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 June, 2016

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. 333-206852) filed with the SEC on September 9, 2015;

• 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, as amended;

• 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;

• 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. 333-104062) 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), March 31, 2016
99.2	Management’s Discussion and Analysis of Financial Condition and Results of Operations
99.3	Capitalization at March 31, 2016

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: June 17, 2016

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

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

MARCH 31, 2016 AND DECEMBER 31, 2015

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

	March 31, 2016			December 31, 2015
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	267,546		$	289,676
Restricted cash		8,051			15,330
Accounts receivable, net		37,052			45,461
Due from related companies (Note 2)		6,008			4,169
Advances and other		12,295			14,132
Vessels held for sale (Note 3)		68,290			67,255
Inventories		13,530			14,410
Prepaid insurance and other		1,375			1,765
Current portion of financial instruments-Fair value (Notes 6, 11)		171			28
Total current assets		414,318			452,226
INVESTMENTS		1,000			1,000
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 6, 11)		375			126
FIXED ASSETS (Note 3)
Advances for vessels under construction		402,285			371,238
Vessels		2,813,951			2,748,330
Accumulated depreciation		(719,722	)		(695,044	)
Vessels’ Net Book Value		2,094,229			2,053,286
Total fixed assets		2,496,514			2,424,524
DEFERRED CHARGES, net (Note 4)		16,219			15,290
Total assets	$	2,928,426		$	2,893,166
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt (Note 5)	$	287,385		$	318,224
Payables		35,246			33,264
Due to related companies (Note 2)		3,362			1,740
Dividends payable		6,894			—
Accrued liabilities		28,945			29,363
Unearned revenue		5,054			12,277
Current portion of financial instruments - Fair value (Note 6, 11)		5,765			5,706
Total current liabilities		372,651			400,574
LONG-TERM DEBT, net of current portion (Note 5)		1,129,864			1,074,339
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 6, 11)		5,715			3,181
STOCKHOLDERS’ EQUITY:
Preferred shares, $ 1.00 par value; 15,000,000 shares authorized and 2,000,000 Series B Preferred Shares, 2,000,000 Series C preferred Shares and 3,400,000 Series D Preferred Shares issued and outstanding at March 31, 2016 and December 31, 2015.		7,400			7,400
Common stock, $ 1.00 par value; 185,000,000 shares authorized at March 31, 2016 and December 31, 2015; 87,338,652 shares issued and 87,338,652 shares issued and outstanding at December 31, 2015; and 87,338,652 shares issued and 87,338,652 shares issued and outstanding at March 31, 2016.		87,339			87,339
Additional paid-in capital		752,001			752,001
Cost of treasury stock		(6,770	)		—
Accumulated other comprehensive loss		(13,284	)		(10,727	)
Retained earnings		582,025			567,464
Total Tsakos Energy Navigation Limited stockholders’ equity		1,408,711			1,403,477
Noncontrolling Interest		11,485			11,595
Total stockholders’ equity		1,420,196			1,415,072
Total liabilities and stockholders’ equity	$	2,928,426		$	2,893,166

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

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TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015

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

	Three months ended March 31
	2016			2015
VOYAGE REVENUES:	$	122,091		$	148,867
EXPENSES:
Voyage expenses		22,453			34,550
Vessel operating expenses		34,898			35,979
Depreciation and amortization of deferred dry-docking costs		26,169			26,088
General and administrative expenses		5,432			6,554
Total expenses		88,952			103,171
Operating income		33,139			45,696
OTHER INCOME (EXPENSES):
Interest and finance costs, net (Note 6)		(7,947	)		(8,487	)
Interest income		112			53
Other, net		11			(3	)
Total other expenses, net		(7,824	)		(8,437	)
Net income		25,315			37,259
Less: Net loss attributable to the noncontrolling interest		110			22
Net income attributable to Tsakos Energy Navigation Limited	$	25,425		$	37,281
Effect of preferred dividends		(3,969	)		(2,109	)
Net income attributable to common stockholders of Tsakos Energy Navigation Limited		21,456			35,172
Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common shareholders	$	0.25		$	0.42
Weighted average number of shares, basic and diluted		86,632,949			84,712,295

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

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TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015

(Expressed in thousands of U.S. Dollars)

	Three months ended March 31
	2016			2015
Net income	$	25,315		$	37,259
Other comprehensive income/(loss)
Unrealized gains/(losses) from hedging financial instruments
Unrealized loss on interest rate swaps, net		(2,557	)		(2,391	)
Comprehensive income		22,758			34,868
Less: comprehensive loss attributable to the noncontrolling interest		110			22
Comprehensive income attributable to Tsakos Energy Navigation Limited	$	22,868		$	34,890

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

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TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015

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

															Accumulated
					Additional										Other			Tsakos Energy						Total
	Preferred		Common		Paid-in		Treasury stock					Retained			Comprehensive			Navigation			Noncontrolling			Stockholders’
	Shares		Shares		Capital		Shares		Amount			Earnings			Income (Loss)			Limited			Interest			Equity
BALANCE, January 1, 2015	$	4,000	$	84,712	$	650,536			$			$	437,565		$	(10,290	)	$	1,166,523		$	11,389		$	1,177,912
Net income/(loss)													37,281						37,281			(22	)		37,259
- Common dividends declared ($0.06 per share)													(5,084	)					(5,084	)					(5,084	)
- Dividends paid on Series B preferred shares													(1,000	)					(1,000	)					(1,000	)
- Dividends paid on Series C preferred shares													(1,109	)					(1,109	)					(1,109	)
- Other comprehensive loss																(2,391	)		(2,391	)					(2,391	)
BALANCE, March 31, 2015	$	4,000	$	84,712	$	650,536		—	$	—		$	467,653		$	(12,681	)	$	1,194,220		$	11,367		$	1,205,587
BALANCE, January 1, 2016	$	7,400	$	87,339	$	752,001		—	$	—		$	567,464		$	(10,727	)	$	1,403,477		$	11,595		$	1,415,072
Net income/(loss)													25,425						25,425			(110	)		25,315
- Purchases of Treasury stock								1,187		(6,770	)								(6,770	)					(6,770	)
- Common dividends declared ($0.08 per share)													(6,894	)					(6,894	)					(6,894	)
- Dividends paid on Series B preferred shares													(1,000	)					(1,000	)					(1,000	)
- Dividends paid on Series C preferred shares													(1,110	)					(1,110	)					(1,110	)
- Dividends paid on Series D preferred shares													(1,860	)					(1,860	)					(1,860	)
- Other comprehensive income (loss)																(2,557	)		(2,557	)					(2,557	)
BALANCE March 31, 2016	$	7,400	$	87,339	$	752,001		1,187	$	(6,770	)	$	582,025		$	(13,284	)	$	1,408,711		$	11,485		$	1,420,196

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

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TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015

(Expressed in thousands of U.S. Dollars)

	Three months ended March 31
	2016			2015
Cash Flows from Operating Activities:
Net income	$	25,315		$	37,259
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of deferred dry-docking costs		26,169			26,088
Amortization of loan fees		333			294
Change in fair value of derivative instruments		(394	)		(2,702	)
Payments for dry-docking		(3,353	)		(915	)
(Increase) Decrease in:
Receivables, net		8,407			(5,688	)
Inventories		880			(864	)
Prepaid insurance and other		390			562
Increase (Decrease) in:
Payables		3,604			(1,804	)
Accrued liabilities		(418	)		4,732
Unearned revenue		(7,223	)		(1,549	)
Net Cash provided by Operating Activities		53,710			55,413
Cash Flows from Investing Activities:
Advances for vessels under construction and acquisitions		(31,047	)		(42,839	)
Vessel acquisitions and/or improvements		(65,686	)		(1,016	)
Net Cash used in Investing Activities		(96,733	)		(43,855	)
Cash Flows from Financing Activities:
Proceeds from long-term debt		100,686			20,960
Financing costs		(264	)		(6	)
Payments of long-term debt		(76,068	)		(29,933	)
Decrease in restricted cash		7,279			2,277
Purchase from treasury stock, net		(6,770	)		—
Cash dividends		(3,970	)		(7,193	)
Net Cash provided by/(used in) Financing Activities		20,893			(13,895	)
Net decrease in cash and cash equivalents		(22,130	)		(2,337	)
Cash and cash equivalents at beginning of period		289,676			202,107
Cash and cash equivalents at end of period	$	267,546		$	199,770

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

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TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) MARCH 31, 2016 AND 2015

(Expressed in thousands of U.S. Dollars, except for share and per share data, unless otherwise stated)

1. Basis of Presentation

The accompanying unaudited interim 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 three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.

The consolidated balance sheet as of December 31, 2015 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 5, 2016 (“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, on Form 20-F for the year ended December 31, 2015. There have been no material changes to these policies in the three-month period ended March 31, 2016, except for as discussed below:

(a) Debt issuance costs: In April 2015, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03 — Interest – Imputation of Interest to simplify the presentation of debt issuance costs. Previous guidance generally required entities to capitalize costs paid to third parties that are directly related to issuing debt and that otherwise wouldn’t be incurred and present those amounts separately as deferred charges (i.e., assets). However, the discount or premium resulting from the difference between the net proceeds received upon debt issuance and the amount payable at maturity is presented as a direct deduction from or an addition to the face amount of the debt. The new guidance simplifies financial reporting by eliminating the different presentation requirements for debt issuance costs and debt discounts or premiums. Upon adoption, an entity must apply the new guidance retrospectively to all prior periods presented in the financial statements.

On January 1, 2016, the Company adopted ASU No. 2015-03 — Interest – Imputation of Interest effective for the financial statements for the fiscal year ending December 31, 2016 and interim periods within this fiscal year and thus presents deferred financing costs, net of accumulated amortization, as a reduction of long-term debt and capital lease obligation. In order to conform with the current period presentation, the Company has reduced Deferred charges, net by $7,531 and has decreased the amount of the related current and non-current obligations by $1,336 and $6,195, respectively on the consolidated balance sheet as of December 31, 2015 (see Notes 5 and 6). This reclassification has no impact on the Company’s results of operations, cash flows and net assets for any period.

(b) On January 1, 2016, the Company adopted ASU No. 2015-02 Consolidation (Topic 810), Amendments to the Consolidation Analysis effective for the fiscal year ending December 31, 2016 and interim periods within this fiscal year. The adoption of this guidance had no impact on the Company’s results of operations, cash flows and net assets for any period.

(c) On January 1, 2016, the Company adopted ASU No. 2015-16 Business Combination (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments effective for the fiscal year ending December 31, 2016 and interim periods within this fiscal year. The adoption of this guidance had no impact on the Company’s results of operations, cash flows and net assets for any period.

New accounting pronouncements

In January 2016, the FASB issued ASU No. 2016-01—Financial Instruments – Overall (Subtopic 825-10) which includes the requirement for all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). This update is effective for all entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is not permitted. The Company has not yet determined what impact, if any, the adoption of the new standard will have on its consolidated financial position, results of operations or cash flows.

In March 2016, the FASB issued ASU No. 2016-07—Investments—Equity Method and Joint Ventures (Topic 323) to simplify the accounting for equity method investments which eliminates the requirement in Topic 323 that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the

6

investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. This update is effective for all entities for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company believes that the implementation of this update will not have any material impact on its financial statements and has not elected early adoption.

In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the guidance in ASU 2014-09 and has the same effective date as the original standard. On August 12, 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, which amends ASU No. 2014-09 (issued by the FASB on May 28, 2014), outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities with reporting periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The Company is currently evaluating the impact, if any, of the adoption of this new standard.

In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting which is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. This standard is effective for public entities with annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. The Company believes that the implementation of this update will not have any material impact on its financial statements and has not elected early adoption.

In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing which is intended to clarify how an entity should evaluate the nature of its promise in granting a license of IP, which will determine whether it recognizes revenue over time or at a point in time. This standard is effective for public entities with annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The Company believes that the implementation of this update will not have any material impact on its financial statements and has not elected early adoption.

2. Transactions with Related Parties

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

	Three months ended March 31,
	2016		2015
Tsakos Shipping and Trading S.A. (commissions)		1,511		1,867
Tsakos Energy Management Limited (management fees)		4,029		4,040
Tsakos Columbia Shipmanagement S.A.		470		550
Argosy Insurance Company Limited		2,282		2,396
AirMania Travel S.A.		992		1,041
Total expenses with related parties		9,284		9,894

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Balances due from and to related parties are as follows:

	March 31, 2016		December 31, 2015
Due from related parties
Tsakos Columbia Shipmanagement Ltd.		6,008		4,169
Total due from related parties		6,008		4,169
Due to related parties
Tsakos Energy Management Limited		163		61
Tsakos Shipping and Trading S.A		984		982
Argosy Insurance Company Limited		1,841		410
AirMania Travel S.A.		374		287
Total due to related parties		3,362		1,740

There is also at March 31, 2016 an amount of $764 ($776 at December 31, 2015) due to Tsakos Shipping and Trading S.A. and $50 ($124 at December 31, 2015) due to Argosy Insurance Limited, included in accrued liabilities which relates to services rendered by 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. In the first quarter of 2016 and 2015 monthly fees for operating vessels are $27.5, $20.4 for vessels chartered in and on a bare-boat basis, $35.8 for the LNG carrier and $35.0 for the DP2 shuttle tankers. From the above fees, the amount of $25.8 and $12.0 per vessel is payable to a third party manager for the LNG carrier, Neo Energy and the suezmax tanker Eurochampion. The amount of $13.9 per month was payable to a third party manager for the VLCC Millennium until November 5, 2015 when the vessel entered into a bare-boat charter.

In addition to the Management fee, the Management agreement provides for an incentive award to the Management Company, which is at the absolute discretion of the Holding Company’s Board of Directors. In the first quarter of 2015 an award of $1,142 was granted to the Management Company and is included in General and Administrative expenses in the accompanying Consolidated Statement of Comprehensive Income. No such award was granted in the first quarter of 2016.

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, 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 March 31, 2016 to pay the Management Company an amount of approximately $179,362, 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 March 31, 2016, are:

Year	Amount
April to December 2016		15,005
2017		20,701
2018		20,918
2019		20,989
2020		20,989
2021 to 2026		114,530
		213,132

Management fees for vessels are included in General and Administrative expenses in the accompanying Consolidated Statements of Comprehensive Income. Also, under the terms of the Management Agreement, the Management Company provides supervisory

8

services for the construction of new vessels for a monthly fee of $20.4. These fees in total amounted to $918 and $755 during the three months ended March 31, 2016 and 2015, 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.

TCM has a 25% share in a manning agency, located in the Philippines, named TCM Tsakos Maritime Philippines, which provides crew to certain of the Company’s vessels. The Company has no control or ownership directly in TCM Tsakos Maritime Philippines, nor had any direct transactions to date with the agency.

(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 Voyage expenses in the accompanying Consolidated Statements of Comprehensive Income. Tsakos Shipping also provides sale and purchase of vessels brokerage service. For this service, Tsakos Shipping may charge brokerage commissions. In the first quarter of 2016 and 2015 there were no such changes. 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 quarter of 2016 no such fee was charged. In November, 2015, the Company chartered the VLCC Millennium to a client company of Tsakos Shipping for a period of approximately three years.

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 and directors 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

On February 5, 2016, the Company acquired the suezmax tanker Decathlon for $64,908 from a third-party. There were no vessel acquisitions in the first quarter of 2015.

Held for sale

At March 31, 2016, and December 31, 2015, the suezmaxes Eurochampion 2004 and Euronike were classified as held for sale.

4. Deferred Charges

Deferred charges, consisting of dry-docking and special survey costs, net of accumulated amortization, amounted to $16,219 and $15,290, at March 31, 2016 and December 31, 2015, respectively. Amortization of deferred dry-docking costs was $1,452 during the first quarter of 2016 and $1,395 during the first quarter of 2015 and is included in the depreciation and amortization of deferred dry-docking costs in the accompanying Consolidated Statements of Comprehensive income.

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5. Long –Term Debt

	March 31, 2016			December 31, 2015
Facility
(a) Credit Facilities		479,936			538,208
(b) Term Bank Loans		944,776			861,886
Total		1,424,712			1,400,094
Less deferred finance costs, net		(7,463	)		(7,531	)
Total long-term debt		1,417,249			1,392,563
Less current portion of debt		(288,775	)		(319,560	)
Add deferred finance costs, current portion		1,390			1,336
Total long-term portion, net of current portion and deferred finance costs		1,129,864			1,074,339

(a) Credit facilities

As at March 31, 2016, the Company had four open 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, with balloon payments due at maturity between June 2016 and April 2019. At March 31, 2016 there was no available unused amount.

Interest is payable at a rate based on LIBOR plus a spread. At March 31, 2016, interest on these facilities ranged from 1.31% to 5.19%.

(b) Term bank loans

Term loan balances outstanding at March 31, 2016 amounted to $944,776. These bank loans are payable in U.S. Dollars in quarterly or semi-annual installments, with balloon payments due at maturity between July 2016 and February 2025. Interest rates on the outstanding loans as at March 31, 2016 are based on LIBOR plus a spread. At March 31, 2016, interest on these term bank loans ranged from 2.02% to 4.37%.

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

Three months ended March 31, 2016	2.59	%
Three months ended March 31, 2015	2.22	%

The above revolving credit facilities and term bank loans are secured by first priority mortgages on all vessels, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant vessel-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 $78,572 at March 31, 2016 and $74,110 at December 31, 2015, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Three loan agreements require the Company to maintain throughout the security period an aggregate credit balance in a deposit account of $3,250 and two other loan agreements a monthly pro rata transfer to a retention account of any principal due, but unpaid.

As at March 31, 2016 and December 31, 2015, the Company and its wholly and majority owned subsidiaries were compliant with the original financial covenants in its loan agreements, including the leverage ratio and the value-to-loan requirements and all other terms and covenants.

The Company’s liquidity requirements relate primarily to servicing its debt, funding the equity portion of investments in vessels and funding expected capital expenditure on dry-dockings and working capital. As of March 31, 2016, the Company’s working capital (non-restricted net current assets), amounted to $33,616 ($34,984 at December 31, 2015).

10

The annual principal payments required to be made after March 31, 2016, are as follows:

Period/Year	Amount
April to December 2016		247,199
2017		210,295
2018		294,921
2019		186,968
2020		159,546
2021 and thereafter		325,783
		1,424,712

6. Interest and Finance Costs, net

	Three months ended March 31, 2016			Three months ended March 31, 2015
Interest expense		8,917			7,728
Less: Interest capitalized		(1,271	)		(628	)
Interest expense, net		7,646			7,100
Bunkers swap cash settlements		266			2,983
Amortization of loan fees		333			294
Bank charges		61			37
Finance project costs expensed		—			859
Change in fair value of non-hedging financial instruments		(359	)		(2,786	)
Net total		7,947			8,487

At March 31, 2016, the Company was committed to six floating-to-fixed interest rate swaps with major financial institutions covering notional amounts aggregating to $260,983 maturing from April 2016 through March 2021, on which it pays fixed rates averaging 3.02% and receives floating rates based on the six-month London interbank offered rate (“LIBOR”) (Note 11).

At March 31, 2016, 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 $213,233. The fair value of such financial instruments as at March 31, 2016 and December 31, 2015 in aggregate amounted to $10,405 (negative) and $7,847 (negative), respectively. The estimated net amount of cash flow hedge losses at March 31, 2016 that is estimated to be reclassified into earnings within the next twelve months is $3,613.

At March 31, 2016 and December 31, 2015, the Company held one interest rate swap that did not meet hedge accounting criteria. As such, the changes in its fair value during the quarters ended March 31, 2016 and 2015 have been included in change in fair value of non-hedging financial instruments in the table above and amounted to a loss of $33 and $64, respectively. This swap expired on April 12, 2016.

At March 31, 2016 and December 31, 2015, the Company held fourteen and twelve call option 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 at March 31, 2016 and December 31, 2015 was $546 (positive) and $154 (positive), respectively. The changes in their fair values during the first quarter of 2016 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. In the first quarter of 2016, the Company entered into two call option agreements. The premium paid for the call options was $266 and it equals their fair market value at March 31, 2016.

At March 31, 2015, the Company had five bunker swap agreements. The fair value of these financial instruments as at March 31, 2015 was $6,014 (negative). The changes in their fair values during the first quarter of 2015 amounting to $3,215 (positive) have been included in Change in fair value of non-hedging financial instruments in the table above. At March 31, 2015, the Company held three bunker put option agreements in order to reduce the losses of the bunker swap agreements previously entered into. The value of those put options at March 31, 2015 was $1,764 (positive). The change in their fair value in the first quarter of 2015 was $679 (negative). In the first quarter of 2015, the Company entered into two call option agreements for the same reasons as for the put options. The premium paid for the call option was $314 and it equals their fair market value at March 31, 2015.

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7. Stockholders’ Equity

On December 8, 2015, the Company announced the resumption of the previously authorized by its Board of Directors stock repurchase program for open market purchases for its common and/ or its preferred shares. The Company had available up to $20.0 million from its previously authorized program. The program started on January 11, 2016. As of March 31, 2016, the Company has acquired as treasury stock, 1.19 million shares for a total amount of $6.8 million.

On January 29, 2016, the Company paid dividends of $0.50 per share, $1,000 in total, for its 8.00% Series B Preferred Shares and $0.555469 per share, $1,109 in total, on its 8.875% Series C Preferred Shares. On January 30, 2015, the Company paid dividends of $0.50 per share, $1,000 in total, on its 8.00% Series B Preferred Shares and $0.5547 per share, $1,109 in total, on its 8.875% Series C Preferred Shares.

On February 16, 2016, the Company’s Board of Directors declared a quarterly dividend of $0.08 per share of common stock outstanding to be paid on April 7, 2016 to shareholders of record as of March 30, 2016. On February 19, 2015, the Company paid dividends of $0.06 per share of common stock outstanding, which were declared in November 2014. On March 19, 2015, the Company declared a dividend of $0.06 per share of common stock outstanding, which was paid on May 28, 2015 to shareholders of record as of May 21, 2015.

On February 29, 2016 the Company paid dividends of $0.546875 per share, $1,860 in total, for its Series D Preferred Shares.

8. Accumulated other comprehensive loss

In the first quarter of 2016 and 2015, accumulated other comprehensive loss increased with unrealized losses of $2,557 and $2,391 respectively, which resulted from changes in the fair value of financial instruments.

9. Earnings 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 March 31, 2016			Three months ended March 31, 2015
Numerator:
Net income attributable to Tsakos Energy Navigation Limited		25,425			37,281
Preferred share dividends Series B		(1,000	)		(1,000	)
Preferred share dividends Series C		(1,109	)		(1,109	)
Preferred share dividends Series D		(1,860	)		—
Net income attributable to common stockholders		21,456			35,172
Denominator:
Weighted average common shares outstanding		86,632,949			84,712,295
Basic and diluted earnings per common share	$	0.25		$	0.42

10. Commitments and Contingencies

At March 31, 2016 the Company had under construction nine aframax tankers, two LR1 product tankers, one shuttle tanker, two VLCC tankers and one LNG carrier. The total contracted amount remaining to be paid for the fifteen vessels under construction, plus the extra costs agreed as at March 31, 2016 was $724,526. Scheduled remaining payments as at March 31, 2016 were $498,932 in the remainder of 2016 and $225,594 in 2017.

At March 31, 2016, there is a prepaid amount of $1,650 under an old shipbuilding contract which was terminated in 2014, which will be used against the contract price of future new buildings currently being discussed between the Company and the shipyard.

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.

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Charters-out

The future minimum revenues of vessels in operation at March 31, 2016, before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows:

Year	Amount
April to December 2016		180,937
2017		264,129
2018		190,127
2019		156,680
2020 to 2029		649,496
Minimum charter payments		1,441,369

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 that are subject to credit risk 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 $27,933, as compared to its carrying amount of $28,291. 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, bunker swap agreements, put option agreements and call option 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 estimated fair values of the Company’s financial instruments, other than derivatives at March 31, 2016 and December 31, 2015, are as follows:

	Carrying Amount March 31, 2016			Fair Value March 31, 2016			Carrying Amount December 31, 2015			Fair Value December 31, 2015
Financial assets/(liabilities)
Cash and cash equivalents		267,546			267,546			289,676			289,676
Restricted cash		8,051			8,051			15,330			15,330
Investments		1,000			1,000			1,000			1,000
Debt		(1,424,712	)		(1,424,354	)		(1,400,094	)		(1,399,447	)

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Tabular Disclosure of Derivatives Location

Derivatives are recorded in the balance sheet on a net basis by counterparty when a legal right of setoff 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 Statement of Comprehensive Income/(loss) or in the Balance Sheet, as a component of Accumulated other comprehensive loss.

Fair Value of Derivative Instruments

		Asset Derivatives				Liability Derivatives
		March 31, 2016		December 31, 2015		March 31, 2016		December 31, 2015
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		—		—		4,692		4,666
	FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion		—		—		5,715		3,181
	Subtotal		—		—		10,407		7,847
		Asset Derivatives				Liability Derivatives
		March 31, 2016		December 31, 2015		March 31, 2016		December 31, 2015
Derivative	Balance Sheet Location	Fair Value		Fair Value		Fair Value		Fair Value
Derivatives not designated as hedging instruments
Interest rate swaps	Current portion of financial instruments - Fair value		—		—		1,073		1,040
Bunker call options	Current portion of financial instruments-Fair value		171		28		—		—
	FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion		375		126		—		—
	Subtotal		546		154		1,073		1,040
	Total derivatives		546		154		11,480		8,887

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Derivatives designated as Hedging Instruments-Net effect on the Statements of Comprehensive Income/(Loss)

Derivatives in Cash Flow Hedging Relationships

	Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)
		Amount Three months ended March 31,
Derivative		2016			2015
Interest rate swaps			(4,130	)		(3,202	)
Total			(4,130	)		(3,202	)
	Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
		Amount Three months ended March 31,
Derivative	Location	2016			2015
Interest rate swaps	Depreciation expense		(38	)		(38	)
Interest rate swaps	Interest and finance costs, net		(928	)		(773	)
Total			(966	)		(811	)

The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other comprehensive Income/(Loss) as of March 31, 2016 and December 31, 2015 was $13,284 and $10,727 respectively.

Derivatives Not Designated as Hedging Instruments-Net effect on the Statement of Comprehensive income/(loss)

	Net Realized and Unrealized Gain (Loss) Recognized on Statement of Comprehensive Income/(Loss)
		Amount Three months ended March 31,
Derivative	Location	2016			2015
Interest rate swaps	Interest and finance costs, net		(33	)		(64	)
Bunker swaps	Interest and finance costs, net		—			(343	)
Bunker put options	Interest and finance costs, net		—			210
Bunker call options	Interest and finance costs, net		127			—
Total			94			(197	)

The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of March 31, 2016 and December 31, 2015 using Level 2 inputs (significant other observable inputs):

Recurring measurements:	March 31, 2016			December 31, 2015
Interest rate swaps		(11,478	)		(8,887	)
Bunker call options		546			154
		(10,932	)		(8,733	)

12. Subsequent Events

(a) On April 4, 2016, the Company drew down $5,122 for the pre-delivery financing of one of the aframax tankers under construction, under a loan agreed in June 2014.

(b) On April 6, 2016, the Company paid a dividend of $0.08 per share of common stock outstanding, which was declared on February 16, 2016.

(c) On April 22, 2016, the Company drew down $6,254 for the pre-delivery financing of one of the aframax tankers under construction, under a loan agreed in August 2014.

(d) On April 27, 2016, the Company paid a dividend of $0.50 per share for its 8.00% Series B Preferred Shares.

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(e) On April 27, 2016, the Company paid a dividend of $0.555469 per share for its 8.875% Series C Preferred Shares.

(f) On May 5, 2016, the Company signed a new five-year term bank loan for $77,000 to finance part of the construction cost of the VLCC Ulysses. The drawdown of $77,000 was made on May 12, 2016. The loan is repayable in ten consecutive semi-annual installments of $2,140, commencing six months after the drawdown date, plus a balloon of $55,600 payable together with the last installment. On May 16, 2016, the Company took delivery of the VLCC Ulysses, the first new built VLCC tanker vessel, in a series of two.

(g) On May 17, 2016, the Company drew down $4,692 for the pre-delivery financing of one of the LR1 tanker under construction, under a loan agreed in April 2015.

(h) On May 20, 2016, the Company drew down $5,122 for the pre-delivery financing of one of the aframax tankers under construction, under a loan agreed in June 2014.

(i) On May 25, 2016, the Company drew down $9,800 for the pre-delivery financing of one of the shuttle tankers under construction, under a loan agreed in May 2015.

(j) On May 31, 2016, the Company’s Board of Directors declared a quarterly dividend of $0.08 per common share outstanding to be paid on August 10, 2016 to shareholders of record as of August 3, 2016.

(k) On May 31, 2016, the Company agreed with a lender a new loan of $33,104 relating to the refinancing of the vessels Amphitrite, Arion and Andromeda. On June 2, 2016, the Company drew down $12,010 on the above loan relating to the vessel Amphitrite and made a balloon payment of $11,300 on the maturity of the previous loan relating to that vessel.

(l) From April 1, 2016 up to June 14, 2016, the Company has repurchased 1.3 million common shares for an aggregate of $8.0 million.

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EX-99.2

Exhibit 99.2

TSAKOS ENERGY NAVIGATION LIMITED

THREE MONTHS ENDED MARCH 31, 2016

Results of operations – Management’s Discussion & Analysis

Three months ended March 31, 2016 versus three months ended March 31, 2015

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

Voyage revenues

Voyage revenues earned in the first quarter of 2016 and 2015 per charter category were as follows:

	Three months ended March 31,
	2016					2015
	$ million		% of total			$ million		% of total
Time charter-bareboat		1.4		1	%		—		—
Time charter-fixed rate		43.5		36	%		41.8		28	%
Time charter-variable rate (profit share)		15.3		13	%		20.5		14	%
Pool arrangement		—		—			2.4		1	%
Contract of affreightment		6.2		5	%		4.7		3	%
Voyage charter-spot market		55.7		45	%		79.5		54	%
Total voyage revenue		122.1		100	%		148.9		100	%

Voyage revenues from vessels were $122.1 million during the quarter ended March 31, 2016, compared to $148.9 million during the quarter ended March 31, 2015, a decrease of $26.8 million, or 18.0%. The freight market for crude carriers was strong during the first quarter of 2016 due to a healthy demand spurred by low oil prices, available oil supplies, seasonal demand and a lack of surplus vessel capacity due to restrained ordering of vessels. The reduction in revenue was mainly due to lost days arising from unavoidable factors. Firstly, the lucrative time charter of the LNG carrier, Neo Energy ended half way through the first quarter of 2016, reducing revenue of the quarter by $3.9 million compared to the previous first quarter and secondly, scheduled dry-dockings of three suezmaxes were advanced to undergo necessary and beneficial regulatory upgrading, which lost 121 days earnings, equivalent to over $4.0 million. Dry-docking days lost in the prior year first quarter were minimal. There was some softening of the spot market, which affected certain of our vessels, mainly the aframaxes and handysize product carriers, compared to the last year’s first quarter and the elderly VLCC was not in a position to repeat the rewarding storage charter of 2015. These changes contributed to a reduction of the revenue compared to the first quarter of 2015.

However, low oil prices kept bunker (fuel) costs down. Bunker prices were lower by almost 49.3% in the first quarter of 2016 compared to the first quarter of 2015. The fall in fuel prices contributed to a significant fall in overall voyage expenses compared to the prior first quarter.

As a result of the above, the average time charter equivalent rate (TCE) per vessel decreased to $23,378 per day compared to $25,591 per day in the previous year’s first quarter.

Operating days on pure time-charter without profit share decreased by only 20 days to 1,680 days from 1,700 days between the two first quarters. The number of days utilized in profit-share arrangements decreased to 693 compared to 928 in the first quarter of 2015. The number of days employed on spot increased to 1,749 from 1,659, and the days that vessels operated in a pool and contract of affreightment during the first quarter of 2016 and 2015 were almost similar at 179 and 180 days, respectively.

1

Average daily TCE rate earned for the three month periods ended March 31, 2016 and March 31, 2015 were as follows:

	Q1 2016		Q1 2015
	$		$
LNG carrier		75,259		78,488
VLCC		14,654		35,739
Suezmax		29,686		31,475
DP2 Suezmax shuttle		48,844		45,473
Aframax		26,573		30,008
Panamax		14,767		13,881
Handymax		16,080		14,293
Handysize		14,811		19,234

TCE is calculated by taking voyage revenue less voyage costs divided by the number of operating days.

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 a shipping industry performance despite changes in the mix of charter types (i.e. spot voyage charters, time charters and bare-boat 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 March 31,
	2016			2015
	$’000			$’000
Voyage revenues		122,091			148,867
Less: Voyage Expenses		(22,453	)		(34,550	)
Add: Representative operating expenses for bareboat charter ($10,000 daily)		910			—
Time charter equivalent revenues		100,548			114,317
Divided by: net earnings (operating) days		4,301			4,467
Average TCE per vessel per day		23,378			25,591

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 first quarter of 2016 was 95.3% compared to 99.3% for the first quarter of 2015. The days lost in the first quarter of 2016 primarily relate to the dry-dockings of the three suezmax tankers, Euronike, Alaska and Archangel and the unemployment of the LNG carrier, Neo Energy, since mid February. In the first quarter of 2015 lost days related to the dry-docking of the Aris.

Voyage expenses

	Total voyage expenses per category							Average daily voyage expenses per vessel
	Three months ended March 31,				% increase/ (decrease)			Three months ended March 31,				% increase/ (decrease)
	2016		2015					2016		2015
	$ million		$ million					$		$
Bunkering expenses		9.1		18.1		(49.9	%)		4,707		10,370		(54.6	%)
Port and other expenses		8.6		10.6		(18.9	%)		4,443		6,040		(26.4	%)
Commissions		4.8		5.8		(17.7	%)		2,496		3,344		(25.4	%)
Total voyage expenses		22.5		34.5					11,646		19,754
Days on spot and Contract of Affreightment (COA) employment									1,928		1,749

Voyage expenses include port charges, agency fees, canal dues and bunker (fuel) costs relating to spot charters or contract of affreightment. These voyage expenses are borne by the Company unless the vessel is on time-charter or operating in a pool, in which

2

case they are borne by the charterer or by the pool operators. Commissions on revenue are included in voyage expenses and they are borne by the Company for all types of charter. Voyage expenses were $22.5 million during the quarter ended March 31, 2016, compared to $34.5 million during the prior year’s first quarter, a 34.8% decrease. 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 and contract of affreightment. The number of days that vessels were employed on these types of charter in the first quarter of 2016 was 1,928 compared to 1,749 days in the first quarter of 2015, a 10.2% increase. The decrease in voyage expenses in the first quarter of 2016 compared to the first quarter of 2015 is mainly due the decrease in the average cost of bunkers (fuel) purchased for the fleet by 49.3%, offset by an increase of the days the fleet operated in types of employment bearing voyage expenses, due to the larger size of vessels on spot and to longer-haul voyages in the first quarter of 2016 compared to the first quarter of 2015. The daily bunkering expenses decreased in line with the total bunkering expenses. Port and other expenses decreased by 18.9% between the three-month periods, as a result of lower number of port calls.

Commissions amounted to $4.8 million, or 3.9% of revenue from vessels, during the quarter ended March 31, 2016, compared to $5.8 million or 3.9% of revenue from vessels, for the quarter ended March 31, 2015. The decrease was due to lower voyage revenues, with commission rates remaining at the same levels.

Vessel operating expenses

	Operating expenses per category								Average daily operating expenses per vessel
	Q1 2016		Q1 2015			%			Q1 2016		Q1 2015			%
	U.S.$ million		U.S.$ million			increase/ (decrease)			U.S.$		U.S.$			increase/ (decrease)
Crew expenses		19.5		20.5			(5.0	%)		4,412		4,563			(3.3	%)
Insurances		3.6		3.9			(8.3	%)		807		864			(6.7	%)
Repairs and maintenance, and spares		4.7		4.6			0.3	%		1,053		1,032			2.0	%
Stores		2.3		2.3			1.7	%		523		505			3.4	%
Lubricants		1.5		1.9			(20.3	%)		349		431			(19.0	%)
Other (quality and safety, taxes, registration fees, communications)		3.0		3.1			(0.6	%)		689		674			2.4	%
Foreign currency (gains)/losses		0.3		(0.3	)		(176.2	%)		57		(74	)		(177.0	%)
Total operating expenses		34.9		36.0						7,890		7,995
Earnings capacity days excluding vessel on bareboat charter										4,423		4,500

Vessel operating expenses include crew costs, insurances, repairs and maintenance, spares, stores, lubricants, quality and safety costs and other expenses such as tonnage tax, registration fees, communication costs and foreign currency gains or losses.

Total operating costs were $34.9 million during the quarter ended March 31, 2016 as compared to $36.0 million during quarter ended March 31, 2015, a decrease of 3.0%, whereas earnings capacity days decreased by 1.7%. This was partly due to the strengthening of the U.S. dollar against the Euro. The fluctuations in the U.S. dollar/Euro exchange rate mainly impact crew costs, as most of the Company’s crew expenses, relating to Greek vessel officers, are paid in Euro. As a result, crew costs decreased by 5.0%. The repairs and maintenance expenses and spares category increased by 0.3% as a result of the three dry-dockings performed during the first quarter of 2016 compared to one dry-docking in the respective prior year quarter. Lubricant costs were lower since the prior year’s first quarter, as a result of decreased bunker prices between the first quarter of 2016 and the first quarter of 2015.

Vessel operating expenses per ship per day for those vessels in the fleet incurring operating expenses decreased to $7,890 for the quarter ended March 31, 2016 from $7,995 for the quarter ended March 31, 2015, a 1.3% decrease.

Depreciation and amortization of deferred charges

Depreciation was $24.7 million during the quarters ended March 31, 2016 and 2015.

During the quarter ended March 31, 2016, amortization of deferred dry-docking charges was $1.5 million compared to $1.4 million in the prior year’s first quarter. For the most part the total quarterly amortization charge for the respective quarters relate to the same charges for the same vessels increased in the first quarter of 2016 with the amortization charge of the vessels that performed dry-docking in 2015.

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Impairment

In the first quarter of 2016, vessel values had improved over values determined in prior periods. Thirty eight of our vessels had carrying values in excess of their market values. However, the Company’s impairment tests did not indicate that an impairment charge was required for any vessel of the fleet at March 31, 2016. No impairment charge was required as at March 31, 2015.

General and administrative expenses

General and administrative expenses amounted to $5.4 million in the first quarter of 2016, compared to $6.6 million in the prior year first quarter, a decrease of 17.1%. Management fees totaled $4.1 million during the quarter ended March 31, 2016, a 1.3% decrease over the quarter ended March 31, 2015, due to the decreased average number of vessels.

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.

In the first quarter of 2016 and 2015, all the fleet was managed by TCM for technical and operational services, apart from the LNG carrier Neo Energy and the suezmax Eurochampion 2004, which were 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 the LNG carrier 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 each. Management fees for the suezmax Eurochampion 2004 are $27,500 per month, of which $12,000 are payable to a third party manager. Fees paid relating to vessels under construction are capitalized as part of the vessels’ costs.

Administrative expenses consist primarily of professional fees, office supplies, investor relations, advertising costs, directors’ liability insurance, directors’ fees and travel-related expenses. Administrative expenses were $1.3 million during the quarter ended March 31, 2016 compared to $1.2 million during the previous year’s first quarter.

No incentive award was made to the management in the first quarter of 2016. During the three months ended March 31, 2015, the Board of Directors decided to reward the management company with an award of $1.1 million based on various criteria.

Administrative expenses plus the management fees and the management incentive award, represent the overhead of the Company. On a per vessel basis, the daily overhead was $1,203 for the first quarter of 2016, compared to $1,456 in the first quarter of 2015. The decrease was primarily due to the management incentive award.

Operating income

Income from vessel operations was $33.1 million during the first quarter of 2016 compared to $45.7 million during the first quarter of 2015.

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 March 31,
	2016			2015
	$ million			$ million
Interest on loans		7.9			7.3
Interest rate swaps cash settlements		1.0			0.4
Total interest		8.9			7.7
Less: Interest capitalized		(1.3	)		(0.6	)
Interest expense, net		7.6			7.1
Change in fair value of interest rate swaps		0.1			0.2
Bunker hedging instruments cash settlements		0.3			3.0
Change in fair value of bunker hedging instruments		(0.4	)		(2.9	)
Other finance costs		0.3			1.1
Net total		7.9			8.5

4

Interest and finance costs, net, were $7.9 million for the first quarter of 2016 compared to $8.5 million for the quarter ended March 31, 2015, a decrease of 6.4%. Loan interest, excluding payment of swap interest, increased by 9.5% to $7.9 million from $7.3 million in the first quarter of 2015 due to increased interest rates. The average balance of outstanding debt was approximately $1,411 million for the first quarter of 2016 compared to $1,409 million for the previous year’s first quarter. Average loan interest rate increased to 2.60% from 2.22% in the prior year’s first quarter. Interest paid on both hedging and non-hedging swaps amounted to $1.0 million compared to $0.4 million in the first quarter of 2015, due to one additional hedging interest rate swap that became effective in March 2015 with interest payable within the first quarter of 2016. The average all-in loan finance cost in the first quarter of 2016, taking account of net swap interest paid, increased to 2.89% from 2.19% in the previous year’s first quarter.

Capitalized interest is based on expenditure incurred to date on vessels under construction. In the first quarter of 2016, capitalized interest was $1.3 million, based on installments made for the construction of the nine new-building aframaxes, one LNG carrier, one shuttle tanker, two LR1 panamax tankers and the two VLCCs under construction, compared to $0.6 million in the previous year’s first quarter, based on installments made on thirteen vessels under construction during the first quarter of 2015.

There was a negative movement in the fair value (mark-to-market) of non-hedging interest rate swaps net of accrued interest on hedging interest rate swaps, of $0.1 million in the first quarter of 2016 and $0.2 million in the first quarter of 2015.

There was a cash settlement of $0.3 million on non-hedging bunker swaps, offset by an equivalent positive change of $0.4 million on the fair market value of the same bunker swaps compared to $3.0 million cash settlements and positive change of $2.9 million on the fair value in the prior year quarter.

In the first quarter of 2015 other finance costs include a charge of $0.9 million for finance project costs which were expensed as they would have to be repeated when the project to which they relate occurs. Amortization of loan fees included in other finance costs amounted to $0.3 million in both the first quarter of 2016 and the first quarter of 2015.

Interest income

Total income derived from bank deposits was $0.1 million during the first quarter of 2016 and 2015. Average cash balances were slightly lower during the first quarter of 2016 compared to the first quarter of 2015. Interest rates earned on deposits were higher, but at very low levels for both periods.

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. There was an insignificant loss attributable to the non-controlling interest in both the first quarter of 2016 and 2015.

Net income

As a result of the foregoing, net income attributable to Tsakos Energy Navigation Limited for the quarter ended March 31, 2016 was $25.4 million, or $0.25 per share basic and diluted, taking into account the cumulative dividend of $4.0 million on our Preferred Series B , Series C and Series D shares, versus a net income of $37.3 million, or $0.42 per share basic and diluted, for the quarter ended March 31, 2015, taking into account the cumulative dividend of $2.1 million on our preferred Series B and Series C shares. The weighted average number of common shares (basic and diluted) during the first quarter of 2016 was 86,632,949 compared to 84,712,295 during the first quarter of 2015.

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 2016 and in future years. Net cash flow generated by operations is the main source of liquidity. Apart from the possibility of raising further funds through the capital markets, additional sources of cash include proceeds from asset sales and borrowings, although all borrowing arrangements to date have specifically related to the acquisition of specific vessels.

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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 2016, 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 March 31, 2017, 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 March 31, 2016 and December 31, 2015 amounted to $33.6 million and $35.0 respectively.

Current assets decreased to $414.3 million at March 31, 2016 from $452.2 million at December 31, 2015 mainly due to decreased cash and cash equivalents during the quarter. Current liabilities decreased to $372.7 million at March 31, 2016 from $400.6 million at December 31, 2015, due to the balloon payment of $47.1 million for the repayment of the loan of the handysize tankers Byzantion and Bosporos.

Net cash provided by operating activities was $53.7 million in the quarter ended March 31, 2016 compared to $55.4 million in the previous year’s first quarter. The decrease is mainly due to the decrease of net income in the first quarter of 2016 compared to the first quarter of 2015.

Net cash used in investing activities was $96.7 million for the quarter ended March 31, 2016, compared to $43.9 million for the quarter ended March 31, 2015. On February 5, 2016, the Company acquired the suezmax tanker Decathlon and paid the amount of $64.9 million. There were no vessel acquisitions in the first quarter of 2015. Net funds for improvements on existing vessels amounted to $0.8 million in the first quarter of 2016 compared to $1.0 million in the first quarter of 2015. In the first quarter of 2016, advances for vessels under construction amounted to $31.0 million, compared to $42.8 million in the first quarter of 2015.

There were nine aframaxes, one LNG carrier, two panamax LR1 tankers, one DP2 shuttle tanker and two VLCC tankers on order as at March 31, 2016. At March 31, 2016, the remaining yard installments to be paid for the vessels under construction amounted to $724.5 million, all of which we expect to be covered by new debt or additional sources of debt, as described above. The LNG carrier is expected to be delivered in the third quarter of 2016, the aframaxes are expected to be delivered at various dates between the second quarter of 2016 and the third quarter of 2017, the LR1 panamax tankers are expected to be delivered in the third quarter of 2016, the expected delivery of the suezmax DP2 shuttle tanker is in the first quarter of 2017 and one of the two VLCCs delivered in May 2016 and the second is expected to be delivered in the fourth quarter of 2016.

Net cash provided by financing activities was $20.9 million in the quarter ended March 31, 2016, compared to $13.9 million used in financing activities during the first quarter of 2015. In the first quarter of 2016, we drew down $100.7 million for the financing of the suezmax tanker Decathlon that amounted to $44.8 million, the amount of $31.2 million for the refinancing of the handysize tankers Byzantion and Bosporos and the amount of $24.7 million for four vessels under construction. In the first quarter of 2016 there were loan repayments of $76.1 million, whereas in the first quarter of 2015, loan repayments amounted to $29.9 million.

Total debt outstanding increased from $1,400.1 million at the beginning of the first quarter 2016 to $1,424.7 million by the quarter end. The debt to capital (equity plus debt) ratio was 49.9% at March 31, 2016 (or 45.0% on a net of cash basis). No new interest rate swaps were arranged during the first quarter. Interest rate swap coverage, including fixed interest loans coverage, on outstanding loans was approximately 18.3%.

On December 8, 2015, the Company announced the resumption of the share repurchase program for its common and/or its preferred shares previously authorized by its Board of Directors. The Company had available up to $20 million from its previously authorized program. As at March 31, 2016, the Company has acquired as treasury stock, 1.19 million shares for a total amount of $6.8 million.

On February 16, 2016 a quarterly dividend of $0.08 per common share was declared with payment date April 7, 2016 to shareholders of record as of March 30, 2016. On February 19, 2015, the Company paid dividends of $0.06 per common share outstanding, which were declared in November 2014. On May 31, 2016, the Company’s board of directors declared a quarterly dividend of $0.08 per common share outstanding on August 10, 2016 to shareholders of record as of August 3, 2016. 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.

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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 January 29, 2016. Preferred share dividends on the Series B and C Preferred Shares will be 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. On February 29, 2016 the Company paid dividends of $0.546875 per share or $1,860 in total, for its Series D Preferred Shares. Preferred share dividends on the Series D Preferred Shares are payable quarterly in arrears on the 28^th day of February, May, August and November 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.

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EX-99.3

Exhibit 99.3

CAPITALIZATION

The following table sets forth our (i) cash and cash equivalents, (ii) restricted cash, and (iii) consolidated capitalization as of March 31, 2016 on:

• an actual basis; and

• an as adjusted basis giving effect to (i) scheduled debt repayments of $38.5 million, (ii) drawdowns of $43.0 million for the financing of the Company’s vessels under construction and the payment of the same amount to the shipbuilding yards, (iii) the drawdown of $77.0 million for the VLCC Ulysses and the payment to the shipbuilding yards of the amount of $58.6 million, (iv) the payment of $4.0 million of preference dividends, (v) the payment of $6.9 million of common dividends, and (vi) our repurchase of 1,334,487 of our common shares for an aggregate of $8.0 million.

Other than these adjustments, there has been no material change in our capitalization from debt or equity issuances, re-capitalization or special dividends between March 31, 2016 and June 15, 2016.

This table should be read in conjunction with our consolidated financial statements and the notes thereto, “Results of operations-Management’s Discussion and Analysis” above, and “Item 5. Operating and Financial Review and Prospects,” included in our Annual Report on Form 20-F for the year ended December 31, 2015.

	As of March 31, 2016
In thousands of U.S. Dollars	Actual			Adjusted
Cash
Cash and cash equivalents	$	267,546		$	240,540
Restricted cash		8,051			8,051
Total cash	$	275,597		$	248,591
Capitalization
Debt:
Long-term secured debt obligations (principal amount including current portion)	$	1,424,712		$	1,506,196
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 and 3,400,000 Series D Preferred Shares issued and outstanding at March 31, 2016 on an actual and as adjusted basis		7,400			7,400
Common shares, $1.00 par value; 185,000,000 shares authorized; 87,338,652 shares issued and 87,338,652 shares issued and outstanding on an actual basis and on an as adjusted basis		87,339			87,339
Additional paid-in capital		752,001			752,001
Cost of treasury stock		(6,770	)		(14,805	)
Accumulated other comprehensive loss		(13,284	)		(13,284	)
Retained earnings		582,025			578,056
Non-controlling interest		11,485			11,485
Total stockholders’ equity		1,420,196			1,408,192
Total capitalization	$	2,844,908		$	2,914,388

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