Tsakos Energy Navigation Announces Long Term Charter for VLCC Ulysses

ATHENS, GREECE--(Marketwired - Jun 14, 2016) - Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced a 40-month charter for the recently delivered VLCC Ulysses with a Far Eastern end-user with gross revenues expected in the range of $50 million. This fixture is scheduled to commence in early July upon expiration of the vessel's maiden spot employment.

TEN's 15-vessel expansion program, the largest since its IPO, has started to deliver with the Ulysses being the first. All vessels but two are under long term accretive contracts while management is in negotiations for similar term employment for the remaining.

"We are pleased to announce an accretive fixture and the initiation of another long-term relationship with a first-class end-user," Mr. Nikolas Tsakos, President and CEO of TEN commented. "TEN's tested and successful strategy has been through the building of long-term relationships with oil majors and quality end users. The maintenance and enhancement of a solid employment base strengthens TEN's bottom line, increases profitability and secures our uninterrupted dividend distribution record since inception. With limited tonnage supply going forward, growing demand and the creation of new sea trade routes, market prospects remain positive," Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. The Company's pro-forma fleet, including one VLCC, one LNG carrier, nine Aframax crude tankers, a Suezmax DP2 shuttle tanker and two LR1 product tankers all under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers. All of TEN's tanker newbuildings except the one remaining VLCC Hercules and the LNG carrier Maria Energy are fixed on long-term project businesses. As of June 2016, 60% of 2016 fleet available days, taking into account nine deliveries, are on secured contracts with an average length of 2.5 years and minimum gross revenues of about $1.5 billion.

VESSELS UNDER CONSTRUCTION

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.