Tsakos Energy Navigation Limited Formally Closes $50 Million Offering of Its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares and Announces That the Series B Preferred Shares Will Trade on NYSE Under the Symbol TNPPRB

ATHENS, GREECE--(Marketwired - May 10, 2013) - Tsakos Energy Navigation Limited (the "Company" or "TEN") (NYSE: TNP), a leading product, crude and LNG tanker operator, today announced that it has raised gross proceeds of $50 million, through its previously announced public offering of 2,000,000 shares of 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the "Series B Preferred Shares") under its effective shelf registration statement at $25.00 per share. The underwriters have an option to purchase up to 300,000 additional Series B Preferred Shares. Incapital and DNB Markets acted as joint book-running managers for the offering and Incapital acted as the sole structuring agent. Clarkson Capital Markets and Brock Capital acted as co-managers. TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments.

The Company also announced that on Monday, May 13, 2013, the Series B Preferred Shares will commence trading on the New York Stock Exchange, under the symbol "TNPPRB."

Copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from Incapital LLC, Attn: DCM Prospectus Department, 200 S. Wacker Drive, Suite 3700, Chicago, Illinois 60606, Telephone (312) 379-3700, Email prospectus_requests@incapital.com and DNB Markets, Inc., 200 Park Avenue, 31st Floor, New York, New York, 10166, Telephone: (212) 551-9814.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus supplement and accompanying base prospectus.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's fleet, including an LNG carrier under construction, consists of 49 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 4.9 million dwt. Of these, 19 are crude tankers ranging from VLCCs to aframaxes, 28 are product carriers ranging from shuttle suezmaxes to handysize and two are LNG carriers.

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.