TSAKOS ENERGY NAVIGATION : REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2013

367 Syngrou Avenue, 175 64 P. Faliro, Hellas

Tel: 30 210 94 07 710-3, Fax: 30 210 94 07 716, e-mail: ten@tenn.gr

Website: http://www.tenn.gr

Press Release

March 17, 2014

Pro forma fleet of 58 vessels, consisting of 28 crude carriers, 26 product tankers, two

DP2 suezmax shuttle tankers and two LNG vessels plus one option

Operating income (before impairment charges) up 123% in 2013 to $33.2 million compared to $16.7 million in 2012 (before impairment charges and loss on vessel sale)

Adjusted EBITDA to $134.2 million in 2013 compared to $117.0 million in 2012

Significant improvement in annual and fourth quarter adjusted net results; $(7.2) million for 2013 compared to $(33.8) million in 2012. $(5.3) million for Q4 2013, compared to

$(9.0) million for Q4 2012

4.3% increase in the 2013 average time charter equivalent to $17,902 per ship per day from $17,163 in 2012. Fleet well positioned to take advantage of strong Q1 2014 market

1.6% decrease in average operating expenses per ship per day in 2013 to $7,634 from

$7,755 in 2012

Fleet utilization of 97.8% in 2013

Cooperation with Statoil of Norway for the construction and chartering of nine aframax crude tankers with an average contract term of six years plus options, with expected potential gross revenues of approximately $1 billion.

Commencement in 2013 of 15-year employment for two DP2 shuttle tankers to
Petrobras with expected gross revenues of $515 million

29 vessels with contracted charter revenues of approximately $887 million at year end

2013 with an average fleet employment of 2.8 years.

Common stock quarterly dividend of $0.05 per share to be paid on May 22, 2014.

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For the year 2013, TEN's results improved appreciably over the 2012 results. Operating
income, excluding impairment charges, for 2013 doubled to $33.2 million from $16.7 million in
2012, excluding impairment charges and loss on sale of vessel.
An increase of revenue, net of voyage expenses and commissions, by $15.4 million to $285.4 million, was the prime reason for the improved results. This reflects the significant contribution of the two new DP2 suezmax shuttle tankers and the LNG carrier and the average rate increases for the product tankers. A continued challenging crude market for most of 2013 resulted in modest freight rate declines for our suezmaxes and aframaxes until late in the year when the crude sector began to turn around dramatically. The fleet was employed virtually full time at nearly 98% and the average daily time charter equivalent rate per vessel increased by
4.3% to $17,902 compared to $17,163 in 2012.
Operating expenses for the year 2013 totaled $130.8 million, a 1.9% decrease from 2012. Daily operating expenses per ship fell to $7,634 for 2013, from $7,755 for 2012, a 1.6% decline. Our technical managers were able to achieve significant reductions in expenditure on spares and repairs, due to effective maintenance, purchasing and control during dry-dockings. Crew expenses increased mainly due to a weakened US dollar.
Depreciation and dry-docking amortization costs were $100.4 million for the full year 2013, similar to the 2012 total. Four of the older vessels registered an impairment charge at the end of the year amounting to $28.3 million in total.
General and administrative expenses (G&A) totaled $4.4 million in 2013, compared to $4.1 million in 2012, mainly due to expenditure on growth projects. Interest and finance costs in
2013 declined to $40.9 million compared to $51.6 million in 2012, due primarily to the expiry of interest rate swaps.
TEN incurred an adjusted net loss of $9.2 million before impairment of $28.3 million in 2013. If further adjusted to exclude a one-off, non-recurring charge of $2.0 million, the final adjusted loss comes to $7.2 million, a significant improvement from the adjusted net loss of $33.8 million incurred in 2012 (before impairment of $13.6 million and loss on vessel sale of $1.9 million).
TEN's liquidity at the end of 2013 remained strong and has been further reinforced in 2014. Over $100 million was successfully raised during 2013 mainly through the two preferred stock issues. Cash flow for the year 2013 from net income before depreciation, amortization, finance costs, impairment and non-recurring charge ( Adjusted "EBITDA") was $134.2 million, compared to $117.0 million in 2012 (adjusted also for loss on vessel sale), a 14.7% increase. All the vessels, apart from one spot market aframax incurring a dry-docking, generated positive EBITDA in the year. Total cash and investments amounted to $173 million compared to $163 million at the end of 2012. A further $83 million was recently added following a follow on equity offering in January 2014, successfully capturing the benefits of our crude sector presence, particularly in light of our recently announced cooperation with Statoil of Norway as well as our long standing experience and presence in the oil tanker markets.

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Total loan balances since the end of 2012 were reduced by $62 million, despite the drawdown of $92 million relating to the delivery of the two new DP2 suezmax shuttle tankers. The net debt to capital ratio fell to 54.8% and our leverage based on fleet valuation conducted by independent third parties fell to 68.3% at the end 2013. Our leverage has fallen further within the current first quarter 2014 given the increased liquidity generated by the equity offering and the markedly improved trading environment which also further boosted vessel valuations. We continue to maintain excellent relationships with all our lending banks, due in large part to our healthy balance-sheet, our debt-service record and prospective newbuilding plan that is generating considerable interest among our lenders. That interest has led to ongoing discussions with several banks to provide pre-delivery financing for our recently announced aframax newbuilding project, at very competitive proposed terms.

Revenues, net of voyage expenses and commissions, totaled $70.6 million in the fourth quarter of 2013, up 4.5% from the fourth quarter of 2012. The two new DP2 suezmax shuttle tankers and the LNG carrier continued to have a significant positive impact on revenue and the bottom line. The crude charter market improved significantly, albeit too late to have a major impact on the fourth quarter 2013. It benefitted TEN's spot and profit-share time-chartered suezmaxes, but aframaxes were not to reap the real benefits until the start of 2014. TEN's fleet of 48 vessels enjoyed nearly 97% utilization during the fourth quarter 2013 (the remaining 3% relating mostly to three scheduled dry-dockings). The average time charter equivalent rate per vessel increased from the fourth quarter of 2012 by 1.3% to $17,419.
Vessel operating expenses were $33.7 million in the fourth quarter 2013 compared to $32.5 million for the same period 2012, the increase due mainly to crew expenses which were impacted by a weaker US dollar and to tonnage tax increases.
The new shuttle tankers impacted depreciation, which increased by $1.6 million over the previous fourth quarter, and management fees which increased in total by 2.2% in the fourth quarter of 2013 from the previous fourth quarter due to the slight increase in fleet size, although there was no actual increase in the monthly fee rate during 2013. General and Administrative costs were $1.1 million, compared to $1.3 million in the fourth quarter of 2012, and daily overhead costs per vessel fell to $1,262 from $1,317 in the same period of 2012.
Fourth quarter 2013 interest and finance costs amounted to $10.0 million, compared to $13.8 million in the prior fourth quarter, a 27.3% reduction mainly due to reduced interest on interest rate swaps as a result of the expiry of certain swaps, and positive movements in the valuations of non-hedging interest rate swaps.
The fourth quarter of 2013 ended with an adjusted net loss of $5.3 million after adjusting for impairment and one-off, non-recurring expenditure of $2.0 million, which equates to an adjusted loss per share of $0.09 before taking account of preferred stock dividends in the calculation. In the fourth quarter of 2012, an adjusted net loss of $9.0 million was incurred, after adjusting for impairment and loss on vessel sale.

On March 4, 2014 Statoil exercised the option for the construction and chartering of four additional Daewoo design aframax crude carriers, bringing the total number of newbuildings

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under the agreement to nine vessels. These additional four vessels may have ice-class capabilities and should charterers declare that feature, rates will adjust to reflect increases in vessels cost and premiums for ice operations. The duration of the charters, on average of 6 years, range from five years to twelve, including options with total gross revenues of approximately $1.0 billion.

The Company will pay a dividend of $0.05 per common share of common stock on May 22 to shareholders of record as of May 19, 2014 with ex-dividend date May 15, 2014.

Dividends on the 8.0% Series B Preferred Shares and 8.875% Series C Preferred Shares are paid quarterly in arrears on the 30th day of January, April, July and October of each year if and when declared by the Company's board of directors. The Company has so far paid three quarterly dividends for the Series B Preferred Shares and the first quarterly dividend for its Series C Preferred Shares.

The year 2013 was a benchmark year for oil tankers as the crude market sprang back to life, albeit towards the latter part of the year, and revitalized owners and investors' interest for this sector. Unlike those who had repeatedly downplayed the sector in the recent past, we always believed crude tankers would and will continue to play a significant role in world energy trade as the result of anticipated hikes in Chinese and Indian oil demand, which will not only absorb more vessel tonnage, due to the subsequent increase in distances, but will also help neutralize the effect US oil import reductions had on crude seaborne demand. The low industry
orderbook and modest growth in the crude fleet over the next couple of years provides us with
a sound foundation for such confidence.
With product tankers in healthy territory coupled with the recent crude turnaround, which is expected to exhibit sustainability, our fleet is well positioned to maintain its strong cash generating power and allow, when appropriate, management to proceed responsibly with its growth aspirations. One such step has already taken place through the strategic alliance with Statoil for the construction and chartering of nine aframax crude tankers, four of which potentially with ice-class capabilities. Management is also exploring other opportunities both in the crude and product spaces while maintaining its commitment in the LNG sector. TEN grows and renews its fleet responsibly, avoiding damaging speculative overbuilding in the market.
Another area of focus, and an integral part of the Company's operations, remains the strategic divestment of assets. The maintenance of the young age profile of the fleet preferably with the generation of acceptable capital gains, would be the main determinant in any decision concerning vessel disposals.
Moving on, and as reiterated in the past, efficient housekeeping and experienced technical management will continue to spearhead our efforts for maintaining one of the more attractive and sought after, we believe, fleets in the tanker universe. The quality of our counterparties over the years supplemented by the recent addition of Statoil, coupled with high levels of fleet

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utilization, 97.8% as at end 2013 compared to the world average of about 85.0%, is a testament to that.
On the employment front, management approach remains twofold. On the one hand, maintain cash flow visibility through the maintenance of secured fixtures while on the other, ensure participation in market peaks by placing a sizeable part of the fleet in profit sharing agreements or other spot related charters with committed employment. As year end 2013, the Company had secured 60.0% of 2014 days under committed employment, while for 2015 and 2016 those numbers were at 38.0% and 25.0% respectively. At the end of each relevant year, it is expected the fleet's secured revenue days, albeit some on flexible charters, will eventually rise to the region of about 70.0%. In terms of revenues, these fixtures above represent approximately $887 million of forward minimum gross proceeds, $400 million of which are expected over the next three years.
"TEN has once more demonstrated its ability to navigate through the rough shipping cycles and arrive at the other end stronger and bigger. Our successful chartering strategy together with our large operational capacity, places us on the top of companies with the ability to take advantage of market improvements," stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. "Our growing list of first class customers and our proven access to capital, positions TEN in the forefront of its peer group and provides our shareholders with a solid future," Mr. Tsakos concluded.

As previously announced, today, Monday, March 17, 2014, at 10:00 a.m. Eastern Time, TEN will host a conference call to review fourth quarter 2013 results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond what is included in this press release.
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 Monday, March 24, 2014 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#

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.

To date, TEN's fleet, including the LNG carrier Maria Energy and nine Aframax crude oil tankers under construction, consists of 58 double-hull vessels, a mix of crude tankers, product

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tankers and LNG carriers, totaling 5.9 million dwt. Of these, 28 are crude tankers ranging from VLCCs to Aframaxes, 26 product carriers ranging LR2 aframaxes to handysize, two DP2 shuttle tankers and two LNG carriers. The Company also holds an option for construction of an LNG carrier to be exercised by March 31, 2014. 21 vessels have ice class designation.

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.
For further information please contact: Company
Tsakos Energy Navigation Ltd.
George Saroglou, COO
+30210 94 07 710
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc. Nicolas Bornozis Paul Lampoutis
+212 661 7566 ten@capitallink.com

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TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

Selected Consolidated Financial and Other Data

(In Thousands ofU.S. Dollars, except share and per share data)

Three months ended Year ended

December 31 December 31

STATEMENT OF OPERATIONSDATA 2013 2012 2013 2012

Voyage revenue s 105,030 100,303 418,379 393,989

Commissions 4,001 3,668 16,019 12,215

Voyage expenses 30,478 29P97 116,980 111,797

Vessei operating expenses 33,706 32,455 130,760 133,251

D epreciation 24,.582 23P23 95,349 94,340

Amortization of deferred chy- docking costs 1,357 1,376 5P64 4,910

Management fees 4,050 3,961 15,896 15,887

Generai and ackninistrative expenses 1,056 1,261 4,366 4,093

Stock cornpensation expense 469 563 469 730

Foreign currency losses 148 77 293 30

Net loss on sale of vessels 1,879 1,879

Total expenses 99,847 97,360 385,196 379,132

Operating income 5,183 2,943 33,183 14,857

Vessei impainnent charge (28,290) (13,.567) (28,290) (13,.567)

Interesi and finance costs, nel (10P42) (13,818) (40,917) (51,576)

Interest inccrne 66 227 366 1,348

Other,net (2,533) (93) (2,912) (118) Total other expenses, ne t (12,509) (13,684) (43,463) (50,346) Netloss (35,616) (24,308) (38,.570) (49,056)

Less: N et loss/(incorne) attributable to the noncontrolling interest 23 (93) 1)08 (207)

Net loss attributable to Tsak os Energy Navigation Limited (35,593) (24,401) (37,462) (49,263) Effeet of preferred dividends (2,109) (3,676)

Net loss attributable to conunon stockbolders of Tsakos Energy

Navigation Limited (37,702) (24,401) (41,138) (49,263)

Loss per share, basic and diluted (0.66) (0.43) (0.73) (0.92)

Weighted average nuruber of conunon shares, basic and diluted 57,286,257 56,294,867 56 ,698,955 53,301,039

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Three months ended Year ended

OTHER FINANCIAL DATA December 31 December 31

2013 2012 2013 2012

Net c ash from operating activities $ 13,694 $ 21,405 $ 117,923 $ 60,862

Net c ash (used in)lfrom investing activìies $ (1,659) $ 10,071 $ (144,437) $ (42,985) Net c ash from/(use d in) fmancing activUies $ (17,121) $ (38,472) $ 44,454 $ (49,288)

ICE per ship per day $ 17,419 $ 17,197 $ 17,902 $ 17,163

Operating expenses per ship per day $ 7,633 $ 7,545 $ 7,634 $ 7,755

Vessei overltead costs per ship per day $ 1,262 $ 1,317 $ 1,196 $ 1,180

8,895 8,862 8,830 8,935

FLEETDATA

Average numberofvessels during period 48.0 47.7 47.5 47.9

Number ofvessels at end ofperiod 48.0 46.0 48.0 46.0

Average age offleet at end of period Years 7.1 6.5 7.1 6.5

Dwt at end of period (in thousands) 4,786 4,474 4,786 4,474

Time charter employment - flxed rate Days 1,892 1,308 6,713 4,928

Time charter employment - variable rate Days 932 1,209 4,107 5,405

Period employment (pool and coa) at market rates Days 276 335 674 1,793

Spot voyage employment at market rates Days 1,180 1,342 5,460 4,529

Iotal operatilg days 4,280 4,194 16,954 16,655

Iotal available days 4,416 4,392 17,339 17,544

Utilization 96. 9% 95.5% 97.8% 94.9%

Utilization (excluding La Prudencia and La Madrina) N/A 99.1% N/A 98.0%

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

Selected Consolidated Financial and Other D ala

(In Thoosands of U.S. Dollars, except share and per share data)

Non-GAAPMeasures

Reconciliation ofNet Loss to Adjusted Net Loss

Three months ended

December 31

Year ended

December 31

2013 2012 2013 2012

Calculation of Adjusted Loss Per share

Three months ended

December 31

2013 2012

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Year ended

December 31

2013 2012

Reconciliation ofNetLoss to Adjusted EBITDA

Three months ended

December 31

2013 2012

Year ended

December 31

2013 2012

Net loss attnbutab1e to Tsakos Fnergy Navigation Lmited

Deprecntion

AIIDrtizatDn of deferred specia l sulì'ey & dJYdockng costs lrrjlai!ID'lltlos s

Interest E

Loss on sale ofvessels

Non reccu!1llg charge

Adjusted EBITDA

(35,593) (24,401)

24,582 23,023

1,357 1,376

28,29il 13,567

10,02 13,818

1,879

2,())J

30,678 29,262

(37,462) (49,263)

95,349 94,340

5,ll4 4,910

28,29il 13,567

4 917 51,576

1,879

rtfj

134,158 117,1XYJ

-The ColJ1lany reports tts fmancialresu1ts m accordance wttb U.S. generally accep ted accounting princip1es (GAAP). However, rmnagerrent believes tbat certain non-GAAP measures used

wttbm !be fmancia1 comrumty nny provide user.; oftbis fmancta1 infornntion add itional meaningful COlJ1lansons between current results and resu1ts n prior operatng penods as weilas corrparisons between !be perfornnnce ofShipping Corrpanies. Management a iso uses !bese non-GAAP fmancia1 measures m rmking fmancial, operatmg and p1anning decisions and in evaluating the ColJ1lany's perforrmnce. See m !be tab1es abovefor reconctliations of (i) Ad_!Jsted Net Loss toNet Loss (ii) Ca1culation of Adjusted Loss per share (iiO Adjusted EBITDA. A1so we areusmg tbe followng Non-GAAPmeasures

(i)TCE which represents voyage revenues 1ess voyage e;.penses divtded by !be nurrller of operating days-comnisston ts not deducted

(ii)Vesse1 ovemead costs whh include Managem;nt fees, Generai & Admimstrative e;.pmses and Stock COlJ1lensation

(iii)Cjlerating e;.penses per ship per day which exclude Managem;nt fees, Generai & Admintstrative e;.pmses and Stock COlJ1lensation e;.pmse

Non-GAAP fmanctal m;asures shou1d be vtewed m addttion to and not as an a1tematwe for, !be Corrpany's reported results prepared m accordance wttb GAAP.

-The ColJ1lany does not mcur cmporation tax

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