Tsakos Energy Navigation : 1st Quarter 2022 Conference Call Presentation

TEN LTD

Q1 2022 Earnings Presentation

June 30, 2022

This presentation may contain forward-looking statements that are not based on historical fact, including without limitation, statements containing the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include those risks described from time to time in Tsakos Energy Navigation Ltd's (TEN) filings with the Securities and Exchange Commission, including, without limitation, the risks described in TEN's most recent Annual Report on Form 20-F on file with the Securities and Exchange Commission. These factors should be considered carefully and you are cautioned not to place undue reliance on such

forward-looking statements. All information is current as of the date of this presentation, and TEN undertakes no duty to update this information. 2

Crisis-Resistant Growth Model Spanning Four Decades

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Million (dwt)

Far East Crisis	9/11 Crisis	Credit Crisis	Covid	Ukrainian
Crisis	Crisis

9

8

7

6

5

4

3

2

1

0

3

Diversified Fleet - Secured Revenues - Market Upside - Greenship Growth

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VLCC

SUEZMAX

AFRAMAX

								Dwt	Built	Yard	Hull	Ice Class/Other
1	Hercules					300,000	2017	South Korean	DH
2	Ulysses					300,000	2016	South Korean	DH
3	Zeus							300,000	2020	South Korean	DH	Scrubber Fitted
4	Artemis Voyager			158,000	2020	South Korean	DH	Scrubber Fitted
5	Apollo Voyager			158,000	2020	South Korean	DH	Scrubber Fitted
6	Dimitris P				158,000	2011	South Korean	DH
7	Arctic	(1)					163,216	2007	South Korean	DH	1A
8	Eurovision				158,000	2013	South Korean	DH
9	Euro							158,000	2012	South Korean	DH
10	Decathlon				158,000	2012	South Korean	DH
11	Spyros K				158,000	2011	South Korean	DH
12	Pentathlon			158,000	2009	South Korean	DH
13	Antarctic	(1)			163,216	2007	South Korean	DH	1A
14	Archangel	(1)			163,216	2006	South Korean	DH	1A
15	Alaska	(1)					163,250	2006	South Korean	DH	1A
				(1)
16	Eurochampion 2004	164,608	2005	South Korean	DH	1C
17	Euronike	(1)			164,565	2005	South Korean	DH	1C
18	Caribbean Voyager		115,000	2020	South Korean	DH	Scrubber Fitted
19	Mediterranean Voyager	115,000	2019	South Korean	DH	Scrubber Fitted
20	Bergen TS			112,700	2017	South Korean	DH
21	Sola TS					112,700	2017	South Korean	DH	1B
22	Oslo TS					112,700	2017	South Korean	DH	1B
23	Stavanger TS			112,700	2017	South Korean	DH	1B
24	Marathon TS			112,700	2017	South Korean	DH	1B
25	Parthenon TS			112,700	2016	South Korean	DH
26	Leontios H			112,700	2016	South Korean	DH
27	Thomas Zafiras			112,700	2016	South Korean	DH
28	Elias Tsakos			112,700	2016	South Korean	DH
29	Asahi Princess			105,372	2009	Japanese	DH
30	Uraga Princess			105,344	2010	Japanese	DH
31	Sapporo Princess		105,354	2010	Japanese	DH
32	Ise Princess			105,361	2009	Japanese	DH
33	Nippon Princess			105,346	2008	Japanese	DH
34	Maria Princess	(1)		105,392	2008	Japanese	DH
35	Sakura Princess		105,365	2007	Japanese	DH
36	Izumo Princess			105,374	2007	Japanese	DH

FUEL	37	TBN
38 TBN
DUAL	39	TBN
	40	TBN
LR2	41	Promitheas
42	Propontis
	43	Sunrise
	44	Sunray
LR1	45	World Harmony
46	Chantal
PANAMAX				(2)
49 Selecao
	47	Selini
	48	Salamina	(2)
	50	Socrates
	51	Andes
	52	Inca	(2)
	53	Ajax
	54	Afrodite
MR	55	Apollon
56	Ariadne
	57	Artemis
	58	Aris
	59	Byzantion	(2)
	60	Bosporos	(2)
HANDY
61	Andromeda
	62	Aegeas
	63	Amphitrite
	64	Arion
	65	Tenergy	(1)
LNG
66	Maria Energy
	67	Neo Energy
SHUTTLE	68	Porto
69	Lisboa
	70	Rio 2016
	71	Brasil 2014

1. Sale & Leaseback
2. 51% owned

Dwt	Built	Yard	Hull	Ice Class/Other
115,000	2024	South Korean	DH	Dual - Fuel LNG
115,000	2024	South Korean	DH	Dual - Fuel LNG
115,000	2023	South Korean	DH	Dual - Fuel LNG
115,000	2023	South Korean	DH	Dual - Fuel LNG
117,055	2006	South Korean	DH	1A
117,055	2006	South Korean	DH	1A
74,000	2016	South Korean	DH
74,000	2016	South Korean	DH
74,200	2009	South Korean	DH
74,329	2009	South Korean	DH
74,296	2009	South Korean	DH
74,251	2009	South Korean	DH
74,296	2008	South Korean	DH
74,327	2008	South Korean	DH
68,439	2003	Japanese	DH
68,439	2003	Japanese	DH
53,095	2005	South Korean	DH	1A
53,082	2005	South Korean	DH	1A
53,149	2005	South Korean	DH	1A
53,021	2005	South Korean	DH	1A
53,039	2005	South Korean	DH	1A
53,107	2005	South Korean	DH	1A
37,275	2007	South Korean	DH	1B
37,275	2007	South Korean	DH	1B
37,061	2007	South Korean	DH	1A
37,061	2007	South Korean	DH	1A
37,061	2006	South Korean	DH	1A
37,061	2006	South Korean	DH	1A
81,479	2021	South Korean	DH	3
174,000m
86,000	2016	South Korean	DH	3
174,000m
85,602	2007	South Korean	DH	3
150,000m
155,000	2022	South Korean	DH	DP2
157,000	2017	South Korean	DH	DP2
157,000	2013	South Korean	DH	DP2
157,000	2013	South Korean	DH	DP2

Vessels in Fixed TC Contracts (as at June 30, 2022) Vessels in TC w/Profit Share contracts (as at June 30, 2022) Spot contracts (as at June 30, 2022)

42 out of 65 Vessels in the Water or 64.6% with Market Exposure (Spot, CoA, TC P/S)

38 out of 65 vessels in the Water or 58.5% in Secured Revenue Contracts (TC, TC P/S & CoA)

4

Timely Acquisitions => Low Q1 2022 B/E rates (B/E after OpEx, G&A, Interest and Depreciation)

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2 VLCC

14 SUEZMAX

19 (1) AFRAMAX

3 AFRAMAX

LR2

10 PANAMAX

LR1

6 HANDYMAX

MR

6 HANDYSIZE

3		LNG
3	(2)	DP2
		SHUTTLE

$22,883
	$100,000,000	Spot
$24,387
$17,360
	$75,000,000
$20,051		CharterTime	Expenses
$14,603
	$50,000,000
$13,073
$11,727	$25,000,000
$41,652
$30,668	$0

Every $1,000pd Increase in Spot Rates has a Positive $0.39 Impact in Annual EPS

(Based on Current Vessels in Spot Contracts Only and Current Common Shares O/S)

(1)	Excludes four dual-fuel LNG powered Aframax tankers under construction	Note:
Spot net of Voyage Expenses
(2)	Excludes one 2022-built DP2 Shuttle Tanker	5
Expenses = Opex +Finance Expenses+ Commissions + Overheads + Charter Hire