Tsakos Energy Navigation Limited Declares Dividend on Its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares

ATHENS, GREECE--(Marketwired - Oct 15, 2013) - Tsakos Energy Navigation Limited ("TEN") (NYSE: TNP), a leading product, crude and LNG tanker operator, today announced that its Board of Directors declared the regular quarterly cash dividend of $0.50 per share of its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the "Series B Preferred Shares"; NYSE; TNPPRB) for the period from the most recent dividend payment date on July 30, 2013 through October 29, 2013. The dividend will be paid on October 30, 2013 to all holders of record of Series B Preferred Shares as of October 29, 2013. Dividends on the Series B Preferred Shares will be payable quarterly in arrears on the 30^th day of January, April, July and October of each year, when, as and if declared by TEN's board of directors. The first quarterly dividend, which was a prorated amount of $0.44444 per share for the period from the original issuance on May 10, 2013 through July 29, 2013, was paid on July 30, 2013.

TEN has 2,000,000 Series B Preferred Shares outstanding as of the date of this press release.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's fleet, including an LNG carrier under construction, consists of 49 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 4.9 million dwt. Of these, 28 are product carriers ranging from shuttle suezmaxes to handysize, 19 are crude tankers ranging from VLCCs to aframaxes, and two are 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.