ATHENS, GREECE--(Marketwired - Apr 22, 2015) - Tsakos Energy Navigation Limited ("TEN") (NYSE: TNP), a leading crude and product tanker and LNG carrier operator, today announced the pricing of its public offering of 8.75% Series D Cumulative Redeemable Perpetual Preferred Shares, which was upsized to $85 million. TEN will issue 3.4 million Series D Preferred Shares at a price to public of $25.00 per share.

TEN has also granted the underwriters a 30-day option to purchase up to 510,000 additional Series D Preferred Shares which, if exercised in full, will result in total gross proceeds of $97.75 million.

TEN intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments and repurchases of its common shares and preferred shares. TEN intends to list the Series D Preferred Shares on the New York Stock Exchange.

The offering is expected to close on or about April 29, 2015.

Morgan Stanley & Co. LLC and UBS Securities LLC acted as joint bookrunners for the offering. Evercore Group L.L.C., Seaport Global Securities LLC, Brock Securities LLC and Axia Capital Markets, LLC acted as co-managers for the offering.

When available, copies of the prospectus supplement and the accompanying base prospectus related to the offering may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, telephone: 866-718-1649, email: and UBS Securities LLC, Attention: Prospectus Specialist, 299 Park Avenue, New York, New York, 10171, telephone: 888-827-7275.

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.

To date, TEN's fleet, including the LNG carrier Maria Energy, nine Aframax crude oil tankers, a Suezmax DP2 shuttle tanker and two LR1 tankers all under construction, consists of 63 double-hull vessels, a mix of crude tankers, product tankers and LNG carriers, totaling 6.52 million dwt. Of these, 44 vessels trade in crude, 14 in products, three are shuttle tankers and two LNG carriers. In addition, TEN has an option to construct another Suezmax DP2 shuttle tanker. The average age of its operational fleet is 7.7 years.

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.

Contact Information:

For further information please contact:

Tsakos Energy Navigation Ltd.
George Saroglou
+30210 94 07 710

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Paul Lampoutis
+212 661 7566