Tsakos Energy Navigation reports six month and second quarter
financial results for the period ended June 30, 2013


65% increase in six-month operating income from first half 2012 Major improvement in bottom line from first half 2012 Successful delivery of two product shuttle tankers to charters with expected gross revenues in excess of $500 million

SIX MONTHS AND RECENT HIGHLIGHTS

• Fleet currently consists of 28 product tankers, 19 crude carriers and (pro forma) two LNG vessels plus one option

EBITDA of $68.1 millio n for six-months, a 10.7% increase from 2012 first six months, and $34.0 million in Q2

• Operating income of $18.3 milli on for six months, a 65% increase compared to first half 2012 and $8.6 million in Q2

• Significant improvement in six-month net resu lts; $(0.5) million compared to $(14.5) million in the 2012 firs t six-months. $(1.5) mi llion for Q2, compared to $(5.7) million.

• Average daily time charter equivalent per ship in first six months at $18,090 compared to $17,424 in first six months 2012

• Average operating expenses per ship per day at $7,710, a 2. 5% decrease from $7,906 in first half 2012

• Fleet utilization of 98%

• $50 million gross raised from offering of 8% Series B Cumulative Redeemable Perpetual Preferred Shares

• $0.05 per share common stock quarterly dividend paid on June 5, 2013

• Declared common stock quarterly dividend of $0.05 per share paya ble on September 12, 2013

• 11 fixtures with average duration 2.4 yea rs and minimum revenues of $135 million

• Pioneering fixture for LR product tanker Propontis through the Northern Sea Route

• Delivery to charterer, a major Latin-American oil concern, on May 18 and June 14 of two new DP2 shuttle tankers and commencement of 15-year employment

• One 174,000 m3 LNG ca rrier under construction with option for a further LNG carrier

Athens, Greece – August 2, 2013 – Tsakos Energy Navigation Limited (TEN or the “Company”) (NYSE: TNP) today reported results (unaudited) for the second quarter and first six months of 2013.

SIX MONTH RESULTS
TEN enjoyed considerably improved results over the first half of 2012. Operating income for the first six months of 2013 was $18.3 million comp ared to $11.1 million in the first six months of 2012. This was a $7.2 millio n improvement, representing a 64.7% increase, brought about mainly by increased revenue primarily due to rate improvements in product tankers, the operation of our LNG carrier Neo Energy, the introduction of the tw o shuttle tankers with their partial contributions and re duced operating expenses.

The average daily time charter eq uivalent rate per vessel was $1 8,090, compared to $17,424 in the first six months of 2012.

Operating costs for the first six months of 2013 amounted to $64.2 million, a 5.1% decrease from the previous year’s first six months. Daily operating expenses per ship were $7,710 compared to $7,906 for the first six months of 2012, a 2.5% decrease. Depreciation and dry-docking amortization costs were $48.6 million.

General and administrative expenses totaled $2.1 million, comp ared to $1.8 million in the first half of 2012, reflecting an increase in legal fees. Interest and finance costs decrease d in the first half of 2013 to $20.0 million compared to $26.4 million in the first six mo nths of 2012, mainly due to the redu ction in interest rate swaps. TEN incurred a loss of $0.5 million in the first six months of 2013, or $0.02 per diluted share, adjusted to include $0.01 due to accrued prefe rred dividends, compared to the first half of 2012, in which there was a net loss of $14.5 million, or $0.29 per diluted shar e. This represents a 97.0% improvement compared to the first half of 2012.

SECOND QUARTER RESULTS
Revenues, net of voyage expenses and commission s, were $71.6 million in the second quarter of 2013, 3.1% up from the firs t quarter 2013. The product tanker market remained relatively buoyant, but the cr ude market was under pres sure. The main factor in the increased revenue was the partial contribution of the new shuttle tankers, both of which started their 15-year charters in May and June 2013. The full income generating abili ty of these two vessels will begin to appear from the third quarter 2013.

On average, TEN’s fleet had 47.8 vessels in the second quarter 2013, almost the same as the same period last year except that the older VLCC s included in the 2012 fleet were replaced by the two newly delivered suezmax DP2 shuttle tanker s. Fleet utilization remained high at 98%, despite three vessels undergoing dry-docking, and a 65% increase in the number of operating days that the fleet was employed in the spot ma rket. The average daily time charter equivalent rate per vessel increased by 1.6% to $18,007 compared to $17,714 in the second quarter of 2012. Rates in the crude sector were not signific antly different from thos e of the second quarter of 2012, but this was offset by higher product carrier rates and the partial contribution provided by the new shuttle tankers.

Average daily operating costs per vessel were $7,728 in the second quarter of 2013 compared to $7,505 in the same period of 2012, and $7,692 achieved in the first quarter of 2013, an indication that operating costs for the fleet have been kept relatively well under control during the second quarter particularly when taking in to consideration that three vessels underwent scheduled dry-docking for special survey purposes and incurred high non-deferrable (dry-docking) expenditure, plus an element of building up vessels’ required stores.

Depreciation and dry-docking amortization costs totaled $25.1 million in the second quarter of 2013, similar to depreciation and amortization incurred in the previo us second quarter.

Total technical and commercial ma nagement fees were similar in the second quarters of 2013 and 2012 at approximately $3.9 million, the impact of the new shuttle tankers offsetting the departure of the VLCCs since the second quarter of last year. G&A costs were the same as the last year’s second quart er at $1.0 million.

Interest and finance costs in the second quarte r of 2013 were $10.4 mil lion, nearly 35.5% down from last year’s second quarter. The decrease from the second quarter of 2012 was mainly due to reduced interest on interest ra te swaps as a result the expiry of seven such swaps and positive movements in the valuations of non-hedging interest rate. The second quarter of 2013 ended in a net loss of $1.5 million or $0.04 diluted per share, of which $0.01 per share is attribut able to the accrued preferred di vidend. This loss is mainly attributed to the scheduled special survey of three vessels and the repositioning of the two shuttle tankers from the yard in Korea to Latin America to co mmence trading. In the second quarter of 2012, a net loss of $5 .7 million was incurred.

TEN’s liquidity at the end of the second quarter of 2013 remained relatively strong. Total cash and investments amounted to $1 50 million compared to $139 million at the end of Q1 2013. Total indebtedness since the seco nd quarter of 2012 fell by $3 6 million, despite the recent drawdown of $92 million in connection with the delivery of the two new shuttle tankers. Cash flow for the quarter from net income before depreciation, amortization and finance costs (adjusted “EBITDA”) was $34.0 m illion. All the vessels generate d positive adjusted EBITDA in the second quarter, except for the three vessels which underwent dry-docking, and two aframaxes operating in the difficult spot mark et. Six-month adjusted EBITDA amounted to $68.1 million, all the vessel s enjoying positive adjust ed EBITDA in the period.

QUARTERLY DIVIDEND - COMMON SHARES
The Company will pay the stated quarterly dividend of $0.05 per share of common stock outstanding on September 12, 2013 to sharehol ders of record as of September 9, 2013. Company intends to announce the next dividend distribution in November 2013.

QUARTERLY DIVIDEND - PREFERRED SHARES
The Company paid its first (pro-rated) cash divi dend of $0.44444 per share of its 8% Series B Cumulative Redeemable Perpetual Preferred shares on July 30, 2013. The second full dividend is scheduled for Oc tober 30, 2013

FLEET STRATEGY & OUTLOOK
The Company continued to strategically charte r some of its product tankers to short-to- medium term fixtures in order to take advantag e of favorable market dynamics and enhance the cash generating ability of th e fleet. In particular, the Comp any fixed two LR1 and two MR product tankers for two years and one MR tanker for 12-months with expected gross minimum revenues of $45 million. When these are added to the six vessels fixed earlier in the year, the total gross revenues from these 11 fixtures, with an average char ter duration of 2.4 years, rises to about $135.0 million. It was su ch fixtures that along with th e healthy cash flows of the LNG carrier Neo Energy and the 15-year charters of the two shuttle tankers, that together with the quality of our fleet, assisted the Company in producing 64.7% higher operating income in the first half of 2013 compared to the same period in 2012.

This performance was reflected in the fleet’s ut ilization rate which reached 97.9% compared to 95.4% in the first half of 2012. High utilization levels have and will continue to be a major objective in the Company’s operating strategy in order to reduce vessel downtime to the minimum and use each revenue day to the Comp any’s advantage. Management is confident that such levels of utilization will be maintain ed given that for the seco nd half of 2013, 74.0% of available days have been fixed, equating to about $106.0 million in minimum revenues. For 2014, 60.0% have so far been fixed equating to about $210.0 million in minimum revenues, and 40% for 2015 equating to about $151.0 million in minimum revenues. In terms of total revenue backlog, the Company’s 37 vessels with secured employment, including those on pools and CoAs, until the expiration of their respective charters, are expected to generate approximately $975 million of minimum gross revenues.

As rate improvements in the product market continues to exhibit signs of sustainability and crude tankers have recently demonstrated a slight revival, the Company will continue to assess period contracts in order to address cash flow visibility and overall spot exposure. LNG along with shuttle tankers will continue to form a core in our diversification activities and management will continue to explore attractive opportunities in such sectors. On the conventional front, some focus could be placed on larger product tankers particularly if attractive resale opportunities arise from yards in either Kore a or Japan or modern vessels become available in th e second hand market.

As management has conveyed on numerous in stances in the past, ca sh preservation and accumulation will continue to mold TEN’s overal l policy. Management is actively pursuing the MLP market and continues to closely monitor available capital raising opportunities to further fund the Company’s accretive growth. Manageme nt will continue to use best practices to ensure that vessels are operated safely and efficiently and that each vessel, in its own capacity, contributes positively to th e Company’s bottom line.

“In the first six months of 2013 our bottom line experienced a substantial improvement in comparison to the 2011 and 2012 half-year results,” stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. “We remain optimistic that, as things stand, the worst is behind us and the tanker market s will return to sustainable profitability. The composition and modernity of our fleet, our long lasting customer relationships together with our venture into the high-end specialized shuttle and LNG sectors, should assist us in further improving our results going forward,” Mr. Tsakos concluded.

Tsakos Energy Navigation press release