Tsakos Energy Navigation Comments on Market Conditions and Announces Date for Third Quarter 2014 Financial Results

ATHENS, GREECE--(Marketwired - Oct 16, 2014) - Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, stated today its belief that the recent decline in TEN's stock is in direct contrast to the state of the physical tanker market, the future prospects and the financial strength of the Company.

Management believes that the supply and demand balance, particularly for crude tankers, is in equilibrium and should provide a solid platform for continuing the healthy rates and asset prices currently in evidence.

Additionally, the recent decrease in the price of oil can be viewed as a "double blessing" for TEN. On the one hand, it creates a tailwind for maritime transportation as the soft price of the commodity leads to increased global imports in time for the approaching winter. As a result, spot rates have doubled compared to rates this time last year for most of the vessel types TEN operates, as the table below demonstrates. On the other hand, given that the largest expense item of the Company's operations relates to vessel fuelling, the lower price of oil translates into material cost savings. Such savings are estimated to be approximately $10 million on an annualised basis to TEN's bottom line.

Furthermore, the strengthening of the US dollar provides an additional layer of support as it reduces our Euro expenditure by an estimated $12 million dollars annualized at current exchange rate levels.

Below is a year-on-year comparison of spot rates in TEN's vessel types as provided by market brokers highlighting the current strength of the tanker market.

		10/14/2014		10/10/2013
	VLCC	$	34,700	$	18,000
	Suezmax	$	32,500	$	3,500
	Aframax	$	22,000	$	10,600
	LR2	$	24,200	$	18,550
	LR1	$	12,900	$	7,660
	MR/Handy	$	13,200	$	9,990

TEN is one of the largest transporters of energy in the world and a partner of choice for major oil companies. With its modern, versatile and diversified fleet, with a strong crude presence, TEN is uniquely positioned to benefit from such hikes. This trend is expected to continue for the near future particularly with the winter months still ahead of us.

In light of the above, TEN's management has decided to recommend to the Board of Directors an increase in common stock dividends for 2015. Should the Board accept such recommendation, we expect the increase to be announced in our forthcoming third quarter earnings results on November 21, 2014.

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 are LNG carriers. The average age of the operational fleet is 7.2 years.

The Company's newbuilding program consists of:

	Vessel		Dwt		Built		Employment at Delivery
	1. LNG Maria Energy		174,000 cbm		1Q2016		TBD
	2. Aframax H/N 5010		112,700 dwt		2Q2016		Yes
	3. Aframax H/N 5011		112,700 dwt		2Q2016		Yes
	4. Aframax H/N 5012		112,700 dwt		3Q2016		Yes
	5. Aframax H/N 5013		112,700 dwt		4Q2016		Yes
	6. Aframax H/N 5014		112,700 dwt		1Q2017		Yes
	7. Aframax H/N 5015		112,700 dwt		1Q2017		Yes
	8. Aframax H/N 5016		112,700 dwt		2Q2017		Yes
	9. Aframax H/N 5017		112,700 dwt		2Q2017		Yes
	10. Aframax H/N 5018		112,700 dwt		3Q2017		Yes
	11. LR1 TBA		74,000 dwt		2H2016		Yes
	12. LR1 TBA		74,000 dwt		2H2016		Yes

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.

Visit our company website at: http://www.tenn.gr