Fifth vessel chartered in a month - Charter to generate at least $15.3 million in gross revenue ATHENS, Greece, Oct. 20 /PRNewswire-FirstCall/ -- Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE:TNP) today announced a two year time-charter with profit sharing for the 2005-built suezmax tanker Euronike to an international oil major, an existing client of the Company. The minimum revenue expected from this fixture is estimated at $15.3 million with an extra $8.1 million due if charterers extend employment for an additional year. Should the charterer exercise this option, the total minimum gross revenues to TEN from this charter will rise to $23.4 million. Prior to this fixture, the Euronike was operating in the spot market. Following this charter, TEN's fixed employment including pool vessels for 2009 and 2010 is 78% and 54%, respectively. "The Euronike is the fifth vessel that we have chartered over the last month and another fixture that signifies TEN's ability to implement its stated employment strategy of profit sharing with first class clients," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "The recent appetite of major end users to fix quality tonnage long term is encouraging and solidifies the Company's cash generating capability and ability to maintain its stated dividend policy going forward." Mr. Tsakos concluded. ABOUT TSAKOS ENERGY NAVIGATION TEN's pro forma fleet consists of 52 double-hull vessels of 5.6 million dwt and includes two DNA-aframax crude carriers and two suezmax tankers currently under construction totalling 526,000 dwt. TEN's balanced fleet profile is reflected in 28 crude tankers ranging from VLCCs to aframaxes and 23 product carriers ranging from aframaxes to handysize and one LNG. TEN's employment profile: Type of Employment Vessels Period Employment - Fixed, fixed w/profit share & min max 27 CoA - market related 5 Pool - market related 6 Spot - market related 10 TEN's current newbuilding program: Aframax DWT Hull Type / Design Delivery 1. Sapporo Princess 105,000 DH / DNA Q1 2010 2. Uraga Princess 105,000 DH / DNA Q3 2010 3. S2034 158,000 DH Q3 2011 4. S2035 158,000 DH Q3 2011 DH: Double Hull DNA: Design New Aframax FORWARD-LOOKING STATEMENTS Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. CONTACTS: Company Investor Relations Tsakos Energy Navigation, Ltd. Cubitt, Jacobs & Prosek Communications George Saroglou, COO Thomas J. Rozycki, Jr. Tel: +30210 94 07 710 Tel: +212 279 3115 (x208) Marketing Advisor Capital Link, Inc. Nicholas Bornozis Tel: +212 661 7566 Visit our company website at: http://www.tenn.gr/. DATASOURCE: Tsakos Energy Navigation Limited CONTACT: George Saroglou, COO, Tsakos Energy Navigation, Ltd., +30210-94-07-710, ; or Investor Relations, Thomas J. Rozycki, Jr., Cubitt, Jacobs & Prosek Communications, +1-212-279-3115, Ext. 208, ; or Marketing Advisor, Nicholas Bornozis, Capital Link, Inc., +1-212-661-7566, Web Site: http://www.tenn.gr/

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