SC 13D/A

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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. 5)*

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

October 5, 2006

(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 that 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 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

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
	SEA CONSOLIDATION S.A. OF PANAMA
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)
	(a)  ¨
	(b)  x
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions)
	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
	1,916,616
	8  SHARED VOTING POWER
	0
	9  SOLE DISPOSITIVE POWER
	1,916,616
	10  SHARED DISPOSITIVE POWER
	0

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	1,916,616
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)	x
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
	10.1%
14	TYPE OF REPORTING PERSON (see instructions)
	OO

2

CUSIP No. G9108L108 13D

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
	PANAYOTIS TSAKOS
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)
	(a)  ¨
	(b)  x
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions)
	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
	1,916,616
	9  SOLE DISPOSITIVE POWER
	0
	10  SHARED DISPOSITIVE POWER
	1,916,616

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	1,916,616
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)	x
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
	10.1%
14	TYPE OF REPORTING PERSON (see instructions)
	IN

3

THIS STATEMENT CONSTITUTES AMENDMENT NO. 5 TO THE SCHEDULE 13D PREVIOUSLY FILED

Item 1. Security and Issuer

This Amendment No. 5 (this “Amendment No. 5”) to Schedule 13D (originally filed on March 20, 2002, and subsequently amended and restated on August 30, 2005, November 16, 2005, March 29, 2006 and June 30, 2006 (the “Schedule 13D”)) 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. Information given in response to each item below shall be deemed incorporated by reference in all other items below. Capitalized terms used herein and not otherwise defined in this Amendment No. 5 shall have the meanings set forth in the Schedule 13D.

Item 2. Identity and Background

(a) This Amendment No. 5 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 367 Syngrou Avenue, 175 64 P. 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. 5.

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 was 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.

4

Item 3. Source and Amount of Funds or Other Consideration

Item 3 is hereby amended by adding the following paragraph:

Between September 8, 2006 and October 5, 2006, Sea Consolidation acquired an aggregate of 103,000 Common Shares in open market purchases executed through the New York Stock Exchange (the “Purchases”). Sea Consolidation obtained such funds for the Purchases from amounts contributed to it from its shareholders.

Item 4. Purposes of Transactions

Item 4 is hereby amended by adding the following paragraph:

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 in instructions (a) through (j) of Item 4 to the Schedule 13D.

Item 5. Interest in Securities of the Issuer

(a) As of the date hereof, Sea Consolidation is the beneficial owner of 1,916,616 Common Shares of the Company (the “Shares”), which constitute approximately 10.1% of the Company’s 19,039,871 issued and outstanding Common Shares, based on information contained in a Form 6-K filed by the Company with the Securities and Exchange Commission on November 28, 2006 and the understanding that the Company has repurchased 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 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 2,221,412, 1,362,534, 1,113,656 and 16,000 Common Shares, respectively. Together, the group would be deemed to beneficially own 6,630,218 Common Shares, or 34.8% 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.

(c) The Purchases were effected in open market purchases executed through the New York Stock Exchange as set forth in Schedule B. Schedule B is incorporated into and made a part of this Amendment No. 5.

(d) 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.

(e) Not applicable.

5

Item 7. Material to be Filed as Exhibits

Item 7 is hereby amended by adding the following exhibit:

Exhibit 1: Joint Filing Agreement, dated January 12, 2007, between Sea Consolidation S.A. of Panama and Panayotis Tsakos.

[The remainder of this page intentionally left blank]

6

SIGNATURE

After due 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: January 12, 2007

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

7

SCHEDULE A

Sea Consolidation S.A. of Panama

Name	Position	Principal Occupation	Business Address	Citizenship
Thomas Constantinos Zafiras	Director	Attorney	Vasileos Georgiou B4, Piraeus, 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
9/8/06	400	$	43.30
9/8/06	400		43.59
9/8/06	400		43.64
9/8/06	100		43.64
9/8/06	300		43.65
9/8/06	400		43.50
9/8/06	400		43.41
9/8/06	400		43.39
9/8/06	400		43.42
9/8/06	400		43.26
9/8/06	400		43.21
9/8/06	500		43.14
9/8/06	500		43.10
9/8/06	500		43.16
9/8/06	500		43.17
9/8/06	500		43.27
9/8/06	500		43.33
9/8/06	500		43.26
9/8/06	500		43.31
9/8/06	300		43.30
9/8/06	200		43.31
9/8/06	300		43.29
9/8/06	100		43.31
9/8/06	100		43.31
9/8/06	100		43.24
9/8/06	400		43.25
9/8/06	500		43.14
9/11/06	100		40.92
9/11/06	300		40.92
9/11/06	100		41.25
9/11/06	100		41.32
9/11/06	100		41.33
9/11/06	100		41.33
9/11/06	400		41.20
9/11/06	400		41.31
9/11/06	400		41.26
9/11/06	500		41.42
9/11/06	500		41.47
9/11/06	500		41.38
9/11/06	500		41.70
9/11/06	500		41.41
9/11/06	500		41.45
9/11/06	3,300		40.63
9/11/06	1,700		40.62
9/12/06	1,100		42.20

9/12/06	1,100	42.21
9/12/06	100	42.13
9/12/06	100	42.14
9/12/06	900	42.14
9/12/06	100	42.02
9/12/06	100	42.02
9/12/06	200	42.03
9/12/06	100	42.04
9/12/06	400	42.15
9/12/06	200	42.14
9/12/06	1,200	42.09
9/12/06	900	41.99
9/12/06	300	41.99
9/12/06	1,200	42.04
9/12/06	1,200	42.03
9/12/06	100	42.16
9/12/06	100	42.16
9/12/06	100	42.16
9/12/06	300	42.14
9/12/06	100	42.17
9/12/06	100	42.00
9/12/06	500	42.00
9/12/06	100	42.04
9/12/06	300	42.07
9/12/06	600	42.13
9/12/06	100	42.20
9/12/06	200	42.21
9/12/06	600	42.27
9/12/06	100	42.20
9/12/06	100	42.20
9/12/06	100	42.20
9/12/06	600	42.20
9/12/06	600	42.22
9/12/06	300	42.22
9/12/06	200	42.22
9/12/06	100	42.22
9/12/06	200	42.22
9/12/06	100	42.25
9/12/06	100	42.24
9/12/06	200	42.24
9/12/06	900	42.30
9/12/06	200	42.33
9/12/06	700	42.40
9/12/06	100	42.38
9/12/06	100	42.38
9/12/06	500	42.38
9/12/06	400	42.45
9/12/06	100	42.49
9/12/06	400	42.50
9/12/06	200	42.50

9/12/06	400	42.50
9/12/06	100	42.44
9/12/06	100	42.44
9/12/06	100	42.50
9/12/06	1,000	42.50
9/12/06	1,000	42.50
9/12/06	600	42.50
9/12/06	1,700	42.50
9/12/06	100	42.50
9/12/06	700	42.50
9/12/06	500	42.50
9/13/06	1,000	42.50
09/13/06	1,000	42.46
09/13/06	1,000	42.50
09/13/06	1,000	42.27
09/13/06	1,000	42.10
09/13/06	1,000	41.85
09/13/06	500	41.77
09/13/06	500	41.68
09/13/06	1,000	41.75
09/13/06	1,000	41.60
09/13/06	1,000	41.51
9/14/06	400	41.28
9/14/06	400	41.54
9/14/06	200	41.57
9/14/06	100	41.59
9/14/06	100	41.63
9/14/06	100	41.64
9/14/06	300	41.64
9/14/06	100	41.67
9/14/06	100	41.68
9/14/06	200	41.68
9/14/06	200	41.55
9/14/06	100	41.59
9/14/06	100	41.59
9/14/06	100	41.60
9/14/06	100	41.42
9/14/06	100	41.49
9/14/06	100	41.49
9/14/06	200	41.50
9/14/06	500	41.45
9/14/06	100	41.38
9/14/06	400	41.38
9/14/06	400	41.36
9/14/06	100	41.40
9/14/06	500	41.39
9/14/06	100	41.23
9/14/06	300	41.23
9/14/06	100	41.24
9/14/06	100	41.34

9/14/06	400	41.38
9/14/06	500	41.34
9/14/06	100	41.30
9/14/06	100	41.36
9/14/06	300	41.37
9/14/06	500	41.26
9/14/06	100	41.28
9/14/06	400	41.28
9/14/06	100	41.16
9/14/06	100	41.16
9/14/06	100	41.16
9/14/06	100	41.16
9/14/06	100	41.17
9/14/06	500	41.11
9/14/06	500	41.21
9/14/06	100	41.12
9/14/06	200	41.13
9/14/06	200	41.14
9/14/06	600	41.24
9/14/06	100	41.15
9/14/06	500	41.16
9/14/06	200	41.11
9/14/06	100	41.19
9/14/06	100	41.19
9/14/06	100	41.19
9/14/06	100	41.19
9/14/06	100	41.16
9/14/06	400	41.16
9/14/06	100	41.19
9/14/06	200	41.08
9/14/06	100	41.09
9/14/06	300	41.13
9/14/06	100	41.10
9/14/06	600	41.10
9/14/06	300	41.16
9/14/06	200	41.16
9/14/06	100	41.17
9/14/06	100	41.17
9/14/06	600	41.12
9/15/06	1,000	41.00
9/15/06	1,000	41.04
9/15/06	1,000	41.00
9/15/06	1,000	41.10
9/15/06	1,000	41.29
9/15/06	1,000	41.29
9/15/06	1,000	41.21
9/15/06	1,000	41.14
9/15/06	1,000	41.16
9/15/06	1,000	41.02
9/15/06	100	41.00

9/15/06	1,900		41.06
9/15/06	2,000		41.09
9/15/06	1,000		41.02
9/19/06	1,500		42.22
9/19/06	1,000		42.20
9/19/06	1,000		42.44
9/19/06	1,000		42.43
9/19/06	400		42.29
9/19/06	600		42.48
9/19/06	1,000		42.40
9/19/06	300		42.43
9/19/06	1,200		42.49
10/5/06	1,000		42.76
10/5/06	2,000		42.80
10/5/06	1,000		42.78
10/5/06	2,000		42.80
10/5/06	1,000		42.76
10/5/06	1,000		42.73
10/5/06	1,000		42.69
10/5/06	1,000		42.70
Total	103,000	$	4,322,273

EXHIBIT INDEX

The following is filed as an Exhibit to this Amendment No. 5:

Exhibit 1: Joint Filing Agreement, dated January 12, 2007, between Sea Consolidation S.A. of Panama and Panayotis Tsakos.

EX-1

EXHIBIT 1

JOINT FILING AGREEMENT dated as of the 12th day of January, 2007, 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]

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