Tsakos Energy Navigation Limited Announces Successful Pricing of Its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares

ATHENS, GREECE--(Marketwired - May 2, 2013) - Tsakos Energy Navigation Limited ("TEN") (NYSE: TNP), a leading product, crude and LNG tanker operator, today announced the successful pricing of its $50 million offering of 2,000,000 shares of 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the "Series B Preferred Shares") in a public offering under its effective shelf registration statement at $25.00 per share.

The Company has also granted the underwriters a 30-day option to purchase up to 300,000 additional Series B Preferred Shares.

TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments. Following the offering, TEN intends to file an application to list the Series B Preferred Shares on the New York Stock Exchange.

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.

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, totaling 4.9 million dwt, including 28 product carriers ranging from shuttle suezmaxes to handysize, 19 crude tankers ranging from VLCCs to aframaxes and two 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.