Tsakos Energy Navigation Reports Six Month and Second Quarter Financial Results for the Periods Ended June 30, 2011

ATHENS, GREECE--(Marketwire - Jul 28, 2011) - Tsakos Energy Navigation Limited (NYSE: TNP)

2011 SIX-MONTH HIGHLIGHTS

• Voyage revenues of $200.5 million
• Vessel average daily operating expenses down 3% to $7,654
• Operating income of $13.7 million
• Net loss of $8.8 million or $0.19 per diluted share
• Sale of two tankers for a total net gain of $5.0 million
• Delivery and long term charter with profit share of new building suezmax
• Contracts signed for long term chartering and construction of two suezmax DP2 shuttle tankers
• Fleet utilization of 98%

2011 SECOND QUARTER HIGHLIGHTS

• Voyage revenues of $101.3 million
• Net loss of $18.1 million or $0.39 per diluted share
• Delivery of a new building suezmax with immediate time-charter
• Sale of Company's oldest tanker -- Reduction of fleet average age to 6.7 years
• Quarterly dividend of $0.15 per share paid in April 2011
• New LNG charter at attractive rate
• Fleet utilization of 97%

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

SIX MONTH RESULTS
Revenues, net of voyage expenses and commissions, in the first six months of 2011, totaled $136.2 million in a difficult market. TEN operated an average of 47.7 vessels as compared with 45.8 in the first half of 2011. The average daily time charter equivalent rate per vessel was $17,203 and daily operating expenses per ship were $7,654, a decrease of 3% from the first half of 2010. Depreciation and dry-docking amortization costs were $51.4 million. General and administrative expenses totaled $2.2 million. Technical and commercial management fees increased to $7.8 million in line with net fleet additions and the fee increase in July 2010.

Interest and finance costs fell significantly in the first half to $23.4 million. In addition, cash received on bunker swaps was $2.9 million.

In the first half of 2011 a net loss of $8.8 million, or $0.19 per diluted share was incurred.

SECOND QUARTER RESULTS
Revenues, net of voyage expenses and commissions, were $63.9 million in the second quarter of 2011 reflecting repositioning voyages by two of our VLCCs and the difficult freight market encountered in the quarter as a result of tanker oversupply, exacerbated by high bunker costs for spot vessels.

On average, TEN's fleet had 47.5 vessels versus 45.0 vessels in the prior year quarter. Fleet utilization remained high at nearly 97%. The average daily time charter equivalent rate per vessel was $16,426. Rates for all sectors suffered decreases compared to rates achieved in the second quarter of 2010 except for the handymax and handysize sectors which witnessed modest increases. In particular, two of the VLCCs came off time charter at the end of the first quarter into a severely depressed VLCC market and, taking into account re-positioning voyages, together contributed to almost a third of the total net loss suffered in the second quarter.

Average daily operating costs per vessel were $7,826. There were increased non-deferrable dry-docking repairs in European yards and increased insurance costs. Anticipated cost reductions in the second quarter, especially regarding crew costs, were restrained due to the weakened U.S. dollar.

Depreciation and dry-docking amortization costs totaled $26.0 million in the second quarter of 2010, reflecting the acquisition of new vessels set off by the sale of older vessels. Technical and commercial management fees were $3.9 million.

In the second quarter, the older double-hull aframax vessel Vergina II was sold and incurred a minimal loss of $0.8 million relating to costs of sale. Despite the relatively good condition of this vessel, we estimated that given the limited employment opportunities for a vessel of its age in the remainder of this year, we were likely to save in excess of $4 million in operational, financing and scheduled dry-docking costs in the second half of 2011 alone by disposing of the vessel and removing it from the global fleet. In addition, the removal of this vessel reduced the average age of TEN's fleet to 6.7 years.

Interest and finance costs in the second quarter decreased to $16.9 million. In addition, cash received on bunker swaps was $1.0 million higher than in last year's second quarter.

The second quarter of 2011 ended in a net loss of $18.1 million (including the loss on the sale of the vessel of $0.8 million) or $0.39 per share.

TEN's liquidity at the end of the second quarter remained strong. Total cash and investments amounted to $237 million. Total indebtedness, despite the delivery of six new vessels (Uraga Princess, World Harmony, Chantal, Selini, Salamina and Spyros K) since the second quarter of 2010, rose by only $60 million over the same period. Net proceeds from the sale of a vessel (Vergina II) contributed a further $9.7 million in the second quarter of 2011. Cash flow from net income before depreciation, amortization and finance costs ("EBITDA") was nearly $25.0 million. Despite the poor results generated in a difficult market, all but five vessels generated positive EBITDA.

QUARTERLY DIVIDEND
As already announced on July 19, 2011, the Company's Board of Directors declared a quarterly dividend of $0.15 per share of common stock outstanding payable on August 10, 2011 to shareholders of record as of August 4, 2011. Inclusive of this distribution, TEN has distributed in total $8.925 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.

FLEET STRATEGY & OUTLOOK
Prolonged periods of softness are not unknown in shipping and could potentially offer pockets of opportunities to companies such as TEN with healthy balance sheets, strong cash reserves and access to capital. Despite the weak market, this period of softness finds the Company with a modern fleet, equally spread between crude and product tankers and one LNG carrier. On LNG, we have been able to take full advantage of the recent rebound in this market and charter our Neo Energy for four years, from early 2012, to a major international energy concern at a rate double its all-in breakeven, thereby significantly expanding our future revenue streams.

In addition to this fixture and in order to further safeguard the Company from any unwarranted rate instability in the future, we have placed four newbuilding suezmaxes, two of which DP2 shuttle tankers, in long term contracts spanning eleven to fifteen years. These four charters together with the above LNG fixture are expected to generate minimum revenues, over the duration of their respective charters, in excess of $830 million. In addition, the recent chartering of our Aframax tanker Maria Princess for twelve months to a major Chinese oil concern, gives us a gateway to the Chinese market, a major determinant in worldwide tanker demand, and positions us to redeploy our vessels in the longer term charter market. All-in-all, for the remaining two quarters of 2011 and for 2012 so far, we have secured 68% and 46% of available days which equates to $95 million and $138 million in minimum revenues respectively.

As a testament to the quality and acceptability of our fleet, the fixtures above were achieved at a time when the freight markets were going through a challenging phase. In general, the oversupply of tonnage imposed a lid on any rate improvement despite improving oil demand characteristics and this may be the factor to push any sustainable rate recovery well into next year. Nevertheless, tanker markets have exhibited in the past susceptibility to unexpected and unquantifiable events that, coupled with increased scrapping, potential newbuilding cancellations and deferrals and possible increases in oil supply could lead to a reversal in rates sooner than anticipated. Should such scenarios gain momentum, the recovery in the world's economies, as evidenced by a notable increase in oil consumption, particularly in non-OECD nations, could create a lasting platform for sustainable improvements in the future.

In terms of growth, and as stated on many occasions in the past, TEN will continue to seek selective opportunities that will not only provide cash flow security over the years, but also to maintain and strengthen its critical mass in the sectors it operates. Strategic vessel sales should also continue to be a key feature going forward particularly if acceptable capital gains are generated and provided such sales do not disturb existing contract commitments.

While remaining alert to market opportunities, cash preservation will continue to spearhead management efforts during these challenging, but manageable, times. In addition, more cost-effective management practices will continue to be explored in order to further reduce operating and other related expenses, not to the detriment, however, of crew and vessel safety.

In terms of dividends, the Company remains committed to its existing policy as the fleet's adequate cash generating ability and existing cash reserves provide an element of sustainability of future payments.

"The result of the overbuilding 'on spec' during the peak of the booming market two years ago is becoming apparent now, as the influx of vessels has suffocated any rate firmness that could have been generated by the rejuvenation of global oil demand," Mr. Nikolas P. Tsakos, President and CEO of TEN stated. "Investor concern of the current state of the market is understandable, but backing solid companies with modern vessels and solid balance sheets could prove beneficial over the longer term. Tanker transportation will continue to be the artery of world trade and we remain optimistic that the markets will eventually recalibrate to a state of equilibrium and reward companies like TEN to come out stronger at the other end, as has happened in the past. We will use this period to solidify our Company's foundations and seek opportunities in higher margin areas like shuttle tankers and LNG. Investments in mainstream tankers will continue to feature, but as long as this soft market remains, they would need to be tied to a particular project or have attractive employment attached," Mr. Tsakos concluded.

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 August 4, 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. 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 three suezmax tankers currently under construction totaling 472,000. 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.

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.

TEN's current newbuilding program:

Suezmax		DWT		Hull Type / Design		Expected Delivery
1. Dimitris P		158,000		DH		August 2, 2011
2. Suezmax DP2		157,000		DH		Q4 2012
3. Suezmax DP2		157,000		DH		Q1 2013

DH: Double Hull

Employment of operating fleet as at July 28, 2011:

Type of Employment	Vessels
Period Employment - Fixed, fixed w/profit share & min max	28
CoA - market related	1
Pool - market related	6
Spot - market related	12

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								Six months ended
						June 30								June 30
STATEMENT OF INCOME DATA						2011				2010				2011				2010
Voyage revenues						$	101,309			$	112,847			$	200,505			$	217,521
Commissions							3,718				4,103				7,073				8,055
Voyage expenses							33,707				25,475				57,240				44,924
Charter hire expense							-				1,389				-				1,905
Vessel operating expenses							33,139				29,387				64,735				63,929
Depreciation							24,851				22,323				49,086				43,898
Amortization of deferred dry-docking costs							1,194				1,097				2,302				2,450
Management fees							3,933				3,249				7,818				6,597
General and administrative expenses							1,054				790				2,193				1,791
Stock compensation expense							329				367				701				793
Foreign currency losses							240				402				637				213
Loss/(Gain) on sale of vessels							801				(5,844	)			(5,001	)			(20,190	)
Total expenses							102,966				82,738				186,784				154,365
	Operating (loss)/ income						(1,657	)			30,109				13,721				63,156
Interest and finance costs, net							(16,945	)			(21,548	)			(23,370	)			(35,593	)
Interest income							598				683				1,188				1,328
Other, net							(10	)			(71	)			(131	)			(59	)
Total other expenses, net							(16,357	)			(20,936	)			(22,313	)			(34,324	)
	Net (loss)/income						(18,014	)			9,173				(8,592	)			28,832
		Less: Net income attributable to the noncontrolling interest					(113	)			(707	)			(250	)			(911	)
Net (loss)/income attributable to Tsakos Energy Navigation Limited						$	(18,127	)		$	8,466			$	(8,842	)		$	27,921
(Loss)/Earnings per share, basic						$	(0.39	)		$	0.22			$	(0.19	)		$	0.74
(Loss)/Earnings per share, diluted						$	(0.39	)		$	0.22			$	(0.19	)		$	0.73
Weighted average number of shares outstanding
		Basic					46,082,284				38,018,711				46,081,888				37,734,368
		Diluted					46,219,536				38,299,288				46,199,707				38,068,876
BALANCE SHEET DATA						June 30				December 31				June 30
						2011				2010				2010
Cash and cash equivalents							227,472				276,637				305,599
Current assets, including cash							300,176				367,453				377,871
Investments							1,000				1,000				1,000
Financial instruments, net of current portion							959				498				994
Advances for vessels under construction							77,101				81,882				122,386
	Vessels						2,704,861				2,638,550				2,399,400
	Accumulated Depreciation						(452,528	)			(403,485	)			(368,964	)
Vessels' Net Book Value							2,252,333				2,235,065				2,030,436
Deferred charges, net							17,236				16,362				15,253
		Total assets				$	2,648,805			$	2,702,260			$	2,547,940
Current portion of long-term debt							120,218				133,819				115,496
Current liabilities, including current portion of long-term debt							210,618				217,244				208,650
Long-term debt, net of current portion							1,406,905				1,428,648				1,351,533
Financial instruments, net of current portion							25,546				36,438				47,209
Total stockholders' equity							1,005,736				1,019,930				940,548
		Total liabilities and stockholders' equity				$	2,648,805			$	2,702,260			$	2,547,940
						Three months ended								Six months ended
OTHER FINANCIAL DATA						June 30								June 30
						2011				2010				2011				2010
Net cash from operating activities						$	7,818			$	24,506			$	35,536			$	44,498
Net cash used in investing activities						$	(39,007	)		$	(53,449	)		$	(32,086	)		$	(3,431	)
Net cash (used in)/from financing activities						$	(965	)		$	10,991			$	(52,615	)		$	(31,649	)
TCE per ship per day						$	16,426			$	22,059			$	17,203			$	21,371
Operating expenses per ship per day						$	7,826			$	7,342			$	7,654			$	7,885
Vessel overhead costs per ship per day						$	1,231			$	1,077			$	1,241			$	1,108
							9,057				8,419				8,895				8,993
FLEET DATA
Average number of vessels during period							47.5				45.0				47.7				45.8
Number of vessels at end of period							47.0				44.0				47.0				44.0
Average age of fleet at end of period					Years		6.7				6.9				6.7				6.9
Dwt at end of period (in thousands)							4,915.0				4,628				4,915.0				4,628.0
Time charter employment - fixed rate					Days		811				665				1,610				1,538
Time charter employment - variable rate					Days		1,676				1,823				3,517				3,788
Period employment (pool and coa) at market rates					Days		695				840				1,415				1,780
Spot voyage employment at market rates					Days		989				674				1,891				1,055
		Total operating days					4,171				4,002				8,433				8,161
		Total available days					4,320				4,091				8,631				8,284
			Utilization				96.6	%			97.8	%			97.7	%			98.5	%
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.