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March 27, 2025 Q4 & YE 2024 Earnings Presentation TEN, Ltd.
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This presentation may contain forward-looking statements that are not based on historical fact, including without limitation, statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include those risks described from time to time in Tsakos Energy Navigation Ltd’s (TEN) filings with the Securities and Exchange Commission, including, without limitation, the risks described in TEN’s most recent Annual Report on Form 20-F on file with the Securities and Exchange Commission. These factors should be considered carefully and you are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date of this presentation, and TEN undertakes no duty to update this information. 2
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STOCK MATERIALLY UNDERVALUED – GROWTH & VALUE OPPORTUNITY WHY TEN: Big Modern Diversified Fleet – One-Stop-Ship – Industrial Shipping Green Energy Program – Largest DF Operator - Carrier of Choice to Energy Majors Low Valuation – 2024 EPS $5.03 (P/E about 3.5x) – Major Clients Av. P/E: 10.0x Strong TC Exposure => $4.0bil in Min. Secured Revenues + Extra Profits Through Profit Share – Av. TC Duration (vessels in water): about 2.0 years Low-Cost Efficient Operator – High Fleet Utilization Strong Management Sponsorship 30%+ 1 2 3 5 6 7 8 Solid Balance Sheet - Fleet FMV @ $4.0 billion - Low Debt ($1.8 billion) 30.0 million common shares outstanding 4 9 One Of The Largest & Most Established Energy Transporters Worldwide 561mbbls Transported in 2024 – About 12.5 days of US Consumption 10 32 years in the Public Markets (NYSE Since 2002) – Uninterrupted Dividends Highest Caliber Repeat Clients Exxon 22% - Equinor, Shell, Chevron, TotalEnergies & BP follow in excess 60% 3
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0 1 2 3 4 5 6 7 8 9 10Million (dwt) Far East Crisis 9/11 Crisis Credit Crisis Crisis-Resistant Growth Model Spanning Four Decades _______________________________________________________________ 4 Covid Crisis Ukrainian War ME CrisisOPA 90
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$0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 $ 92m Fleet from 4 vessels in 1993 (start of Company – Oslo Stock Exchange) to 12 in 1996 Source: Clarkson Research Studies 1 yr VLCC TC Rates Credit Crisis Iraq War Preferred Shares Common Shares $125m $65m $88m 1993-1996 4 82 $130m + Jul. 15 22 46 $ 28m $105m $86m $ 50m $ 85m $ 50m Capital Markets Access – Successful Countercyclical Growth _______________________________________________________________ $115m $35m Covid - 19 Preferred Shares Redeemed at Par 5 $150m UKR /ME
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Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth Conventional _______________________________________________________________ 6 As at March 26, 2025: Fixed TC / TC w/Profit Share / Spot 1) Sale & Leaseback 2) 51% owned NBs Dwt Built Yard Hull Ice Class/Other Dwt Built Yard Hull Ice Class/Other 1 Ulysses 300,000 2016 South Korea DH 37 Ithaki DF 115,000 2024 South Korea DH LNG Powered 2 Dias I 300,000 2020 South Korea DH Scrubber Fitted 38 Chios DF 115,000 2024 South Korea DH LNG Powered 3 Hercules 300,000 2017 South Korea DH Scrubber Fitted 39 Ran DF 115,000 2023 South Korea DH LNG Powered 4 Dr Irene Tsakos 157,000 2025 South Korea DH Scrubber Fitted 40 Njord DF 115,000 2023 South Korea DH LNG Powered 5 Silia T 157,000 2025 South Korea DH Scrubber Fitted 41 DF Montmartre 110,000 2023 PRC DH LNG Powered 6 Artemis Voyager 158,000 2020 South Korea DH Scrubber Fitted 42 DF Mystras 110,000 2023 PRC DH LNG Powered 7 Apollo Voyager 158,000 2020 South Korea DH Scrubber Fitted 43 Propontis 117,055 2006 South Korea DH 1A 8 Popi Sazaklis 157,583 2018 South Korea DH Super Eco 44 Promitheas 117,055 2006 South Korea DH 1A 9 Eurovision 158,000 2013 South Korea DH 45 Andes 68,439 2003 Japan DH 10 Euro 158,000 2012 South Korea DH 46 Sunrise 74,000 2016 South Korea DH 11 Dimitris P 158,000 2011 South Korea DH 47 Sunray 74,000 2016 South Korea DH 12 Antarctic (1) 163,216 2007 South Korea DH 1A 48 Chantal 74,329 2009 South Korea DH 13 Arctic (1) 163,216 2007 South Korea DH 1A 49 World Harmony 74,200 2009 South Korea DH 14 Alaska 163,250 2006 South Korea DH 1A 50 Selini (2) 74,296 2009 South Korea DH 15 Archangel 163,216 2006 South Korea DH 1A 51 Salamina (2) 74,251 2009 South Korea DH 16 Decathlon 158,000 2012 South Korea DH 52 Selecao 74,296 2008 South Korea DH 17 Spyros K 158,000 2011 South Korea DH 53 Socrates 74,327 2008 South Korea DH 18 Caribbean Voyager 115,000 2020 South Korea DH Scrubber Fitted 54 NB TBN 73,500 2028 PRC DH Scrubber Fitted 19 Mediterranean Voyager 115,000 2019 South Korea DH Scrubber Fitted 55 NB TBN 73,500 2028 PRC DH Scrubber Fitted 20 Bergen TS 112,700 2017 South Korea DH 56 NB TBN 73,500 2028 PRC DH Scrubber Fitted 21 Sola TS 112,700 2017 South Korea DH 1B 57 NB TBN 73,500 2028 PRC DH Scrubber Fitted 22 Oslo TS 112,700 2017 South Korea DH 1B 58 NB TBN 75,000 2027 PRC DH Scrubber Fitted 23 Stavanger TS 112,700 2017 South Korea DH 1B 59 NB TBN 50,000 2026 PRC DH Scrubber Fitted 24 Marathon TS 112,700 2017 South Korea DH 1B 60 NB TBN 50,000 2026 PRC DH Scrubber Fitted 25 Parthenon TS 112,700 2016 South Korea DH 61 Byzantion (2) 37,275 2007 South Korea DH 1B 26 Leontios H 112,700 2016 South Korea DH 62 Bosporos (2) 37,275 2007 South Korea DH 1B 27 Thomas Zafiras 112,700 2016 South Korea DH 63 Andromeda 37,061 2007 South Korea DH 1A 28 Elias Tsakos 112,700 2016 South Korea DH 64 Aegeas 37,061 2007 South Korea DH 1A 29 Sapporo Princess 105,354 2010 Japan DH 30 Uraga Princess 105,344 2010 Japan DH 31 Asahi Princess 105,372 2009 Japan DH 32 Maria Princess 105,392 2008 Japan DH 33 Aspen 112,460 2019 South Korea DH Scrubber Fitted / 1A 34 Alpes 112,460 2018 South Korea DH Scrubber Fitted / 1A 35 Ise Princess 105,361 2009 Japan DH 36 Sakura Princess (1) 105,365 2007 Japan DH AFRAMAX SUEZMAX LR2 VLCC AFRAMAX DFPANAMAX LR1MRHANDY
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Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth Specialized _______________________________________________________________ 29 out of 61 Vessels in the Water or 48% with Market Exposure (Spot + TC P/S) 51 out of 61 Vessels in the Water or 84% in Secured Revenue Contracts (TC + TC P/S) 7 1) Sale & Leaseback 2) 51% owned NBs As at March 26, 2025: Fixed TC / TC w/Profit Share / Spot Dwt Built Yard Hull Ice Class/Other 1 Maria Energy 86,000 2016 South Korea DH 174,000m3 2 Tenergy (1) 81,479 2021 South Korea DH 174,000m3 3 Porto 155,000 2022 South Korea DH DP2 4 Lisboa 157,000 2017 South Korea DH DP2 5 Rio 2016 157,000 2013 South Korea DH DP2 6 Brasil 2014 157,000 2013 South Korea DH DP2 7 Anfield 154,850 2026 South Korea DH DP2 8 Paris 24 154,350 2025 South Korea DH DP2 9 Athens 04 154,350 2025 South Korea DH DP2 10 NB TBN 154,650 2027 South Korea DH DP2 11 NB TBN 154,650 2027 South Korea DH DP2 12 NB TBN 154,650 2028 South Korea DH DP2 13 NB TBN 154,650 2028 South Korea DH DP2 14 NB TBN 154,650 2028 South Korea DH DP2 15 NB TBN 154,650 2028 South Korea DH DP2 16 NB TBN 154,650 2028 South Korea DH DP2 17 NB TBN 154,650 2028 South Korea DH DP2 18 NB TBN 154,650 2028 South Korea DH DP2 SHUTTLE TANKERS LNG
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Long - Term, Blue - Chip, Customer Base Consisting of Major Global Energy Concerns Transporter of Choice for Major Energy Companies – ExxonMobil TEN’s Largest Charterer http://merchantmarinepilots.com/wp-content/uploads/2013/12/flopec.jpg Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth _______________________________________________________________ 8 Followed by Equinor, Shell, Chevron, TotalEnergies & BP – Av. Clients P/E: 10.0x
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Q4 2024 2024 VLCC $28,930 $30,209 SUEZMAX $24,106 $24,134 AFRAMAX $22,780 $22,068 AFRAMAX LR2 $24,821 $22,933 PANAMAX LR1 $17,928 $18,499 HANDYSIZE $13,088 $13,303 LNG $58,401 $59,580 DP2 SHUTTLE $35,781 $37,985 $0 $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 $140,000,000 $160,000,000 $180,000,000 Expenses Time Charter Note: Spot net of Voyage Expenses (including EUAs) Expenses = Opex +Finance Expenses+ Commissions + Overheads + Charter Hire – Interest Income Every $1,000pd Increase in Spot Rates has a Positive $0.12 Impact in Annual EPS (Based on Current Vessels in Spot Contracts Only and Q4 2024 Common Shares Outstanding) Spot Timely Acquisitions - Efficient Vessel Management Q4 & 2024 B/E rates (B/E after OpEx, G&A, Int. and Depreciation) _______________________________________________________________ 9 EUAs Q4 2024 Performance
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Managing Bank Debt an Integral Part of Strategy _______________________________________________________________ 10 NOTE: Total debt balances include deferred charges and exclude a financial lease obligation of $149.9 million (after deferred finance costs) 52.5% 50.9% 47.9% 47.8% 49.2% 49.3% 45.6% 42.0% 44.9% 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 Bank Debt (in USD bil.) Net Debt-to-Cap
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Fleet Renewal and Greenship Growth _______________________________________________________________ Since 1/1/2023: 11 Growth • 30 vessels Contracted/Acquired – 12 x NB DP2 Shuttle – 2 x NB Suezmax – 5 x NB LR1 Panamax – 2 x NB MR Product – 4 x NB DF LR2 (Delivered) – 2 x DF LR2 (Delivered) – 2 x Aframax (Delivered) – 1 x Suezmax (Delivered) Average Age: 0.6 years Total DWT: 3.7 million Divestments • 14 vessels Sold – 1 x LNG Carrier – 3 x Suezmax – 2 x Aframax – 6 x MR Product – 2 x Handy Product Average Age: 17.3 years Total DWT: 1.2 million
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12 Historical Solid Performance – Healthy Liquidity _______________________________________________________________ 2013201220112010200920082007200620052004Expressed in million USD 47.547.947.846.146.644.141.733.826.127.3Av. Number of Vessels $418$394$395$408$445$623$501$428$296$318Total Revenues $(9.2)$(33.8)$(55.1)$3.2$42.6$168.4$114.2$158.4$127.3$129.7Net Income / (Loss) $132$115$109$183$195$377$345$303$215$198Adj. EBITDA $173$162$183$284$304$321$189$179$146$117Cash & Cash equivalents $2,173$2,088$2,236$2,262$2,131$2,155$1,928$1,459$711$636Vessels’ net book value 55%58%59%56%57%57%59%56%32%32%Net Debt/Cap 20242023 2022 2021 202020192018 2017 201620152014Expressed in million USD 61.859.565.565.465.064.264.362.552.649.249.0Av. Number of Vessels $804$890$860$546$644$597$530$529$482$588$501Total Revenues $176$327$204$(59.2)$59.2$42.7$(32.9)$20.4$55.7$156.2$33.5Net Income / (Loss) $400$490$396$115$267$257$191$216$205$292$179Adj. EBITDA $348$377$309$127$172$198$220$203$198$305$214Cash & Cash equivalents $2,919$2,600$2,580$2,402$2,615$2,633$2,829$3,028$2,677$2,053$2,199Vessels’ net book value 45%42%46%49%48%48%48%51%53%44%51%Net Debt/Cap
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❑ Common Stock Dividend Continuity – Management aims on semi-annual dividend distributions ❑ 2024 total dividend payment at $1.50 per common share ($0.60 in July and $0.90 in December) vs. $1.00 for 2023 operations ❑ Dividend of $0.60 per common share to be paid in July 2025 ❑ TEN has always paid a dividend reflective of market irrespective of cyclicality; $895 million in both preferred and common stock dividend payments - $591 million in common stock dividend payments since 2002 NYSE listing averaging approximately $25 million per year – Average yield of 5.25% ❑ Long-term nature of Company’s employment policy to known industrial concerns provides cash flow sustainability and visibility NOTE: Total annual dividend payments in million USD 13 Healthy Dividends Through Market Cyclicality and Growth _______________________________________________________________ 54 119 185 213 303 345 377 195 183 109 115 132 179 292 205 216 191 257 267 115 396 490 400 8.5 12.0 22.7 38.6 44.8 60.0 67.2 42.4 22.8 27.7 26.6 8.5 12.6 20.7 24.6 17.1 13.1 9.5 10.3 2.0 7.3 29.5 44.8 $0 $100 $200 $300 $400 $500 $600 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Adj. EBITDA Dividends (calendar year)
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21 10 7 6 4 1 0 5 10 15 20 25 BARRELS OF OIL PER CAPITA PER ANNUM (Source: Energy Outlook Statistical Review of World Energy - June 2024) United States Japan Europe Thailand China (incl. HK) India Source: International Energy Agency, Oil Market Report, IMF & Clarkson Shipping Intelligence Network Oil Price vs . Global Oil Demand (in mbpd) ❑ Strong potential of China and India with a combined population of 2.8 billion in a world of 8.0 billion. Their per capita oil consumption is at extremely low levels and have already embarked on an aggressive industrialization program ❑ If China reaches the same levels of consumption as Thailand, Chinese oil demand (based on existing population) would rise to 18mbpd ❑ China and India will continue to play a significant role in global oil demand as urbanization continuous ❑ Trading dislocations created by current geopolitical turmoil continue to be additive to tanker freight rates and asset prices ❑ World oil demand reached a record 102.8 mbpd in 2024. For 2025 growth is expected to be around 1.0mbpd, up from 0.83 mbpd in 2024 ❑ Global GDP is expected to grow by 3.2% in 2024 and 3.3% in 2025 ❑ The ongoing crisis in the Ukraine, the Middle East and the incidents in the Red Sea have created a global redrawing of trade routes leading to an increase in oil tanker voyages – Positive for ton-mile demand Global Oil Demand Strong _______________________________________________________________ 14 85.0 87.0 86.3 85.5 88.4 89.0 90.1 91.9 92.9 95.0 96.4 97.9 99.3 100.5 91.5 97.6 99.7 101.9 102.8 $65 $72 $99 $61 $80 $111 $112 $109 $99 $54 $45 $55 $71 $64 $43 $71 $100 $82 $80 $0 $20 $40 $60 $80 $100 $120 0 20 40 60 80 100 2006200720082009201020112012201320142015201620172018201920202021202220232024 Oil Demand Oil Price (Brent)
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Current Fleet over 15yrs Current O/B 2025 Remaining 2026 2027 VLCC 325 84 4 26 54 Suezmax 250 108 29 39 40 Aframax 529 213 53 67 93 Panamax 291 66 11 23 32 Handy/MRs 1111 305 96 114 95 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 ❑ Total NB Orderbook of 776 tankers to join the fleet over the next three years vs. 2,506 vessels over 15 years, in a global tanker fleet of 5,405 vessels, that are expected to depart the competitive fleet in the same timeframe (This does NOT include 1,084 vessels in the 10-14year age bracket most of which will be around the 15-year age mark by 2025-28) ❑ Fleet over 20 years: 18.2% ❑ Fleet over 15 years: 46.4% (3.2x Orderbook) ❑ Low Orderbook: 14.4% (in March 2025) Number of Ships Source: Clarkson Research Studies, Oil & Tanker Trades Outlook - March 2025 Low NB Orderbook vs. Fleet Over 15 Years Old _______________________________________________________________ 15
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❑ Scrapping activity picked-up as tanker markets continue to be healthy. BUT… ✓ Upcoming regulations and ongoing debate for alternative propulsion fuels should lead to increased scrapping particularly as scrap prices remain elevated ✓ Older vessels are getting out of favor for long-term charter business – Some pickup in scrapping activity of late ✓ Market sources suggest that anywhere between 900 and 1,300 vessels, primarily over 15 years of age, are engaged in Shadow Fleet operations (transportation of sanctioned oil) – This is approximately 17-24% of the total tanker fleet ❑ In 2018 171 vessels were scrapped of 20.1m dwt ❑ In 2019 49 vessel were scrapped of 3.4m dwt ❑ In 2020 48 vessels were scrapped of 3.5m dwt ❑ In 2021 181 vessels have been scrapped of 14.2m dwt ❑ In 2022 70 vessels have been scrapped of 5.5m dwt ❑ In 2023 15 vessels have been scrapped of 0.8m dwt ❑ In 2024 15 vessels have been scrapped of 1.8m dwt ❑ In 2025 (until end February) 10 vessels have been scrapped of 1.0m dwt Scrapping Activity Picking Up _______________________________________________________________ 16 Source: Clarkson Research Studies, Oil & Tanker Trades Outlook - March 2025 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 0 5 10 15 20 25 30 35 Jan-2009 Jun-2009 Nov-2009 Apr-2010 Sep-2010 Feb-2011 Jul-2011 Dec-2011 May-2012 Oct-2012 Mar-2013 Aug-2013 Jan-2014 Jun-2014 Nov-2014 Apr-2015 Sep-2015 Feb-2016 Jul-2016 Dec-2016 May-2017 Oct-2017 Mar-2018 Aug-2018 Jan-2019 Jun-2019 Nov-2019 Apr-2020 Sep-2020 Feb-2021 Jul-2021 Dec-2021 May-2022 Oct-2022 Mar-2023 Aug-2023 Jan-2024 Jun-2024 Nov-2024 # of Ships Mill. Dwt 0.00 50.00 100.00 150.00 200.00 250.00 300.00 350.00 400.00 450.00 500.00 May-2015 Nov-2015 May-2016 Nov-2016 May-2017 Nov-2017 May-2018 Nov-2018 May-2019 Nov-2019 May-2020 Nov-2020 May-2021 Nov-2021 May-2022 Nov-2022 May-2023 Nov-2023 May-2024 Nov-2024 $/Ldt vs. 6mo average
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17 Financial Highlights _______________________________________________________________ STATEMENT OF OPERATIONS DATA 2024 2023 2024 2023 Voyage revenues $ 188,260 $ 220,241 $ 804,061 $ 889,566 Voyage expenses 34,393 36,674 152,875 155,724 Charter hire expense 3,355 6,079 17,966 24,680 Vessel operating expenses 50,632 49,300 198,049 194,914 Depreciation and amortization 41,547 37,540 159,902 144,241 General and administrative expenses 15,920 7,502 45,373 33,339 Gain on sale of vessels - - (48,662) (81,198) Impairment charges - 26,367 - 26,367 Total expenses 145,847 163,462 525,503 498,067 Operating income 42,413 56,779 278,558 391,499 Interest and finance costs, net (24,744) (27,928) (112,151) (100,821) Interest income 3,972 4,472 15,124 14,582 Other, net (22) (149) 99 (176) Total other expenses, net (20,794) (23,605) (96,928) (86,415) Net income 21,619 33,174 181,630 305,084 Less: Net income attributable to the noncontrolling interest (2,348) (1,412) (5,399) (4,902) Net income attributable to Tsakos Energy Navigation Limited $ 19,271 $ 31,762 $ 176,231 $ 300,182 Effect of preferred dividends (6,750) (6,750) (27,000) (30,184) Undistributed income allocated to non-vested restricted common stock - - (959) - Deemed dividend on Series D preferred shares - - - (3,256) Net income attributable to common stockholders of Tsakos Energy Navigation Limited $ 12,521 $ 25,012 $ 148,272 $ 266,742 Earnings per share, basic and diluted $ 0.42 $ 0.85 $ 5.03 $ 9.04 Weighted average number of common shares, basic 29,505,603 29,505,603 29,505,603 29,505,603 Weighted average number of common shares, diluted 29,628,104 29,505,603 29,505,603 29,505,603 BALANCE SHEET DATA December 31 December 31 2024 2023 Cash 348,312 376,694 Other assets 192,035 236,800 Vessels, net 2,919,783 2,600,021 Advances for vessels under construction and acquisitions 246,392 150,575 Total assets $ 3,706,522 $ 3,364,090 Debt and other financial liabilities, net of deferred finance costs 1,747,094 1,562,657 Other liabilities 192,231 148,786 Stockholders' equity 1,767,197 1,652,647 Total liabilities and stockholders' equity $ 3,706,522 $ 3,364,090 December 31 (unaudited) December 31 (unaudited) Three months ended Year ended
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18 Financial Highlights (Cont.) _______________________________________________________________ OTHER FINANCIAL DATA 2024 2023 2024 2023 Net cash provided by operating activities $ 87,805 $ 92,204 $ 307,684 $ 395,279 Net cash used in investing activities $ (18,745) $ (83,600) $ (441,606) $ (137,441) Net cash (used in) provided by financing activities $ (66,649) $ (25,415) $ 105,540 $ (190,583) TCE per ship per day $ 30,107 $ 35,565 $ 32,550 $ 36,822 Operating expenses per ship per day $ 9,480 $ 9,607 $ 9,350 $ 9,617 Vessel overhead costs per ship per day $ 2,791 $ 1,365 $ 2,005 $ 1,535 12,271 10,972 11,355 11,152 FLEET DATA Average number of vessels during period 62.0 59.7 61.8 59.5 Number of vessels at end of period 62.0 60.0 62.0 60.0 Average age of fleet at end of period Years 10.2 10.7 10.2 10.7 Dwt at end of period (in thousands) 7,613 7,408 7,613 7,408 Time charter employment - fixed rate Days 2,946 2,641 11,475 9,703 Time charter and pool employment - variable rate Days 1,507 1,424 5,744 6,311 Period employment coa at market rates Days 123 83 123 230 Spot voyage employment at market rates Days 747 1,253 3,582 4,659 Total operating days 5,323 5,401 20,924 20,903 Total available days 5,704 5,495 22,625 21,713 Utilization 93.3% 98.3% 92.5% 96.3% 2024 2023 2024 2023 Net income attributable to Tsakos Energy Navigation Limited $ 19,271 $ 31,762 $ 176,231 $ 300,182 Depreciation and amortization 41,547 37,540 159,902 144,241 Interest Expense 24,744 27,928 112,151 100,821 Gain on sale of vessels - - (48,662) (81,198) Impairment charges - 26,367 - 26,367 Adjusted EBITDA $ 85,562 $ 123,597 $ 399,622 $ 490,413 Three months ended Year ended December 31 December 31 Non-GAAP Measures Reconciliation of Net income to Adjusted EBITDA Three months ended Year ended December 31 December 31
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Tsakos Energy Navigation, Ltd 367 Syngrou Avenue Athens 175 64 Greece Tel: +30210 94 07 710 Fax: +30210 94 07 716 Email: ten@tenn.gr For more information please contact: George Saroglou: Chief Operating Officer gsaroglou@tenn.gr Harrys Kosmatos: Co-Chief Financial Officer hkosmatos@tenn.gr