Tsakos Energy Navigation Expands Presence in LNG Sector; Existing LNG Neo Energy Commenced New Charter on March 28, 2012

Tsakos Energy Navigation Limited

today announced the order of one plus one state-of-the-art LNG carrier for delivery Q1 2015 at a major South Korean yard. The vessel is of the new tri-fuel design enabling the ship to run on fuel oil, marine diesel/gas oil and natural gas offering attractive alternatives to charterers. Discussions for long-term contracts have commenced and management is confident that such employment will be secured well before the first delivery in early 2015. Concurrently with this order, TEN announced the commencement of the previously announced four-year charter for its LNG carrier Neo Energy to a major international entity and a repeat employer of the vessel at an accretive rate reflective of current market conditions.