Tsakos Energy Navigation Reports Financial Results for Nine Months and Third Quarter Ended September 30, 2011

ATHENS, GREECE--(Marketwire - Nov 18, 2011) - Tsakos Energy Navigation Limited (NYSE: TNP)

2011 NINE-MONTH HIGHLIGHTS

• Voyage revenues of $294.4 million
• Combined EBITDA and vessel sales proceeds at $122.0 million
• Combined daily operating and overhead costs down from previous like period
• Net loss of $32.9 million or $0.71 per diluted share. Third quarter net loss of $24.1 million or $0.52 per diluted share
• Delivery and long term charter for 11 and 12 years with profit-share for two new building suezmaxes
• 15-year contracts and construction of two suezmax DP2 shuttle tankers
• Accretive LNG re-charter
• 19 new charters with minimum revenues of over $1.0 billion
• Significant outperformance of 2011 spot market indexes due to Company's T/C strategy
• 36 vessels out of a pro-forma fleet of 50 in fixed employment utilization
• Maintained strong cash liquidity of approximately $200 million
• Constant quarterly dividend payments
• Fleet utilization of 98%
• Sale of two tankers for a total net gain of $5.0 million
• Fleet average age 6.8 years

Tsakos Energy Navigation Limited (TEN or the "Company") (NYSE: TNP) today reported results (unaudited) for the nine months and third quarter of 2011.

NINE MONTH RESULTS
Revenues, net of voyage expenses and commissions, in the first nine months of 2011, totaled $191.8 million in the very difficult market. In the same period, TEN operated an average of 47.7 vessels. The average daily time charter equivalent rate per vessel was $16,146. Daily operating expenses per ship were $7,663, a decrease of 1.4% from the first nine months of 2010.

Interest and finance costs fell significantly in the first nine months of 2011 to $38.9 million, net of cash received on bunker swaps amounting to $4.7 million.

Within the nine month period, 19 new charters were concluded with minimum gross revenues of over $1 billion for an average duration of close to five years while two vessels, the 1991 and 2001 built aframaxes Vergina II and Opal Queen were sold with a capital gain of $5.0 million and the release of $18.2 million cash after debt repayment. Savings from the sale of the Vergina II alone have been estimated at $4 million in operational, financing and (scheduled) dry-docking costs within 2011.

In the nine months of 2011 a net loss of $32.9 million, or $0.71 per diluted share was incurred.

Cash flow from net income before depreciation, amortization and finance costs and before gains on vessel sales ("EBITDA") was $79.5 million (see attached Selected Financial and Other Data). Net proceeds before debt repayment from two vessels sold in the period totaled $42.5 million, bringing the total EBITDA and vessel sales proceeds to $122.0 million for the nine months.

THIRD QUARTER RESULTS
Revenues, net of voyage expenses and commissions, were $55.6 million in the third quarter of 2011 reflecting the difficult freight market encountered in the quarter as a result of continuing tanker oversupply and high bunker costs for spot vessels.

On average, TEN's fleet had 47.7 vessels during the quarter. Fleet utilization remained high at over 97%. The average daily time charter equivalent rate per vessel was $14,055. Rates for all sectors suffered decreases compared to rates achieved in the third quarter of 2010 except for the LNG carrier which enjoyed a pre-agreed increase in August in its hire rate. TEN was affected by the repositioning of two VLCCs as well as the unsustainably low Aframax market.

Average daily operating costs per vessel were $7,681. Costs in the third quarter, especially crew costs, were again affected by a weakened U.S. dollar. Nevertheless, the combined daily operating expenses and overhead expenses (mainly management fees and general and administrative expenses) per vessel have effectively remained stable over the past year due to cost reduction efforts and disposal of older vessels. Technical and commercial management fees were $3.9 million.

Depreciation and dry-docking amortization costs totaled $27.1 million in the third quarter of 2011, reflecting the acquisition of new vessels partly off-set by the sale of older vessels.

Interest and finance costs in the third quarter amounted to $15.5 million, net of cash received on bunker swaps amounting to $1.8 million.

The third quarter of 2011 ended in a net loss of $24.1 million or $0.52 per share.

TEN's liquidity at the end of the third quarter remained strong. Total cash and liquid investments amounted to $239 million. Total indebtedness, despite the delivery of four new vessels (Selini, Salamina, Spyros K and Dimitris P) since the third quarter of 2010, rose by only $40 million over the period. Despite the poor results generated in this most difficult market, the majority of vessels generated positive EBITDA. Our long standing chartering and banking relationships coupled with our existing strong cash reserves and undrawn facilities are paving the way for exploring attractive opportunities that may transpire from today's challenging environment.

QUARTERLY DIVIDEND
As announced on October 18, 2011, the Company's Board of Directors declared a quarterly dividend of $0.15 per share of common stock outstanding payable on November 30, 2011 to shareholders of record as of November 25, 2011. Inclusive of this distribution, TEN has distributed in total $9.075 per share in dividends to its shareholders since the Company was listed on the NYSE in March of 2002. The listing price was $7.50 per share taking into account the 2-1 share split of November 14th, 2007.

SUBSEQUENT EVENTS
Charter extensions agreed for two MR product tankers, one handysize and one handymax, to major South American oil concerns for two and three years respectively. Total gross revenue expected from these extensions is $25.0 million.

FLEET STRATEGY & OUTLOOK
The third quarter failed to shake off the pressure on rates and asset values exhibited in prior quarters. The arrival of new tonnage of all classes continued unabated (although the level of new tanker ordering in 2011 has diminished substantially) and reversed any positive contributions the improved worldwide oil demand should have offered the tanker markets. In the light of this supply-driven depressed market, TEN is taking advantage of its market reputation with charterers to reinforce its policy of employing a large part of its fleet under fixed, semi-variable and period contracts to mitigate volatility and safeguard cash reserves. As a result, since the beginning of the year and until the end of the third quarter, 77% of available days have been fixed under secured employment (including pools).

During the third quarter, TEN secured fixed and variable employment for nine of its vessels stretching from one to 12 years, securing total minimum revenues of over $240 million. Taking into consideration all chartering commitments, including the 15-year contracts for the two shuttle tankers under construction, to be delivered in Q4 2012 and Q1 2013, and the new LNG fixture to commence in February at a rate double the vessel's all-in breakeven, TEN's contracted charter revenues exceeded $1.0 billion.

This activity was again a testament to the quality of our fleet and the wider acceptance our vessels have enjoyed over the years with the international chartering community. The operational quality of our vessels coupled with our philosophy of medium to long-term flexible charters was demonstrated by the average TCE our fleet divisions achieved over the last nine months which significantly outperformed, despite the challenging environment, all equivalent sectors in the market as reported by market intelligence. Such performance allows the Company to continue rewarding its shareholders with dividend payments even in challenging environments.

Looking ahead, TEN continues to pay close attention to cost controls and has achieved strong savings over the past 18 months largely due to the efficiency and economies of scale attained by its technical manager Tsakos Columbia ShipManagement ("TCM"). After the safe and efficient operation of our vessels, the control of expenses is on the forefront of TCM's agenda and we are confident that TEN will continue to be one of the lowest cost operators in our peer group.

In terms of growth, our quest for opportunities in tankers continues as potential prospects in both crude and product begin to surface. We believe our cash reserves and our access to capital through our strong banking relationships provide us the leverage to achieving attractive pricing levels when acquiring tonnage.

LNG continues to remain an area of interest and we are looking at various avenues to solidify and enhance our presence in this lucrative market. With our 2007-built LNG carrier Neo Energy, TEN has achieved a solid footing in this high-end and closely-knit sector with positive growth fundamentals. Starting early next year on a new four-year time charter, the Neo Energy will generate a substantial contribution to the bottom line throughout its new employment.

As we advance in the last quarter of the year and enter the winter months we are confident that our vessels with ice-class capabilities will start to earn attractive "ice" premiums while our significant exposure in product tankers will stand to benefit from the new refineries built in the Middle East and Asia and from the expected change in trading patterns.

Navigating through these challenging times we remain confident that TEN, due to its fleet structure, employment profile, reliable counterparties and strong banking relationships together with its long-standing experience of handling market cycles, will once again come out stronger at the other end.

Despite the fact that the current share price does not reflect the actual value of the Company, management remains committed to the widespread shareholder base in increasing their investment returns through value increase and dividends.

Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please quote "Tsakos" to the operator.

A telephonic replay of the conference call will be available until November 25, 2011 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 90295809#

Simultaneous Slides and Audio Webcast:
There will also be a simultaneous live, and then archived, slides webcast of the conference call, available through TEN's website (www.tenn.gr). The slides webcast will also provide details related to fleet composition and deployment and other related company information. This presentation will be available on the Company's corporate website reception page at www.tenn.gr. Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's pro forma fleet consists of 50 double-hull vessels of 5.4 million dwt that includes two DP2 suezmax shuttle tankers currently under construction totaling 314,000 dwt. TEN's balanced fleet profile is reflected in 23 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and one LNG carrier.

TEN's employment profile (as of November 18, 2011):

Type of Employment		Vessels
Period Employment - Fixed, fixed w/profit share & min max		28
Pool - market related		6
Spot - market related		14

TEN's current newbuilding program:

Suezmax		DWT		Hull Type / Design		Expected Delivery
1. Suezmax DP2		157,000		DH		Q4 2012
2. Suezmax DP2		157,000		DH		Q1 2013
DH: Double Hull

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.

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES
Selected Consolidated Financial and Other Data
(In Thousands of U.S. Dollars, except share and per share data)
				Three months ended								Nine months ended
				September 30								September 30
STATEMENT OF INCOME DATA				2011				2010				2011				2010
Voyage revenues			$	93,862			$	95,519			$	294,367			$	313,040
Commissions				3,399				3,536				10,473				11,591
Voyage expenses				34,849				22,576				92,090				67,500
Charter hire expense				-				-				-				1,905
Vessel operating expenses				32,978				31,072				97,712				95,001
Depreciation				25,859				23,953				74,945				67,851
Amortization of deferred dry-docking costs				1,271				1,082				3,572				3,532
Management fees				3,879				3,721				11,698				10,318
General and administrative expenses				811				913				3,004				2,704
Stock compensation expense				73				480				774				1,273
Foreign currency (gains)/losses				(139	)			(920	)			500				(707	)
Loss/(Gain) on sale of vessels				-				520				(5,001	)			(19,670	)
Total expenses				102,980				86,933				289,767				241,298
	Operating (loss)/ income			(9,118	)			8,586				4,600				71,742
Interest and finance costs, net				(15,502	)			(14,591	)			(38,872	)			(50,184	)
Interest income				779				687				1,967				2,015
Other, net				(74	)			(25	)			(205	)			(85	)
Total other expenses, net				(14,797	)			(13,929	)			(37,110	)			(48,254	)
	Net (loss)/income			(23,915	)			(5,343	)			(32,510	)			23,488
	Less: Net income attributable to the noncontrolling interest			(145	)			(173	)			(395	)			(1,083	)
Net (loss)/income attributable to Tsakos Energy Navigation Limited			$	(24,060	)		$	(5,516	)		$	(32,905	)		$	22,405
(Loss)/Earnings per share, basic			$	(0.52	)		$	(0.14	)		$	(0.71	)		$	0.59
(Loss)/Earnings per share, diluted			$	(0.52	)		$	(0.14	)		$	(0.71	)		$	0.59
Weighted average number of shares outstanding
	Basic			46,153,987				38,183,569				46,106,185				37,885,747
	Diluted			46,153,987				38,183,569				46,106,185				38,219,013

BALANCE SHEET DATA					September 30				December 31				September 30
					2011				2010				2010
Cash and cash equivalents					231,042				276,637				249,631
Current assets, including cash					303,797				367,453				313,926
Investments					1,000				1,000				1,000
Financial instruments, net of current portion					366				498				1,020
Advances for vessels under construction					19,060				81,882				70,111
	Vessels				2,780,342				2,638,550				2,573,022
	Accumulated Depreciation				(478,387	)			(403,485	)			(392,917	)
Vessels' Net Book Value					2,301,955				2,235,065				2,180,105
Deferred charges, net					16,846				16,362				16,234
		Total assets		$	2,643,024			$	2,702,260			$	2,582,396
Current portion of long-term debt					123,461				133,819				114,127
Current liabilities, including current portion of long-term debt					218,010				217,244				212,400
Long-term debt, net of current portion					1,424,285				1,428,648				1,393,674
Financial instruments, net of current portion					24,299				36,438				49,408
Total stockholders' equity					976,430				1,019,930				926,914
		Total liabilities and stockholders' equity		$	2,643,024			$	2,702,260			$	2,582,396

OTHER FINANCIAL DATA				Three months ended September 30								Nine months ended September 30
				2011				2010				2011				2010
Net cash from operating activities			$	5,024			$	23,006			$	40,641			$	67,504
Net cash used in investing activities			$	(17,442	)		$	(114,909	)		$	(49,526	)		$	(118,340	)
Net cash (used in)/from financing activities			$	15,988			$	35,935			$	(36,710	)		$	4,286
TCE per ship per day			$	14,055			$	18,315			$	16,146			$	20,360
Operating expenses per ship per day			$	7,681			$	7,555			$	7,663			$	7,774
Vessel overhead costs per ship per day			$	1,086			$	1,217			$	1,189			$	1,145
				8,767				8,772				8,852				8,919
FLEET DATA
Average number of vessels during period				47.7				45.7				47.7				45.7
Number of vessels at end of period				48.0				46.0				48.0				46.0
Average age of fleet at end of period			Years	6.8				6.7				6.8				6.7
Dwt at end of period (in thousands)				5,073				4,813				5,073				4,813
Time charter employment - fixed rate			Days	930				719				2,540				2,257
Time charter employment - variable rate			Days	1,675				1,817				5,192				5,605
Period employment (pool and coa) at market rates			Days	577				644				1,992				2,424
Spot voyage employment at market rates			Days	1,082				853				2,973				1,908
	Total operating days			4,264				4,033				12,697				12,194
	Total available days			4,384				4,203				13,015				12,487
	Utilization			97.3	%			96.0	%			97.6	%			97.7	%

TCE represents voyage revenue less voyage expenses. Commission is not deducted.

Operating expenses per ship per day exclude the vessel bare-boat chartered out.

Vessel overhead costs include Management fees, General & Administrative expenses and Stock compensation expense.

EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-GAAP metric used within the financial community for evaluating and comparing the performance of companies.

The Company does not incur corporation tax and ignores gains on vessel sales for the purposes of calculating EBITDA.