Tsakos Energy Navigation Limited Announces Pricing of Its Public Offering of Common Shares

ATHENS, GREECE--(Marketwire - Apr 19, 2012) - Tsakos Energy Navigation Limited (the "Company") (NYSE: TNP), a leading provider of international seaborne energy transportation services for crude oil, petroleum products and LNG, announced today that its offering of 10,000,000 common shares was priced at $6.50 per share, representing a 3.4% discount from the closing price on April 18, 2012. Entities affiliated with the Tsakos Holdings Foundation, which is the Company's largest shareholder, have agreed to purchase two million of the common shares being sold in the offering. The gross proceeds from the offering are expected to be approximately $65,000,000.

The Company has also granted the underwriters a 30-day option to purchase up to 1,500,000 additional common shares.

The Company plans to use the net proceeds of the offering to fund growth initiatives, including LNG, working capital and other general corporate purposes.

Credit Suisse is acting as book-running manager, Morgan Stanley is acting as senior co-manager, and Clarkson Capital Markets, Dahlman Rose & Co. and Brock Capital are acting as co-managers of the offering, which is being made under an effective shelf registration statement.

The offering is being made only by means of a prospectus supplement and accompanying base prospectus. A preliminary prospectus supplement and accompanying base prospectus relating to the offering has been filed with the Securities and Exchange Commission ("SEC") and is available at the SEC's website at http://www.sec.gov. When available, the final prospectus supplement and accompanying base prospectus relating to the public offering may be obtained from Credit Suisse, One Madison Avenue, New York, NY 10010, Attn: Prospectus Department, e-mail: newyork.prospectus@credit-suisse.com or (800) 221-1037.

The offering is expected to close on April 24, 2012, subject to customary closing conditions.

This release does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Tsakos Energy Navigation

The Company's pro forma fleet consists of 54 double-hull vessels of approximately 6.0 million dwt that includes two LNG carrier newbuildings, two DP2 suezmax shuttle tanker newbuildings and two conventional suezmax tanker newbuildings. The proforma fleet assumes the Company's exercise of its options for two newbuild conventional suezmax tankers and one newbuild LNG carrier. The Company's balanced fleet profile is reflected in 23 crude tankers ranging from VLCCs to aframaxes, 26 product carriers ranging from aframaxes to handysize, three LNG carriers and two shuttle tankers.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in Section 21E of the Securities Exchange Act of 1934, as amended). Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. Statements contained in this press release are based upon information presently available to the Company and assumptions that the Company believes to be reasonable. The Company is not assuming any duty to update this information should those facts change or should the Company no longer believe the assumptions to be reasonable. These statements are subject to risks and uncertainties, including without limitation, general market conditions, the market for the Company's common shares, the performance of the Company's business and other risks detailed from time-to-time in the Company's filings with the Securities and Exchange Commission. There is no assurance that the Company will complete the offering or on what terms.