1. TEN LtdTEN Ltd
Tsakos Energy NavigationTsakos Energy Navigation
European Maritime Conference
Athens May 23, 2013
MARKET DIVERSIFICATION – TEN, Ltd.

2. Fleet Composition
2
Empire State
1,250′
VLCC
1,100′
300,000dwt
Suezmax
900′
160,000dwt
Aframax
850′
100,000dwt
Panamax
750′
70,000dwt
Handymax
615’
50,000dwt
Handysize
570’
37,000dwt
Crude Product
1 10 8 9 6 8
Aframax
850′
100,000dwt
3
LNG
LNG
750′
85,000dwt
2
2819
(1) Includes one LNG carrier under construction. Option not included
Sophisticated, multi-purpose fleet addresses all customer needs
(1)
Suezmax
900′
160,000dwt
2
20 Years in the
Capital Markets
20 Years in the
Capital Markets

3.  Traditional, client-focused, modern and diversified tanker and energy operator
 One of the largest energy transportation companies in the world
− Carried 355 million barrels of oil in 2012, equivalent to ~4 days of global consumption
or ~48 days of current US imports
 Pro forma fleet consists of 49 vessels totaling 4.9 mm dwt
− 19 crude oil tankers
− 28 product tankers (including two DP2 Suezmax shuttle tankers)
− 2 Liquefied Natural Gas (“LNG”) vessels (including one under construction). TNP has
also an option for a second LNG newbuilding
− $4 bn invested in 65 newbuild acquisitions since 1997
 Cost effective technical management and strong balance sheet
− One of the lowest overhead cost tanker and energy operators globally
 20 years as a public company
− 1993 listing on the Oslo Stock Exchange (delisted in 2005)
− NYSE listed since 2002
− $1 billion net income and ~$374 in dividend payments
 Tsakos Foundation is largest shareholder (about 39%) and has never sold shares
 Consistent dividend policy
TEN at a Glance
20 Years in the
Capital Markets
20 Years in the
Capital Markets

4.  Expand footprint in other energy sectors – Venture beyond the horizon
 Attain a “first mover” advantage vis-à-vis the competition
 Proactive not reactive to expanding LNG / Shuttle tanker markets
 Enhance / diversify chartering base – BG, GDF Suez, Qatar, Nigeria
 Create a platform to attract additional investors (public / private) – Provide latitude for future
public offerings
 Learn and excel internally in a new “discipline” – establish operating track record
 High barriers to entry prevent “competition overflow”
 Niche Markets – 72 shuttle tankers, 371 LNGs and 4,000 tankers (over 30,000 dwt)
Why LNG / Offshore Shuttle Tankers?
20 Years in the
Capital Markets
20 Years in the
Capital Markets

6.  Gas is cheap, clean and plentiful
 Natural gas accounted for 24% of the global energy market in 2011 – North America the largest
gas consumer in the world and set to increase presence due to country’s shale gas deposits
(rush to utilize them in order to reduce the carbon-intensity of its economy)
 US DOE conditionally approved Freeport LNG export facility to export up to
4.4mpta – Half of gas volumes contracted to go to Japan (Osaka Gas, Chubu
Electric)
 According to the EIA, the US has 2.5 trillion cubic feet of potential natural gas
production. Shale accounts for 862 billion or 34.5% of that
 Largest growth in Asia – 5.9% increase in 2011
 Japanese imports increased by 12.7% y-o-y in 2011 vs. a y-o-y growth rate of 8.5%
in 2010. Imported 32.2% of all LNG traded in 2011 and 50.1% of Asian imports
 South Korea imported 22.7% of Asian imports and China 5.3%
 UK overtook Spain as the largest European importer. 27.9% of total European
imports vs. 12.1% in Spain
 LNG expected to be among the world’s fastest growing energy sources in the next 10-20 years
(CAGR at about 2.6% vs. Oil at 0.8%)
Favorable Market Dynamics
20 Years in the
Capital Markets
20 Years in the
Capital Markets

7.  2yr TC rates increased from
mid-$20K two years to $90K pd today
 LNG fleet in the water close to 100% utilized
 Orderbook in constant decline since peak of
2004 but picked up recently
 Orderbook at 20.5% of fleet (371
vessels vs. 76 on order)
 As pricing differentials continue to widen,
the arbitrage opportunities presented by
maritime LNG trade will continue to grow
 Spot market (contracts < 4yrs) on an
increase. From about 5% of the global LNG
trade in 2002 to about 25.1% today
 Limited yard capacity before 2016 the
earliest
 Seven yards internationally that can built
LNGs (Samsung, Daewoo, Hyundai,
Mitsubishi, Hudong, China, STX and
Market Boom Here to Stay?
0
30
60
90
2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025
Existing Fleet (Year End) Renewal Demand
New Deliveries Additional Requirement
Worldwide LNG Fleet CapacityWorldwide LNG Fleet Capacity
Vessel shortfall
Source: Clarksons
Global LNG trade routesGlobal LNG trade routes
Henry Hub: ~4.00
Europe: ~12.50
Middle East: ~14.00
Japan: ~17.00
20 Years in the
Capital Markets
20 Years in the
Capital Markets

8. Growing in Offshore Shuttle Tankers
 Global demand and resulting high oil prices are the
backdrop for growing, diverse exploration and drilling
projects
 Consequently, global energy companies are investing in
Deep Water and Ultra-deepwater projects
 This gives us an opportunity to leverage our preferred
position with our customers to grow in this profitable
segment
 Vessel demand exceeds supply over the next few years,
driving charter rates higher
 We see many ways to build in this sector, partnering with
our customers
 Penetrating oligopolistic market
 Over the next decade, Petrobras is significantly ramping
up new offshore production facilities
 Over the past 20 years, the proven reserves in Brazil
have
increased by 164%
20 Years in the
Capital Markets
20 Years in the
Capital Markets

9. Investment Thesis
LNG
(173,000m3
)
DP2 Suezmax Shuttle
1 mil barrels
VLCC
2 mil barrels
Purchase Price (NB) $200-220 million $95-105 million $90 million
TCE pd: $80-90,000 $45-50,000 $25,000
Opex pd: $13,000 $15,000 $9,000
Contract Duration: 5-10 years or longer 10-15 years 1-2 years
ROE (basic): Around 15% >15% -2%
IRR (based on today’s
market):
10-12% 10-15% -1%
20 Years in the
Capital Markets
20 Years in the
Capital Markets

10. Tsakos Energy Navigation, Ltd – 367 Syngrou Av. , Athens 175 64, Greece Tel: +30210 940 7710, Fax: +30210 940 7716
email: ten@tenn.gr
Company Contact:
Paul Durham, Chief Financial Officer pdurham@tenn.gr
George Saroglou, Chief Operating Officer gsaroglou@tenn.gr
Harrys Kosmatos, Corporate Development Officer hkosmatos@tenn.gr