Pro spectus Department, telephone: 888-827-7275 or Wells Fargo Securities, LLC, 375 Park Avenue, New York, NY 10152, Attn: Equity Syndicate Department, telephone: 800-326-5897, email: cmclientsupport@wellsfargo.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

About Tsakos Energy Navigation
To date, TEN's fleet, including the LNG carrier Maria Energy and nine Aframax crude oil tankers under construction, consists of 58 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 5.9 million dwt. Of these, 28 are product carriers ranging from DP2 shuttle suezmaxes to handysize, 14 of which are currently carrying crude cargoes, 28 are crude tankers ranging from VLCCs to Aframaxes, and two are LNG carriers.

Tsakos Energy Navigation press release