Profile: Tsakos Energy Navigation Limited (TNP.N)

Tsakos Energy Navigation Limited (Tsakos Energy Navigation), incorporated in 1993, is a provider of international seaborne crude oil and petroleum product transportation services. The Company also transports liquefied natural gas (LNG). Tsakos Energy Navigation owns a fleet of tankers providing worldwide marine transportation services for national and other independent oil companies and refiners under long, medium and short-term charters. As of March 31, 2009, the Company operated a fleet of 46 double-hull tankers providing worldwide marine transportation services for national and other independent oil companies and refiners under long, medium and short-term charters and one LNG carrier. The Company’s fleet consists of three very large crude carriers (VLCCs), 10 suezmaxes, 11 aframaxes, seven panamaxes, six handymaxes, eight handysizes and one LNG carrier. All vessels are owned by the Company’s subsidiaries.

The Company’s fleet totals approximately 4.9 million deadweight tonnage (dwt), all of which is double-hulled. As of March 31, 2009, the average age of the tankers in its operating fleet was 6.3 years. In addition to the vessels operating in Tsakos Energy Navigation’s fleet, it is building an additional four vessels. As of March 31, 2009, it had 23 ice-class vessels. Several oil companies and traders, including Houston Refining, PDVSA, ExxonMobil, FLOPEC, Shell, BP, Sunoco, Tesoro, Petrobras, Trafigura, Glencore and Neste Oil are the customers of Tsakos Energy Navigation.

During the year ended December 31, 2008, the Company received the delivery of two panamaxes Selecao and Socrates and two aframaxes Maria Princess and Nippon Princess. During 2008, it repurchased the suezmaxes Decathlon and Pentathlon, sold five years previously as part of a sale and lease-back deal. In 2008, it sold the aframax Olympia.

The Company competes with Overseas Shipholding Group Inc., Teekay Shipping Corporation and General Maritime Corporation.