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ATHENS, GREECE -- (Marketwire) -- 08/03/12 -- Tsakos Energy Navigation Limited (TEN or the "Company") (NYSE: TNP)

2012 SECOND QUARTER AND RECENT HIGHLIGHTS

•Voyage revenues of $99.0 million •46 out of 48 vessels with positive EBITDA •EBITDA totals $35.3 million •Vessel average daily operating expenses down 4% to $7,505 •$10.1 million in operating income compared to $1.7 million loss in the 2011 quarter •Net loss of $5.7 million compared to a net loss of $18.1 million in the 2011 quarter •Strong liquidity maintained of $221 million as of the end of second quarter •Commencement of new accretive four-year charter for LNG carrier Neo Energy •Total of four new charters since April 2012 with future minimum gross revenues of $62 million over their respective fixtures spanning from one to five years •Active fleet utilization of 98% •Quarterly dividend of $0.15 per share paid May 25, 2012, and a further quarterly dividend of $0.15 per share declared today •$62.7 million raised in equity offering •Order of new tri-fuel 162,000 cbm LNG carrier •Option for a further LNG carrier

Tsakos Energy Navigation Limited (TEN or the "Company") (NYSE: TNP) today reported results (unaudited) for the second quarter and first six months of 2012.

SECOND QUARTER RESULTS
Revenues, net of voyage expenses and commissions, were $72.0 million in the second quarter of 2012, an increase of 12.7% over the second quarter of 2011, despite a continuation of the difficult freight market as a result of tanker oversupply. However, there was considerable relief in the second quarter of 2012 in the form of reduced bunker costs for spot vessels by 5% as oil prices fell and from reduced consumption, especially by the VLCCS which incurred lengthy repositioning voyages last year.

On average, TEN's fleet had 48.0 vessels (including a non-operating VLCC La Prudencia which is held for sale) versus 47.5 vessels in the prior year quarter. Excluding La Prudencia, fleet utilization remained high at 98.4%. The average daily time charter equivalent rate per vessel was $17,714 compared to $16,426 in the second quarter of 2011, and $17,129 in the first quarter of 2012. Rates for most sectors were not significantly different from those of the second quarter of 2011 except for the handysize vessels where rates were down, but this was outweighed by the impact of the LNG carrier, Neo Energy which earned nearly four times as much as the rate it was earning in the second quarter of 2011. The VLCC La Madrina, which is also held for sale, was active during the quarter and earned a break-even rate which allowed it to generate a positive EBITDA.

Total operating costs for the second quarter of 2012 amounted to $32.1 million versus $33.1 million for the same period last year and $35.5 million in the first quarter of 2012. Average daily operating costs per vessel were $7,505 in the second quarter of 2012 compared to $7,826 in the same period of 2011, and considerably less (by 10%) from the unusual level reached in the first quarter of 2012 caused by high non-deferrable dry-docking expenditure. Cost savings on purchases achieved by the technical managers, and the strengthening of the US dollar against the Euro were also factors in the reduction.