6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September, 2014

Commission File Number 001-31236

TSAKOS ENERGY NAVIGATION LIMITED

(Translation of registrant’s name into English)

367 Syngrou Avenue, 175 64 P. Faliro, Athens, Greece

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

TSAKOS ENERGY NAVIGATION LIMITED

FORM 6-K

This report on Form 6-K is hereby incorporated by reference into the following Registration Statements of the Company:

• Registration Statement on Form F-3 (No. 333-196839) initially filed with the SEC on June 17, 2014, as amended;

• Registration Statement on Form F-3 (No. 333-184042) initially filed with the SEC on September 21, 2012, as amended;

• Registration Statement on Form F-3 (No. 333-159218) initially filed with the SEC on May 13, 2009;

• Registration Statement on Form F-3 (No. 333-111615) filed with the SEC on December 30, 2003;

• Registration Statement on Form S-8 (No. 333-183007) initially filed with the SEC on August 2, 2012, as amended;

• Registration Statement on Form S-8 (No. 333-134306) initially filed with the SEC on May 19, 2006, as amended;

• Registration Statement on Form S-8 (No. 333-134306) filed with the SEC on May 19, 2006;

• Registration Statement on Form S-8 (No. 333-104062) filed with the SEC on March 27, 2003; and

• Registration Statement on Form S-8 (No. 333-102860) filed with the SEC on January 31, 2003.

EXHIBIT INDEX

99.1	Consolidated Financial Statements (Unaudited), June 30, 2014
99.2	Management’s Discussion and Analysis of Financial Condition and Results of Operations
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: September 16, 2014

TSAKOS ENERGY NAVIGATION LIMITED
By:	/s/ Paul Durham
	Paul Durham
	Chief Financial Officer

EX-99.1

Exhibit 99.1

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2014 AND DECEMBER 31, 2013

(Expressed in thousands of U.S. Dollars - except share and per share data)

	June 30, 2014			December 31, 2013
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	229,727		$	162,237
Restricted cash		8,148			9,527
Accounts receivable, net		28,049			21,873
Insurance claims		236			2,569
Due from related companies (Note 2)		3,561			1,084
Advances and other		14,081			13,097
Inventories		19,318			19,660
Prepaid insurance and other		2,649			2,354
Current portion of financial instruments-Fair value (Note 11)		97			140
Total current assets		305,866			232,541
INVESTMENTS		1,000			1,000
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11)		—			1,438
FIXED ASSETS (Note 3)
Advances for vessels under construction		106,978			58,521
Vessels		2,772,750			2,710,418
Accumulated depreciation		(584,810	)		(537,350	)
Vessels’ Net Book Value		2,187,940			2,173,068
Total fixed assets		2,294,918			2,231,589
DEFERRED CHARGES, net (Note 4)		16,709			17,331
Total assets	$	2,618,493		$	2,483,899
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt (Note 5)	$	126,543		$	126,361
Payables		33,639			52,319
Due to related companies (Note 2)		5,467			6,930
Dividends payable		4,231			—
Accrued liabilities		18,255			16,628
Accrued bank interest		5,612			6,058
Unearned revenue		5,067			14,014
Current portion of financial instruments - Fair value (Note 11)		5,050			5,962
Total current liabilities		203,864			228,272
LONG-TERM DEBT, net of current portion (Note 5)		1,235,917			1,253,937
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11)		4,784			4,027
STOCKHOLDERS’ EQUITY:
Preferred shares, $ 1.00 par value; 15,000,000 shares authorized and 2,000,000 Series B Preferred Shares and 2,000,000 Series C Preferred Shares issued and outstanding at June 30, 2014 and December 31, 2013.		4,000			4,000
Common shares, $ 1.00 par value; 185,000,000 and 85,000,000 shares authorized at June 30, 2014 and December 31, 2013 respectively; 84,692,295 and 57,969,448 issued and outstanding at June 30, 2014 and December 31, 2013 respectively.		84,692			57,969
Additional paid-in capital		651,012			500,737
Accumulated other comprehensive loss		(9,297	)		(6,789	)
Retained earnings		432,342			430,548
Total Tsakos Energy Navigation Limited stockholders’ equity		1,162,749			986,465
Noncontrolling Interest		11,179			11,198
Total stockholders’ equity		1,173,928			997,663
Total liabilities and stockholders’ equity	$	2,618,493		$	2,483,899

The accompanying notes are an integral part of these consolidated financial statements

1

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2014 AND 2013

(Expressed in thousands of U.S. Dollars - except share and per share data)

	Three months ended June 30
	2014			2013
VOYAGE REVENUES:	$	112,396		$	108,091
EXPENSES:
Commissions		4,097			4,088
Voyage expenses		34,669			32,417
Vessel operating expenses		34,929			32,907
Depreciation		23,944			23,925
Amortization of deferred dry-docking costs		1,370			1,220
Management fees (Note 2(a))		4,043			3,886
General and administrative expenses		871			964
Foreign currency (gains)/losses		(7	)		35
Total expenses		103,916			99,442
Operating income/(loss)		8,480			8,649
OTHER INCOME (EXPENSES):
Interest and finance costs, net (Note 6)		(8,570	)		(10,394	)
Interest income		69			73
Other, net		270			(698	)
Total other expenses, net		(8,231	)		(11,019	)
Net income/(loss)		249			(2,370	)
Less: Net (income)/loss attributable to the noncontrolling interest		(50	)		845
Net income/(loss) attributable to Tsakos Energy Navigation Limited	$	199		$	(1,525	)
Effect of preferred dividends		(2,109	)		(567	)
Net loss attributable to common stockholders of Tsakos Energy Navigation Limited		(1,910	)		(2,092	)
Loss per share, basic and diluted attributable to Tsakos Energy Navigation Limited common shareholders	$	(0.02	)	$	(0.04	)
Weighted average number of shares, basic and diluted		80,135,152			56,443,237

The accompanying notes are an integral part of these consolidated financial statements

2

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(Expressed in thousands of U.S. Dollars - except share and per share data)

	Six months ended June 30
	2014			2013
VOYAGE REVENUES:	$	242,684		$	205,785
EXPENSES:
Commissions		9,096			7,852
Voyage expenses		68,678			56,944
Vessel operating expenses		71,374			64,232
Depreciation		47,537			46,196
Amortization of deferred dry-docking costs		2,632			2,410
Management fees (Note 2(a))		8,073			7,826
General and administrative expenses		2,268			2,101
Foreign currency (gains)/losses		47			(123	)
Total expenses		209,705			187,438
Operating income		32,979			18,347
OTHER INCOME (EXPENSES):
Interest and finance costs, net (Note 6)		(18,095	)		(20,019	)
Interest income		114			158
Other, net		(251	)		303
Total other expenses, net		(18,232	)		(19,558	)
Net income/(loss)		14,747			(1,211	)
Less: Net loss attributable to the noncontrolling interest		19			706
Net income/(loss) attributable to Tsakos Energy Navigation Limited	$	14,766		$	(505	)
Effect of preferred dividends		(4,219	)		(567	)
Net income/(loss) attributable to common stockholders of Tsakos Energy Navigation Limited		10,547			(1,072	)
Earnings/(loss) per share, basic and diluted attributable to Tsakos Energy Navigation Limited common shareholders	$	0.14		$	(0.02	)
Weighted average number of shares, basic and diluted		73,427,149			56,443,237

The accompanying notes are an integral part of these consolidated financial statements

3

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED JUNE 30, 2014, AND 2013

(Expressed in thousands of U.S. Dollars)

	Three months ended June 30
	2014			2013
Net income/(loss)	$	249		$	(2,370	)
Other comprehensive income/(loss)
Unrealized gains/(losses) from hedging financial instruments
Unrealized (loss)/gain on interest rate swaps, net		(1,982	)		3,279
Amortization of deferred loss on dedesignated financial instruments		—			219
Total unrealized (losses)/ gains from hedging financial instruments		(1,982	)		3,498
Unrealized gain/(loss) on marketable securities		0			(57	)
Other Comprehensive (loss)/income		(1,982	)		3,441
Comprehensive (loss)/income		(1,733	)		1,071
Less: comprehensive (income)/loss attributable to the noncontrolling interest		(50	)		845
Comprehensive (loss)/income attributable to Tsakos Energy Navigation Limited	$	(1,783	)	$	1,916

The accompanying notes are an integral part of these consolidated financial statements

4

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED JUNE 30, 2014, AND 2013

(Expressed in thousands of U.S. Dollars)

	Six months ended June 30
	2014			2013
Net income/(loss)	$	14,747		$	(1,211	)
Other comprehensive income/(loss)
Unrealized gains/(losses) from hedging financial instruments
Unrealized (loss)/gain on interest rate swaps, net		(2,662	)		4,709
Amortization of deferred loss on dedesignated financial instruments		154			435
Total unrealized (losses)/ gains from hedging financial instruments		(2,508	)		5,144
Unrealized loss on marketable securities		0			(55	)
Other Comprehensive (loss)/income		(2,508	)		5,089
Comprehensive income		12,239			3,878
Less: comprehensive loss attributable to the noncontrolling interest		19			706
Comprehensive income attributable to Tsakos Energy Navigation Limited	$	12,258		$	4,584

The accompanying notes are an integral part of these consolidated financial statements

5

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2014, AND 2013

(Expressed in thousands of U.S. Dollars - except share and per share data)

	Preferred Stock		Common Stock		Additional Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Tsakos Energy Navigation Limited			Noncontrolling Interest			Total
BALANCE, January 1, 2013	$		$	56,443	$	404,391	$	478,428		$	(14,728	)	$	924,534		$	2,306		$	926,840
Net income/(loss)								(505	)					(505	)		(706	)		(1,211	)
- Issuance of 8% cumulative redeemable perpetual preferred shares		2,000				46,251								48,251						48,251
- Cash dividends paid ($0.05 per share)								(2,822	)					(2,822	)					(2,822	)
- Declared dividends paid ($0.05 per share)								(2,822	)					(2,822	)					(2,822	)
- Other comprehensive income (loss)											5,089			5,089						5,089
BALANCE, June 30, 2013	$	2,000	$	56,443	$	450,642	$	472,279		$	(9,639	)	$	971,725		$	1,600		$	973,325
BALANCE, January 1, 2014	$	4,000	$	57,969	$	500,737	$	430,548		$	(6,789	)	$	986,465		$	11,198		$	997,663
Net income/(loss)								14,766						14,766			(19	)		14,747
- Issuance of common stock				25,645		144,229								169,874						169,874
- Issuance of common stock under distribution agency agreement				1,078		6,046								7,124						7,124
- Common dividends declared ($0.05 per share)								(4,231	)					(4,231	)					(4,231	)
- Common dividends paid ($0.05 per share)								(4,152	)					(4,152	)					(4,152	)
- Dividends paid on Series B preferred shares								(2,000	)					(2,000	)					(2,000	)
- Dividends paid on Series C preferred shares								(2,589	)					(2,589	)					(2,589	)
- Other comprehensive income (loss)											(2,508	)		(2,508	)					(2,508	)
BALANCE June 30, 2014	$	4,000	$	84,692	$	651,012	$	432,342		$	(9,297	)	$	1,162,749		$	11,179		$	1,173,928

The accompanying notes are an integral part of these consolidated financial statements

6

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(Expressed in thousands of U.S. Dollars)

	Six months ended June 30
	2014			2013
Cash Flows from Operating Activities:
Net income/(loss)	$	14,747		$	(1,211	)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation		47,537			46,196
Amortization of deferred dry-docking costs		2,632			2,410
Amortization of loan fees		596			439
Change in fair value of derivative instruments		(1,260	)		(2,573	)
Payments for dry-docking		(2,216	)		(2,802	)
(Increase) Decrease in:
Receivables		(7,304	)		1,200
Inventories		342			(2,736	)
Prepaid insurance and other		(295	)		(171	)
Increase (Decrease) in:
Payables		(20,143	)		18,335
Accrued liabilities		1,181			7,825
Unearned revenue		(8,947	)		5,649
Net Cash provided by Operating Activities		26,870			72,561
Cash Flows from Investing Activities:
Advances for vessels under construction and acquisitions		(48,457	)		(20,581	)
Vessel acquisitions and/or improvements		(62,332	)		(106,619	)
Net Cash used in Investing Activities		(110,789	)		(127,200	)
Cash Flows from Financing Activities:
Proceeds from long-term debt		42,000			92,000
Financing costs		(390	)		(594	)
Payments of long-term debt		(59,837	)		(95,776	)
(Increase)/Decrease in restricted cash		1,379			10,402
Proceeds from stock issuance program, net		176,998			48,251
Cash dividends		(8,741	)		(2,822	)
Net Cash provided by Financing Activities		151,409			51,461
Net increase/(decrease) in cash and cash equivalents		67,490			(3,178	)
Cash and cash equivalents at beginning of period		162,237			144,297
Cash and cash equivalents at end of period	$	229,727		$	141,119

The accompanying notes are an integral part of these consolidated financial statements

7

1. Basis of Presentation

The accompanying unaudited consolidated financial statements of Tsakos Energy Navigation Limited (the “Holding Company”) and subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 6-K and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.

The consolidated balance sheet as of December 31, 2013 has been derived from the audited financial statements included in the company’s annual report on Form 20-F filed with the Securities and Exchange Commission on April 11, 2014 (“Annual Report”), but does not include all of the footnotes required by generally accepted accounting principles for complete financial statements.

A discussion of the Company’s significant accounting policies can be found in Note 1 of the Company’s consolidated financial statements included in the Annual Report. There have been no material changes to these policies in the six-month period ended June 30, 2014.

New Accounting Pronouncements:

Revenue from Contracts with Customers: In May 2014, the Financial Accounting Standards Board (“FASB”) issued a standard that will supersede virtually all of the existing revenue recognition guidance in US GAAP and is effective for annual periods beginning on or after December 15, 2016. Early adoption is not permitted. The standard establishes a five-step model that will apply to revenue earned from a contract with a customer. The standard’s requirements will also apply to the sale of some non-financial assets that are not part of the entity’s ordinary activities (e.g., sales of property or plant and equipment). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. Management is in the process of accessing the effect of this new standard.

2. Transactions with Related Parties

The following amounts were charged by related parties for services rendered:

	Three months ended June 30,				Six months ended June 30,
	2014		2013		2014		2013
Tsakos Shipping and Trading S.A. (commissions)		1,325		1,333		3,166		2,552
Tsakos Energy Management Limited (management fees)		3,891		3,811		7,769		7,676
Tsakos Columbia Shipmanagement S.A.		322		324		658		635
Argosy Insurance Company Limited		2,279		2,391		4,612		4,475
AirMania Travel S.A.		1,107		1,150		2,141		2,368
Total expenses with related parties		8,924		9,009		18,346		17,706

Balances due from and due to related parties are as follows:

	June 30, 2014		December 31, 2013
Due from related parties
Tsakos Columbia Shipmanagement S.A.		3,222		1,084
Tsakos Energy Management Limited		339		—
Total due from related parties		3,561		1,084
Due to related parties
Tsakos Energy Management Limited		—		92
Tsakos Shipping and Trading S.A.		785		555
Argosy Insurance Company Limited		4,398		6,008
AirMania Travel S.A.		284		275
Total due to related parties		5,467		6,930

8

There is also, at June 30, 2014, an amount of $539 ($319 at December 31, 2013) due to Tsakos Shipping and Trading S.A. and $412 ($356 at December 31, 2013) due to Argosy Insurance Limited, included in accrued liabilities which relates to services rendered by these related parties not yet invoiced.

(a) Tsakos Energy Management Limited (the “Management Company”): The Holding Company has a Management Agreement (“Management Agreement”) with the Management Company, a Liberian corporation, to provide overall executive and commercial management of its affairs for a monthly fee. Per the Management Agreement of March 8, 2007, effective from January 1, 2008, there is a prorated adjustment if at the beginning of each year the Euro has appreciated by 10% or more against the U.S. Dollar since January 1, 2007. In addition, there is an increase each year by a percentage figure reflecting 12 month Euribor, if both parties agree. From January 1, 2012, the monthly fees for operating vessels are $27.5, for vessels chartered out or on a bare-boat basis are $20.4 and from April 1, 2012 for the LNG carrier $35.0, of which $10.0 is paid to the Management Company and $25.0 to a third party manager. From January 1, 2014, the monthly fee for the LNG has increased to $35.8, of which $10.0 is paid to the Management Company and $25.8 to a third party manager. Monthly management fees for the DP2 shuttle tankers have been agreed at $35.0 per vessel. Since the expiry of the bareboat charter of the VLCC Millennium on July 30, 2013, management fees for this vessel are $27.5 per month, of which $13.7 are payable to a third party manager. Management fees for the suezmax Eurochampion 2004 are $27.5 per month, of which, effective September 22, 2013, $12.0 are paid to a third party manager. In addition, a special award of $400 was paid to the Management Company in relation to capital raising offerings during the first six months of 2014. These awards have been included as a deduction of additional paid in capital in the accompanying Financial Statements.

The Holding Company and the Management Company have certain officers and directors in common. The President, who is also the Chief Executive Officer and a Director of the Holding Company, is also the sole stockholder of the Management Company. The Management Company may unilaterally terminate its Management Agreement with the Holding Company at any time upon one year’s notice. In addition, if even one director was elected to the Holding Company’s Board of Directors without having been recommended by the existing Board of Directors, the Management Company would have the right to terminate the Management Agreement on ten days notice, and the Holding Company would be obligated as at June 30, 2014 to pay the Management Company an amount of approximately $162,498 calculated in accordance with the terms of the Management Agreement. Under the terms of the Management Agreement between the Holding Company and the Management Company, the Holding Company may terminate the Management Agreement only under specific circumstances, without the prior approval of the Holding Company’s Board of Directors.

Estimated future management fees payable over the next ten years under the Management Agreement, exclusive of any incentive awards and based on existing vessels and known vessels scheduled for future delivery, as at June 30, 2014 are:

Period/Year	Amount
July to December 2014		9,140
2015		18,280
2016		18,283
2017		18,730
2018		18,922
2019 to 2024		104,071
		187,426

9

Management fees for vessels are included in the accompanying Consolidated Statements of Operations. Also, under the terms of the Management Agreement, the Management Company provides supervisory services for the construction of new vessels for a monthly fee of $20.4 from January 1, 2012. These fees in total amounted to $979, and $247 during the six months ended June 30, 2014 and 2013, respectively, and are either accounted for as part of construction costs for delivered vessels or are included in Advances for vessels under construction.

(b) Tsakos Columbia Shipmanagement S.A. (“TCM”): The Management Company appointed TCM to provide technical management to the Company’s vessels from July 1, 2010. TCM is owned jointly and in equal part by related party interests and by a private German Group. TCM, at the consent of the Holding Company, may subcontract all or part of the technical management of any vessel to an alternative unrelated technical manager.

Effective July 1, 2010, the Management Company, at its own expense, pays technical management fees to TCM, and the Company bears and pays directly to TCM most of its operating expenses, including repairs and maintenance, provisioning and crewing of the Company’s vessels, as well as certain charges which are capitalized or deferred, including reimbursement of the costs of TCM personnel sent overseas to supervise repairs and perform inspections on Company vessels. The Company also pays to TCM certain fees to cover expenses relating to internal control procedures and information technology services which are borne by TCM on behalf of the Company.

(c) Tsakos Shipping and Trading S.A. (“Tsakos Shipping”):

Tsakos Shipping provides chartering services for the Company’s vessels by communicating with third party brokers to solicit research and propose charters. For this service, the Company pays to Tsakos Shipping a chartering commission of approximately 1.25% on all freights, hires and demurrages. Such commissions are included in Commissions in the accompanying Consolidated Statements of Operations. Tsakos Shipping also provides sale and purchase of vessels brokerage service. For this service, Tsakos Shipping may charge a brokerage commission. Tsakos Shipping may also charge a fee of $200 (or such other sum as may be agreed) on delivery of each new-building vessel in payment for the cost of design and supervision of the new-building by Tsakos Shipping. In the first six months of 2014, $200 in aggregate was charged for supervision fees on the DP2 shuttle tankers Rio 2016 and Brasil 2014. In the first six months of 2013, no such fee was charged.

Certain members of the Tsakos family are involved in the decision-making processes of Tsakos Shipping and of the Management Company, and are also shareholders of the Holding Company.

(d) Argosy Insurance Company Limited (“Argosy”): The Company places its hull and machinery insurance, increased value insurance and war risk and certain other insurance through Argosy, a captive insurance company affiliated with Tsakos Shipping.

(e) AirMania Travel S.A. (“AirMania”): Apart from third-party agents, the Company also uses an affiliated company, AirMania, for travel services.

3. Vessels

Acquisitions

During the first six months of 2014, the Company acquired the suezmax tanker Eurovision from an affiliated Company at a cost of $61,506. During the first six months of 2013, the Company acquired the new-building DP2 suezmax shuttle tankers Rio 2016 and Brasil 2014 at a total cost of $202,971 of which $104,826 were paid in the first six months of 2013.

Sales

There were no vessel sales in the first six months of 2014 and 2013.

10

4. Deferred Charges

Deferred charges consist of dry-docking and special survey costs, net of accumulated amortization, and amounted to $12,308 and $12,724, at June 30, 2014 and December 31, 2013, respectively, and loan fees, net of accumulated amortization, amounted to $4,401 and $4,607 at June 30, 2014 and December 31, 2013, respectively. Amortization of deferred dry-docking costs is separately reflected in the accompanying Consolidated Statements of Operations, while amortization of loan fees is included in Interest and finance costs, net.

5. Long-Term Debt

Facility	June 30, 2014			December 31, 2013
(a) Credit Facilities		770,174			808,218
(b) Term Bank Loans		592,286			572,080
Total		1,362,460			1,380,298
Less - current portion		(126,543	)		(126,361	)
Long-term portion		1,235,917			1,253,937

(a) Credit facilities

As at June 30, 2014, the Company had six open reducing revolving credit facilities, all of which are reduced in semi-annual installments, and two open facilities which have both a reducing revolving credit component and a term bank loan component. At June 30, 2014 there is no available unused amount.

Interest is payable at a rate based on LIBOR plus a spread. At June 30, 2014, the interest rates on these facilities ranged from 1.45% to 5.69%.

(b) Term bank loans

Term loan balances outstanding at June 30, 2014 amounted to $592,286. These bank loans are payable in U.S. Dollars in quarterly or semi-annual installments, with balloon payments due at maturity between October 2016 and April 2022. Interest rates on the outstanding loans as at June 30, 2014, are based on LIBOR plus a spread.

On June 17, 2014, the Company signed a new seven-year term bank loan for $42,000, which was drawn down the same day, providing partial financing of the suezmax tanker Eurovision, acquired on the same day.

On June 30, 2014, the Company signed a new six-year term bank loan for $193,239 relating to the pre and post delivery partial financing of five aframax tankers under construction. On July 2, 2014, an amount of $25,610 was drawdown to finance the second yard installment for the construction of the five vessels.

In the period after June 30, 2014, the following debt financing arrangements were completed:

On July 7, 2014, the Company signed a new six-year term bank loan for $39,000, which was drawn down on July 8, 2014 providing partial financing of the suezmax tanker Euro, acquired on the same day.

On August 22, 2014, the Company signed a new seven-year term bank loan for $38,800 relating to the pre and post delivery partial financing of one aframax tanker under construction. On August 26, 2014, an amount of $5,172 was drawdown to finance the second yard installment for the construction of the vessel.

On August 22, 2014, the Company signed a new six-year term bank loan for $78,744 relating to the pre and post delivery partial financing of two aframax tankers under construction. On August 26, 2014, an amount of $10,344 was drawdown to finance the second yard installment for the construction of the vessels.

On August 22, 2014, the Company signed a new six-year term bank loan for $39,954 relating to the pre and post delivery partial financing of one aframax tanker under construction. On August 26, 2014, an amount of $5,172 was drawdown to finance the second yard installment for the construction of the vessel.

11

At June 30, 2014, interest rates on these term bank loans ranged from 1.82% to 3.23%.

The weighted-average interest rates on the above executed loans for the applicable periods were:

Three months ended June 30, 2014	2.43	%
Three months ended June 30, 2013	2.38	%
Six months ended June 30, 2014	2.44	%
Six months ended June 30, 2013	2.43	%

The above revolving credit facilities and term bank loans are secured by first priority mortgages on all vessels owned by our subsidiaries, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant ship-owning subsidiaries.

The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends in an amount more than 50% of cumulative net income (as defined in the related agreements), sell vessels and assets, and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidity, not legally restricted, of $73,872 at June 30, 2014 and $78,144 at December 31, 2013, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Two loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $2,500. Two loan agreements require a monthly pro rata transfer to a retention account of any principal due but unpaid.

As of June 30, 2014, the Company was compliant with the original financial covenants in its loan agreements, except in the case of the value-to-loan requirements in four of the loan agreements. For three of these loan agreements, the lenders had reduced the value-to-loan requirements (until June 30, 2014 inclusive) from 120% to 100% of the loan balances. The Company was in compliance with these reduced requirements as of June 30, 2014, with actual ratios of 114%-116%. Scheduled principal payments are expected to remedy two of the shortfalls by September 30, 2014 and one of the shortfalls by October 31, 2014, assuming vessel values do not fall below current levels. As to the fourth loan agreement, with a 120% value-to-loan requirement, under which $33,000 was outstanding as of June 30, 2014, there was an actual ratio of 98%. The Company has not requested a waiver of this covenant nor has the lender required additional security or prepayment of part of the loan so as to bring it into compliance. (Such prepayments would be applied against the next scheduled principal payments and, therefore, should not increase the total amounts payable by the Company during the next 12 months.) The Company reclassified $3,317 from long-term liabilities to current liabilities as of June 30, 2014, which represents the additional amount of prepayment which would be necessary to remedy the value-to-loan shortfall under this loan agreement, in the event the lender was to request a prepayment of indebtedness.

At June 30, 2014, the Company, its wholly and majority owned subsidiaries were compliant with all other terms and original covenants (i.e. without giving effect to ratio reducing amendments and covenant waivers obtained in 2013), including the leverage ratio.

The annual principal payments required to be made after June 30, 2014, excluding the value-to-loan ratio shortfall of $3,317 discussed above, are as follows:

Period/Year	Amount
July to December 2014		60,657
2015		225,892
2016		226,776
2017		183,785
2018		300,231
2019 and thereafter		365,119
		1,362,460

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6. Interest and Finance Costs, net

	Three months ended June 30,						Six months ended June 30,
	2014			2013			2014			2013
Interest expense		8,724			10,329			17,571			20,597
Less: Interest capitalized		(660	)		(373	)		(1,192	)		(1,119	)
Interest expense, net		8,064			9,956			16,379			19,478
Interest swap cash settlements non-hedging		918			1,163			2,180			2,640
Bunkers swap cash settlements		(28	)		(16	)		(42	)		(67	)
Amortization of loan fees		282			244			596			439
Bank charges		86			8			160			96
Amortization of deferred loss on termination of financial instruments		—			219			154			435
Change in fair value of non-hedging financial instruments		(752	)		(1,180	)		(1,332	)		(3,002	)
Net total		8,570			10,394			18,095			20,019

At June 30, 2014, the Company was committed to six floating-to-fixed interest rate swaps with major financial institutions covering notional amounts aggregating to $273,395, maturing from March 2016 through March 2021 on which it pays fixed rates averaging 3.4% and receives floating rates based on the six-month London interbank offered rate (“LIBOR”) (Note 11).

At June 30, 2014, the Company held five of the six interest rate swap agreements, designated and qualifying as cash flow hedges, in order to hedge its exposure to interest rate fluctuations associated with its debt covering notional amounts aggregating to $218,145. The fair value of such financial instruments as of June 30, 2014 and December 31, 2013 in aggregate amounted to $6,069 (negative) and $3,409 (negative), respectively. The net amount of cash flow hedge losses at June 30, 2014 that is estimated to be reclassified into earnings within the next twelve months is $2,275.

At June 30, 2014 and December 31, 2013, the Company held one and two interest rate swaps respectively, that did not meet hedge accounting criteria. As such, the changes in their fair values during the first half of 2014 and 2013 have been included in change in fair value of non-hedging financial instruments in the table above, and amounted to a gain of $1,413 and $3,400, respectively.

At June 30, 2014 and December 31, 2013, the Company had four and five bunker swap agreements respectively, in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels. The fair value of these financial instruments as of June 30, 2014 and December 31, 2013 was $97 (positive) and $177 (positive), respectively.

The changes in their fair values during the first half of 2014 and 2013 amounting to $81 (negative) and $398 (negative) respectively have been included in change in fair value of non-hedging financial instruments in the table above as such agreements do not meet the hedging criteria.

7. Stockholders’ Equity

On May 30, 2014, at the annual general meeting of shareholders, the shareholders approved the amendment of the Company’s Memorandum of Association in order to increase the authorized share capital from US$100,000 consisting of 85 million common shares of a par value of $1.00 each and 15 million preferred shares of a par value of $1.00 each, to US$200,000, consisting of 185 million common shares of a par value of $1.00 each and 15 million preferred shares of a par value of $1.00 each.

From January 1, 2014 up to January 17, 2014, the Company sold 1,077,847 common shares for proceeds, net of commissions, of $7,124 under a distribution agency agreement entered into in August 2013. This agreement provides for the offer and sale from time to time of up to 4,000,000 common shares of the Company, par value $1.00 per share, at market prices.

13

On February 5, 2014, the Company completed an offering of 12,995,000 common shares, including 1,695,000 common shares issued upon the exercise in full by the underwriters of their option to purchase additional shares, at a price of $6.65 per share, for net proceeds of $81,952.

On April 29, 2014, the Company completed an offering of 11,000,000 common shares, at a price of $7.30 per share, for net proceeds of $76,419. On May 22, 2014, the underwriters exercised their option to purchase 1,650,000 additional shares at the same price for net proceeds of $11,503.

On January 30, 2014, the Company paid dividends of $0.50 per share, on its 8.00% Series B Preferred Shares and $0.73958 per share, on its 8.875% Series C Preferred Shares, $2,477 in total. On April 30, 2014 the Company paid a dividend of $0.50 per share on its 8.00% Series B Preferred shares and a dividend of $0.55469 per share on its 8.875% Series C Preferred Shares, $2,109 in total.

On March 17, 2014, the Company declared a dividend of $0.05 per share on common shares outstanding, representing an amount of $4,152 payable in total, which was paid on May 22, 2014 to shareholders of record as of May 19, 2014. On May 16, 2014, the Company declared a dividend of $0.05 per share on common shares outstanding, representing an amount of $4,231 payable in total, which was paid on August 14, 2014 to shareholders of record as of August 11, 2014.

During the six-month period ended June 30, 2013, the Company declared dividends on its common shares totaling $5,644 in aggregate, of which $2,822 was paid on June 5, 2013 and $2,822 was paid on September 12, 2013 to shareholders of record as of September 9, 2013.

8. Accumulated other comprehensive loss

In the first half of 2014, Accumulated other comprehensive loss increased with unrealized losses of $2,508, of which $2,662 (loss) resulted from changes in fair value of financial instruments and $154 related to the amortization of loss on the de-designation of one interest rate swap.

In the first half of 2013, Accumulated other comprehensive loss decreased with unrealized gains of $5,089 of which $4,709 (gain) resulted from changes in fair value of financial instruments, $435 related to the amortization of loss on the de-designation of one interest rate swap and a loss of $55 which resulted from changes in the fair value of marketable securities.

9. Earnings/Loss per Common Share

The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period.

	Three months ended June 30,						Six months ended June 30,
	2014			2013			2014			2013
Numerator
Net income/(loss) attributable to Tsakos Energy Navigation Limited		199			(1,525	)		14,766			(505	)
Preferred share dividends Series B		(1,000	)		(567	)		(2,000	)		(567	)
Preferred share dividends Series C		(1,109	)		—			(2,219	)		—
Net income/(loss) attributable to common stockholders	$	(1,910	)	$	(2,092	)	$	10,547		$	(1,072	)
Denominator
Weighted average common shares outstanding		80,135,152			56,443,237			73,427,149			56,443,237
Basic and diluted income/(loss) per common share	$	(0.02	)	$	(0.04	)	$	0.14		$	(0.02	)

10. Commitments and Contingencies

As at June 30, 2014, the Company had under construction nine aframax tankers and one LNG carrier. The total contracted amount remaining to be paid for the ten vessels under construction, plus the extra costs agreed as at June 30, 2014 was $587,125. Scheduled remaining payments as

14

at June 30, 2014 were $77,738 from July to December 2014, $56,864 in 2015, $297,663 in 2016 and $154,860 in 2017. In addition, under a contract to build a shuttle tanker with a Korean shipbuilding yard, agreed in 2012, an amount of $4,500 was paid in 2013 as part of the first installment. However, the contract was suspended as the Company reconsidered the type of vessel to be constructed. A new proposal from the yard is currently being considered which provides that the amount of $4,500 already paid shall be considered as being part of the initial installment of a new-building that will be decided upon. In case an agreement for an alternative project is not reached, the amount of $4,500 may be considered by the yard as compensation against the Company’s default under the initial agreement and the yard may claim additional compensation if the amount is found insufficient to cover the shipyard’s losses.

In the ordinary course of the shipping business, various claims and losses may arise from disputes with charterers, agents and other suppliers relating to the operations of the Company’s vessels. Management believes that all such matters are either adequately covered by insurance or are not expected to have a material adverse effect on the Company’s results from operations or financial condition.

Charters-out

The future minimum revenues of vessels in operation at June 30, 2014, before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows:

Period/Year	Amount
July to December 2014		91,335
2015		130,425
2016		77,582
2017		53,185
2018 to 2028		441,134
Minimum charter payments		793,661

These amounts do not assume any off-hire.

11. Financial Instruments

(a) Interest rate risk: The Company is subject to interest rate risk associated with changing interest rates with respect to its variable interest rate term loans and credit facilities as described in Notes 5 and 6.

(b) Concentration of credit risk: Financial Instruments consist principally of cash, trade accounts receivable, investments, and derivatives. The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. The Company limits the exposure of non-performance by counterparties to derivative instruments by diversifying among counterparties with high credit ratings, and performing periodic evaluations of the relative credit standing of the counterparties.

(c) Fair value: The carrying amounts reflected in the accompanying Consolidated Balance Sheet of cash and cash equivalents, restricted cash, trade receivables and accounts payable approximate their respective fair values due to the short maturity of these instruments. The fair value of long-term bank loans with variable interest rates approximate the recorded values, generally due to their variable interest rates. The present value of the future cash flows of the portion of one long-term bank loan with a fixed interest rate is estimated to be approximately $46,512 as compared to its carrying amount of $47,965. The Company performs relevant enquiries on a periodic basis to assess the recoverability of the long-term investment and estimates that the amount presented on the accompanying Balance sheet approximates the amount that is expected to be received by the Company in the event of sale of that investment.

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The fair values of the one long-term bank loan with a fixed interest rate, the interest rate swap agreements, and bunker swap agreements discussed in Note 6 above are determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined.

The fair value of the impaired vessels Silia T, Triathlon, Delphi and Millennium, at December 31, 2013, was determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and was determined by management taking into consideration valuations from independent marine valuers based on observable data such as sale of comparable assets.

The estimated fair values of the Company’s financial instruments, other than derivatives at June 30, 2014 and December 31, 2013, are as follows:

	Carrying Amount June 30, 2014			Fair Value June 30, 2014			Carrying Amount December 31, 2013			Fair Value December 31, 2013
Financial assets/(liabilities)
Cash and cash equivalents		229,727			229,727			162,237			162,237
Restricted cash		8,148			8,148			9,527			9,527
Investments		1,000			1,000			1,000			1,000
Debt		(1,362,460	)		(1,361,007	)		(1,380,298	)		(1,378,753	)

Tabular Disclosure of Derivatives Location

Derivatives are recorded in the balance sheet on a net basis by counterparty when a legal right of set-off exists. The following tables present information with respect to the fair values of derivatives reflected in the balance sheet on a gross basis by transaction. The tables also present information with respect to gains and losses on derivative positions reflected in the consolidated statement of operations or in the balance sheet, as a component of Accumulated other comprehensive loss.

Fair Value of Derivative Instruments

		Asset Derivatives				Liability Derivatives
		June 30, 2014		December 31, 2013		June 30, 2014		December 31, 2013
Derivative	Balance Sheet Location	Fair Value		Fair Value		Fair Value		Fair Value
Derivatives designated as hedging instruments
Interest rate swaps	Current portion of financial instruments - Fair value		—		—		2,704		2,365
	Financial instruments - Fair value, net of current portion		—		1,401		3,365		2,445
	Subtotal		—		1,401		6,069		4,810
Derivatives not designated as hedging instruments
Interest rate swaps	Current portion of financial instruments - Fair value		—		—		2,346		3,597
	Financial instruments - Fair value, net of current portion		—		—		1,419		1,582
Bunker swaps	Current portion of financial instruments - Fair value		97		140		—		—
	Financial instruments - Fair value, net of current portion		—		37		—		—
	Subtotal		97		177		3,765		5,179
	Total derivatives		97		1,578		9,834		9,989

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Derivatives designated as Hedging Instruments-Net effect on the Statement of Comprehensive Income/(loss) and Statement of Operations

	Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)
Derivative	Amount Three months ended June 30,						Amount Six months ended June 30,
	2014			2013			2014			2013
Interest rate swaps		(2,900	)		(229	)		(4,371	)		(437	)
Total		(2,900	)		(229	)		(4,371	)		(437	)

	Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Derivative	Location	Amount Three months ended June 30,						Amount Six months ended June 30,
		2014			2013			2014			2013
Interest rate swaps	Depreciation expense		(38	)		(38	)		(77	)		(67	)
Interest rate swaps	Interest and finance costs, net		(879	)		(3,689	)		(1,786	)		(5,513	)
Total			(917	)		(3,727	)		(1,863	)		(5,580	)

Derivatives Not Designated as Hedging Instruments–Net effect on the Statement of Operations

	Gain (Loss) Recognized on Derivative
Derivative	Location	Amount Three months ended June 30,						Amount Six months ended June 30,
		2014			2013			2014			2013
Interest rate swaps	Interest and finance costs, net		(215	)		457			(767	)		760
Bunker swaps	Interest and finance costs, net		76			(423	)		(39	)		(331	)
Total			(139	)		34			(806	)		429

The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Income/(Loss) as of June 30, 2014 and December 31, 2013 was $9,297 and $6,789 respectively.

The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of June 30, 2014 and December 31, 2013 using level 2 inputs (significant other observable inputs):

Recurring measurements	June 30, 2014			December 31, 2013
Interest rate swaps		(9,833	)		(8,588	)
Bunker swaps		97			177
		(9,736	)		(8,411	)

The following table presents the fair values of items measured at fair value on a nonrecurring basis for the six-month period ended June 30, 2014 and year ended December 31, 2013, using Level 2 inputs.

Nonrecurring basis	June 30, 2014		December 31, 2013
Vessels	$	—	$	95,250
	$	—	$	95,250

12. Other Subsequent Events

(a) On July 8, 2014, the Company acquired the suezmax tanker Euro, built in 2012, for $59,500, from an affiliated company.

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(b) On July 14, 2014, it was announced that the Board of Directors had declared a quarterly dividend of $0.50 per share on the Company’s 8% Series B Cumulative Redeemable Perpetual Preferred Shares, which was paid on July 30, 2014. On the same date it was announced that the Board of Directors had declared a quarterly dividend of $0.55469 per share on the Company’s 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares, which was paid on July 30, 2014. Each dividend is for the period from April 30, 2014 through July 29, 2014.

(d) On August 4, 2014, the Company’s Board of Directors declared a dividend of $0.05 per common share outstanding, to be paid on November 25, 2014 to shareholders of record as of November 21, 2014.

(e) On August 14, 2014, the Company paid a dividend of $4,231 in total, or $0.05 per share, to common shareholders of record as of August 8, 2014.

(f) On August 14, 2014, the Company announced the commencement of a new partnership with an oil major for the construction and chartering of two LR1 tankers for five years.

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EX-99.2

Exhibit 99.2

TSAKOS ENERGY NAVIGATION LIMITED

THREE AND SIX MONTHS ENDED JUNE 30, 2014

Results of operations – management discussion & analysis

(Percentage calculations are based on the actual amounts shown in the accompanying financial statements)

Voyage revenues

Voyage revenue earned for the three months ended June 30, 2014 and 2013:

	2014					2013
	$ million		% of total			$ million		% of total
Time charter-fixed rate		40.4		36	%		31.9		30	%
Time charter-variable rate (profit-share)		13.7		12	%		17.2		16	%
Time charter-bareboat		—		0	%		2.3		2	%
Voyage charter-spot market		47.9		43	%		55.7		51	%
Voyage charter-contract of affreightment		9.0		8	%		—		0	%
Pool arrangement		1.4		1	%		1.0		1	%
Total voyage revenue		112.4		100	%		108.1		100	%

Voyage revenue earned for the six months ended June 30, 2014 and 2013:

	2014					2013
	$ million		% of total			$ million		% of total
Time charter-fixed rate		80.5		34	%		61.7		29	%
Time charter-variable rate (profit-share)		27.7		11	%		36.2		18	%
Time charter-bareboat		—		0	%		4.6		2	%
Voyage charter-spot market		112.7		46	%		99.9		49	%
Voyage charter-contract of affreightment		18.3		8	%		—		0	%
Pool arrangement		3.5		1	%		3.4		2	%
Total voyage revenue		242.7		100	%		205.8		100	%

Voyage revenue earned during the three months ended June 30, 2014 was $112.4 million, or 4.0% more than the $108.1 million earned in the three months ended June 30, 2013. The increase was mostly due to the contribution of the new shuttle tankers, which started their 15-year charters in May and June 2013 respectively.

During the second quarter of 2014, the Company operated on average 48.2 vessels compared to 47.8 vessels in the second quarter of 2013. Total utilization (total days that the vessels were actually employed as a percentage of total days in the period that we owned or controlled the vessels) achieved by the fleet in the second quarter of 2014 remained at 97.9%, the same as during the second quarter of 2013. The days lost in the second quarter of 2014 relate to the dry-docking of the panamax World Harmony and the beginning of the dry-docking of the handysize Didimon and the repositioning voyages of various other vessels. The days lost in the second quarter of 2013 relate to the dry-dockings of panamaxes Maya, Inca and Selecao, a repositioning voyage on the handymax Ariadne and off-hire days on the Antarctic. Operating days on pure time-charter without profit share increased by 240 days or 15.4% between the two second quarters, and the amount of revenue earned on such charters increased accordingly by 18.0%. There was a 15.4% decrease in the number of days utilized in profit-share arrangements which totaled 818 compared to 967 in the second quarter of 2013, while revenue earned in profit sharing arrangements decreased by 20.3%, in line with the decrease in days, rates earned being at the same levels as in prior year’s second quarter. The number of days in the second quarter of 2014 that vessels were employed on spot, contract of affreightment and pool voyages decreased to 1,678 from 1,732 in the second quarter of 2013, while revenue earned on those types of employment increased by 3.0% due to the improvement in freight rates.

1

The market was weak for both the second quarter of 2014 and 2013 due to seasonality, but it improved in the second part of June 2014, due to growth in Chinese imports, as China was building its strategic reserves.

During the six months ended June 30, 2014, voyage revenue increased by $36.9 million, or 17.9%, compared to revenue achieved in the six months ended June 30, 2013. This was due to the introduction of the two DP2 shuttle tankers and improved rates in aframax and suezmax crude carriers. For the first six months of 2014, on average 48.1 vessels were operated compared to 47.0 in the first six months of 2013. Since the beginning of 2013 to June 30, 2014, the Company has taken delivery of the DP2 suezmax shuttle tankers Rio 2016 and Brasil 2014 in March and April 2013 and the suezmax Eurovision in June 2014. For the first six months of 2014, the utilization achieved was 97.9%, the same as in the first six months of 2013. Apart from the lost days of the second quarter, the six month period of 2014 also includes lost days on the dry-dockings of Nippon Princess and Salamina and repositioning voyages of certain other vessels.

The average daily revenue per vessel for the second quarter of 2014, after deducting voyage expenses (time charter equivalent or TCE, see definition below) was $18,118 per day compared to $18,007 per day for the previous year’s second quarter. Average daily TCE rate earned for the three and six month periods ended June 30, 2014 and 2013 were:

	Three months ended June 30,				Six months ended June 30,
	2014		2013		2014		2013
	$		$		$		$
LNG carrier		79,506		80,500		80,000		80,500
VLCC		21,000		35,500		21,000		35,500
Suezmax		17,175		19,190		22,076		19,338
DP2 Suezmax		47,000		30,862		47,000		29,108
Aframax		17,770		13,764		21,389		14,376
Panamax		14,193		14,660		14,085		14,706
Handymax		14,445		14,244		14,474		14,323
Handysize		11,439		14,622		14,170		16,071

TCE is calculated by taking voyage revenue less voyage costs divided by the number of operating days. We do not deduct commission, as commission is payable on all types of charter. In the case of the bare-boat charter, we add an estimate of operating expenses of $10,000 per day in order to render the bare-boat charter comparable to a time-charter.

Time charter equivalent revenue and TCE rate are not measures of financial performance under U.S. GAAP and may not be comparable to similarly titled measures of other companies. However, TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in shipping performance despite changes in the mix of charter types (i.e. spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods. The following table reflects the calculation of our TCE rate for the period presented (amount in thousands of U.S. dollars, except for TCE rate, which is expressed in U.S. dollars and available days):

	Three months ended June 30,						Six months ended June 30,
	2014			2013			2014			2013
Voyage revenues	$	112,396		$	108,091		$	242,684		$	205,785
Less: Voyage Expenses		(34,669	)		(32,417	)		(68,678	)		(56,944	)
Add: Representative operating expenses for bareboat charter ($10,000 daily)		—			910			—			1,810
Time charter equivalent revenues	$	77,727		$	76,584		$	174,006		$	150,651
Divided by: net earnings (operating) days		4,290			4,253			8,522			8,328
Average TCE per vessel per day	$	18,118		$	18,007		$	20,418		$	18,090

2

Commissions

Commissions amounted to $4.1 million during both the quarters ended June 30, 2014 and 2013, or 3.6% of voyage revenue for the quarter ended June 30, 2014 and 3.8% of voyage revenue for the quarter ended June 30, 2013. For the six month period ended June 30, 2014, commissions amounted to $9.1 million or 3.7% of voyage revenue compared to $7.9 million or 3.8% of voyage revenue in the corresponding period of 2013. The overall increase between the respective six month periods was due to increased revenue, commission rates remaining at the same levels.

Voyage expenses

Voyage expenses include costs that are directly related to a voyage, such as port charges, agency fees, canal dues and bunker (fuel) costs. They are borne by the Company unless the vessel is on time-charter or operating in a pool, in which case they are borne by the charterer or by the pool operators.

Voyage expenses for the three months ended June 30, 2014 and 2013:

	Voyage expenses							Average daily voyage expenses per relevant vessel
	2014		2013					2014		2013
	$ million		$ million		increase/ (decrease)			$		$		increase/ (decrease)
Bunker expenses		23.0		21.6		6.5	%		14,503		13,174		10.1	%
Port and other expenses		11.7		10.8		7.9	%		7,343		6,580		11.6	%
Total		34.7		32.4		6.9	%		21,846		19,754		10.6	%

Voyage expenses for the six months ended June 30, 2014 and 2013:

	Voyage expenses							Average daily voyage expenses per relevant vessel
	2014		2013					2014		2013
	$ million		$ million		increase/ (decrease)			$		$		increase/ (decrease)
Bunker expenses		46.5		38.8		19.9	%		14,652		13,290		10.2	%
Port and other expenses		22.2		18.1		22.2	%		6,972		6,204		12.4	%
Total		68.7		56.9		20.6	%		21,624		19,494		10.9	%

The amount of voyage expenses is highly dependent on the voyage patterns followed and part of the change between quarters may usually be explained by changes in the total operating days the fleet operated on spot charter. Voyage expenses were $34.7 million during the quarter ended June 30, 2014, compared to $32.4 million during the prior year’s second quarter, a 6.9% increase. The number of days that the vessels were employed on types of employment bearing voyage expenses (spot and contract of affreightment) in the second quarter of 2014 was 1,587 compared to 1,641 in the prior year’s second quarter, a minor decrease of 3.3%. The increase in bunkering expenses between the second quarter of 2014 and 2013 is mainly due to the increased volume of the bunkers consumed by 11.3%, offset by a decrease of 2.1% in the bunker prices paid. Port expenses paid in the various ports visited during the second quarter of 2014 were higher compared to port expenses incurred in the second quarter of 2013. Voyage expenses were $68.7 million in the first six months of 2014, compared to $56.9 million in the first six months of 2013, a 20.6% increase. For the six month periods, the days the vessels were operating in types of employment bearing voyage expenses increased to 3,176 days in the first six months of 2013 compared to 2,921 days in the prior year’s equivalent period, an 8.7% increase. The volume of the bunkers consumed was higher by 10.2% in the first half of 2014 than in the first half of 2013, offset by a decrease in the bunker prices paid between the corresponding six month periods. Port and other expenses increased by 22.2% between the six month periods due to the increased number of days the vessels operated in spot and higher prices paid in the various ports visited.

3

Vessel operating expenses

Operating expenses for the three months ended June 30, 2014 and 2013:

	Operating expenses							Average daily operating expenses per vessel
	2014		2013					2014		2013
	$ million		$ million		increase/ (decrease)			$		$		increase/ (decrease)
Crew expenses		20.9		19.5		7.3	%		4,780		4,589		4.2	%
Insurances		4.0		3.8		3.5	%		902		896		0.6	%
Repairs and maintenance, and spares		4.1		3.5		17.2	%		934		820		13.9	%
Stores		1.9		2.2		(15.0	)%		431		522		(17.4	)%
Lubricants		1.7		1.1		67.3	%		405		249		62.5	%
Other (quality and safety, taxes, registration fees, communications)		2.3		2.8		(18.4	)%		519		652		(20.3	)%
Total		34.9		32.9		6.2	%		7,971		7,728		3.1	%
Earnings capacity days excluding vessel on bare-boat charter									4,382		4,255

Operating expenses for the six months ended June 30, 2014 and 2013:

	Operating expenses							Average daily operating expenses per vessel
	2014		2013					2014		2013
	$ million		$ million		increase/ (decrease)			$		$		increase/ (decrease)
Crew expenses		42.9		37.8		13.6	%		4,929		4,535		8.7	%
Insurances		7.6		6.9		10.2	%		875		828		5.7	%
Repairs and maintenance, and spares		8.4		7.5		12.8	%		967		896		8.0	%
Stores		4.3		4.3		(1.6	)%		492		522		(5.8	)%
Lubricants		3.2		2.6		22.7	%		367		313		17.3	%
Other (quality and safety, taxes, registration fees, communications)		5.0		5.1		(3.5	)%		572		616		(7.2	)%
Total operating expenses		71.4		64.2		11.1	%		8,202		7,710		6.4	%
Earnings capacity days excluding vessel on bare-boat charter									8,702		8,326

Vessel operating expenses include crew expenses, insurances, repairs and maintenance, spares, stores, lubricants, and other expenses such as quality and safety, tonnage tax, registration fees and communications costs. They are borne by the Company for all vessels of the fleet except for the period when the VLCC Millennium was on bare-boat charter, which ended in July 2013.

Earnings capacity days for the three month period ended June 30, 2014, increased by 127 days or 3.0% and for the six month period ended June 30, 2014, increased by 376 days or 4.5%, due to the addition of the DP2 shuttle tankers Rio 2016 and Brasil 2014 in the first and second quarter of 2013 and the addition of the suezmax tanker Eurovision in June 2014. As a percentage of voyage revenues, operating expenses were 31.1% in the second quarter of 2014 and 30.4% in the second quarter of 2013. In the six month periods operating expenses as a percentage of voyage revenues were 29.4% in the first six months of 2014 and 31.2% in the first six months of 2013.

Operating expenses in both the three and six months periods of 2014 increased due to higher crew expenses, repairs and maintenance and lubricants offset by lower expenses on stores. Lubricants were higher by 67.3% in the second quarter of 2014 compared to the second quarter of 2013 and 22.7% in the equivalent six months periods, due to the addition of the shuttle tankers Rio 2016 and Brasil 2014 as well as due to the trading patterns of the vessels which resulted in purchases of lubricants in more expensive ports.

4

There was a 5.0% weakening of the U.S. dollar in the second quarter of 2014 compared to the second quarter of 2013, and a 4.4% weakening of the U.S. dollar between the equivalent six month periods. For both the three and six months periods, this depreciation mainly impacted crew costs, as over 50% of crew expenses, relating mainly to Greek officers, are denominated in Euro, coupled by the fact that in both the three and six months periods more Greek officers and crew were employed on the Company’s vessels. Crew fees also increased as a result of new taxes imposed for crew members, increased overlapping wages and crew transportation, offset by lower crew bonuses. The depreciation of the U.S. dollar also impacted repairs, spares, stores and maintenance expenses as approximately a third of those expenses was paid in Euro. In each of the six months periods of 2014 and 2013 three drydockings were completed and one started with completion within the third quarter of 2014 and 2013 respectively, but repairs incurred on vessels that underwent drydocking during the first six months of 2014 were higher compared to those incurred in the first six months of 2013. Other operating expenses were lower in both the three and six month periods of 2014 compared to the equivalent periods of 2013, due to decreased general operating expenses.

Vessel operating expenses per vessel per day have increased from an average of $7,710 for the six months ended June 30, 2013, to $8,202 for the six months ended June 30, 2014. A large part of the increase is attributable the addition of the two DP2 shuttle tankers, which have higher operating expenses than conventional tankers, but their earnings are high enough to absorb those costs. However, daily operating expenses in the second quarter of 2014, fell to $7,971 compared to $8,436 in the first quarter of 2014.

Depreciation

Depreciation was $23.9 million during both the quarters ended June 30, 2014 and 2013. For the first six months of 2014, depreciation was $47.5 million compared to $46.2 million in the first six months of 2013, a 2.9% increase. This was primarily due to the addition of the two DP2 suezmax shuttle tankers Rio 2016 and Brasil 2014 in the first half of 2013.

Amortization of deferred charges

Amortization of deferred dry-docking charges was $1.4 million during the second quarter of 2014, compared to $1.2 million during the second quarter of 2013. For the six month period ended June 30, 2014 and 2013, amortization of deferred charges was $2.6 million and $2.4 million, respectively. The increase in both the three and six month periods is due to the slightly higher number of vessels that had deferred charges which were amortized in the statement of operations.

Impairment

During the first half of 2014, although vessel values improved over values determined in prior periods, 35 vessels still had carrying values in excess of fair market value. Nevertheless, the Company’s impairment tests did not indicate that an impairment charge was required for any vessel of the fleet at June 30, 2014. At December 31, 2013, it was determined that the carrying value of the vessels Silia T, Triathlon, Delphi and Millennium were in excess of their estimated fair market values and that the vessels would not generate adequate cash flow over their remaining life in excess of their carrying value. As a result, the carrying value of these four vessels, totaling $123,540 was written down to $95,250, based on level 2 inputs of the fair value hierarchy, as determined by management taking into consideration valuations from independent marine valuers.

Management fees

Management fees totaled $4.0 million during the quarter ended June 30, 2014, compared to $3.9 million for the quarter ended June 30, 2013, a 4.0% increase. For the six months ended June 30, 2014, management fees were $8.1 million compared to $7.8 million in the first half of 2013, a 3.2% increase. In both periods the increase is due to the addition of the DP2 shuttle tankers Rio 2016 and Brasil 2014 in March and April 2013, respectively.

The Company pays to Tsakos Energy Management Ltd. fixed fees per vessel under a management agreement between the companies. The fee pays for services that cover both the management of the individual vessels and of the enterprise as a whole. According to the management agreement, there is a prorated adjustment if at the beginning of the year the Euro has appreciated by 10% or more against the U.S. Dollar since January 1, 2007, and an increase each year by a percentage figure reflecting 12 month Euribor, if both parties agree. There has been no increase in management fees payable to the management company in 2014 to date.

5

In the first half of 2014, all the vessels in the fleet, apart from the LNG carrier Neo Energy, the VLCC Millennium (since July 30, 2013) and the suezmax Eurochampion 2004 (since September 22, 2013) have been managed by third-party managers. Monthly management fees for operating conventional vessels are $27,500 per month. The monthly fee relating to vessels chartered-in or chartered-out on a bare-boat basis or for vessels under construction is $20,400. Management fees for Neo Energy are $35,833, of which $10,000 are payable to the management company and $25,833 to the third-party manager. Management fees for the DP2 suezmax shuttle tankers are $35,000 per month and have been applied from the delivery of the vessels. Management fees for Millennium are $27,500 per month, of which $13,666 are payable to a third-party manager. Management fees for Eurochampion 2004 are $27,500 per month, of which $12,000 are payable to a third party manager. Management fees paid relating to vessels under construction are capitalized as part of the vessels’ costs.

General and administrative expenses

General and administrative expenses consist primarily of professional fees, office supplies, investor relations, advertising costs, directors’ liability insurance, directors’ fees and travel-related expenses. General and administrative expenses were $0.9 million and $1.0 million during the quarters ended June 30, 2014 and 2013, respectively. For the six months ended June 30, 2014, general and administrative expenses were $2.3 million compared to $2.1 million during the previous year’s first six months, an increase of 7.9% mainly due to increased professional fees.

General and administrative expenses plus the management fees represent the overhead of the Company. On a per vessel basis, the daily overhead was $1,121 for the second quarter of 2014, compared to $1,116 in the second quarter of 2013. The increase is due to increased management fees, offset by the decreased general and administrative expenses. For the respective six month periods, the daily overhead per vessel was $1,188 and $1,167 respectively as both management fees and general and administrative expenses increased.

Operating income/(loss)

Income from vessel operations was $8.5 million during the second quarter of 2014, compared to $8.6 million during the second quarter of 2013. During the first half of 2014, income from vessel operations was $33.0 million, compared to $18.3 million during the first half of 2013, representing a 79.8% increase.

6

Interest and finance costs

Interest and finance cost analysis in the table below is not presented according to U.S. GAAP guidelines. However, management believes that this analysis may provide its users a better understanding of the Company’s finance cost. Management also, uses this analysis in making financial and planning decisions.

	Three months ended June 30,						Six months ended June 30,
	2014			2013			2014			2013
	$ million			$ million			$ million			$ million
Interest on loans		8.2			8.7			16.6			17.5
Interest rate swaps cash settlements		1.5			3.6			3.2			5.6
Total interest		9.7			12.3			19.8			23.1
Less: Interest capitalized		(0.7	)		(0.4	)		(1.2	)		(1.1	)
Interest expense, net		9.0			11.9			18.6			22.0
Change in fair value of interest rate swaps		(0.7	)		(2.4	)		(1.4	)		(3.2	)
Other finance costs		0.3			0.9			0.9			1.2
Net total		8.6			10.4			18.1			20.0

Interest and finance costs were $8.6 million for the second quarter of 2014, compared to $10.4 million for the quarter ended June 30, 2013, a 17.5% decrease. Loan interest (excluding the impact of interest rate swaps) in the second quarter 2014 decreased by 5.4% to $8.2 million from $8.7 million in the second quarter of 2013. The average balance of outstanding debt was approximately $1,341 million for the second quarter of 2014 compared to $1,448 million for the previous year’s second quarter, while the average loan interest rate remained at 2.4% during the second quarter of 2014 and 2013. Interest paid on hedging and non-hedging interest rate swaps amounted to $1.5 million in the second quarter 2014 compared to $3.6 million in the second quarter of 2013, due to the expiry of three interest rate swaps since the second quarter of 2013. As a result, the average all-in loan finance cost in the second quarter of 2014, taking account of net swap interest paid on hedging and non-hedging interest rate swaps, was 2.9% compared to 3.1% in the previous year’s second quarter.

For the six months ended June 30, 2014, interest and finance costs were $18.1 million compared to $20.0 million for the six months ended June 30, 2013, a 9.6% decrease. Loan interest decreased to $16.6 million in the six months ended June 30, 2014 from $17.5 million in the six months ended June 30, 2013 due to the reduction of the average loan balances from $1,435 million to $1,354 million, interest rates remaining at the same level between the two periods. However, interest paid on hedging and non-hedging swaps decreased to $3.2 million in the six months ended June 30, 2014 from $5.6 million in the prior year first six months due to the expiry of three swaps since the second quarter of 2013.

There was a non-cash positive net movement of $0.7 million in the fair value (mark-to-market) of the non-hedging interest rate swaps in the second quarter of 2014, compared to a positive movement of $2.4 million in the second quarter of 2013. In the six months ended June 30, 2014, there was a positive movement of $1.4 million compared to a positive movement of $3.2 million for the first six months of 2013.

Other finance costs include changes in fair value of non-hedging bunker swaps, bunker swaps cash settlements, amortization of deferred loss on de-designated financial instruments and amortization of loan fees, all with insignificant movements in both the second quarters and six month periods of 2014 and 2013.

Capitalized interest is based on expenditure incurred to date on vessels under construction. In the second quarter of 2014, capitalized interest was $0.7 million and $0.4 million in the second quarter of 2013. For the first six months of 2014 and 2013, capitalized interest was $1.2 million and $1.1 million, respectively. The increase is due to the addition of nine aframax vessels under construction since the prior year period.

7

Interest income

Total income derived from bank deposits was $0.1 million during both the second quarter of 2014 and 2013. For the six month periods ended June 30, 2014 and 2013, $0.1 million and $0.2 million were earned respectively, the decrease being mainly due to the drop in interest rates between the relevant periods.

Net income attributable to the non-controlling interest

There is a noncontrolling interest of 49% in the subsidiary Mare Success S.A., which owns 100% of each of the companies that own the panamax vessels Maya and Inca. Income attributable to the non-controlling interest in the second quarter of 2014 amounted to $0.1 million compared to $0.8 million loss attributable to the non-controlling interest in the second quarter 2013. For the six months ended June 30, 2014, loss attributable to the non-controlling interest was minimal compared to a loss attributable to the non-controlling interest of $0.7 million during the first six months of 2013. The loss in the three and six months periods of 2013 was mainly due to the scheduled special survey of Maya within the second quarter of 2013 and the beginning of the special survey of Inca, which finished in the third quarter of 2013.

Net income attributable to Tsakos Energy Navigation Limited

As a result of the foregoing, the net income attributable to Tsakos Energy Navigation Limited for the quarter ended June 30, 2014 was $0.2 million, or $0.02 loss per share, taking into account cumulative preferred dividends of $2.1 million, versus a net loss of $1.5 million, or $0.04 loss per share, taking into account cumulative preferred dividends of $0.6 million for the quarter ended June 30, 2013. The net income attributable to Tsakos Energy Navigation Limited for the six months ended June 30, 2014 was $14.8 million, or $0.14 earnings per share, taking into account the effect of cumulative dividends of $4.2 million on our preferred stock, versus $0.5 million net loss, or $0.02 loss per share, taking into account the effect of cumulative preferred dividends of $0.6 million for the six months ended June 30, 2013.

Liquidity and capital resources

Liquidity requirements relate to servicing debt, funding the equity portion of investments in vessels, funding working capital and controlling fluctuations in cash flow. In addition, our new building commitments, other expected capital expenditure on dry-dockings and vessel acquisitions will require us to expend cash in 2014 and in future years. Net cash flow generated by operations is the main source of liquidity. Apart from the possibility of issuing further equity, additional sources of cash include proceeds from asset sales and borrowings, although all borrowing arrangements to date have specifically related to the acquisition of vessels.

We believe, given our current cash holdings and the number of vessels we have on time charter, that if market conditions remain relatively stable throughout 2014, our financial resources, including the cash expected to be generated within the year, will be sufficient to meet our liquidity and working capital needs through June 30, 2015, taking into account our existing capital commitments and debt service requirements. If market conditions worsen significantly, then our cash resources may decline to a level that may put at risk our ability to service timely our debt and capital expenditure commitments. In order to avoid such an eventuality, management would expect to be able to raise extra capital through the alternative sources described above.

Working capital (non-restricted net current assets) at June 30, 2014 amounted to $93.9 million positive, compared to a negative of $5.3 million at December 31, 2013. Non-restricted cash balances at June 30, 2014 were $229.7 million compared to $162.2 million at December 31, 2013.

Net cash provided by operating activities was $8.1 million in the quarter ended June 30, 2014, compared to $32.8 million in the previous year’s second quarter. For the six month respective periods, net cash from operating activities was $26.9 million in 2014, compared to $72.6 million in the first six months of 2013.

Expenditure incurred for dry-dockings and special survey purposes, which are deferred and amortized to expense over the period from the dry-docking to the date of the next scheduled dry-docking, is

8

deducted from net income to calculate cash generated by operating activities. In the second quarter of 2014, an amount of $0.8 million was paid on the dry-docking of World Harmony, while payments of $1.7 million were made on the dry-dockings of Selecao, Maya and Inca, in the second quarter of 2013. For the six months periods, $2.2 million was paid in 2014 compared to $2.8 million in the previous year’s first six months.

Net cash used in investing activities was $63.2 million for the quarter ended June 30, 2014, and $69.0 million for the quarter ended June 30, 2013. In the second quarter of 2014, net funds for the acquisition of the suezmax Eurovision amounted to $61.5 million and $0.4 million were paid for additions and improvements to existing vessels. In the second quarter of 2013, $53.2 million were paid for the acquisition of the DP2 shuttle tanker Brasil 2014, and $0.4 million for additions and improvements to existing vessels. In total additions to existing vessels and improvements amounted to $0.8 million in the first six months of 2014 and $1.8 million in the first six months of 2013.

In the second quarter of 2014, advances for vessels under construction amounted to $1.3 million. For the six month period advances for vessels under construction amounted to $48.5 million, of which $46.3 million were paid as the first yard installment for the construction of the nine aframaxes. In the second quarter of 2013, advances for vessels under construction amounted to $15.9 million. For the six month period, such advances amounted to $20.6 million in 2013. There was one LNG carrier under construction and nine aframaxes on order as at June 30, 2014. As at June 30, 2013, there was under construction the same LNG carrier. The total contracted amount for the ten vessels is $685.6 million and until June 30, 2014, we had made progress payments of $98.4 million. The scheduled remaining yard installments are $77.7 million in the remainder of 2014 of which $25.6 million, relating to the first five aframaxes were paid in July 2014 and financed by a new loan signed in June 2014. Another $20.7 million relating to the additional four aframaxes were paid in August 2014, financed by three new loans signed also in August 2014. Scheduled installments for 2015 are $56.9 million and for 2016 to 2017 $452.5 million. Pre- and post delivery financing has been arranged for the nine aframaxes and the Company is in discussions for the financing of the LNG carrier. In addition, a contract we had for construction of a shuttle tanker has been cancelled and we are currently in discussion with the shipyard regarding the possible substitution of two alternative vessels at delivery dates to be determined. The LNG carrier is expected to be delivered in the first quarter of 2016 and the aframaxes are expected to be delivered at various dates between the second quarter of 2016 and the third quarter of 2017.

Net cash provided by financing activities was $88.5 million in the quarter ended June 30, 2014, compared to $44.9 million during the quarter ended June 30, 2013. Net cash provided by financing activities was $151.4 million in the six months ended June 30, 2014, compared to $51.5 million during the six months ended June 30, 2013. In the second quarter of 2014, $42.0 million of new debt was drawn down for the acquisition of the suezmax tanker Eurovision, while in the second quarter of 2013, $46.0 million of new debt was drawn down for the acquisition of the DP2 shuttle tanker Brasil 2014. Payments of long term debt amounted to $33.9 million in the second quarter of 2014, while in the second quarter of 2013 there were loan repayments of $44.1 million.

In the first six months of 2014 the company completed two offerings of a total 25,645,000 common shares in total raising $169.9 million, net of underwriting commissions.

Also, during January 2014, the Company issued 1,077,847 common shares under a distribution agency agreement raising $7.1 million, net of underwriting commissions.

Total debt outstanding decreased from $1,354 million at the beginning of the second quarter of 2014 to $1,362 million at the end of the quarter. The debt to capital (equity plus debt) ratio was 53.7% at June 30, 2014 (or 48.9% on a net of cash basis). No new interest rate swaps have been arranged in the second quarter of 2014. Interest rate swap coverage on outstanding loans, including fixed interest loan coverage, at June 30, 2014 was approximately 23.6%.

Quarterly dividends of $0.05 per common share were paid on May 22, 2014 amounting to $4.2 million. On May 16, 2014, the Company declared a $0.05 per common share dividend payable on August 14, 2014 to common shareholders of record on August 11, 2014. Also on August 4, 2014 the Company declared a $0.05 per common share dividend payable on November 25, 2014 to common shareholders of record on November 21, 2014. The dividend policy of the Company is to pay dividends on a quarterly basis. The payment and the amount of dividends are subject to the discretion of our board of directors and depend, among other things, on available cash balances, anticipated cash needs, our results of operations, our financial condition, and any loan agreement restrictions binding us or our subsidiaries, as well as other relevant factors.

9

A dividend of $0.50 per share for the 8.00% Series B Preferred Shares, and a dividend of $0.73958 per share for the 8.875% Series C Preferred Shares, totaling $2.5 million in aggregate, were paid on January 30, 2014. A dividend of $0.50 per share for the 8.00% Series B Preferred shares, and a dividend of $0.55469 per share for the 8.875% Series C Preferred shares, totaling $2.1 million in aggregate, were paid on April 30, 2014.

On July 14, 2014 it was announced that the Board of Directors declared a regular quarterly dividend of $0.50 per share for the 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares, which was paid on July 30, 2014. On the same date it was announced that the Board of Directors declared a quarterly dividend of $0.55469 per share for the 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares, which was paid on July 30, 2014. Each dividend is for the period from April 30, 2014 through July 29, 2014.

Preferred share Dividends on the Series B and C Preferred Shares are payable quarterly in arrears on the 30th day of January, April, July and October of each year, when, as and if declared by the Company’s board of directors.

The Company is currently in full compliance with all the original financial covenants contained within its loan agreements with the exception of two loans, where the value-to-loan ratios are not in compliance. However, it is expected that the first of these will be remediated by the next scheduled repayment in October 2014, assuming current vessel valuations are maintained. The second loan will have a shortfall of $3.3 million, after taking into account of the next two scheduled repayments.

10

XML

Long-Term Debt - Term Bank Loans (Details) (USD $) In Thousands, unless otherwise specified			6 Months Ended	0 Months Ended
	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014 All Company's term bank loans	Jun. 30, 2014 Five aframax tankers under construction	Jul. 02, 2014 Five aframax tankers under construction	Jun. 17, 2014 Suezmax Tanker Eurovision	Jul. 08, 2014 Suezmax Tanker Euro	Jul. 07, 2014 Suezmax Tanker Euro	Aug. 26, 2014 One Aframax Tanker Under Construction	Aug. 22, 2014 One Aframax Tanker Under Construction	Aug. 26, 2014 Two Aframax Tankers Under Construction	Aug. 22, 2014 Two Aframax Tankers Under Construction	Aug. 26, 2014 One Aframax Tanker Under Construction	Aug. 22, 2014 One Aframax Tanker Under Construction
Outstanding term loan balance	$ 592,286	$ 572,080		$ 193,239		$ 42,000		$ 39,000		$ 38,800		$ 78,744		$ 39,954
Duration of term bank loan				6 Years		7 Years		6 Years		7 Years		6 Years		6 Years
Loan facility amount draw down					$ 25,610	$ 42,000	$ 39,000		$ 5,172		$ 10,344		$ 5,172
Libor plus spread minimum			1.82%
Libor plus spread maximum			3.23%

XML

Financial Instruments - Fair Value of Items Measured on Nonrecurring Basis (Table) (Details) (Significant Other Observable Inputs Assets / (Liabilities) (Level 2), USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Significant Other Observable Inputs Assets / (Liabilities) (Level 2)
Vessels	$ 0	$ 95,250
Total	$ 0	$ 95,250

XML

Financial Instruments - Fair Values (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
Financial Instruments [Abstract]
Cash and cash equivalents - Carrying Amount	$ 229,727	$ 162,237	$ 141,119	$ 144,297
Restricted cash - Carrying Amount	8,148	9,527
Investments - Carrying Amount	1,000	1,000
Debt - Carrying amount	(1,362,460)	(1,380,298)
Cash and cash equivalents - Fair Value	229,727	162,237
Restricted cash - Fair value	8,148	9,527
Investments - Fair Value	1,000	1,000
Debt - Fair Value	$ (1,361,007)	$ (1,378,753)

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Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Present value of future cash flows of one bank loan	$ 1,361,007	$ 1,378,753
Carrying amount	1,362,460	1,380,298
Accumulated loss from derivatives designated as Hedging Instruments	9,297	6,789
Present value of long-term debt
Present value of future cash flows of one bank loan	46,512
Carrying amount of long-term debt
Carrying amount	$ 47,965

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Commitments and Contingencies (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014
Charters-out [Abstract]
July to December 2014	$ 91,335
2015	130,425
2016	77,582
2017	53,185
2018 to 2028	441,134
Minimum charter payments	$ 793,661

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Vessels - Acquisitions and Sales (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Vessels [Line Items]
Cash paid for vessel acquisitions	$ 62,332	$ 106,619
Net proceeds from sale of vessel	0	0
Suezmax tanker Eurovision
Vessels [Line Items]
Acquisition of newly constructed vessels	61,506
DP2 suezmax shuttle tankers Rio 2016 and Brasil 2014
Vessels [Line Items]
Acquisition of newly constructed vessels		202,971
Cash paid for vessel acquisitions		$ 104,826

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2014

Charters-out [Abstract]

Minimum future charter revenue

Period/Year	Amount
July to December 2014	91,335
2015	130,425
2016	77,582
2017	53,185
2018 to 2028	441,134
Minimum charter payments	793,661

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Financial Instruments - Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) (Table) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Total	$ (1,982)	$ 3,498	$ (2,508)	$ 5,144
Gain (Loss) Recognized in Accumulated OCI On Derivative (Effective Portion)
Interest rate swaps	(2,900)	(229)	(4,371)	(437)
Total	$ (2,900)	$ (229)	$ (4,371)	$ (437)

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Interest and Finance Costs, net (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Number of floating-to-fixed interest rate swaps	6		6
Notional amount of floating-to-fixed interest rate swaps	$ 273,395		$ 273,395
Fixed interest rate	3.40%		3.40%
Floating rate basis			six-month LIBOR
Fair value of hedging interest rate swaps	(6,069)		(6,069)		(3,409)
Net amount of cash flow hedge losses to be reclassified into earnings within 12 months	2,275		2,275
Change in fair value of non-hedging financial instruments	752	1,180	1,332	3,002
Amortization of de-designated hedging swap loss in accumulated other comprehensive income	0	219	154	435
Number of bunker swap agreements held	4		4		5
Fair value of bunker swap agreements	97		97		177
Change in fair value of bunker swap agreeements			(81)	(398)
Designated As Hedging Instrument
Number of floating-to-fixed interest rate swaps	5		5
Notional amount of floating-to-fixed interest rate swaps	218,145		218,145
Not Designated As Hedging Instrument
Number of floating-to-fixed interest rate swaps	1		1		2
Interest rate swaps not meeting hedging accounting criteria
Change in fair value of non-hedging financial instruments			$ 1,413	$ 3,400

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Long-Term Debt - Principal Payments (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Principal Payments [Abstract]
July to December 2014	$ 60,657
2015	225,892
2016	226,776
2017	183,785
2018	300,231
2019 and thereafter	365,119
Total	$ 1,362,460	$ 1,380,298

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Financial Instruments - Derivatives Not Designated as Hedging Instruments Gain (Loss) (Table) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Derivative
Total	$ (139)	$ 34	$ (806)	$ 429
Interest and finance costs, net
Derivative
Interest rate swaps	(215)	457	(767)	760
Bunker swaps	$ 76	$ (423)	$ (39)	$ (331)

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Commitments and Contingencies (Details) (USD $)
In Thousands, unless otherwise specified

6 Months Ended

1 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Aframax tankers

Jun. 30, 2014

LNG Carriers

Jan. 31, 2013

Shuttle tanker

Long-term Purchase Commitment [Line Items]

Number of vessels under construction

9

1

Purchase obligations

Payable amounts from July to December 2014

$ 77,738

Payable amounts in 2015

56,864

Payable amounts in 2016

297,663

Payable amounts in 2017

154,860

Total contractual purchase obligation

587,125

Amount paid

$ 48,457

$ 20,581

$ 4,500

Potential new contract with yard

However, the contract was suspended as the Company reconsidered the type of vessel to be constructed. A new proposal from the yard is currently being considered which provides that the amount of $4,500 already paid shall be considered as being part of the initial installment of a new-building that will be decided upon. In case an agreement for an alternative project is not reached, the amount of $4,500 may be considered by the yard as compensation against the Company’s default under the initial agreement and the yard may claim additional compensation if the amount is found insufficient to cover shipyard’s losses.

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Basis of Presentation

6 Months Ended

Jun. 30, 2014

Basis of Presentation [Abstract]

Basis of presentation

1.Basis of Presentation

The accompanying unaudited consolidated financial statements of Tsakos Energy Navigation Limited (the “Holding Company”) and subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 6-K and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.

The consolidated balance sheet as of December 31, 2013 has been derived from the audited financial statements included in the company’s annual report on Form 20-F filed with the Securities and Exchange Commission on April 11, 2014 (“Annual Report”), but does not include all of the footnotes required by generally accepted accounting principles for complete financial statements.

A discussion of the Company’s significant accounting policies can be found in Note 1 of the Company’s consolidated financial statements included in the Annual Report. There have been no material changes to these policies in the six-month period ended June 30, 2014.

New Accounting Pronouncements:

Revenue from Contracts with Customers: In May 2014, the Financial Accounting Standards Board (“FASB”) issued a standard that will supersede virtually all of the existing revenue recognition guidance in US GAAP and is effective for annual periods beginning on or after December 15, 2016. Early adoption is not permitted. The standard establishes a five-step model that will apply to revenue earned from a contract with a customer. The standard’s requirements will also apply to the sale of some non-financial assets that are not part of the entity’s ordinary activities (e.g., sales of property or plant and equipment). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. Management is in the process of accessing the effect of this new standard.

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Stockholders' Equity (Details) (USD $) In Thousands, except Share data, unless otherwise specified	0 Months Ended										6 Months Ended					0 Months Ended						1 Months Ended
	Aug. 14, 2014	Aug. 04, 2014	May 16, 2014	Apr. 29, 2014	Apr. 30, 2014	Mar. 17, 2014	Feb. 05, 2014	Jan. 30, 2014	Sep. 12, 2013	Jun. 05, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 01, 2014	May 30, 2014	Dec. 31, 2013	May 22, 2014 Common shares issued upon the exercise in full of option to purchase additional shares by the underwriters	Feb. 05, 2014 Common shares issued upon the exercise in full of option to purchase additional shares by the underwriters	Apr. 30, 2014 Preferred Class B Shares	Jan. 30, 2014 Preferred Class B Shares	Apr. 30, 2014 Preferred Class C Shares	Jan. 30, 2014 Preferred Class C Shares	Jan. 17, 2014 Distribution Agency Agreement	Aug. 08, 2013 Distribution Agency Agreement
Common shares issued				11,000,000			12,995,000									1,650,000	1,695,000					1,077,847
Common shares issued, price per share				$ 7.3			$ 6.65
Net proceeds from public offering				$ 76,419			$ 81,952				$ 176,998	$ 48,251				$ 11,503						$ 7,124
Preferred stock - Dividend per share paid																		$ 0.5	$ 0.5	$ 0.55469	$ 0.73958
Dividend rate percentage																		8.00%	8.00%	8.875%	8.875%
Preferred stock dividends paid					2,109			2,477			2,000
Common stock - Dividends per share declared	$ 0.05	$ 0.05	$ 0.05			$ 0.05
Common stock - Dividends per share declared - payment date		Nov. 25, 2014	Aug. 14, 2014			May 22, 2014			Sep. 12, 2013	Jun. 05, 2013
Common stock - Dividends per share declared - record date	Aug. 08, 2014	Nov. 21, 2014	Aug. 11, 2014			May 19, 2014			Sep. 09, 2013	Sep. 09, 2013
Authorized share capital													200,000	100,000
Common Stock - shares authorized											185,000,000		185,000,000	85,000,000	85,000,000
Common shares - par value											$ 1		$ 1	$ 1	$ 1								$ 1
Maximum number of shares issuable under distribution agency agreement																							4,000,000
Preferred Shares - shares authorized											15,000,000		15,000,000	15,000,000	15,000,000
Preferred Shares - par value											$ 1		$ 1	$ 1	$ 1
Net proceeds from issuance of preferred shares												48,251
Common stock - Dividends paid			$ 4,231			$ 4,152			$ 2,822	$ 2,822		$ 5,644

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Transactions with Related Parties - Management Fees (Table) (Details) (Management Agreement with Tsakos Energy Management Limited, USD $) In Thousands, unless otherwise specified	Jun. 30, 2014
Management Agreement with Tsakos Energy Management Limited
Related Party Transaction [Line Items]
July to December 2014	$ 9,140
2015	18,280
2016	18,283
2017	18,730
2018	18,922
2019 to 2024	104,071
Total	$ 187,426

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Transactions with Related Parties - Balance Sheet (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Due from related parties	$ 3,561	$ 1,084
Due to related parties	5,467	6,930
Tsakos Columbia Shipmanagement S.A.
Related Party Transaction [Line Items]
Due from related parties	3,222	1,084
Tsakos Energy Management Limited
Related Party Transaction [Line Items]
Due from related parties	339	0
Due to related parties	0	92
Tsakos Shipping and Trading S.A.
Related Party Transaction [Line Items]
Due to related parties	785	555
Argosy Insurance Company Limited
Related Party Transaction [Line Items]
Due to related parties	4,398	6,008
AirMania Travel S.A.
Related Party Transaction [Line Items]
Due to related parties	$ 284	$ 275

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Other Subsequent Events (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	0 Months Ended
	Aug. 14, 2014	Aug. 04, 2014	May 16, 2014	Mar. 17, 2014	Sep. 12, 2013	Jun. 05, 2013	Jul. 08, 2014 Suezmax Tanker Euro	Jul. 14, 2014 Preferred Class B Shares	Jul. 14, 2014 Preferred Class C Shares
Subsequent events [Line Items]
Property Plant And Equipment Acquisitions And Or Improvements							$ 59,500
Preferred stock - Dividends per share declared								$ 0.50	$ 0.55469
Preferred stock dividend rate percentage								8.00%	8.875%
Dividends paid	$ 4,231
Common stock - Dividends per share declared	$ 0.05	$ 0.05	$ 0.05	$ 0.05
Dividends per share declared - payment date		Nov. 25, 2014	Aug. 14, 2014	May 22, 2014	Sep. 12, 2013	Jun. 05, 2013		Jul. 30, 2014	Jul. 30, 2014
Dividends per share declared - record date	Aug. 08, 2014	Nov. 21, 2014	Aug. 11, 2014	May 19, 2014	Sep. 09, 2013	Sep. 09, 2013

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Accumulated other comprehensive loss (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Accumulated other comprehensive loss [Abstract]
Total unrealized gains from hedging financial instruments	$ (1,982)	$ 3,441	$ (2,508)	$ 5,089
Changes in fair value of financial instruments	(1,982)	3,279	(2,662)	4,709
Losses reclassified to income	0	219	154	435
Change in fair value of marketable securities	$ 0	$ (57)	$ 0	$ (55)

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Transactions with Related Parties - Accrued Liabilities (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Tsakos Shipping and Trading S.A.
Related Party Transaction [Line Items]
Accrued liabilities	$ 539	$ 319
Argosy Insurance Limited
Related Party Transaction [Line Items]
Accrued liabilities	$ 412	$ 356

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Transactions with Related Parties - Tsakos Energy Management Limited (Details) (USD $)	6 Months Ended			30 Months Ended				6 Months Ended	27 Months Ended	6 Months Ended	27 Months Ended	6 Months Ended	27 Months Ended	12 Months Ended		9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014 Tsakos Energy Management Limited	Jun. 30, 2014 Tsakos Energy Management Limited	Jun. 30, 2014 Operating vessels	Jun. 30, 2014 Chartered out or on a bare-boat basis	Jun. 30, 2014 DP2 Shuttle Tankers	Jun. 30, 2014 LNG Carriers	Jun. 30, 2014 LNG Carriers	Jun. 30, 2014 LNG Carriers Tsakos Energy Management Limited	Jun. 30, 2014 LNG Carriers Tsakos Energy Management Limited	Jun. 30, 2014 LNG Carriers Third Party Manager	Jun. 30, 2014 LNG Carriers Third Party Manager	Jun. 30, 2014 VLCC Millennium	Jun. 30, 2014 VLCC Millennium Third Party Manager	Jun. 30, 2014 Suezmax Eurochampion 2004	Jun. 30, 2014 Suezmax Eurochampion 2004 Third Party Manager
Related Party Transaction [Line Items]
Euro appreciated against dollar percentage			10.00%
Yearly increase basis			12 month Euribor
Monthly management fees					$ 27,500	$ 20,400	$ 35,000	$ 35,800	$ 35,000	$ 10,000	$ 10,000	$ 25,800	$ 25,000	$ 27,500	$ 13,700	$ 27,500	$ 12,000
Years required for cancellation written notice for agreement			One year notice
Days required for cancellation written notice for agreement			Ten days notice
Management incentive award			400,000
Compensation to Management company after contract termination with Directors	162,498,000
Supervisory services per month, per vessel				20,400
Supervisory services	$ 979,000	$ 247,000

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash Flows from Operating Activities:
Net income/(loss)	$ 14,747	$ (1,211)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation	47,537	46,196
Amortization of deferred dry-docking costs	2,632	2,410
Amortization of loan fees	596	439
Change in fair value of derivative instruments	(1,260)	(2,573)
Payments for dry-docking	(2,216)	(2,802)
Increase/ Decrease in:
Receivables	(7,304)	1,200
Inventories	342	(2,736)
Prepaid insurance and other	(295)	(171)
Payables	(20,143)	18,335
Accrued liabilities	1,181	7,825
Unearned revenue	(8,947)	5,649
Net Cash provided by Operating Activities	26,870	72,561
Cash Flows from Investing Activities:
Advances for vessels under construction and acquisitions	(48,457)	(20,581)
Vessel acquisitions and/or improvements	(62,332)	(106,619)
Net Cash used in Investing Activities	(110,789)	(127,200)
Cash Flows from Financing Activities:
Proceeds from long-term debt	42,000	92,000
Financing costs	(390)	(594)
Payments of long-term debt	(59,837)	(95,776)
(Increase)/Decrease in restricted cash	1,379	10,402
Proceeds from stock issuance program, net	176,998	48,251
Cash dividends	(8,741)	(2,822)
Net Cash provided by Financing Activities	151,409	51,461
Net increase/(decrease) in cash and cash equivalents	67,490	(3,178)
Cash and cash equivalents at beginning of period	162,237	144,297
Cash and cash equivalents at end of period	$ 229,727	$ 141,119

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Transactions with Related Parties - Tsakos Shipping and Trading S.A. (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2014 Tsakos Shipping and Trading S.A.	Jun. 30, 2014 DP2 suezmax shuttle tankers Rio 2016 and Brasil 2014
Related Party Transaction [Line Items]
Chartering commission		1.25%
Charge fee		$ 200
Payment for the cost of design and supervision services for new buildings	$ 0		$ 200

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Long-Term Debt - Covenants (Details) (USD $)
In Thousands, unless otherwise specified

6 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2013

Dec. 31, 2012

Long-Term Debt [Line Items]

Debt Instrument Covenant Description

The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends in an amount more than 50% of cumulative net income (as defined in the related agreements), sell vessels and assets, and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidity, not legally restricted, of $73,872 at June 30, 2014 and $78,144 at December 31, 2013, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Two loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $2,500. Two loan agreements require a monthly pro rata transfer to a retention account of any principal due but unpaid.

Debt Instrument Covenant Compliance

As of June 30, 2014, the Company was compliant with the original financial covenants in its loan agreements, except in the case of the value-to-loan requirements in four of the loan agreements. For three of these loan agreements, the lenders had reduced the value-to-loan requirements (until June 30, 2014 inclusive) from 120% to 100% of the loan balances. The Company was in compliance with these reduced requirements as of June 30, 2014, with actual ratios of 114%-116%. Scheduled principal payments are expected to remedy two of the shortfalls by September 30, 2014 and one of the shortfalls by October 31, 2014, assuming vessel values do not fall below current levels. As to the fourth loan agreement, with a 120% value-to-loan requirement, under which $33,000 was outstanding as of June 30, 2014, there was an actual ratio of 98%. The Company has not requested a waiver of this covenant nor has the lender required additional security or prepayment of part of the loan so as to bring it into compliance.

Cash and cash equivalents

$ 229,727

$ 162,237

$ 141,119

$ 144,297

Debt at Carrying amount

1,362,460

1,380,298

Minimum liquidity requirement

Long-Term Debt [Line Items]

Cash and cash equivalents

73,872

78,144

Covenant requirement reclassified to current liabilities

Long-Term Debt [Line Items]

Potential Prepayment

3,317

Term loan not in compliance with value-to-loan ratio

Long-Term Debt [Line Items]

Debt at Carrying amount

$ 33,000

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Financial Instruments - Fair Value of Assets and Liabilities Measured On Recurring Basis (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Interest rate swaps	$ (9,834)	$ (9,989)
Significant Other Observable Inputs Assets / (Liabilities) (Level 2)
Interest rate swaps	(9,833)	(8,588)
Bunker swaps	97	177
Total	$ (9,736)	$ (8,411)

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CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
CURRENT ASSETS:
Cash and cash equivalents	$ 229,727	$ 162,237
Restricted cash	8,148	9,527
Accounts receivable, net	28,049	21,873
Insurance claims	236	2,569
Due from related companies (Note 2)	3,561	1,084
Advances and other	14,081	13,097
Inventories	19,318	19,660
Prepaid insurance and other	2,649	2,354
Current portion of financial instruments-Fair value (Note 11)	97	140
Total current assets	305,866	232,541
INVESTMENTS	1,000	1,000
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11)	0	1,438
FIXED ASSETS (Note 3)
Advances for vessels under construction	106,978	58,521
Vessels	2,772,750	2,710,418
Accumulated depreciation	(584,810)	(537,350)
Vessels' Net Book Value	2,187,940	2,173,068
Total fixed assets	2,294,918	2,231,589
DEFERRED CHARGES, net (Note 4)	16,709	17,331
Total assets	2,618,493	2,483,899
CURRENT LIABILITIES:
Current portion of long-term debt (Note 5)	126,543	126,361
Payables	33,639	52,319
Due to related companies (Note 2)	5,467	6,930
Dividends payable	4,231	0
Accrued liabilities	18,255	16,628
Accrued bank interest	5,612	6,058
Unearned revenue	5,067	14,014
Current portion of financial instruments - Fair value (Note 11)	5,050	5,962
Total current liabilities	203,864	228,272
LONG-TERM DEBT, net of current portion (Note 5)	1,235,917	1,253,937
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11)	4,784	4,027
STOCKHOLDERS' EQUITY:
Preferred shares, $1.00 par value; 15,000,000 shares authorized and 2,000,000 Series B Preferred Shares and 2,000,000 Series C preferred Shares issued and outstanding at June 30, 2014 and December 31, 2013.	4,000	4,000
Common stock, $ 1.00 par value; 185,000,000 and 85,000,000 shares authorized at June 30, 2014 and December 31, 2013 respectively ; 84,692,295 and 57,969,448 issued and outstanding at June 30, 2014 and December 31, 2013 respectively.	84,692	57,969
Additional paid-in capital	651,012	500,737
Accumulated other comprehensive loss	(9,297)	(6,789)
Retained earnings	432,342	430,548
Total Tsakos Energy Navigation Limited stockholders' equity	1,162,749	986,465
Noncontrolling Interest	11,179	11,198
Total stockholders' equity	1,173,928	997,663
Total liabilities and stockholders' equity	$ 2,618,493	$ 2,483,899

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Earnings/Loss per Common Share (Table) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Numerator
Net income/(loss) attributable to Tsakos Energy Navigation Limited	$ 199	$ (1,525)	$ 14,766	$ (505)
Preferred share dividends Series B	(1,000)	(567)	(2,000)	(567)
Preferred share dividends Series C	(1,109)	0	(2,219)	0
Net income/(loss) attributable to common stockholders	$ (1,910)	$ (2,092)	$ 10,547	$ (1,072)
Denominator
Weighted average common shares outstanding	80,135,152	56,443,237	73,427,149	56,443,237
Basic and diluted income/(loss) per common share	$ (0.02)	$ (0.04)	$ 0.14	$ (0.02)

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) In Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Tsakos Energy Navigation Limited	Noncontrolling Interest
BALANCE, at Dec. 31, 2012	$ 926,840		$ 56,443	$ 404,391	$ 478,428	$ (14,728)	$ 924,534	$ 2,306
Net income/(loss)	(1,211)				(505)		(505)	(706)
Issuance of 8% cumulative redeemable perpetual preferred shares	48,251	2,000		46,251			48,251
Cash dividends paid ($0.05 per share)	(2,822)				(2,822)		(2,822)
Declared dividends paid ($0,05 per share)	(2,822)				(2,822)		(2,822)
Other comprehensive income (loss)	5,089					5,089	5,089
BALANCE, at Jun. 30, 2013	973,325	2,000	56,443	450,642	472,279	(9,639)	971,725	1,600
BALANCE, at Dec. 31, 2013	997,663	4,000	57,969	500,737	430,548	(6,789)	986,465	11,198
Net income/(loss)	14,747				14,766		14,766	(19)
Issuance of common stock	169,874		25,645	144,229			169,874
Issuance of common stock under distribution agency agreement	7,124		1,078	6,046			7,124
Cash dividends paid ($0.05 per share)	(4,152)				(4,152)		(4,152)
Declared dividends paid ($0,05 per share)	(4,231)				(4,231)		(4,231)
Dividends paid on Series B preferred shares	(2,000)				(2,000)		(2,000)
Dividends paid on Series C preferred shares	(2,589)				(2,589)		(2,589)
Other comprehensive income (loss)	(2,508)					(2,508)	(2,508)
BALANCE, at Jun. 30, 2014	$ 1,173,928	$ 4,000	$ 84,692	$ 651,012	$ 432,342	$ (9,297)	$ 1,162,749	$ 11,179

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Long-Term Debt (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Debt Disclosure [Abstract]
Credit Facilities	$ 770,174	$ 808,218
Term Bank Loans	592,286	572,080
Total	1,362,460	1,380,298
Less - current portion	(126,543)	(126,361)
Long-term portion	$ 1,235,917	$ 1,253,937

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Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2014

Long-Term Debt [Abstract]

Debt disclosure

Facility	June 30, 2014	December 31, 2013
(a) Credit Facilities	770,174	808,218
(b) Term Bank Loans	592,286	572,080
Total	1,362,460	1,380,298
Less – current portion	(126,543)	(126,361)
Long-term portion	1,235,917	1,253,937

Schedule of weighted-average interest rate

Three months ended June 30, 2014	2.43%
Three months ended June 30, 2013	2.38%
Six months ended June 30, 2014	2.44%
Six months ended June 30, 2013	2.43%

Debt principal payments

Period/Year	Amount
July to December 2014	60,657
2015	225,892
2016	226,776
2017	183,785
2018	300,231
2019 and thereafter	365,119
	1,362,460

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Long-Term Debt - Weighted-Average Interest Rates (Table) (Details)	Jun. 30, 2014	Jun. 30, 2013
Three Months Ended
Weighted average interest rates on the executed loans	2.43%	2.38%
Six Months Ended
Weighted average interest rates on the executed loans	2.44%	2.43%

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Earnings/Loss per Common Share (Tables)

6 Months Ended

Jun. 30, 2014

Earnings/Loss per Common Share [Abstract]

Earnings/Loss per Common Share

	Three months ended June 30,		Six months ended June 30,
	2014	2013	2014	2013
Numerator
Net income/(loss) attributable to Tsakos Energy Navigation Limited	199	(1,525)	14,766	(505)
Preferred share dividends Series B	(1,000)	(567)	(2,000)	(567)
Preferred share dividends Series C	(1,109)	—	(2,219)	—
Net income/(loss) attributable to common stockholders	$(1,910)	$(2,092)	$10,547	$(1,072)
Denominator
Weighted average common shares outstanding	80,135,152	56,443,237	73,427,149	56,443,237
Basic and diluted income/(loss) per common share	$(0.02)	$(0.04)	$0.14	$(0.02)

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parentheticals) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY [Abstract]
Cash dividends paid, per share	$ 0.05	$ 0.05

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CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Preferred Shares - par value	$ 1	$ 1
Preferred Shares - shares authorized	15,000,000	15,000,000
Common Stock - par value	$ 1	$ 1
Common Stock - shares authorized	185,000,000	85,000,000
Common Stock - shares issued	84,692,295	57,969,448
Common Stock - shares outstanding	84,692,295	57,969,448
Preferred Class B Shares
Preferred Shares - shares issued	2,000,000	2,000,000
Preferred Shares - shares outstanding	2,000,000	2,000,000
Preferred Class C Shares
Preferred Shares - shares issued	2,000,000	2,000,000
Preferred Shares - shares outstanding	2,000,000	2,000,000

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Earnings/Loss per Common Share

6 Months Ended

Jun. 30, 2014

Earnings/Loss per Common Share [Abstract]

Earnings/Loss per Common Share

9.Earnings/Loss per Common Share

The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period.

	Three months ended June 30,		Six months ended June 30,
	2014	2013	2014	2013
Numerator
Net income/(loss) attributable to Tsakos Energy Navigation Limited	199	(1,525)	14,766	(505)
Preferred share dividends Series B	(1,000)	(567)	(2,000)	(567)
Preferred share dividends Series C	(1,109)	—	(2,219)	—
Net income/(loss) attributable to common stockholders	$(1,910)	$(2,092)	$10,547	$(1,072)
Denominator
Weighted average common shares outstanding	80,135,152	56,443,237	73,427,149	56,443,237
Basic and diluted income/(loss) per common share	$(0.02)	$(0.04)	$0.14	$(0.02)

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Document and Entity Information In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014
Document And Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Entity Registrant Name	TSAKOS ENERGY NAVIGATION LTD
Entity Central Index Key	0001166663
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Well Known Seasoned Issuer	No
Entity Common Stock Shares Outstanding	84,692,295

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2014

Commitments and Contingencies [Abstract]

Commitments and Contingencies

10.Commitments and Contingencies

As at June 30, 2014, the Company had under construction nine aframax tankers and one LNG carrier. The total contracted amount remaining to be paid for the ten vessels under construction, plus the extra costs agreed as at June 30, 2014 was $587,125. Scheduled remaining payments as at June 30, 2014 were $77,738 from July to December 2014, $56,864 in 2015, $297,663 in 2016 and $154,860 in 2017. In addition, under a contract to build a shuttle tanker with a Korean shipbuilding yard, agreed in 2012, an amount of $4,500 was paid in 2013 as part of the first installment. However, the contract was suspended as the Company reconsidered the type of vessel to be constructed. A new proposal from the yard is currently being considered which provides that the amount of $4,500 already paid shall be considered as being part of the initial installment of a new-building that will be decided upon. In case an agreement for an alternative project is not reached, the amount of $4,500 may be considered by the yard as compensation against the Company’s default under the initial agreement and the yard may claim additional compensation if the amount is found insufficient to cover the shipyard’s losses.

In the ordinary course of the shipping business, various claims and losses may arise from disputes with charterers, agents and other suppliers relating to the operations of the Company’s vessels. Management believes that all such matters are either adequately covered by insurance or are not expected to have a material adverse effect on the Company’s results from operations or financial condition.

Charters-out

The future minimum revenues of vessels in operation at June 30, 2014, before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows:

Period/Year	Amount
July to December 2014	91,335
2015	130,425
2016	77,582
2017	53,185
2018 to 2028	441,134
Minimum charter payments	793,661

These amounts do not assume any off-hire.

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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
VOYAGE REVENUES:	$ 112,396	$ 108,091	$ 242,684	$ 205,785
EXPENSES:
Commissions	4,097	4,088	9,096	7,852
Voyage expenses	34,669	32,417	68,678	56,944
Vessel operating expenses	34,929	32,907	71,374	64,232
Depreciation	23,944	23,925	47,537	46,196
Amortization of deferred dry-docking costs	1,370	1,220	2,632	2,410
Management fees (Note 2(a))	4,043	3,886	8,073	7,826
General and administrative expenses	871	964	2,268	2,101
Foreign currency (gains)/losses	(7)	35	47	(123)
Total expenses	103,916	99,442	209,705	187,438
Operating income/(loss)	8,480	8,649	32,979	18,347
OTHER INCOME (EXPENSES):
Interest and finance costs, net (Note 6)	(8,570)	(10,394)	(18,095)	(20,019)
Interest income	69	73	114	158
Other, net	270	(698)	(251)	303
Total other expenses, net	(8,231)	(11,019)	(18,232)	(19,558)
Net income/(loss)	249	(2,370)	14,747	(1,211)
Less: Net (income)/loss attributable to the noncontrolling interest	(50)	845	19	706
Net income/(loss) attributable to Tsakos Energy Navigation Limited	199	(1,525)	14,766	(505)
Effect of preferred dividends	(2,109)	(567)	(4,219)	(567)
Net loss attributable to common stockholders of Tsakos Energy Navigation Limited	$ (1,910)	$ (2,092)	$ 10,547	$ (1,072)
Loss per share, basic and diluted attributable to Tsakos Energy Navigation Limited common shareholders	$ (0.02)	$ (0.04)	$ 0.14	$ (0.02)
Weighted average number of shares, basic and diluted	80,135,152	56,443,237	73,427,149	56,443,237

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Deferred Charges

6 Months Ended

Jun. 30, 2014

Deferred Charges [Abstract]

Deferred Charges

4.Deferred Charges

Deferred charges consist of dry-docking and special survey costs, net of accumulated amortization, and amounted to $12,308 and $12,724, at June 30, 2014 and December 31, 2013, respectively, and loan fees, net of accumulated amortization, amounted to $4,401 and $4,607 at June 30, 2014 and December 31, 2013, respectively. Amortization of deferred dry-docking costs is separately reflected in the accompanying Consolidated Statements of Operations, while amortization of loan fees is included in Interest and finance costs, net.

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Vessels

6 Months Ended

Jun. 30, 2014

Vessels [Abstract]

Vessels

3.Vessels

Acquisitions

During the first six months of 2014, the Company acquired the suezmax tanker Eurovision from an affiliated Company at a cost of $61,506. During the first six months of 2013, the Company acquired the new-building DP2 suezmax shuttle tankers Rio 2016 and Brasil 2014 at a total cost of $202,971 of which $104,826 were paid in the first six months of 2013.

Sales

There were no vessel sales in the first six months of 2014 and 2013.

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Interest and Finance Costs, net (Tables)

6 Months Ended

Jun. 30, 2014

Interest and Finance Costs, net [Abstract]

Interest and Finance Costs, net

	Three months ended June 30,		Six months ended June 30,
	2014	2013	2014	2013
Interest expense	8,724	10,329	17,571	20,597
Less: Interest capitalized	(660)	(373)	(1,192)	(1,119)
Interest expense, net	8,064	9,956	16,379	19,478
Interest swap cash settlements non-hedging	918	1,163	2,180	2,640
Bunkers swap cash settlements	(28)	(16)	(42)	(67)
Amortization of loan fees	282	244	596	439
Bank charges	86	8	160	96
Amortization of deferred loss on termination of financial instruments	-	219	154	435
Change in fair value of non-hedging financial instruments	(752)	(1,180)	(1,332)	(3,002)
Net total	8,570	10,394	18,095	20,019

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Financial Instruments

6 Months Ended

Jun. 30, 2014

Financial Instruments [Abstract]

Financial Instruments

11.Financial Instruments

(a)Interest rate risk: The Company is subject to interest rate risk associated with changing interest rates with respect to its variable interest rate term loans and credit facilities as described in Notes 5 and 6.

(b)Concentration of credit risk: Financial Instruments consist principally of cash, trade accounts receivable, investments, and derivatives. The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financialcondition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. The Company limits the exposure of non-performance by counterparties to derivative instruments by diversifying among counterparties with high credit ratings, and performing periodic evaluations of the relative credit standing of the counterparties.

(c)Fair value: The carrying amounts reflected in the accompanying Consolidated Balance Sheet of cash and cash equivalents, restricted cash, trade receivables and accounts payable approximate their respective fair values due to the short maturity of these instruments. The fair value of long-term bank loans with variable interest rates approximate the recorded values, generally due to their variable interest rates. The present value of the future cash flows of the portion of one long-term bank loan with a fixed interest rate is estimated to be approximately $46,512 as compared to its carrying amount of $47,965. The Company performs relevant enquiries on a periodic basis to assess the recoverability of the long-term investment and estimates that the amount presented on the accompanying Balance sheet approximates the amount that is expected to be received by the Company in the event of sale of that investment.

The fair values of the one long-term bank loan with a fixed interest rate, the interest rate swap agreements, and bunker swap agreements discussed in Note 6 above are determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined.

The fair value of the impaired vessels Silia T, Triathlon, Delphi and Millennium, at December 31, 2013, was determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and was determined by management taking into consideration valuations from independent marine valuers based on observable data such as sale of comparable assets.

The estimated fair values of the Company’s financial instruments, other than derivatives at June 30, 2014 and December 31, 2013, are as follows:

	Carrying Amount June 30, 2014	Fair Value June 30, 2014	Carrying Amount December 31, 2013	Fair Value December 31, 2013
Financial assets/(liabilities)
Cash and cash equivalents	229,727	229,727	162,237	162,237
Restricted cash	8,148	8,148	9,527	9,527
Investments	1,000	1,000	1,000	1,000
Debt	(1,362,460)	(1,361,007)	(1,380,298)	(1,378,753)

Tabular Disclosure of Derivatives Location

Derivatives are recorded in the balance sheet on a net basis by counterparty when a legal right of set-off exists. The following tables present information with respect to the fair values of derivatives reflected in the balance sheet on a gross basis by transaction. The tables also present information with respect to gains and losses on derivative positions reflected in the consolidated statement of operations or in the balance sheet, as a component of Accumulated other comprehensive loss.

Fair Value of Derivative Instruments

		Asset Derivatives		Liability Derivatives
		June 30, 2014	December 31, 2013	June 30, 2014	December 31, 2013
Derivative	Balance Sheet Location	Fair Value	Fair Value	Fair Value	Fair Value
Derivatives designated as hedging instruments
Interest rate swaps	Current portion of financial instruments - Fair value	—	—	2,704	2,365
	Financial instruments- Fair value, net of current portion	—	1,401	3,365	2,445
Subtotal		—	1,401	6,069	4,810
Derivatives not designated as hedging instruments
Interest rate swaps	Current portion of financial instruments - Fair value	—	—	2,346	3,597
	Financial instruments- Fair value, net of current portion	—	—	1,419	1,582
Bunker swaps	Current portion of financial instruments-Fair value	97	140	—	—
	Financial instruments-Fair value, net of current portion	—	37	—	—
Subtotal		97	177	3,765	5,179
Total derivatives		97	1,578	9,834	9,989

Derivatives designated as Hedging Instruments-Net effect on the Statement of Comprehensive Income/(loss) and Statement of Operations

	Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)
Derivative	Amount Three months  ended June 30,		Amount Six months ended June 30,
	2014	2013	2014	2013
Interest rate swaps	(2,900)	(229)	(4,371)	(437)
Total	(2,900)	(229)	(4,371)	(437)

	Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Derivative	Location	Amount Three months  ended June 30,		Amount Six months ended June 30,
		2014	2013	2014	2013
Interest rate swaps	Depreciation expense	(38)	(38)	(77)	(67)
Interest rate swaps	Interest and finance costs, net	(879)	(3,689)	(1,786)	(5,513)
Total		(917)	(3,727)	(1,863)	(5,580)

Derivatives Not Designated as Hedging Instruments–Net effect on the Statement of Operations

	Gain (Loss) Recognized on Derivative
Derivative	Location	Amount Three months ended June 30,		Amount Six months ended June  30,
		2014	2013		2014	2013
Interest rate swaps	Interest and finance costs, net	(215)	457		(767)	760
Bunker swaps	Interest and finance costs, net	76	(423)		(39)	(331)
Total		(139)	34		(806)	429

The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Income/(Loss) as of June 30, 2014 and December 31, 2013 was $9,297 and $6,789 respectively.

The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of June 30, 2014 and December 31, 2013 using level 2 inputs (significant other observable inputs):

Recurring measurements	June 30, 2014	December 31, 2013
Interest rate swaps	(9,833)	(8,588)
Bunker swaps	97	177
	(9,736)	(8,411)

The following table presents the fair values of items measured at fair value on a nonrecurring basis for the six-month period ended June 30, 2014 and year ended December 31, 2013, using Level 2 inputs.

Nonrecurring basis	June 30, 2014	December 31, 2013
Vessels	$-	$95,250
	$-	$95,250

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Stockholders' Equity

6 Months Ended

Jun. 30, 2014

Stockholders' Equity [Abstract]

Stockholders' Equity

7.Stockholders’ Equity

On May 30, 2014, at the annual general meeting of shareholders, the shareholders approved the amendment of the Company’s Memorandum of Association in order to increase the authorized share capital from US$100,000 consisting of 85 million common shares of a par value of $1.00 each and 15 million preferred shares of a par value of $1.00 each, to US$200,000, consisting of 185 million common shares of a par value of $1.00 each and 15 million preferred shares of a par value of $1.00 each.

From January 1, 2014 up to January 17, 2014, the Company sold 1,077,847 common shares for proceeds, net of commissions, of $7,124 under a distribution agency agreement entered into, in August 2013. This agreement provides for the offer and sale from time to time of up to 4,000,000 common shares of the Company, par value $1.00 per share, at market prices.

On February 5, 2014, the Company completed an offering of 12,995,000 common shares, including 1,695,000 common shares issued upon the exercise in full by the underwriters of their option to purchase additional shares, at a price of $6.65 per share, for net proceeds of $81,952.

On April 29, 2014, the Company completed an offering of 11,000,000 common shares, at a price of $7.30 per share, for net proceeds of $76,419. On May 22, 2014, the underwriters exercised their option to purchase 1,650,000 additional shares at the same price for net proceeds of $11,503.

On January 30, 2014, the Company paid dividends of $0.50 per share, on its 8.00% Series B Preferred Shares and $0.73958 per share, on its 8.875% Series C Preferred Shares, $2,477 in total. On April 30, 2014 the Company paid a dividend of $0.50 per share on its 8.00% Series B Preferred shares and a dividend of $0.55469 per share on its 8.875% Series C Preferred Shares, $2,109 in total.

On March 17, 2014, the Company declared a dividend of $0.05 per share on common shares outstanding, representing an amount of $4,152 payable in total, which was paid on May 22, 2014 to shareholders of record as of May 19, 2014. On May 16, 2014, the Company declared a dividend of $0.05 per share on common shares outstanding, representing an amount of $4,231 payable in total, which was paid on August 14, 2014 to shareholders of record as of August 11, 2014.

During the six-month period ended June 30, 2013, the Company declared dividends on its common shares totaling $5,644 in aggregate, of which $2,822 was paid on June 5, 2013 and $2,822 was paid on September 12, 2013 to shareholders of record as of September 9, 2013.

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Long-Term Debt

6 Months Ended

Jun. 30, 2014

Long-Term Debt [Abstract]

Long-Term Debt

5.Long –Term Debt

Facility	June 30, 2014	December 31, 2013
(a) Credit Facilities	770,174	808,218
(b) Term Bank Loans	592,286	572,080
Total	1,362,460	1,380,298
Less – current portion	(126,543)	(126,361)
Long-term portion	1,235,917	1,253,937

(a)Credit facilities

As at June 30, 2014, the Company had six open reducing revolving credit facilities, all of which are reduced in semi-annual installments, and two open facilities which have both a reducing revolving credit component and a term bank loan component. At June 30, 2014 there is no available unused amount.

Interest is payable at a rate based on LIBOR plus a spread. At June 30, 2014, the interest rates on these facilities ranged from 1.45% to 5.69%.

(b)Term bank loans

Term loan balances outstanding at June 30, 2014 amounted to $592,286. These bank loans are payable in U.S. Dollars in quarterly or semi-annual installments, with balloon payments due at maturity between October 2016 and April 2022. Interest rates on the outstanding loans as at June 30, 2014, are based on LIBOR plus a spread.

On June 17, 2014, the Company signed a new seven-year term bank loan for $42,000, which was drawn down the same day, providing partial financing of the suezmax tanker Eurovision, acquired on the same day.

On June 30, 2014, the Company signed a new six-year term bank loan for $193,239 relating to the pre and post delivery part financing of five aframax tankers under construction. On July 2, 2014, an amount of $25,610 was drawdown to finance the second yard installment for the construction of the five vessels.

In the period after June 30, 2014, the following debt financing arrangements were completed:

On July 7, 2014, the Company signed a new six-year term bank loan for $39,000, which was drawn down on July 8, 2014 providing partial financing of the suezmax tanker Euro, acquired on the same day.

On August 22, 2014, the Company signed a new seven-year term bank loan for $38,800 relating to the pre and post delivery partial financing of one aframax tanker under construction. On August 26, 2014, an amount of $5,172 was drawdown to finance the second yard installment for the construction of the vessel.

On August 22, 2014, the Company signed a new six-year term bank loan for $78,744 relating to the pre and post delivery part financing of two aframax tankers under construction. On August 26, 2014, an amount of $10,344 was drawdown to finance the second yard installment for the construction of the vessels.

On August 22, 2014, the Company signed a new six-year term bank loan for $39,954 relating to the pre and post delivery part financing of one aframax tanker under construction. On August 26, 2014, an amount of $5,172 was drawdown to finance the second yard installment for the construction of the vessel.

At June 30, 2014, interest rates on these term bank loans ranged from 1.82% to 3.23%.

The weighted-average interest rates on the above executed loans for the applicable periods were:

Three months ended June 30, 2014	2.43%
Three months ended June 30, 2013	2.38%
Six months ended June 30, 2014	2.44%
Six months ended June 30, 2013	2.43%

The above revolving credit facilities and term bank loans are secured by first priority mortgages on all vessels owned by our subsidiaries, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant ship-owning subsidiaries.

The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends in an amount more than 50% of cumulative net income (as defined in the related agreements), sell vessels and assets, and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidity, not legally restricted, of $73,872 at June 30, 2014 and $78,144 at December 31, 2013, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Two loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $2,500. Two loan agreements require a monthly pro rata transfer to a retention account of any principal due but unpaid.

As of June 30, 2014, the Company was compliant with the original financial covenants in its loan agreements, except in the case of the value-to-loan requirements in four of the loan agreements. For three of these loan agreements, the lenders had reduced the value-to-loan requirements (until June 30, 2014 inclusive) from 120% to 100% of the loan balances. The Company was in compliance with these reduced requirements as of June 30, 2014, with actual ratios of 114%-116%. Scheduled principal payments are expected to remedy two of the shortfalls by September 30, 2014 and one of the shortfalls by October 31, 2014, assuming vessel values do not fall below current levels. As to the fourth loan agreement, with a 120% value-to-loan requirement, under which $33,000 was outstanding as of June 30, 2014, there was an actual ratio of 98%. The Company has not requested a waiver of this covenant nor has the lender required additional security or prepayment of part of the loan so as to bring it into compliance. Such prepayments would be applied against the next scheduled principal payments and, therefore, should not increase the total amounts payable by the Company during the next 12 months. The Company reclassified $3,317 from long-term liabilities to current liabilities as of June 30, 2014, which represents the additional amount of prepayment which would be necessary to remedy the value-to-loan shortfall under this loan agreement, in the event the lender was to request a prepayment of indebtedness.

At June 30, 2014, the Company, its wholly and majority owned subsidiaries were compliant with all other terms and original covenants (i.e. without giving effect to ratio reducing amendments and covenant waivers obtained in 2013), including the leverage ratio.

The annual principal payments required to be made after June 30, 2014, excluding the value-to-loan ratio shortfall of $3,317 discussed above, are as follows:

Period/Year	Amount
July to December 2014	60,657
2015	225,892
2016	226,776
2017	183,785
2018	300,231
2019 and thereafter	365,119
	1,362,460

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Interest and Finance Costs, net

6 Months Ended

Jun. 30, 2014

Interest and Finance Costs, net [Abstract]

Interest and Finance Costs, net

6.Interest and Finance Costs, net

	Three months ended June 30,		Six months ended June 30,
	2014	2013	2014	2013
Interest expense	8,724	10,329	17,571	20,597
Less: Interest capitalized	(660)	(373)	(1,192)	(1,119)
Interest expense, net	8,064	9,956	16,379	19,478
Interest swap cash settlements non-hedging	918	1,163	2,180	2,640
Bunkers swap cash settlements	(28)	(16)	(42)	(67)
Amortization of loan fees	282	244	596	439
Bank charges	86	8	160	96
Amortization of deferred loss on termination of financial instruments	-	219	154	435
Change in fair value of non-hedging financial instruments	(752)	(1,180)	(1,332)	(3,002)
Net total	8,570	10,394	18,095	20,019

At June 30, 2014, the Company was committed to six floating-to-fixed interest rate swaps with major financial institutions covering notional amounts aggregating to $273,395, maturing from March 2016 through March 2021 on which it pays fixed rates averaging 3.4% and receives floating rates based on the six-month London interbank offered rate (“LIBOR”) (Note 11).

At June 30, 2014, the Company held five of the six interest rate swap agreements, designated and qualifying as cash flow hedges, in order to hedge its exposure to interest rate fluctuations associated with its debt covering notional amounts aggregating to $218,145. The fair value of such financial instruments as of June 30, 2014 and December 31, 2013 in aggregate amounted to $6,069 (negative) and $3,409 (negative), respectively. The net amount of cash flow hedge losses at June 30, 2014 that is estimated to be reclassified into earnings within the next twelve months is $2,275.

At June 30, 2014 and December 31, 2013, the Company held one and two interest rate swaps respectively, that did not meet hedge accounting criteria. As such, the changes in their fair values during the first half of 2014 and 2013 have been included in change in fair value of non-hedging financial instruments in the table above, and amounted to a gain of $1,413 and $3,400, respectively.

At June 30, 2014 and December 31, 2013, the Company had four and five bunker swap agreements respectively, in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels. The fair value of these financial instruments as of June 30, 2014 and December 31, 2013 was $97 (positive) and $177 (positive), respectively.

The changes in their fair values during the first half of 2014 and 2013 amounting to $81 (negative) and $398(negative) respectively have been included in change in fair value of non-hedging financial instruments in the table above as such agreements do not meet the hedging criteria.

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Accumulated other comprehensive loss

6 Months Ended

Jun. 30, 2014

Accumulated other comprehensive loss [Abstract]

Accumulated other comprehensive loss

8.Accumulated other comprehensive loss

In the first half of 2014, Accumulated other comprehensive loss increased with unrealized losses of $2,508, of which $2,662 (loss) resulted from changes in fair value of financial instruments and $154 related to the amortization of loss on the de-designation of one interest rate swap.

In the first half of 2013, Accumulated other comprehensive loss decreased with unrealized gains of $5,089 of which $4,709 (gain) resulted from changes in fair value of financial instruments, $435 related to the amortization of loss on the de-designation of one interest rate swap and a loss of $55 which resulted from changes in the fair value of marketable securities.

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Deferred Charges (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Deferred Charges [Abstract]
Deferred charges consisted of dry-docking and special survey costs	$ 12,308	$ 12,724
Loan fees net of accumulated amortization	$ 4,401	$ 4,607

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Financial Instruments - Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (Table) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Derivative
Total	$ (917)	$ (3,727)	$ (1,863)	$ (5,580)
Depreciation expense
Derivative
Interest rate swaps	(38)	(38)	(77)	(67)
Interest and finance costs, net
Derivative
Interest rate swaps	$ (879)	$ (3,689)	$ (1,786)	$ (5,513)

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Transactions with Related Parties (Tables)

6 Months Ended

Jun. 30, 2014

Transactions with Related Parties [Abstract]

Related party transactions disclosure

	Three months ended June 30,		Six months ended June 30,
	2014	2013	2014	2013
Tsakos Shipping and Trading S.A. (commissions)	1,325	1,333	3,166	2,552
Tsakos Energy Management Limited (management fees)	3,891	3,811	7,769	7,676
Tsakos Columbia Shipmanagement S.A.	322	324	658	635
Argosy Insurance Company Limited	2,279	2,391	4,612	4,475
AirMania Travel S.A.	1,107	1,150	2,141	2,368
Total expenses with related parties	8,924	9,009	18,346	17,706

Related party transactions balances

	June 30, 2014	December 31, 2013
Due from related parties
Tsakos Columbia Shipmanagement S.A.	3,222	1,084
Tsakos Energy Management Limited	339	-
Total due from related parties	3,561	1,084
Due to related parties
Tsakos Energy Management Limited	-	92
Tsakos Shipping and Trading S.A.	785	555
Argosy Insurance Company Limited	4,398	6,008
AirMania Travel S.A.	284	275
Total due to related parties	5,467	6,930

Related party - future management fees

Period/Year	Amount
July to December 2014	9,140
2015	18,280
2016	18,283
2017	18,730
2018	18,922
2019 to 2024	104,071
	187,426

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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Financial Instruments [Abstract]

Schedule of Carrying Values and estimated Fair Values of financial instruments

	Carrying Amount June 30, 2014	Fair Value June 30, 2014	Carrying Amount December 31, 2013	Fair Value December 31, 2013
Financial assets/(liabilities)
Cash and cash equivalents	229,727	229,727	162,237	162,237
Restricted cash	8,148	8,148	9,527	9,527
Investments	1,000	1,000	1,000	1,000
Debt	(1,362,460)	(1,361,007)	(1,380,298)	(1,378,753)

Schedule of Derivative Instruments - Statements of financial position location

		Asset Derivatives		Liability Derivatives
		June 30, 2014	December 31, 2013	June 30, 2014	December 31, 2013
Derivative	Balance Sheet Location	Fair Value	Fair Value	Fair Value	Fair Value
Derivatives designated as hedging instruments
Interest rate swaps	Current portion of financial instruments - Fair value	—	—	2,704	2,365
	Financial instruments- Fair value, net of current portion	—	1,401	3,365	2,445
Subtotal		—	1,401	6,069	4,810
Derivatives not designated as hedging instruments
Interest rate swaps	Current portion of financial instruments - Fair value	—	—	2,346	3,597
	Financial instruments- Fair value, net of current portion	—	—	1,419	1,582
Bunker swaps	Current portion of financial instruments-Fair value	97	140	—	—
	Financial instruments-Fair value, net of current portion	—	37	—	—
Subtotal		97	177	3,765	5,179
Total derivatives		97	1,578	9,834	9,989

Schedule of Cash Flow Hedges - Gain/(Loss) Recognized In Accumulated Other Comprehensive Loss on Derivative

	Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)
Derivative	Amount Three months  ended June 30,		Amount Six months ended June 30,
	2014	2013	2014	2013
Interest rate swaps	(2,900)	(229)	(4,371)	(437)
Total	(2,900)	(229)	(4,371)	(437)

Schedule of Cash Flow Hedges - Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)

	Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Derivative	Location	Amount Three months  ended June 30,		Amount Six months ended June 30,
		2014	2013	2014	2013
Interest rate swaps	Depreciation expense	(38)	(38)	(77)	(67)
Interest rate swaps	Interest and finance costs, net	(879)	(3,689)	(1,786)	(5,513)
Total		(917)	(3,727)	(1,863)	(5,580)

Schedule of Derivatives Not Designated As Hedging Instruments - Net Realized and Unrealized Gain (Loss) Recognized on Statement Of Operations

	Gain (Loss) Recognized on Derivative
Derivative	Location	Amount Three months ended June 30,		Amount Six months ended June  30,
		2014	2013		2014	2013
Interest rate swaps	Interest and finance costs, net	(215)	457		(767)	760
Bunker swaps	Interest and finance costs, net	76	(423)		(39)	(331)
Total		(139)	34		(806)	429

Schedule of Fair Value Assets and Liabilities measured on Recurring basis

Recurring measurements	June 30, 2014	December 31, 2013
Interest rate swaps	(9,833)	(8,588)
Bunker swaps	97	177
	(9,736)	(8,411)

Schedule of Fair Value Items measured on Nonrecurring basis

Nonrecurring basis	June 30, 2014	December 31, 2013
Vessels	$-	$95,250
	$-	$95,250

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Financial Instruments - Balance Sheet Location (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Derivatives designated as hedging instruments
Interest rate swaps - Liability Derivatives - Fair Value	$ (6,069)	$ (3,409)
Subtotal - Assets	0	1,401
Subtotal - Liabilities	6,069	4,810
Derivatives not designated as hedging instruments
Subtotal - Assets	97	177
Subtotal - Liabilities	3,765	5,179
Total derivatives - Assets	97	1,578
Total derivatives - Liabilites	9,834	9,989
Current portion of financial instruments - Fair value
Derivatives designated as hedging instruments
Interest rate swaps - Asset Derivatives - Fair Value	0	0
Interest rate swaps - Liability Derivatives - Fair Value	2,704	2,365
Derivatives not designated as hedging instruments
Interest rate swaps - Asset Derivatives - Fair Value	0	0
Interest rate swaps - Liability Derivatives - Fair Value	2,346	3,597
Bunker swaps - Asset Derivatives - Fair Value	97	140
Bunker swaps - Liability Derivatives - Fair Value	0	0
Financial instruments - Fair value, net of current portion
Derivatives designated as hedging instruments
Interest rate swaps - Asset Derivatives - Fair Value	0	1,401
Interest rate swaps - Liability Derivatives - Fair Value	3,365	2,445
Derivatives not designated as hedging instruments
Interest rate swaps - Asset Derivatives - Fair Value	0	0
Interest rate swaps - Liability Derivatives - Fair Value	1,419	1,582
Bunker swaps - Asset Derivatives - Fair Value	0	37
Bunker swaps - Liability Derivatives - Fair Value	$ 0	$ 0

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Interest and Finance Costs, net (Table) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Financial Instruments [Abstract]
Interest expense	$ 8,724	$ 10,329	$ 17,571	$ 20,597
Less: Interest capitalized	(660)	(373)	(1,192)	(1,119)
Interest expense, net	8,064	9,956	16,379	19,478
Interest swap cash settlements non-hedging	918	1,163	2,180	2,640
Bunkers swap cash settlements	(28)	(16)	(42)	(67)
Amortization of loan fees	282	244	596	439
Bank charges	86	8	160	96
Amortization of deferred loss on termination of financial instruments	0	219	154	435
Change in fair value of non-hedging financial instruments	(752)	(1,180)	(1,332)	(3,002)
Net total	$ 8,570	$ 10,394	$ 18,095	$ 20,019

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STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME/(LOSS) [Abstract]
Net income/(loss)	$ 249	$ (2,370)	$ 14,747	$ (1,211)
Unrealized gains/(losses) from hedging financial instruments
Unrealized (loss)/gain on interest rate swaps, net	(1,982)	3,279	(2,662)	4,709
Amortization of deferred loss on dedesignated financial instruments	0	219	154	435
Total unrealized (losses)/ gains from hedging financial instruments	(1,982)	3,498	(2,508)	5,144
Unrealized gain/(loss) on marketable securities	0	(57)	0	(55)
Other Comprehensive (loss)/income	(1,982)	3,441	(2,508)	5,089
Comprehensive (loss)/income	(1,733)	1,071	12,239	3,878
Less: comprehensive (income)/loss attributable to the noncontrolling interest	(50)	845	19	706
Comprehensive (loss)/income attributable to Tsakos Energy Navigation Limited	$ (1,783)	$ 1,916	$ 12,258	$ 4,584

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Transactions with Related Parties

6 Months Ended

Jun. 30, 2014

Transactions with Related Parties [Abstract]

Transactions with Related Parties

2.Transactions with Related Parties

The following amounts were charged by related parties for services rendered:

	Three months ended June 30,		Six months ended June 30,
	2014	2013	2014	2013
Tsakos Shipping and Trading S.A. (commissions)	1,325	1,333	3,166	2,552
Tsakos Energy Management Limited (management fees)	3,891	3,811	7,769	7,676
Tsakos Columbia Shipmanagement S.A.	322	324	658	635
Argosy Insurance Company Limited	2,279	2,391	4,612	4,475
AirMania Travel S.A.	1,107	1,150	2,141	2,368
Total expenses with related parties	8,924	9,009	18,346	17,706

Balances due from and due to related parties are as follows:

	June 30, 2014	December 31, 2013
Due from related parties
Tsakos Columbia Shipmanagement S.A.	3,222	1,084
Tsakos Energy Management Limited	339	-
Total due from related parties	3,561	1,084
Due to related parties
Tsakos Energy Management Limited	-	92
Tsakos Shipping and Trading S.A.	785	555
Argosy Insurance Company Limited	4,398	6,008
AirMania Travel S.A.	284	275
Total due to related parties	5,467	6,930

There is also, at June 30, 2014, an amount of $539 ($319 at December 31, 2013) due to Tsakos Shipping and Trading S.A. and $412 ($356 at December 31, 2013) due to Argosy Insurance Limited, included in accrued liabilities which relates to services rendered by these related parties not yet invoiced.

(a)Tsakos Energy Management Limited (the “Management Company”): The Holding Company has a Management Agreement (“Management Agreement”) with the Management Company, a Liberian corporation, to provide overall executive and commercial management of its affairs for a monthly fee. Per the Management Agreement of March 8, 2007, effective from January 1, 2008, there is a prorated adjustment if at the beginning of each year the Euro has appreciated by 10% or more against the U.S. Dollar since January 1, 2007. In addition, there is an increase each year by a percentage figure reflecting 12 month Euribor, if both parties agree. From January 1, 2012, the monthly fees for operating vessels are $27.5, for vessels chartered out or on a bare-boat basis are $20.4 and from April 1, 2012 for the LNG carrier $35.0, of which $10.0 is paid to the Management Company and $25.0 to a third party manager. From January 1, 2014, the monthly fee for the LNG has increased to $35.8, of which $10.0 is paid to the Management Company and $25.8 to a third party manager. Monthly management fees for the DP2 shuttle tankers have been agreed at $35.0 per vessel. Since the expiry of the bareboat charter of the VLCC Millennium on July 30, 2013, management fees for this vessel are $27.5 per month, of which $13.7 are payable to a third party manager. Management fees for the suezmax Eurochampion 2004 are $27.5 per month, of which, effective September 22, 2013, $12.0 are paid to a third party manager. In addition, a special award of $400 was paid to the Management Company in relation to capital raising offerings during the first six months of 2014. These awards have been included as a deduction of additional paid in capital in the accompanying Financial Statements.

The Holding Company and the Management Company have certain officers and directors in common.The President, who is also the Chief Executive Officer and a Director of the Holding Company, is also the sole stockholder of the Management Company. The Management Company may unilaterally terminate its Management Agreement with the Holding Company at any time upon one year’s notice. In addition, if even one director was elected to the Holding Company’s Board of Directors without having been recommended by the existing Board of Directors, the Management Company would have the right to terminate the Management Agreement on ten days notice, and the Holding Company would be obligated as at June 30, 2014 to pay the Management Company an amount of approximately $162,498 calculated in accordance with the terms of the Management Agreement. Under the terms of the Management Agreement between the Holding Company and the Management Company, the Holding Company may terminate the Management Agreement only under specific circumstances, without the prior approval of the Holding Company’s Board of Directors.

Estimated future management fees payable over the next ten years under the Management Agreement, exclusive of any incentive awards and based on existing vessels and known vessels scheduled for future delivery, as at June 30, 2014 are:

Period/Year	Amount
July to December 2014	9,140
2015	18,280
2016	18,283
2017	18,730
2018	18,922
2019 to 2024	104,071
	187,426

Management fees for vessels are included in the accompanying Consolidated Statements of Operations. Also, under the terms of the Management Agreement, the Management Company provides supervisory services for the construction of new vessels for a monthly fee of $20.4 from January 1, 2012. These fees in total amounted to $979, and $247 during the six months ended June 30, 2014 and 2013, respectively, and are either accounted for as part of construction costs for delivered vessels or are included in Advances for vessels under construction.

(b)Tsakos Columbia Shipmanagement S.A. (“TCM”): The Management Company appointed TCM to provide technical management to the Company’s vessels from July 1, 2010. TCM is owned jointly and in equal part by related party interests and by a private German Group. TCM, at the consent of the Holding Company, may subcontract all or part of the technical management of any vessel to an alternative unrelated technical manager.

Effective July 1, 2010, the Management Company, at its own expense, pays technical management fees to TCM, and the Company bears and pays directly to TCM most of its operating expenses, including repairs and maintenance, provisioning and crewing of the Company’s vessels, as well as certain charges which are capitalized or deferred, including reimbursement of the costs of TCM personnel sent overseas to supervise repairs and perform inspections on Company vessels. The Company also pays to TCM certain fees to cover expenses relating to internal control procedures and information technology services which are borne by TCM on behalf of the Company.

(c)Tsakos Shipping and Trading S.A.  (“Tsakos Shipping”):

Tsakos Shipping provides chartering services for the Company’s vessels by communicating with third party brokers to solicit research and propose charters. For this service, the Company pays to Tsakos Shipping a chartering commission of approximately 1.25% on all freights, hires and demurrages. Such commissions are included in Commissions in the accompanying Consolidated Statements of Operations. Tsakos Shipping also provides sale and purchase of vessels brokerage service. For this service, Tsakos Shipping may charge a brokerage commission. Tsakos Shipping may also charge a fee of $200 (or such other sum as may be agreed) on delivery of each new-building vessel in payment for the cost of design and supervision of the new-building by Tsakos Shipping. In the first six months of 2014, $200 in aggregate was charged for supervision fees on the DP2 shuttle tankers Rio 2016 and Brasil 2014. In the first six months of 2013, no such fee was charged.

Certain members of the Tsakos family are involved in the decision-making processes of Tsakos Shipping and of the Management Company, and are also shareholders of the Holding Company.

(d)Argosy Insurance Company Limited (“Argosy”): The Company places its hull and machinery insurance, increased value insurance and war risk and certain other insurance through Argosy, a captive insurance company affiliated with Tsakos Shipping.

(e)AirMania Travel S.A. (“AirMania”): Apart from third-party agents, the Company also uses an affiliated company, AirMania, for travel services.

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Transactions with Related Parties - Statement Of Income (Table) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Related Party Transaction [Line Items]
Tsakos Shipping and Trading S.A. (commissions)	$ 4,097	$ 4,088	$ 9,096	$ 7,852
Tsakos Energy Management Limited (management fees)	4,043	3,886	8,073	7,826
Total expenses with related parties	8,924	9,009	18,346	17,706
Tsakos Shipping and Trading S.A.
Related Party Transaction [Line Items]
Tsakos Shipping and Trading S.A. (commissions)	1,325	1,333	3,166	2,552
Tsakos Energy Management Limited
Related Party Transaction [Line Items]
Tsakos Energy Management Limited (management fees)	3,891	3,811	7,769	7,676
Tsakos Columbia Shipmanagement S.A.
Related Party Transaction [Line Items]
Tsakos Columbia Shipmanagement S.A.	322	324	658	635
Argosy Insurance Company Limited
Related Party Transaction [Line Items]
Argosy Insurance Company Limited	2,279	2,391	4,612	4,475
AirMania Travel S.A.
Related Party Transaction [Line Items]
AirMania Travel S.A.	$ 1,107	$ 1,150	$ 2,141	$ 2,368

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Long-Term Debt - Credit Facilities (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014
Number of open reducing credit facilities	6
Number of credit facilities with reducing revolving credit component and term bank loan component	2
Unused amount	$ 0
Revolving Credit Facility
Libor plus spread minimum	1.45%
Libor plus spread maximum	5.69%

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Other Subsequent Events

6 Months Ended

Jun. 30, 2014

Other Subsequent Events [Abstract]

Other Subsequent Events

12.Other Subsequent Events

(a)On July 8, 2014, the Company acquired the suezmax tanker Euro, built in 2012,for $59,500, from an affiliated company.

(b)On July 14, 2014, it was announced that the Board of Directors had declared a quarterly dividend of $0.50 per share on the Company’s 8% Series B Cumulative Redeemable Perpetual Preferred Shares, which was paid on July 30, 2014. On the same date it was announced that the Board of Directors had declared a quarterly dividend of $0.55469 per share on the Company’s 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares, which was paid on July 30, 2014. Each dividend is for the period from April 30, 2014 through July 29, 2014.

(d)On August 4, 2014, the Company’s Board of Directors declared a dividend of $0.05 per common share outstanding to be paid on November 25, 2014 to shareholders of record as of November 21, 2014.

(e)On August 14, 2014, the Company paid a dividend of $4,231 in total, or $0.05 per share, to common shareholders of record as of August 8, 2014.

(f) On August 14, 2014, the Company announced the commencement of a new partnership with an oil major for the construction and chartering of two LR1 tankers for five years.