Tsakos Energy Navigation : 4th Quarter 2021 Conference Call Presentation

Q4 & YE 2021 Earnings Presentation

April 14, 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 _______________________________________________________________

Far East Crisis

9/11 Crisis

Credit Crisis

Covid Ukrainian Crisis Crisis

9

8

7

Million(dwt)

6

5

4

3

2

1

0

Diversified Fleet - Secured Revenues - Market Upside - Greenship Growth _______________________________________________________________

Vessels in Fixed TC Contracts (at April 6, 2022)

• 1) Sale & Leaseback

  Vessels in TC w/Profit Share contracts (at April 6, 2022)

• 2) 51% owned

Spot contracts (at April 6, 2022)

61% of Fleet in the Water (TC P/S, CoA and Spot) with Market Exposure 61% in Secured Contracts (TC, TC P/S & CoA)

CRUDE TANKERS
1	Hercules
2	Ulysses
3	Artemis Voyager
4	Apollo Voyager
5	Spyros K
6	Dimitris P
7	Arctic (1)
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
24	Parthenon TS

25 Leontios H

26 Thomas Zafiras

27 Elias Tsakos

COATED/CLEAN TANKERS
Dwt	Built	Yard	Hull	Ice Class/Other	Dwt	Built	Yard	Hull	Ice Class/Other
300,000	2017	South Korean	DH	36	TBN	115,000	2024	South Korean	DH	Dual - Fuel LNG
300,000	2016	South Korean	DH	37	TBN	115,000	2024	South Korean	DH	Dual - Fuel LNG
158,000	2020	South Korean	DH	38	TBN	115,000	2023	South Korean	DH	Dual - Fuel LNG
158,000	2020	South Korean	DH	39	TBN	115,000	2023	South Korean	DH	Dual - Fuel LNG
158,000	2011	South Korean	DH	40	Proteas	117,055	2006	South Korean	DH	1A
158,000	2011	South Korean	DH	41	Promitheas	117,055	2006	South Korean	DH	1A
163,216	2007	South Korean	DH	1A	42	Propontis	117,055	2006	South Korean	DH	1A
158,000	2013	South Korean	DH	43	Sunrise	74,000	2016	South Korean	DH
158,000	2012	South Korean	DH	44	Sunray	74,000	2016	South Korean	DH
158,000	2012	South Korean	DH	45	World Harmony	74,200	2009	South Korean	DH
158,000	2009	South Korean	DH	46	Chantal	74,329	2009	South Korean	DH
163,216	2007	South Korean	DH	1A	47	Selini (2)	74,296	2009	South Korean	DH
163,216	2006	South Korean	DH	1A	48	Salamina (2)	74,251	2009	South Korean	DH
163,250	2006	South Korean	DH	1A	49	Selecao	74,296	2008	South Korean	DH
164,608	2005	South Korean	DH	1C	50	Socrates	74,327	2008	South Korean	DH
164,565	2005	South Korean	DH	1C	51	Andes	68,439	2003	Japanese	DH
115,000	2020	South Korean	DH	52	Inca (2)	68,439	2003	Japanese	DH
115,000	2019	South Korean	DH	53	Ajax	53,095	2005	South Korean	DH	1A
112,700	2017	South Korean	DH	54	Afrodite	53,082	2005	South Korean	DH	1A
112,700	2017	South Korean	DH	1B	55	Apollon	53,149	2005	South Korean	DH	1A
112,700	2017	South Korean	DH	1B	56	Ariadne	53,021	2005	South Korean	DH	1A
112,700	2017	South Korean	DH	1B	57	Artemis	53,039	2005	South Korean	DH	1A
112,700	2017	South Korean	DH	1B	58	Aris	53,107	2005	South Korean	DH	1A
112,700	2016	South Korean	DH	59	Byzantion (2)	37,275	2007	South Korean	DH	1B
112,700	2016	South Korean	DH	60	Bosporos (2)	37,275	2007	South Korean	DH	1B
112,700	2016	South Korean	DH	61	Andromeda	37,061	2007	South Korean	DH	1A
112,700	2016	South Korean	DH	62	Aegeas	37,061	2007	South Korean	DH	1A
28	Asahi Princess	105,372	2009	Japanese	DH	63	Amphitrite	37,061	2006	South Korean	DH	1A
29	Uraga Princess	105,344	2010	Japanese	DH	64	Arion	37,061	2006	South Korean	DH	1A
30	Sapporo Princess	105,354	2010	Japanese	DH	65	Tenergy	81,479	2021	South Korean	DH	174,000m3
31	Ise Princess	105,361	2009	Japanese	DH	66	Maria Energy	86,000	2016	South Korean	DH	174,000m3
32	Nippon Princess	105,346	2008	Japanese	DH	67	Neo Energy	85,602	2007	South Korean	DH	150,000m3
33	Maria Princess	105,392	2008	Japanese	DH	68	Porto	155,000	2022	South Korean	DH	DP2
34	Sakura Princess (1)	105,365	2007	Japanese	DH	69	Lisboa	157,000	2017	South Korean	DH	DP2
35	Izumo Princess	105,374	2007	Japanese	DH	70	Rio 2016	157,000	2013	South Korean	DH	DP2
71	Brasil 2014	157,000	2013	South Korean	DH	DP2

Timely Acquisitions => Low 2021 B/E rates (B/E after OpEx, G&A, Interest and Depreciation)

_______________________________________________________________

$375,000,000

$350,000,000

$325,000,000

$300,000,000

$275,000,000

$250,000,000

$225,000,000

$200,000,000

$175,000,000

$150,000,000

$125,000,000

$100,000,000

Expenses

$75,000,000

2

3

$50,000,000 $25,000,000

$0

• (1) Excludes one LNG under construction

  Note:

• (2) Excludes one DP2 Shuttle Tanker under construction

  Spot net of Voyage Expenses

• (3) Excludes four dual-fuel Aframax tankers under construction

Expenses = Opex +Finance Expenses+ Commissions + Overheads + Charter Hire

VLCC	$25,805
4 SUEZMAX	$22,907
3) AFRAMAX	$17,578
AFRAMAX LR2	$18,429
0 PANAMAX LR1	$14,805
HANDYMAX MR	$16,255
HANDYSIZE	$10,838
1) LNG	$39,279
2) DP2 SHUTTLE	$30,159

Every $1,000pd Increase in Spot Rates has a Positive $0.33 Impact in Annual EPS (Based on Current Vessels in Spot Contracts Only and Current Common Shares O/S)