Tsakos Energy Navigation Ltd. Announces Closing of Offering, Including Full Exercise of Underwriters' Option to Purchase Additional Shares

ATHENS, GREECE--(Marketwired - Feb 5, 2014) - Tsakos Energy Navigation Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the closing of its successful public offering of 12,995,000 common shares, including 1,695,000 common shares issued upon the exercise in full by the underwriters of their option to purchase additional shares. The public offering price was $6.65 per share. The gross proceeds of the offering were $86.4 million.

The Company plans to use the net proceeds of the offering to finance the growth and modernization of its fleet, and for general corporate purposes.

Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC acted as joint book-running managers of the offering. Global Hunter Securities, LLC, Brock Securities LLC, DVB Capital Markets LLC and Clarkson Capital Markets LLC acted as co-managers for the offering. The offering was made under an effective shelf registration statement.

The offering was made only by means of a prospectus supplement and accompanying base prospectus. When available, the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department, email: prospectus@morganstanley.com, UBS Investment Bank, 299 Park Avenue, New York, NY 10171, Attn: Prospectus Department, telephone: 888-827-7275 or Wells Fargo Securities, LLC, 375 Park Avenue, New York, NY 10152, Attn: Equity Syndicate Department, telephone: 800-326-5897, email: cmclientsupport@wellsfargo.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

About Tsakos Energy Navigation Ltd.

To date, TEN's fleet, including the LNG carrier Maria Energy and five Aframax crude oil tankers under construction, consists of 54 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 5.5 million dwt. Of these, 28 are product carriers ranging from DP2 shuttle suezmaxes to handysize, 24 are crude tankers ranging from VLCCs to Aframaxes, and two are LNG carriers. The Company also held an option for construction of an LNG carrier that was initially exercisable by January 31, 2014 and intends to engage in discussions with the shipyard to extend the option to the end of February 2014.

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.