Tsakos Energy Navigation : 2nd Quarter 2021 Conference Call Presentation

TEN LTD

Q2 & 6MO 2021 Earnings Presentation

October 7, 2021

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

	8	Far East Crisis	9/11 Crisis	Credit Crisis	Meets…	COVID Crisis
	7
	6
(dwt)	5
Million	4
	3
	2
	1
	0

3

Diversified Fleet - Secured Revenues - Market Upside

VLCC		CRUDE TANKERS
1	Hercules
	2	Ulysses
	3	Artemis Voyager
	4	Apollo Voyager
	5	Spyros K
	6	Dimitris P
	7	Arctic (1)
SUEZMAX	8	Eurovision
9	Euro
	10	Decathlon
	11	Pentathlon
	12	Antarctic (1)
	13	Archangel (1)
	14	Alaska (1)
	15	Eurochampion 2004 (1)
	16	Euronike (1)
	17	Caribbean Voyager
	18	Mediterranean Voyager
	19	Bergen TS
	20	Sola TS
	21	Oslo TS
	22	Stavanger TS
	23	Marathon TS
AFRAMAX	24	Parthenon TS
27	Elias Tsakos
	25	Leontios H
	26	Thomas Zafiras
	28	Uraga Princess
	29	Sapporo Princess
	30	Asahi Princess
	31	Ise Princess
	32	Nippon Princess
	33	Maria Princess
	34	Sakura Princess (1)
	35	Izumo Princess
	1)	Sale & Leaseback
	2)	51% owned

Dwt	Built	Yard	Hull	Ice Class/Other
300,000	2017	South Korean	DH
300,000	2016	South Korean	DH
158,000	2020	South Korean	DH
158,000	2020	South Korean	DH
158,000	2011	South Korean	DH
158,000	2011	South Korean	DH
163,216	2007	South Korean	DH	1A
158,000	2013	South Korean	DH
158,000	2012	South Korean	DH
158,000	2012	South Korean	DH
158,000	2009	South Korean	DH
163,216	2007	South Korean	DH	1A
163,216	2006	South Korean	DH	1A
163,250	2006	South Korean	DH	1A
164,608	2005	South Korean	DH	1C
164,565	2005	South Korean	DH	1C
115,000	2020	South Korean	DH
115,000	2019	South Korean	DH
112,700	2017	South Korean	DH
112,700	2017	South Korean	DH	1B
112,700	2017	South Korean	DH	1B
112,700	2017	South Korean	DH	1B
112,700	2017	South Korean	DH	1B
112,700	2016	South Korean	DH
112,700	2016	South Korean	DH
112,700	2016	South Korean	DH
112,700	2016	South Korean	DH
105,344	2010	Japanese	DH
105,354	2010	Japanese	DH
105,372	2009	Japanese	DH
105,361	2009	Japanese	DH
105,346	2008	Japanese	DH
105,392	2008	Japanese	DH
105,365	2007	Japanese	DH
105,374	2007	Japanese	DH

Vessels in Fixed TC Contracts (at Oct 7, 2021) Vessels in TC w/Profit Share contracts (at Oct 7, 2021) Spot contracts (at October 7, 2021)

AFRAMAX LR2

PANAMAX LR1

MR

SHUTTLE LNGHANDY

COATED TANKERS

1. TBN
2. TBN
3. TBN
4. TBN
5. Proteas
6. Promitheas
7. Propontis
8. Sunrise
9. Sunray
10. World Harmony
11. Chantal
12. Selini (2)
13. Salamina (2)
14. Selecao
15. Socrates
16. Andes
17. Inca (2)
18. Ajax
19. Afrodite
20. Apollon
21. Ariadne
22. Artemis
23. Aris
24. Byzantion (2)
25. Bosporos (2)
26. Andromeda
27. Aegeas
28. Amphitrite
29. Arion
30. Tenergy
31. Maria Energy
32. Neo Energy
33. Porto
34. Lisboa
35. Rio 2016
36. Brasil 2014

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
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	174,000m3
86,000	2016	South Korean	DH	174,000m3
85,602	2007	South Korean	DH	150,000m3
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

69% of Fleet in the Water (TC P/S, CoA and Spot) with Market Exposure

49% in Secured Contracts (TC, TC P/S & CoA)

4

Timely Acquisitions => Low 6mo 2021 B/E Rates*

*Breakeven rates after Operating Expenses, G&A, Interest and Depreciation

2 VLCC

14 SUEZMAX

19 AFRAMAX

3 AFRAMAX

LR2

10 PANAMAX

LR1

6 HANDYMAX

MR

6 HANDYSIZE

2	(1)	LNG
3	(2)	DP2
		SHUTTLE

	$200,000,000
$26,309
	$180,000,000	Spot
$22,479
	$160,000,000
$17,852
	$140,000,000
$18,319	$120,000,000
$14,862	$100,000,000	CharterTime	Expenses
$15,946	$80,000,000
$10,913	$60,000,000
$40,403	$40,000,000
	$20,000,000
$30,756
	$0

Every $1,000pd Increase in Spot Rates has a Positive $0.62 Impact in Annual EPS

(Based on Current Vessels in Spot Contracts Only)

(1)	Excludes one LNG under construction	Note:
(2)	Excludes one DP2 Shuttle Tanker under construction	Spot net of Voyage Expenses	5
(3)	Number of vessels in each sector as per 6mo 2021	Expenses = Opex +Finance Expenses+ Commissions + Overheads + Charter Hire