Tsakos Energy Navigation Announces Charter Extension for Three Product Tankers

ATHENS, GREECE--(Marketwired - Oct 3, 2014) - Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the charter extension for three product tankers, including two Panamaxes and one MR, for two and three years respectively to a South American oil major. These contracts are expected to generate $40 million in total gross revenues over their relevant duration.

"These three accretive fixtures following those announced in August, expand our contracted revenues and solidify our profitability. In addition, they reconfirm TEN's position as a shipowner of choice for major oil companies," stated Mr. Nikolas P. Tsakos, President & CEO of TEN. "The growing appetite of end users for long term charters and the recent strengthening of the spot market, for both crude and products, reinforces our optimism going forward. TEN's mix of long term employments and vessels in the spot market takes advantage of current market conditions and further enhances our bottom line," Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's fleet, including the LNG carrier Maria Energy, nine Aframax crude oil tankers and two LR1 tankers all under construction, consists of 62 double-hull vessels, a mix of crude tankers, product tankers and LNG carriers, totaling 6.4 million dwt. Of these 44 vessels trade in crude, 14 in products, two are shuttle tankers and two LNG carriers. The average age of the operational fleet is 7.2 years.

The Company's newbuilding program consists of:

ABOUT 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.