SC 13D/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13D

Information To Be Included in Statements Filed Pursuant to Rules 13d-1(a) and

Amendments Thereto Filed Pursuant to 13d-2(a)

(Amendment No. 1)*

TSAKOS ENERGY NAVIGATION LIMITED

(Name of Issuer)

Common Shares, par value $1.00 per share

(Title of Class of Securities)

G9108L108

(CUSIP Number)

George Saroglou

Tsakos Energy Navigation Limited

367 Syngrou Avenue 175 64

P. Faliro, Athens, Greece

011 30210 940 7710

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

With Copies To:

Stephen P. Farrell, Esq.

Morgan, Lewis & Bockius LLP

101 Park Avenue

New York, New York 10178

(212) 309-6000

August 26, 2005

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box.  ¨

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. G9108L108 13D Page 2 of 10 Pages

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)             SEA CONSOLIDATION S.A. OF PANAMA                 EIN:
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)  ¨ (b)  x
3	SEC USE ONLY
4	SOURCE OF FUNDS*             OO
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)	¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION             PANAMA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH   7    SOLE VOTING POWER                 1,293,416   8    SHARED VOTING POWER                 0   9    SOLE DISPOSITIVE POWER                 1,293,416 10    SHARED DISPOSITIVE POWER                 0

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON             1,293,416
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*	x
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)             6.5%
14	TYPE OF REPORTING PERSON*             OO

CUSIP No. G9108L108 13D Page 3 of 10 Pages

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)              PANAYOTIS TSAKOS                 EIN:
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)  ¨ (b)  x
3	SEC USE ONLY
4	SOURCE OF FUNDS*             Not applicable.
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)	¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION             GREECE

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH   7    SOLE VOTING POWER                 0   8    SHARED VOTING POWER                 1,293,416   9    SOLE DISPOSITIVE POWER                 0 10    SHARED DISPOSITIVE POWER                 1,293,416

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON             1,293,416
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*	x
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)             6.5%
14	TYPE OF REPORTING PERSON*             IN

CUSIP No. G9108L108 13D Page 4 of 10 Pages

Item 1. Security and Issuer

This Amendment No. 1 to Schedule 13D (this “Amendment No. 1”) relates to the common shares, par value $1.00 per share (“Common Shares”), of Tsakos Energy Navigation Limited, an exempted company organized under the laws of Bermuda (the “Company”). The principal executive office of the Company is located at 367 Syngrou Avenue, 175 64 P. Faliro, Athens, Greece. This Amendment No. 1 amends the Schedule 13D initially filed by the Reporting Persons (as defined below) on March 20, 2002 (the “March 2002 Report”). The March 2002 Report was submitted to the Securities and Exchange Commission (the “Commission”) in paper format. Accordingly, this Amendment No. 1, which is being submitted to the Commission via EDGAR, amends and restates the March 2002 Report in its entirety. Information given in response to each item below shall be deemed incorporated by reference in all other items below.

Item 2. Identity and Background

(a) This Amendment No. 1 is being filed pursuant to a Joint Filing Agreement (attached as Exhibit 1 and incorporated herein by reference) by Sea Consolidation S.A. of Panama, a company organized under the laws of Panama (“Sea Consolidation”) and Panayotis Tsakos (sometimes collectively referred to as the “Reporting Persons”) which persons may be deemed, but are not conceded, to constitute a “group” within the meaning of Section 13(d) of the Securities Exchange Act of 1934.

(b) The address of the principal office of Sea Consolidation is Tritonos 103, Paleo Faliro, Athens, Greece. The address of the principal office of Panayotis Tsakos is 367 Syngrou Avenue, 175 64 P. Faliro, Athens, Greece.

(c) Attached as Schedule A is the name, principal occupation (where applicable), business address and citizenship of each member, executive officer and/or director of Sea Consolidation. Schedule A is incorporated into and made a part of this Amendment No. 1.

Panayotis Tsakos is an individual of Greek citizenship who is self employed in the shipping industry.

(d) During the last five years, neither the Reporting Persons nor any person listed on Schedule A has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e) During the last five years, neither the Reporting Persons nor any person listed on Schedule A has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

CUSIP No. G9108L108 13D Page 5 of 10 Pages

Item 3. Source and Amount of Funds or Other Consideration

On March 8, 2002, Sea Consolidation acquired 1,000,000 Common Shares (the “IPO Shares”) of the Company for an aggregate price of $15,000,000 pursuant to the Purchase Agreement (as described in Item 4). Sea Consolidation obtained such funds from amounts contributed to it from its stockholders.

Between August 31, 2004 and July 15, 2005, Sea Consolidation acquired an aggregate of 293,416 Common Shares (together with the IPO Shares, the “Shares”) in open market purchases executed through the New York Stock Exchange and the Oslo Børs for an aggregate of $9,635,544 plus NOK 6,050,780 (the “Purchases”). Sea Consolidation obtained such funds for the Purchases from amounts contributed to it from its stockholders.

Item 4. Purposes of Transactions

On March 8, 2002, the Company completed its initial public offering of 6,350,000 Common Shares in the United States. The IPO Shares were covered by a Registration Statement on Form F-1 (the “Registration Statement”) filed with the Commission (Registration No. 333-82326). As disclosed in the Registration Statement, pursuant to a Purchase Agreement (the “Purchase Agreement”) dated February 4, 2002, by and between Sea Consolidation and the Company, Sea Consolidation purchased 1,000,000 Common Shares of the Company for investment purposes, at the initial public offering price.

The purpose of the Purchases was to increase Sea Consolidation’s investment in the Company. The Reporting Persons have no plans or proposals to implement or effect any plans or proposals with respect to any material change of the Company’s business or corporate structure or, generally, any other action referred to instructions (a) through (j) of Item 4 to the Schedule 13D.

Item 5. Interest in Securities of the Issuer

(a) On March 8, 2002, Sea Consolidation beneficially owned, 1,000,000 Common Shares of the Company, which constituted approximately 5.9% of the then issued and outstanding Common Shares of the Company. As of the date hereof, Sea Consolidation is the beneficial owner of 1,293,416 Common Shares of the Company (the “Shares”), which constitute approximately 6.5% of the Company’s 19,826,360 issued and outstanding Common Shares, based on information contained in a Form 6-K filed by the Company with the SEC on August 25, 2005 and our understanding that the Company has purchased certain Common Shares pursuant to a share repurchase plan. Panayotis Tsakos, the controlling shareholder of Sea Consolidation, may be deemed to beneficially own the Shares indirectly as a result of his control relationship with Sea Consolidation. The Reporting Persons may be deemed to constitute a “group” within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, together with Kelley Enterprises, Inc. (“Kelley”), Marsland Holdings Limited (“Marsland”), Redmont

CUSIP No. G9108L108 13D Page 6 of 10 Pages

Trading Corp. (“Redmont”), and Nikolas P. Tsakos, although neither the fact of this filing nor anything contained herein shall be deemed to be an admission that a group exists. Kelley, Marsland, Redmont and Nikolas P. Tsakos, beneficially and of record, own 1,652,212, 1,024,234, 820,356 and 16,000 Common Shares, respectively. Together, the group would be deemed to beneficially own 4,806,218 Common Shares, or 24.2% of the outstanding Common Shares of the Company.

(b) The response of the Reporting Persons to Items (7) through (11) of the portion of pages 2 and 3 hereto which relate to Common Shares beneficially owned are incorporated herein by reference.

The Purchases were effected in open market purchases executed through the New York Stock Exchange and the Oslo Børs as set forth in Schedule B. Schedule B is incorporated into and made a part of this Amendment No. 1.

(c) No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Shares beneficially owned by Sea Consolidation.

(d) Not applicable.

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

Except for the relationships described in the responses to Item 5 herein none of the Reporting Persons, nor, to the best of their knowledge, any persons listed on Schedule A hereto has any contracts, arrangements, understandings or relationships (legal or otherwise) with any person, with respect to any securities of the Company.

Item 7. Material to Be Filed as Exhibits

The following is filed as an Exhibit to this Amendment No. 1:

Exhibit 1: Joint Filing Agreement, dated August 26, 2005, between Sea Consolidation S.A. of Panama and Panayotis Tsakos.

[The remainder of this page intentionally left blank]

CUSIP No. G9108L108 13D Page 7 of 10 Pages

SIGNATURE

After reasonable inquiry and to the best of the knowledge and belief of each of the undersigned, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: August 26, 2005

Sea Consolidation S.A. of Panama
By:	/s/ Thomas K. Zafiras
	Thomas K. Zafiras
	President
	/s/ Panayotis Tsakos
	Panayotis Tsakos

SCHEDULE A

Sea Consolidation S.A. of Panama

Name	Position	Principal Occupation	Business Address	Citizenship
Thomas Constantinos Zafiras	Director	Attorney	Tritonos 103, Paleo Faliro, Athens, Greece	Greece
Ioannis Efthimiades	Director	Shipping Industry Consultant	2 Andianoupoleos & Agias Sofia Streets, Nea Smyni, Athens, Greece	Greece
Constantinos Zafiras	Director	Legal Consultant	10 Stissichorou Street, Athens, Greece	Greece

SCHEDULE B

Date	No of Shares	Price
8/31/2004	900	26.95
8/31/2004	1,600	27.00
8/31/2004	200	27.00
8/31/2004	500	27.00
8/31/2004	500	27.00
8/31/2004	200	27.00
8/31/2004	500	27.00
8/31/2004	600	27.00
8/31/2004	500	27.00
8/31/2004	500	27.00
8/31/2004	100	27.00
8/31/2004	800	27.00
8/31/2004	300	27.00
8/31/2004	600	27.00
8/31/2004	800	27.00
8/31/2004	100	27.00
8/31/2004	100	27.00
8/31/2004	100	27.00
8/31/2004	100	27.00
8/31/2004	300	27.00
8/31/2004	300	27.00
8/31/2004	300	27.00
8/31/2004	100	27.00
9/1/2004	200	27.53
9/1/2004	200	27.52
9/1/2004	200	27.52
9/1/2004	100	27.52
9/1/2004	100	27.52
9/1/2004	100	27.47
9/1/2004	100	27.47
9/1/2004	200	27.54
9/1/2004	100	27.54
9/1/2004	100	27.54
9/1/2004	100	27.54
9/1/2004	100	27.53
9/1/2004	100	27.53
9/1/2004	100	27.5
9/1/2004	100	27.51
9/1/2004	200	27.51
9/1/2004	100	27.51
9/1/2004	200	27.51
9/1/2004	200	27.51
9/1/2004	700	27.55
9/1/2004	100	27.55

-9-

9/1/2004	100	27.53
9/1/2004	100	27.55
9/1/2004	100	27.5
9/1/2004	100	27.49
9/1/2004	100	27.49
9/1/2004	100	27.42
9/1/2004	100	27.42
9/1/2004	100	27.42
9/1/2004	100	27.42
9/1/2004	100	27.46
9/1/2004	200	27.45
9/1/2004	100	27.47
9/1/2004	100	27.47
9/1/2004	100	27.47
9/1/2004	100	27.5
9/1/2004	100	27.41
9/1/2004	100	27.41
9/1/2004	100	27.41
9/1/2004	100	27.42
9/1/2004	100	27.44
9/1/2004	100	27.43
9/1/2004	100	27.43
9/1/2004	100	27.44
9/1/2004	100	27.44
9/1/2004	100	27.44
9/1/2004	100	27.43
9/1/2004	300	27.52
9/1/2004	100	27.58
9/1/2004	200	27.59
9/1/2004	600	27.6
9/1/2004	900	27.63
9/1/2004	1,000	27.69
9/1/2004	200	27.69
9/1/2004	100	27.7
9/1/2004	100	27.67
9/1/2004	100	27.67
9/1/2004	300	27.67
9/2/2004	100	27.78
9/2/2004	100	27.79
9/2/2004	100	27.94
9/2/2004	700	27.95
9/2/2004	3,300	28.1
9/2/2004	100	28.2
9/3/2004	200	28.83
9/3/2004	200	28.83
9/3/2004	100	28.83
9/3/2004	100	28.83

-10-

9/3/2004	100	28.83
9/3/2004	100	28.83
9/3/2004	100	28.83
9/3/2004	100	28.83
9/3/2004	100	28.83
9/3/2004	100	28.83
9/3/2004	200	28.83
9/3/2004	200	28.84
9/3/2004	200	28.9
9/3/2004	300	28.9
9/3/2004	100	28.86
9/3/2004	200	28.86
9/3/2004	100	28.85
9/3/2004	100	28.85
9/3/2004	200	28.85
9/3/2004	100	28.85
9/3/2004	200	28.86
9/3/2004	200	28.86
9/3/2004	200	28.86
9/3/2004	100	28.86
9/3/2004	100	28.9
9/3/2004	500	28.9
9/3/2004	100	28.9
9/3/2004	100	28.9
9/3/2004	300	28.9
9/3/2004	500	28.9
9/3/2004	200	28.86
9/3/2004	200	28.86
9/3/2004	100	28.76
9/3/2004	100	28.76
9/3/2004	100	28.76
9/3/2004	100	28.76
9/3/2004	100	28.76
9/3/2004	100	28.76
9/3/2004	100	28.76
9/3/2004	100	28.76
9/3/2004	100	28.76
9/3/2004	100	28.76
9/3/2004	100	28.76
9/3/2004	100	28.77
9/3/2004	100	28.77
9/3/2004	100	28.77
9/3/2004	100	28.77
9/3/2004	100	28.77
9/3/2004	100	28.77
9/3/2004	100	28.77
9/3/2004	100	28.72

-11-

9/3/2004	100	28.72
9/3/2004	100	28.74
9/3/2004	100	28.74
9/3/2004	100	28.74
9/3/2004	100	28.74
9/3/2004	100	28.75
9/3/2004	100	28.74
9/3/2004	100	28.8
9/3/2004	100	28.8
9/3/2004	100	28.8
9/3/2004	100	28.79
9/3/2004	200	28.8
9/3/2004	100	28.8
9/3/2004	200	28.8
9/3/2004	100	28.84
9/3/2004	100	28.84
9/3/2004	100	28.83
9/3/2004	100	28.83
9/3/2004	100	28.83
9/3/2004	200	28.83
9/3/2004	100	28.82
9/3/2004	100	28.82
9/3/2004	100	28.51
9/3/2004	100	28.5
9/3/2004	400	28.5
9/3/2004	100	28.51
9/3/2004	100	28.5
9/3/2004	100	28.5
9/3/2004	100	28.5
9/3/2004	300	28.5
9/3/2004	100	28.5
9/3/2004	200	28.51
9/3/2004	100	28.51
9/3/2004	400	28.58
9/3/2004	200	28.58
9/3/2004	400	28.59
9/3/2004	200	28.59
9/3/2004	100	28.59
9/3/2004	100	28.59
9/3/2004	100	28.59
9/3/2004	300	28.59
9/3/2004	100	28.59
9/3/2004	100	28.59
9/3/2004	200	28.59
9/3/2004	200	28.59
9/3/2004	100	28.59
9/3/2004	100	28.51

-12-

9/3/2004	100	28.52
9/3/2004	100	28.51
9/3/2004	100	28.51
9/3/2004	100	28.51
9/3/2004	100	28.51
9/3/2004	100	28.64
9/3/2004	100	28.64
9/3/2004	100	28.67
9/3/2004	200	28.74
9/3/2004	600	28.87
9/3/2004	200	28.87
9/3/2004	100	28.86
9/3/2004	100	28.85
9/3/2004	100	28.85
9/3/2004	100	28.87
9/3/2004	100	28.85
9/3/2004	100	28.86
9/3/2004	400	28.86
9/3/2004	100	28.86
9/3/2004	100	28.85
9/3/2004	200	28.86
9/3/2004	500	28.86
9/3/2004	200	28.86
9/3/2004	200	28.86
9/3/2004	400	28.86
9/3/2004	100	28.86
9/3/2004	100	28.84
9/3/2004	100	28.83
9/3/2004	100	28.83
9/3/2004	100	28.83
9/3/2004	100	28.83
9/3/2004	100	28.83
9/3/2004	100	28.84
9/3/2004	100	28.84
9/3/2004	200	28.84
9/3/2004	100	28.84
9/3/2004	200	28.76
9/3/2004	100	28.76
9/3/2004	100	28.76
9/3/2004	100	28.76
9/3/2004	200	28.78
9/3/2004	100	28.78
9/3/2004	100	28.79
9/3/2004	200	28.78
9/3/2004	100	28.78
9/3/2004	200	28.78
9/3/2004	100	28.78

-13-

9/3/2004	200	28.78
9/3/2004	400	28.78
9/3/2004	300	28.78
9/3/2004	200	28.78
9/3/2004	100	28.76
9/3/2004	100	28.74
9/3/2004	200	28.77
9/3/2004	100	28.77
9/3/2004	100	28.77
9/3/2004	100	28.77
9/3/2004	100	28.77
9/3/2004	100	28.78
9/3/2004	100	28.76
9/3/2004	100	28.81
9/3/2004	100	28.81
9/3/2004	200	28.81
9/3/2004	100	28.81
9/3/2004	100	28.81
9/3/2004	300	28.81
9/3/2004	100	28.81
9/3/2004	100	28.81
9/3/2004	200	28.81
9/3/2004	100	28.82
9/8/2004	100	29.33
9/8/2004	100	29.38
9/8/2004	100	29.38
9/8/2004	100	29.38
9/8/2004	100	29.38
9/8/2004	100	29.38
9/8/2004	100	29.38
9/8/2004	100	29.38
9/8/2004	100	29.38
9/8/2004	100	29.38
9/8/2004	100	29.38
9/8/2004	100	29.38
9/8/2004	100	29.38
9/8/2004	100	29.38
9/8/2004	300	29.35
9/8/2004	100	29.4
9/8/2004	400	29.39
9/8/2004	100	29.39
9/8/2004	100	29.39
9/8/2004	100	29.39
9/8/2004	100	29.4
9/8/2004	100	29.39
9/8/2004	100	29.32
9/8/2004	100	29.34

-14-

9/8/2004	100	29.34
9/8/2004	200	29.33
9/8/2004	100	29.36
9/8/2004	100	29.34
9/8/2004	100	29.35
9/8/2004	100	29.35
9/8/2004	300	29.35
9/8/2004	100	29.36
9/8/2004	100	29.38
9/8/2004	100	29.34
9/8/2004	200	29.33
9/8/2004	100	29.33
9/8/2004	100	29.33
9/8/2004	100	29.33
9/8/2004	100	29.36
9/8/2004	100	29.36
9/8/2004	100	29.36
9/8/2004	100	29.34
9/8/2004	100	29.38
9/8/2004	100	29.37
9/8/2004	100	29.38
9/8/2004	100	29.37
9/8/2004	100	29.37
9/8/2004	100	29.28
9/8/2004	100	29.29
9/8/2004	100	29.3
9/8/2004	100	29.3
9/8/2004	100	29.33
9/8/2004	100	29.31
9/8/2004	100	29.31
9/8/2004	100	29.29
9/8/2004	100	29.28
9/8/2004	100	29.27
9/8/2004	100	29.24
9/8/2004	100	29.25
9/8/2004	300	29.28
9/8/2004	300	29.26
9/8/2004	100	29.26
9/8/2004	100	29.26
9/8/2004	100	29.28
9/8/2004	100	29.27
9/8/2004	300	29.3
9/8/2004	100	29.3
9/8/2004	400	29.32
9/8/2004	300	29.33
9/8/2004	400	29.4
9/8/2004	100	29.39

-15-

9/8/2004	300	29.39
9/8/2004	100	29.39
9/8/2004	100	29.38
9/8/2004	100	29.34
12/3/2004	1,200	38.39
12/3/2004	200	38.39
12/3/2004	500	38.34
12/3/2004	300	38.34
12/3/2004	200	38.34
12/3/2004	500	38.38
12/3/2004	200	38.44
12/3/2004	500	38.37
12/3/2004	600	38.37
12/3/2004	400	38.5
12/3/2004	400	38.5
12/8/2004	500	37.35
12/8/2004	100	37.36
12/8/2004	100	37.38
12/8/2004	800	37.39
12/8/2004	200	37.41
12/8/2004	100	37.42
12/8/2004	300	37.5
12/8/2004	200	37.55
12/8/2004	300	37.56
12/8/2004	100	37.59
12/8/2004	400	37.4
12/8/2004	100	38.95
12/8/2004	800	39
12/8/2004	200	39
12/8/2004	800	39
12/9/2004	700	37.1
12/9/2004	700	37.11
12/9/2004	700	37.11
12/9/2004	100	37.11
12/9/2004	200	37.13
12/9/2004	100	37.13
12/9/2004	200	37.14
12/9/2004	100	37.14
12/9/2004	100	37.21
12/9/2004	500	37.23
12/9/2004	100	37.26
12/9/2004	400	37.3
12/9/2004	500	37.3
12/9/2004	100	37.25
12/9/2004	100	37.3
12/9/2004	100	37.3
12/9/2004	100	37.3

-16-

12/9/2004	100	37.3
12/9/2004	100	37.24
12/9/2004	100	36.83
12/9/2004	100	36.81
12/9/2004	100	36.81
12/9/2004	200	36.82
12/9/2004	100	36.85
12/9/2004	100	36.85
12/9/2004	100	36.83
12/9/2004	100	36.84
12/9/2004	100	36.94
12/9/2004	100	36.91
12/9/2004	100	36.97
12/9/2004	100	36.93
12/9/2004	200	36.93
12/9/2004	200	37.21
12/9/2004	100	37.19
12/9/2004	200	37.12
12/9/2004	100	37.04
12/9/2004	100	37.05
12/9/2004	300	37.08
12/9/2004	100	37.08
12/9/2004	100	37.07
12/9/2004	100	37.07
12/9/2004	100	37.08
12/9/2004	100	37.07
12/9/2004	100	37.01
12/9/2004	100	37.01
12/9/2004	100	37.03
12/9/2004	100	37.03
12/9/2004	200	37.03
12/9/2004	200	37.03
12/9/2004	200	37.03
12/9/2004	100	37.03
12/9/2004	100	37.08
12/9/2004	300	37.08
12/9/2004	100	37.15
12/9/2004	100	37.3
12/9/2004	300	37.47
12/14/2004	100	37.8
12/14/2004	300	37.8
12/14/2004	200	37.8
12/14/2004	300	37.8
12/14/2004	200	37.81
12/14/2004	200	37.89
12/14/2004	300	37.81
12/14/2004	100	37.81

-17-

12/14/2004	100	37.83
12/14/2004	200	37.84
12/14/2004	100	37.84
12/14/2004	400	37.91
12/14/2004	500	37.91
12/14/2004	200	37.91
12/14/2004	1,800	38
12/21/2004	100	37.58
12/21/2004	100	37.61
12/21/2004	100	37.61
12/21/2004	100	37.58
12/21/2004	100	37.58
12/21/2004	100	37.57
12/21/2004	100	37.59
12/21/2004	400	37.6
12/21/2004	100	37.6
12/21/2004	100	37.59
12/21/2004	100	37.59
12/21/2004	100	37.58
12/21/2004	100	37.58
12/21/2004	100	37.57
12/21/2004	100	37.55
12/21/2004	100	37.55
12/21/2004	300	37.56
12/21/2004	100	37.56
12/21/2004	100	37.56
12/21/2004	300	37.6
12/21/2004	100	37.55
12/21/2004	200	37.56
12/21/2004	500	37.6
12/21/2004	400	37.62
12/21/2004	800	37.61
12/21/2004	300	37.61
12/21/2004	100	37.64
12/21/2004	100	37.59
12/21/2004	100	37.51
12/21/2004	100	37.61
12/21/2004	100	37.6
12/21/2004	100	37.59
12/21/2004	100	37.6
12/21/2004	100	37.57
12/21/2004	100	37.58
12/21/2004	100	37.58
12/21/2004	100	37.6
12/21/2004	100	37.58
12/21/2004	100	37.6
12/21/2004	100	37.6

-18-

12/21/2004	100	37.6
12/21/2004	100	37.6
12/21/2004	100	37.65
12/21/2004	100	37.61
12/21/2004	100	37.6
12/21/2004	100	37.62
12/21/2004	100	37.62
12/21/2004	200	37.62
12/21/2004	200	37.62
12/21/2004	100	37.64
12/21/2004	200	37.62
12/21/2004	200	37.62
12/21/2004	100	37.64
12/21/2004	100	37.65
12/21/2004	100	37.65
12/21/2004	200	37.65
12/21/2004	300	37.8
12/21/2004	100	37.8
12/21/2004	400	37.8
12/21/2004	300	37.84
12/21/2004	400	37.88
12/22/2004	100	37.38
12/22/2004	100	37.46
12/22/2004	100	37.39
12/22/2004	100	37.26
12/22/2004	100	37.23
12/22/2004	100	37.02
12/22/2004	100	37.13
12/22/2004	100	37.13
12/22/2004	200	37.37
12/22/2004	100	37.4
12/22/2004	200	37.56
12/22/2004	100	37.54
12/22/2004	100	37.54
12/22/2004	100	37.54
12/22/2004	100	37.54
12/22/2004	100	37.55
12/22/2004	100	37.63
12/22/2004	200	37.7
12/22/2004	300	37.84
12/22/2004	100	37.87
12/22/2004	200	37.89
12/22/2004	200	37.96
12/22/2004	100	37.94
12/22/2004	100	37.83
12/22/2004	100	37.82
12/22/2004	100	37.92

-19-

12/22/2004	100	37.92
12/22/2004	100	37.91
12/22/2004	100	37.92
12/22/2004	100	37.91
12/22/2004	100	37.96
12/22/2004	100	38
12/22/2004	200	38
12/22/2004	100	37.99
12/22/2004	200	37.98
12/23/2004	100	36.99
12/23/2004	100	36.96
12/23/2004	100	36.97
12/23/2004	100	36.98
12/23/2004	100	36.95
12/23/2004	100	36.98
12/23/2004	200	36.93
12/23/2004	100	37.05
12/23/2004	100	37.05
12/23/2004	100	37.01
12/23/2004	100	36.99
12/23/2004	300	37.11
12/23/2004	100	37.19
12/23/2004	100	37.19
12/23/2004	100	37.19
12/23/2004	100	37.22
12/23/2004	100	37.28
12/23/2004	100	37.28
12/23/2004	100	37.29
12/23/2004	100	37.25
12/23/2004	400	37.3
12/23/2004	200	37.39
12/23/2004	100	37.38
12/23/2004	100	37.39
12/23/2004	100	37.38
12/23/2004	100	37.3
12/23/2004	100	37.28
12/23/2004	100	37.28
12/23/2004	100	37.29
12/23/2004	100	37.19
12/23/2004	100	37.21
12/23/2004	100	37.25
12/23/2004	100	37.26
12/23/2004	100	37.26
12/23/2004	100	37.31
12/23/2004	100	37.42
12/23/2004	100	37.52
12/23/2004	100	37.52

-20-

12/23/2004	100	37.61
12/23/2004	100	37.63
12/23/2004	100	37.6
12/23/2004	100	37.63
12/23/2004	100	37.6
12/27/2004	100	35.23
12/27/2004	100	35.25
12/27/2004	100	35.19
12/27/2004	100	35.2
12/27/2004	100	35.15
12/27/2004	100	35.15
12/27/2004	100	35.1
12/27/2004	100	35.05
12/27/2004	100	35.06
12/27/2004	100	35.07
12/27/2004	100	35.06
12/27/2004	100	35.04
12/27/2004	200	35.05
12/27/2004	100	35.06
12/27/2004	200	35.08
12/27/2004	200	35.21
12/27/2004	100	35.16
12/27/2004	100	35.16
12/27/2004	100	35.15
12/27/2004	100	35.16
12/27/2004	100	35.15
12/27/2004	100	35.09
12/27/2004	100	35.08
12/27/2004	100	35.14
12/27/2004	100	35.17
12/27/2004	100	35.28
12/27/2004	200	35.3
12/27/2004	100	35.42
12/27/2004	100	35.4
12/27/2004	100	35.35
12/27/2004	100	35.26
12/27/2004	100	35.25
12/27/2004	100	35.25
12/27/2004	100	35.16
12/27/2004	100	35.15
12/27/2004	100	35.09
12/27/2004	100	35.08
12/27/2004	100	35.09
12/27/2004	100	35.17
12/27/2004	100	35.2
12/27/2004	100	35.2
12/27/2004	100	35.16

-21-

12/27/2004	100	35.06
12/27/2004	100	35.19
12/27/2004	100	35.19
12/27/2004	100	35.2
12/27/2004	100	35.27
12/27/2004	100	35.24
12/27/2004	100	35.24
12/27/2004	100	35.24
12/27/2004	100	35.25
12/27/2004	100	35.25
12/27/2004	100	35.24
12/27/2004	100	35.18
12/27/2004	100	35.19
12/27/2004	100	35.24
12/27/2004	100	35.21
12/27/2004	100	35.21
12/27/2004	100	35.15
12/27/2004	100	35.11
12/27/2004	100	35.1
12/27/2004	100	35.11
12/27/2004	100	35.11
12/27/2004	100	35.11
12/27/2004	100	35.09
12/27/2004	100	35.09
12/27/2004	100	35.09
12/27/2004	100	35.08
12/27/2004	100	35.08
12/27/2004	100	35.08
12/27/2004	100	35.05
12/27/2004	100	34.88
12/27/2004	100	34.91
12/27/2004	100	34.9
12/27/2004	100	34.9
12/27/2004	100	34.82
12/27/2004	100	34.86
12/27/2004	100	34.86
12/27/2004	100	34.92
12/27/2004	100	34.89
12/27/2004	100	34.88
12/27/2004	100	34.88
12/27/2004	100	34.84
12/27/2004	100	34.84
12/27/2004	200	34.84
12/27/2004	100	34.84
12/27/2004	100	34.79
12/27/2004	100	34.79
12/27/2004	100	34.79

-22-

12/27/2004	100	34.76
12/27/2004	100	34.76
12/27/2004	100	34.77
12/27/2004	100	34.77
12/27/2004	100	34.8
12/27/2004	100	34.85
12/28/2004	100	35.5
12/28/2004	100	35.6
12/28/2004	100	35.59
12/28/2004	100	35.63
12/28/2004	100	35.61
12/28/2004	100	35.7
12/28/2004	100	35.68
12/28/2004	100	35.66
12/28/2004	100	35.53
12/28/2004	100	35.54
12/28/2004	100	35.54
12/28/2004	100	35.55
12/28/2004	100	35.53
12/28/2004	100	35.54
12/28/2004	100	35.55
12/28/2004	100	35.54
12/28/2004	100	35.55
12/28/2004	100	35.55
12/28/2004	100	35.62
12/28/2004	100	35.63
12/28/2004	100	35.65
12/28/2004	100	35.67
12/28/2004	100	35.68
12/28/2004	100	35.65
12/28/2004	100	35.66
12/28/2004	100	35.6
12/28/2004	100	35.56
12/28/2004	100	35.56
12/28/2004	100	35.58
12/28/2004	100	35.57
12/28/2004	100	35.58
12/28/2004	200	35.71
12/28/2004	100	35.61
12/28/2004	100	35.61
12/28/2004	100	35.55
12/28/2004	100	35.57
12/28/2004	100	35.57
12/28/2004	100	35.46
12/28/2004	100	35.45
12/28/2004	100	35.4
12/28/2004	100	35.42

-23-

12/28/2004	100	35.4
12/28/2004	100	35.4
12/28/2004	100	35.41
12/28/2004	100	35.42
12/28/2004	100	35.41
12/28/2004	100	35.4
12/28/2004	100	35.42
12/28/2004	100	35.36
12/28/2004	100	35.35
12/28/2004	100	35.35
12/28/2004	100	35.35
12/28/2004	100	35.35
12/28/2004	100	35.35
12/28/2004	100	35.35
12/28/2004	200	35.43
12/28/2004	100	35.47
12/28/2004	100	35.44
12/28/2004	100	35.44
12/28/2004	100	35.4
12/28/2004	100	35.4
12/28/2004	100	35.4
12/28/2004	100	35.41
12/28/2004	100	35.42
12/28/2004	100	35.4
12/28/2004	100	35.41
12/28/2004	200	35.39
12/28/2004	100	35.41
12/28/2004	100	35.42
12/28/2004	100	35.41
12/28/2004	100	35.42
12/28/2004	100	35.41
12/28/2004	100	35.41
12/28/2004	100	35.41
12/28/2004	100	35.41
12/28/2004	100	35.41
12/28/2004	100	35.41
12/28/2004	100	35.4
12/28/2004	100	35.4
12/28/2004	100	35.4
12/28/2004	100	35.41
12/28/2004	100	35.39
12/28/2004	100	35.39
12/28/2004	100	35.39
12/28/2004	100	35.39
12/28/2004	100	35.39
12/28/2004	100	35.38
12/28/2004	100	35.38

-24-

12/28/2004	100	35.38
12/28/2004	100	35.36
12/28/2004	100	35.33
12/28/2004	100	35.33
12/28/2004	100	35.33
12/28/2004	100	35.32
12/28/2004	100	35.32
12/28/2004	100	35.32
12/28/2004	100	35.33
12/29/2004	250	35.1
12/29/2004	250	35.04
12/29/2004	250	35.2
12/29/2004	250	35.17
12/29/2004	250	35.13
12/29/2004	250	35.13
12/29/2004	250	35.04
12/29/2004	250	35.08
12/31/2004	100	35.88
12/31/2004	100	35.88
12/31/2004	4,800	35.88
1/3/2005	100	33.88
1/3/2005	1,000	33.66
1/14/2005	29,516	205	NOK (transaction executed in the Oslo Børs)
3/10/2005	200	36.33
3/10/2005	900	36.32
3/10/2005	400	36.32
3/10/2005	200	36.33
3/10/2005	300	36.32
3/10/2005	200	36.18
3/10/2005	400	36.19
3/10/2005	100	36.27
3/10/2005	100	36.27
3/10/2005	100	36.29
3/10/2005	800	36.29
3/10/2005	200	36.35
3/10/2005	1,000	36.35
3/10/2005	100	36.35
3/10/2005	100	36.35
3/10/2005	100	36.34
3/10/2005	600	36.35
3/10/2005	200	36.35
4/14/2005	100	40.05
4/14/2005	100	39.94
4/14/2005	100	39.91
4/14/2005	100	39.91
4/14/2005	100	39.98
4/14/2005	100	39.98

-25-

4/14/2005	100	39.98
4/14/2005	100	39.92
4/14/2005	100	39.48
4/14/2005	100	39.53
4/14/2005	100	39.57
4/14/2005	100	39.52
4/14/2005	100	39.52
4/14/2005	100	39.42
4/14/2005	100	39.42
4/14/2005	100	39.32
4/14/2005	100	39.8
4/14/2005	100	39.81
4/14/2005	100	39.49
4/14/2005	100	39.58
4/14/2005	100	39.73
4/14/2005	100	39.86
4/14/2005	100	39.68
4/14/2005	100	39.8
4/14/2005	100	39.79
4/14/2005	100	39.78
4/14/2005	200	39.55
4/14/2005	200	39.7
4/14/2005	200	39.64
4/14/2005	200	39.6
4/14/2005	200	39.8
4/14/2005	200	39.86
4/14/2005	200	39.79
4/14/2005	300	39.9
4/14/2005	300	39.59
4/14/2005	400	39.63
5/16/2005	300	37.42
5/16/2005	300	37.41
5/16/2005	300	37.45
5/16/2005	200	37.38
5/16/2005	100	37.38
5/16/2005	300	37.54
5/16/2005	300	37.53
5/16/2005	100	37.44
5/16/2005	200	37.44
5/16/2005	300	37.53
5/16/2005	100	37.46
5/16/2005	200	37.46
5/16/2005	400	37.43
5/16/2005	400	37.34
5/16/2005	200	37.34
5/16/2005	100	37.34
5/16/2005	100	37.34

-26-

5/16/2005	400	37.32
5/16/2005	100	37.33
5/16/2005	100	37.32
5/16/2005	200	37.33
5/16/2005	200	37.29
5/16/2005	100	37.25
5/16/2005	100	37.25
5/16/2005	400	37.3
5/16/2005	400	37.27
5/16/2005	400	37.29
5/16/2005	400	37.3
5/16/2005	200	37.46
5/16/2005	200	37.4
5/16/2005	400	37.3
5/16/2005	100	37.31
5/16/2005	100	37.29
5/16/2005	200	37.3
5/16/2005	300	37.33
5/16/2005	300	37.41
5/16/2005	200	37.44
5/16/2005	100	37.38
5/16/2005	300	37.4
5/16/2005	300	37.48
5/16/2005	300	37.46
5/16/2005	100	37.49
5/16/2005	100	37.45
5/16/2005	100	37.46
5/16/2005	100	37.46
5/16/2005	100	37.45
5/16/2005	100	37.46
5/16/2005	200	37.49
5/16/2005	100	37.47
5/16/2005	400	37.26
5/16/2005	400	37.26
5/16/2005	400	37.29
5/16/2005	400	37.25
5/16/2005	400	37.33
5/16/2005	100	37.29
5/16/2005	200	37.28
5/16/2005	100	37.29
5/16/2005	200	37.39
5/16/2005	200	37.37
5/16/2005	300	37.35
5/16/2005	100	37.3
5/16/2005	200	37.33
5/16/2005	100	37.3
5/16/2005	100	37.31

-27-

5/16/2005	200	37.38
5/16/2005	200	37.38
5/16/2005	300	37.39
5/16/2005	100	37.39
5/25/2005	100	39.39
5/25/2005	100	39.48
5/25/2005	100	39.48
5/25/2005	100	39.5
5/25/2005	100	39.5
5/25/2005	100	39.7
5/25/2005	100	39.72
5/25/2005	100	39.76
5/25/2005	100	39.76
5/25/2005	100	39.88
5/25/2005	100	39.89
5/25/2005	100	39.9
5/25/2005	100	39.93
5/25/2005	100	39.94
5/25/2005	100	39.97
5/25/2005	100	39.97
5/25/2005	100	40
5/25/2005	100	40
5/25/2005	100	40
5/25/2005	100	39.99
5/25/2005	100	39.92
5/25/2005	100	39.96
5/25/2005	100	39.96
5/25/2005	100	39.91
5/25/2005	100	39.9
5/25/2005	100	39.98
5/25/2005	100	39.99
5/25/2005	200	39.42
5/25/2005	200	39.49
5/25/2005	200	39.48
5/25/2005	200	39.5
5/25/2005	200	39.59
5/25/2005	200	39.66
5/25/2005	200	39.64
5/25/2005	200	39.64
5/25/2005	200	39.75
5/25/2005	200	39.75
5/25/2005	200	39.76
5/25/2005	200	39.89
5/25/2005	200	39.94
5/25/2005	200	40
5/25/2005	200	40
5/25/2005	200	39.9

-28-

5/25/2005	200	39.9
5/25/2005	200	39.9
5/25/2005	300	39.48
5/25/2005	300	39.47
5/25/2005	300	39.88
5/25/2005	300	39.93
5/25/2005	300	39.94
5/25/2005	300	39.94
5/25/2005	300	39.95
5/25/2005	300	40
5/25/2005	300	39.99
5/25/2005	300	39.9
5/25/2005	400	39.74
5/25/2005	400	39.74
5/25/2005	400	39.94
5/25/2005	400	39.94
5/25/2005	400	39.9
5/25/2005	500	39.48
5/25/2005	500	39.48
5/25/2005	500	39.94
5/25/2005	500	39.96
5/25/2005	600	39.95
5/25/2005	600	39.98
6/27/2005	100	36.65
6/27/2005	100	36.65
6/27/2005	100	36.65
6/27/2005	200	36.74
6/27/2005	300	36.72
6/27/2005	200	36.72
6/27/2005	100	36.91
6/27/2005	100	36.92
6/27/2005	100	36.9
6/27/2005	200	36.89
6/27/2005	100	36.87
6/27/2005	100	36.87
6/27/2005	200	36.85
6/27/2005	100	36.84
6/27/2005	100	36.84
6/27/2005	300	36.86
6/27/2005	100	36.87
6/27/2005	100	36.87
6/27/2005	100	36.87
6/27/2005	100	36.86
6/27/2005	100	36.87
6/27/2005	100	36.87
6/27/2005	100	36.87
6/27/2005	100	36.87

-29-

6/27/2005	100	36.81
6/27/2005	200	36.59
6/27/2005	200	36.5
6/27/2005	100	36.5
6/27/2005	100	36.52
6/27/2005	200	36.56
6/27/2005	200	36.57
6/27/2005	200	36.57
6/27/2005	100	36.58
6/27/2005	100	36.67
6/27/2005	100	36.57
6/27/2005	100	36.57
6/27/2005	200	36.59
6/27/2005	100	36.74
6/27/2005	100	36.74
6/27/2005	200	36.74
6/27/2005	300	36.75
6/27/2005	100	36.73
6/27/2005	100	36.74
6/27/2005	200	36.75
6/27/2005	100	36.74
6/27/2005	200	36.71
7/5/2005	100	41.94
7/5/2005	100	41.91
7/5/2005	100	41.86
7/5/2005	100	41.71
7/5/2005	100	41.82
7/5/2005	100	41.82
7/5/2005	100	41.76
7/5/2005	100	41.81
7/5/2005	100	41.91
7/5/2005	100	41.88
7/5/2005	100	41.85
7/5/2005	100	41.85
7/5/2005	100	41.85
7/5/2005	100	41.7
7/5/2005	100	41.7
7/5/2005	100	41.71
7/5/2005	100	41.71
7/5/2005	100	41.83
7/5/2005	100	41.83
7/5/2005	100	41.82
7/5/2005	100	41.84
7/5/2005	100	41.84
7/5/2005	100	41.84
7/5/2005	100	41.85
7/5/2005	100	41.86

-30-

7/5/2005	100	41.85
7/5/2005	100	41.85
7/5/2005	100	41.95
7/5/2005	100	42
7/5/2005	100	41.99
7/5/2005	100	41.99
7/5/2005	100	41.99
7/5/2005	100	41.96
7/5/2005	100	41.94
7/5/2005	100	41.89
7/5/2005	100	41.82
7/5/2005	100	41.83
7/5/2005	100	41.8
7/5/2005	100	41.88
7/5/2005	200	41.72
7/5/2005	200	41.81
7/5/2005	200	41.88
7/5/2005	200	41.85
7/5/2005	200	41.74
7/5/2005	200	41.82
7/5/2005	200	41.83
7/5/2005	200	41.95
7/5/2005	200	41.98
7/5/2005	200	41.99
7/5/2005	200	41.95
7/5/2005	200	41.94
7/5/2005	200	41.89
7/5/2005	200	41.91
7/5/2005	200	41.82
7/5/2005	300	41.82
7/5/2005	300	41.83
7/5/2005	300	41.83
7/5/2005	300	41.82
7/5/2005	300	41.85
7/5/2005	300	41.89
7/5/2005	300	41.99
7/5/2005	400	41.77
7/5/2005	400	41.85
7/5/2005	400	41.64
7/5/2005	400	41.83
7/5/2005	400	41.85
7/5/2005	400	41.9
7/5/2005	400	42
7/5/2005	400	41.96
7/5/2005	500	41.81
7/5/2005	500	41.74
7/5/2005	500	41.85

-31-

7/5/2005	600	41.84
7/5/2005	600	41.84
7/5/2005	600	41.88
7/5/2005	700	41.85
7/5/2005	800	41.82
7/5/2005	1,400	41.9
7/5/2005	1,600	41.82
7/6/2005	100	41.4
7/6/2005	100	41.38
7/6/2005	100	41.38
7/6/2005	100	41.37
7/6/2005	200	41.47
7/6/2005	100	41.46
7/6/2005	300	41.48
7/6/2005	300	41.5
7/6/2005	100	41.5
7/6/2005	100	41.5
7/6/2005	300	41.49
7/6/2005	600	41.5
7/6/2005	300	41.5
7/6/2005	200	41.5
7/6/2005	300	41.5
7/6/2005	100	41.5
7/6/2005	100	41.47
7/6/2005	100	41.49
7/6/2005	200	41.5
7/6/2005	300	41.5
7/6/2005	100	41.5
7/6/2005	100	41.5
7/6/2005	100	41.61
7/6/2005	200	41.61
7/6/2005	300	41.6
7/6/2005	500	41.58
7/6/2005	100	41.59
7/6/2005	100	41.59
7/6/2005	100	41.59
7/6/2005	100	41.59
7/6/2005	100	41.61
7/6/2005	100	41.61
7/6/2005	300	41.61
7/6/2005	500	41.61
7/6/2005	500	41.61
7/6/2005	100	41.61
7/6/2005	100	41.6
7/6/2005	100	41.6
7/6/2005	100	41.57
7/6/2005	100	41.57

-32-

7/6/2005	100	41.57
7/6/2005	200	41.48
7/6/2005	100	41.49
7/6/2005	300	41.5
7/6/2005	100	41.52
7/6/2005	400	41.52
7/6/2005	200	41.58
7/6/2005	300	41.58
7/6/2005	300	41.6
7/6/2005	200	41.6
7/6/2005	100	41.61
7/6/2005	100	41.65
7/6/2005	100	41.64
7/6/2005	200	41.63
7/6/2005	300	41.64
7/6/2005	100	41.73
7/6/2005	400	41.77
7/6/2005	200	41.75
7/6/2005	200	41.65
7/6/2005	600	41.67
7/6/2005	200	41.67
7/6/2005	500	41.69
7/6/2005	200	41.68
7/6/2005	200	41.69
7/6/2005	100	41.69
7/6/2005	100	41.67
7/6/2005	200	41.67
7/6/2005	200	41.69
7/6/2005	100	41.69
7/6/2005	100	41.69
7/6/2005	300	41.69
7/6/2005	300	41.69
7/6/2005	100	41.69
7/6/2005	100	41.69
7/6/2005	700	41.75
7/6/2005	300	41.74
7/6/2005	200	41.74
7/6/2005	400	41.75
7/6/2005	100	41.89
7/6/2005	100	41.87
7/6/2005	300	41.9
7/6/2005	100	41.89
7/6/2005	100	41.88
7/6/2005	200	41.88
7/6/2005	100	41.88
7/6/2005	200	41.88
7/6/2005	400	41.86

-33-

7/6/2005	100	41.86
7/6/2005	200	41.84
7/6/2005	500	41.84
7/6/2005	100	41.83
7/6/2005	100	41.91
7/6/2005	200	41.91
7/6/2005	100	41.93
7/6/2005	600	42
7/13/2005	700	42.51
7/13/2005	700	42.5
7/13/2005	700	42.47
7/13/2005	500	42.42
7/13/2005	200	42.4
7/13/2005	500	42.41
7/13/2005	100	42.38
7/13/2005	100	42.36
7/13/2005	700	42.46
7/13/2005	600	42.49
7/13/2005	200	42.47
7/14/2005	800	41.08
7/14/2005	200	41.09
7/14/2005	1,000	41.13
7/14/2005	1,000	40.95
7/14/2005	1,000	40.81
7/14/2005	1,000	40.91
7/14/2005	1,000	41.23
7/14/2005	1,000	41
7/14/2005	100	40.83
7/14/2005	900	40.85
7/14/2005	800	41.02
7/14/2005	100	40.96
7/14/2005	100	41.08
7/14/2005	300	40.86
7/14/2005	700	40.87
7/15/2005	1,300	40.3131
7/15/2005	1,300	40.17
7/15/2005	1,300	39.8507
7/15/2005	1,300	40.25
7/15/2005	1,300	40.2138
7/15/2005	1,300	40.2162
7/15/2005	1,300	40.2515
7/15/2005	1,300	40.1992
7/15/2005	1,300	40.0308
7/15/2005	1,300	40.12
7/15/2005	1,300	40.0885
7/15/2005	1,300	40.0608
7/15/2005	1,300	40.0608

-34-

7/15/2005	1,300	40.1362
7/15/2005	1,300	40.15
7/15/2005	1,300	40.1615
7/15/2005	1,300	40.2423
7/15/2005	1,300	40.2423
7/15/2005	1,300	40.36
7/15/2005	1,300	40.2623
7/15/2005	1,300	40.3062
7/15/2005	1,300	40.1985
7/15/2005	1,400	40.1893

-35-

EXHIBIT INDEX

The following is filed as an Exhibit to this Amendment No. 1:

Exhibit 1: Joint Filing Agreement, dated August 26, 2005, between Sea Consolidation S.A. of Panama and Panayotis Tsakos.

-36-

EX-1

EXHIBIT 1

JOINT FILING AGREEMENT dated as of the 26th day of August, 2005, by and between Sea Consolidation S.A. of Panama (“Sea Consolidation”) and Panayotis Tsakos.

W I T N E S S E T H:

WHEREAS, Sea Consolidation and Panayotis Tsakos may be deemed, but are not conceded, to constitute a “group” under Section 13(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) with respect to the Common Shares, $1.00 par value per share, of Tsakos Energy Navigation Limited (the “Company”); and

WHEREAS, pursuant to Paragraph (k) of Rule 13d-1 promulgated under Subsection 13(d)(1) of the Exchange Act, the parties hereto desire to satisfy any filing obligation under Subsection 13(d)(1) by a single joint filing;

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the undersigned hereby agree and represent as follows:

1. The Schedule 13D with respect to the Company, which is attached hereto, is filed on behalf of Sea Consolidation and Panayotis Tsakos and each of them.

2. Each of Sea Consolidation and Panayotis Tsakos is eligible to use such Schedule 13D for the filing of information therein contained.

3. Each of Sea Consolidation and Panayotis Tsakos is responsible for the timely filing of the attached Schedule 13D and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; provided that each such party is not responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such party knows or has reason to believe that such information is accurate.

This Agreement may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

[Signature page to follow]

-37-

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers and representatives.

Sea Consolidation S.A. of Panama
By:	/s/ Thomas K. Zafiras
	Thomas K. Zafiras
	President
	/s/ Panayotis Tsakos
	Panayotis Tsakos

-38-