Tsakos Energy Navigation Announces Three-Year Time-Charter

Tsakos Energy Navigation Ltd. (“TEN” or the “Company”) today announced a three-year time- charter to a major European charterer of the 37,340 dwt 1B ice-class handysize product tanker Bosporos, expected to be delivered from Hyundai Mipo Dockyard of South Korea at the end of August. The charter is structured with a minimum rate and a 50/50 profit share should rates exceed that minimum. The gross proceeds from this charter, assuming only the minimum rate, are expected to exceed $21 million.