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 October, 2018

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  ☒             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. 333-219569) filed with the SEC on July 28, 2017;

• Registration Statement on Form F-3 (No. 333-206852) filed with the SEC on September 9, 2015;

• Registration Statement on Form F-3 (No. 333-159218) 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, 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. 333-104062) 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, 2018
99.2	Management’s Discussion and Analysis of Financial Condition and Results of Operations
99.3	Capitalization at June 30, 2018
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: October 5, 2018

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, 2018 AND DECEMBER 31, 2017

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

	June 30, 2018			December 31, 2017
	(UNAUDITED)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	272,501		$	189,763
Restricted cash		9,924			12,910
Accounts receivable, net		23,436			27,364
Capitalized voyage expenses		525			—
Due from related companies (Note 2)		16,534			14,210
Advances and other		27,382			19,061
Vessels held for sale (Note 3)		—			17,500
Inventories		17,881			16,293
Prepaid insurance and other		2,946			1,577
Current portion of financial instruments-Fair value (Note 11)		7,045			5,715
Total current assets		378,174			304,393
INVESTMENTS		1,000			1,000
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11)		1,848			1,430
LONG TERM RECEIVABLE (Note 3)		13,000			13,000
FIXED ASSETS (Note 3)
Advances for vessels under construction		12,123			1,650
Vessels		3,954,228			3,953,599
Accumulated depreciation		(993,040	)		(925,195	)
Vessels’ Net Book Value		2,961,188			3,028,404
Total fixed assets		2,973,311			3,030,054
DEFERRED CHARGES, net (Note 4)		30,381			23,759
Total assets	$	3,397,714		$	3,373,636
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt (Note 5)	$	257,249		$	225,883
Payables		44,542			46,916
Due to related companies (Note 2)		10,047			7,442
Dividends payable		4,379			—
Accrued liabilities		54,788			43,693
Unearned revenue		13,498			13,611
Current portion of financial instruments - Fair value (Note 11)		336			1,378
Total current liabilities		384,839			338,923
LONG-TERM DEBT, net of current portion (Note 5)		1,414,836			1,525,986
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11)		1,203			589
STOCKHOLDERS’ EQUITY (Note 7):
Preferred shares, $ 1.00 par value; 25,000,000 shares authorized and 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares, 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares and 5,400,000 Series F Preferred Shares issued and outstanding at June 30, 2018 and 25,000,000 shares authorized and 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares, 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares issued and outstanding at December 31, 2017		17,425			12,025
Common shares, $ 1.00 par value; 175,000,000 shares authorized at June 30, 2018 and December 31, 2017; 87,338,652 shares issued at June 30, 2018 and December 31, 2017, 87,336,453 and 86,319,583 shares outstanding at June 30, 2018 and December 31, 2017, respectively		87,339			87,339
Additional paid-in capital		983,107			857,998
Cost of treasury stock		(76	)		(5,736	)
Accumulated other comprehensive loss		(4,519	)		(5,305	)
Retained earnings		501,113			547,937
Total Tsakos Energy Navigation Limited stockholders’ equity		1,584,389			1,494,258
Non-controlling Interest		12,447			13,880
Total stockholders’ equity		1,596,836			1,508,138
Total liabilities and stockholders’ equity	$	3,397,714		$	3,373,636

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

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2018 AND 2017

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

	Three months ended June 30
	2018			2017
VOYAGE REVENUES:	$	123,927		$	132,180
EXPENSES:
Voyage expenses		29,407			28,121
Charter hire expense		2,698			—
Vessel operating expenses		44,169			43,894
Depreciation and amortization		36,621			34,298
General and administrative expenses		6,812			6,557
Loss on sale of vessel		364			—
Total expenses		120,071			112,870
Operating income		3,856			19,310
OTHER INCOME (EXPENSES):
Interest and finance costs, net (Note 6)		(14,783	)		(15,873	)
Interest income		389			313
Other, net		2			199
Total other expenses, net		(14,392	)		(15,361	)
Net (loss) income		(10,536	)		3,949
Less: Net loss (income) attributable to the non-controlling interest		983			(374	)
Net (loss) income attributable to Tsakos Energy Navigation Limited	$	(9,553	)	$	3,575
Effect of preferred dividends		(6,713	)		(6,524	)
Net (loss) attributable to common stockholders of Tsakos Energy Navigation Limited		(16,266	)		(2,949	)
Loss per share, basic and diluted attributable to Tsakos Energy Navigation Limited common shareholders (Note 9)	$	(0.19	)	$	(0.03	)
Weighted average number of shares, basic and diluted (Note 9)		86,942,159			84,284,281

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

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2018 AND 2017

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

	Six months ended June 30
	2018			2017
VOYAGE REVENUES:	$	249,651		$	270,421
EXPENSES:
Voyage expenses		56,683			58,204
Charter hire expense		5,376			—
Vessel operating expenses		91,704			83,905
Depreciation and amortization		72,432			66,588
General and administrative expenses		13,643			12,667
Loss on sale of vessel		364			—
Total expenses		240,202			221,364
Operating income		9,449			49,057
OTHER INCOME (EXPENSES):
Interest and finance costs, net (Note 6)		(32,728	)		(27,738	)
Interest income		711			431
Other, net		(333	)		54
Total other expenses, net		(32,350	)		(27,253	)
Net (loss) income		(22,901	)		21,804
Less: Net loss (income) attributable to the non-controlling interest		1,433			(751	)
Net (loss) income attributable to Tsakos Energy Navigation Limited	$	(21,468	)	$	21,053
Effect of preferred dividends		(13,355	)		(10,492	)
Net (loss) income attributable to common stockholders of Tsakos Energy Navigation Limited		(34,823	)		10,561
(Loss) Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common shareholders (Note 9)	$	(0.40	)	$	0.13
Weighted average number of shares, basic and diluted (Note 9)		86,634,907			84,126,285

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

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2018, AND 2017

(Expressed in thousands of U.S. Dollars)

	Three months ended June 30
	2018			2017
Net (loss) income	$	(10,536	)	$	3,949
Other comprehensive income
Unrealized gain (loss) from hedging financial instruments
Unrealized income (loss) on interest rate swaps, net		1,808			(125	)
Comprehensive (loss) income		(8,728	)		3,824
Less: comprehensive loss (income) attributable to the non-controlling interest		983			(374	)
Comprehensive (loss) income attributable to Tsakos Energy Navigation Limited	$	(7,745	)	$	3,450

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

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2018, AND 2017

(Expressed in thousands of U.S. Dollars)

	Six months ended June 30
	2018			2017
Net (loss) income	$	(22,901	)	$	21,804
Other comprehensive income (loss)
Unrealized gain (loss) from hedging financial instruments
Unrealized income (loss) on interest rate swaps, net		786			(3,196	)
Comprehensive (loss) income		(22,115	)		18,608
Less: comprehensive loss (income) attributable to the non-controlling interest		1,433			(751	)
Comprehensive (loss) income attributable to Tsakos Energy Navigation Limited	$	(20,682	)	$	17,857

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

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2018, AND 2017

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

	Preferred Shares		Common Shares		Additional Paid-in Capital			Treasury stock						Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Tsakos Energy Navigation Limited			Non- controlling Interest		Total Stockholders’ Equity
								Shares			Amount
BALANCE, January 1, 2017	$	7,400	$	87,339	$	752,001			3,617,786		$	(20,173	)	$	582,889		$	(4,313	)	$	1,405,143		$	12,307	$	1,417,450
Net income															21,053						21,053			751		21,804
Issuance of 9.25% Series E Preferred Shares		4,600				105,896															110,496					110,496
Sale of Series D Preferred Shares		25				508															533					533
Sale of Common Shares						(296	)		(650,717	)		3,622			(650	)					2,676					2,676
Common dividends declared ($0.05 per share)															(4,221	)					(4,221	)				(4,221	)
Common dividends paid ($0.05 per share)															(4,214	)					(4,214	)				(4,214	)
Dividends paid on Series B Preferred shares															(2,000	)					(2,000	)				(2,000	)
Dividends paid on Series C Preferred shares															(2,219	)					(2,219	)				(2,219	)
Dividends paid on Series D Preferred shares															(3,739	)					(3,739	)				(3,739	)
Dividends paid on Series E Preferred shares															(1,566	)					(1,566	)				(1,566	)
Other comprehensive loss																		(3,196	)		(3,196	)				(3,196	)
BALANCE June 30, 2017	$	12,025	$	87,339	$	858,109		$	2,967,069		$	(16,551	)	$	585,333		$	(7,509	)	$	1,518,746		$	13,058	$	1,531,804
BALANCE, January 1, 2018	$	12,025	$	87,339	$	857,998		$	1,019,069		$	(5,736	)	$	547,937		$	(5,305	)	$	1,494,258		$	13,880	$	1,508,138

	Preferred Shares		Common Shares		Additional Paid-in Capital			Treasury stock						Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Tsakos Energy Navigation Limited			Non- controlling Interest			Total Stockholders’ Equity
								Shares			Amount
Adoption of new accounting standard															(1,311	)					(1,311	)					(1,311	)
Net loss															(21,468	)					(21,468	)		(1,433	)		(22,901	)
Issuance of 9.50% Series F Preferred Shares		5,400				125,153															130,553						130,553
Sale of Common Shares						(44	)		(1,016,870	)		5,660			(2,045	)					3,571						3,571
Common dividends declared ($0.05 per share)															(4,379	)					(4,379	)					(4,379	)
Common dividends paid ($0.05 per share)															(4,337	)					(4,337	)					(4,337	)
Dividends paid on Series B Preferred Shares															(2,000	)					(2,000	)					(2,000	)
Dividends paid on Series C Preferred Shares															(2,219	)					(2,219	)					(2,219	)
Dividends paid on Series D Preferred Shares															(3,746	)					(3,746	)					(3,746	)
Dividends paid on Series E Preferred Shares															(5,319	)					(5,319	)					(5,319	)
Other comprehensive income																		786			786						786
BALANCE June 30, 2018	$	17,425	$	87,339	$	983,107			2,199		$	(76	)	$	501,113		$	(4,519	)	$	1,584,389		$	12,447		$	1,596,836

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

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2018 AND 2017

(Expressed in thousands of U.S. Dollars)

	Six months ended June 30
	2018			2017
Cash Flows from Operating Activities:
Net (loss) income	$	(22,901	)	$	21,804
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation		67,940			63,288
Amortization of deferred dry-docking costs		4,492			3,300
Amortization of loan fees		2,074			1,464
Change in fair value of derivative instruments		(1,483	)		1,209
Loss on sale of vessel		364			—
Payments for dry-docking		(11,114	)		(6,970	)
(Increase) Decrease in:
Accounts receivables		(8,666	)		7,423
Inventories		(1,972	)		3,471
Prepaid insurance and other		(1,369	)		314
Capitalized voyage expenses		(525	)		—
Increase (Decrease) in:
Payables		869			3,283
Accrued liabilities		11,095			6,697
Unearned revenue		(113	)		5,625
Net Cash provided by Operating Activities		38,691			110,908
Cash Flows from Investing Activities:
Advances for vessels under construction and acquisitions		(10,473	)		(1,979	)
Vessel acquisitions and/or improvements		(629	)		(219,242	)
Proceeds from sale of vessel		17,520			—
Net Cash provided by (used in) Investing Activities		6,418			(221,221	)
Cash Flows from Financing Activities:
Proceeds from long-term debt		255,050			215,169
Financing costs		(3,044	)		(2,214	)
Payments of long-term debt		(333,866	)		(142,224	)
Sale of treasury stock, net		3,571			2,676
Proceeds from preferred stock issuance, net		130,553			111,029
Cash dividends		(17,621	)		(13,738	)
Net Cash provided by Financing Activities		34,643			170,698
Net increase in cash and cash equivalents and restricted cash		79,752			60,385
Cash and cash equivalents and restricted cash at beginning of period		202,673			197,773
Cash and cash equivalents and restricted cash at end of period	$	282,425		$	258,158
Reconciliation of cash, cash equivalents and restricted cash:
Current Assets:
Cash and cash equivalents		272,501			250,408
Restricted cash		9,924			7,750
Total Cash and cash equivalents and restricted cash		282,425			258,158

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

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

JUNE 30, 2018 AND 2017

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

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, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018.

The consolidated balance sheet as of December 31, 2017, has been derived from the audited consolidated financial statements included in the Company’s annual report on Form 20-F filed with the Securities and Exchange Commission on April 27, 2018 (“Annual Report”), but does not include all of the footnotes required by U.S. GAAP 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, 2018, except as discussed below:

Statement of Cash Flows: In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230) - Restricted Cash, which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash and cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. On January 1, 2018, the Company adopted the aforementioned ASU. The only effect the adoption of ASU No. 2016-18 had is the presentation of the restricted cash on the statement of cash flows. More precisely, the line item “Increase in restricted cash” was removed from the financing activities section of the statement of cash flows and the beginning period and ending period cash balances now include restricted cash. The comparative period of the statement of cash flow has been retrospectively adjusted to reflect the adoption of ASU No. 2016-18. In August 2016, the FASB issued ASU No. 2016-15- Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments which addresses certain cash flow issues with the objective of reducing the existing diversity in practice: ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures.

Treasury stock: Treasury stock is stock that is repurchased by the issuing entity, reducing the amount of outstanding shares in the open market. When shares are repurchased, they may either be cancelled or held for reissue. If not cancelled, such shares are referred to as treasury stock. Treasury stock is essentially the same as unissued capital and reduces ordinary share capital. The cost of the acquired shares should generally be shown as a deduction from stockholders’ equity. Dividends on such shares held in the entity’s treasury should not be reflected as income and not shown as a reduction in equity. Gains and losses on sales of treasury stock should be accounted for as adjustments to stockholders’ equity and not as part of income. Depending on whether the shares are acquired for reissuance or retirement, treasury stock is accounted for under the cost method or the constructive retirement method. The cost method is also used, when reporting entity management has not made decisions as to whether the reacquired shares will be retired, held indefinitely or reissued. The Company elected for the repurchase of its common shares to be accounted for under the cost method. Under this method, the treasury stock account is charged for the aggregate cost of shares reacquired.

Revenue from Contracts with Customers: In May 2016, the FASB issued their final standard on revenue from contracts with customers. The standard, which was issued as ASU 2014-09 (Topic 606) by the FASB, and as amended, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with

customers and supersedes most legacy revenue recognition guidance. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The standard is effective for public business entities from annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures).

Regarding the incremental costs of obtaining a contract with a customer and contract’s fulfilling costs, they should be capitalized and been amortized over the voyage duration, if certain criteria are met – for incremental costs if only they are chargeable to the customer and for contract’s fulfilling costs if each of the following criteria is met: (i) they relate directly to the contract, (ii) they generate or enhance entity’s resources that shall be used in performance obligation satisfaction and (iii) are expected to be recovered. Further, in case of incremental costs, entities may elect, in accordance with the practical expedient of ASC 340 “Other assets and deferred costs”, not to capitalize them in cases of amortization period (voyage period) is less than one year.

On January 1, 2018, the Company adopted the aforementioned ASU using the modified retrospective method. Its adoption mainly changed the method of recognizing revenue over time for voyage charters from the discharge-to-discharge method to the loading-to-discharge method. Under the loading-to-discharge method the commencement date of each voyage charter shall be deemed to be upon the loading of the current cargo, decreasing the period of time for recognizing revenue for voyages. With respect to the recognition of voyage charters related costs, taking into consideration the aforementioned practical expedient, the related costs (i.e. commissions) continue to be expensed as incurred, on the basis that the Company’s voyage charters do not exceed one year. Additionally, the Company has identified that the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, during this period meet the capitalization criteria and are deferred and amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Capitalized voyage costs are included in the consolidated balance sheet under Current Assets. Regarding time charter and profit sharing contracts, no material changes related to the Company’s accounting policies were identified. Profit sharing contracts are accounted for as variable consideration, and included in the transaction price if some or all of an amount of variable consideration can be estimated in accordance with paragraph 606-10-32-8 and only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company adopted ASU 2014-09 during the first quarter of 2018 using the modified retrospective transition method applied to those spot market voyage charter contracts which were not completed as of January 1, 2018. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to its opening balance of retained earnings as of January 1, 2018. Prior periods were not adjusted retrospectively.

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Comprehensive Loss:

	For the Three Months ended June 30, 2018
	As reported $			Balance without adoption of New Revenue Standard $			Effect of Change $
Voyage revenues		123,927			123,840			87
Voyage expenses		29,407			29,456			(49	)
Net loss		(16,266	)		(16,402	)		136
Net loss per share, basic and diluted		(0.19	)		(0.19	)		0.00

	For the Six Months ended June 30, 2018
	As reported $			Balance without adoption of New Revenue Standard $			Effect of Change $
Voyage revenues		249,651			248,972			679
Voyage expenses		56,683			56,627			56
Net loss		(34,823	)		(35,446	)		623
Net loss per share, basic and diluted		(0.40	)		(0.41	)		0.01

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Cash Flows:

	For the Six Months ended June 30, 2018
	As reported $			Balance without adoption of New Revenue Standard $			Effect of Change $
Cash Flows from Operating Activities:		38,691			38,068			623
Adjustments to reconcile net loss to net cash provided by operating activities:
Increase in Receivables, net		(8,666	)		(7,987	)		(679	)
Increase in Capitalized voyage expenses		(525	)		0			(525	)

The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening Consolidated Balance Sheet:

	Balance as at December 31, 2017 $		New Revenue Standard Adjustment $			Balance as at January 1, 2018 $
Assets:
Current Assets:
Accounts receivable, net		27,364		(1,949	)		25,415
Capitalized voyage expenses		—		638			638
Liabilities and Stockholders’ Equity:
Current Liabilities:		—		—			—
Stockholders’ Equity:
Retained earnings		547,937		(1,311	)		546,626

Business combinations – Definition of a business: In January 2017, the FASB issued ASU No. 2017-01 – Business Combinations (Topic 805) – Clarifying the Definition of a Business which addresses business combination issues with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures.

Leases: In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), and as amended, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-11, Leases (ASC 842) – Targeted Improvements. The amendments in this Update: (i) provide entities with an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests and (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: (a) The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with Topic 606. The Company is currently analyzing the impact of the adoption 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,
	2018		2017		2018		2017
Tsakos Shipping and Trading S.A. (commissions)		1,549		1,621		3,092		3,350
Tsakos Energy Management Limited (management fees)		5,055		4,826		10,119		9,462
Tsakos Columbia Shipmanagement S.A. (special charges)		571		538		1,010		999
Argosy Insurance Company Limited (insurance premiums)		2,350		2,591		4,934		4,969
AirMania Travel S.A. (travel services)		1,235		1,487		2,815		2,710
Total expenses with related parties		10,760		11,063		21,970		21,490

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

	June 30, 2018		December 31, 2017
Due from related parties
Tsakos Columbia Shipmanagement S.A.		16,534		14,210
Total due from related parties		16,534		14,210
Due to related parties
Tsakos Energy Management Limited		594		728
Tsakos Shipping and Trading S.A.		357		313
Argosy Insurance Company Limited		8,655		5,947
AirMania Travel S.A.		441		454
Total due to related parties		10,047		7,442

At June 30, 2018, an amount of $161 ($125 at December 31, 2017) due to Tsakos Shipping and Trading S.A. and an amount of $72 ($68 at December 31, 2017) due to Argosy Insurance Limited, is included in accrued liabilities which relates to services rendered by these related parties not yet invoiced.

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, which may be adjusted per the Management Agreement of March 8, 2007, effective from January 1, 2008, at the beginning of each year, in accordance with the terms of the Management Agreement, if both parties agree. Fees are also payable to a third-party manager for the LNG carriers Maria Energy, Neo Energy, the VLCCs Ulysses, Hercules I, the aframax tankers Sapporo Princess and Maria Princess and the suezmax tanker Eurochampion 2004.

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. No such award was granted in the first six months of 2018.

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 is elected to the Holding Company without the recommendation of the existing Board of Directors, the Holding Company would be obligated to pay the Management Company an amount 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, 2018, are:

Period/Year	Amount
July to December 2018		10,295
2019		20,589
2020		20,760
2021		20,760
2022		20,760
2023 to 2028		111,506
		204,670

Management fees for vessels are included in General and Administrative expenses in the accompanying Consolidated Statements of Comprehensive (Loss) Income. 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. There were no such fees during the six months ended June 30, 2018, while fees amounting to $500 were charged during the six months ended June 30, 2017 and accounted for as part of construction costs for delivered vessels or 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, with 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.

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 half of 2018 and 2017, there were no such charges. 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 half of 2017, $2,750 has been charged for thirteen vessels delivered between May 2016 and May 2017. In the first half of 2018, 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 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

During the first six months of 2018 there were no vessel acquisitions. During the first six months of 2017, the Company took delivery of its newbuild VLCC tanker Hercules I, the newbuild aframaxes Marathon TS, Sola TS and Oslo TS and the newbuild shuttle tanker Lisboa for $383,125 in total.

Held for sale

At December 31, 2017, the VLCC Millennium was classified as held for sale.

Sales

On April 11, 2018, the Company sold the VLCC Millennium, for net proceeds of $17,520, realizing a net loss of $364.

Sale and Leaseback

On December 21, 2017, the Company entered into a five-year sale and leaseback agreement for each of two suezmaxes, Eurochampion 2004 and Euronike. Under these leaseback agreements, there was a seller’s credit of $6,500 each on the sales price that becomes immediately payable to the Company by the owners at the end of the five-year charter or upon sale of the vessels during the charter period. The Company analyzed the classification of the leaseback agreements based on the primary lease classification criteria and the supplemental indicators in ASC 840, and determined that these agreements qualified as operating leases.

Charter hire expense

As at June 30, 2018, minimum commitments to be incurred by the Company under vessel operating leases by which the Company charters-in vessels were approximately $48,478, comprised of $5,456 (2018), $10,822 (2019), $10,852 (2020), $10,822 (2021), and $10,526 (2022). The Company recognizes the expense from these charters, which is included in time-charter hire expense in the accompanying Consolidated Statements of Comprehensive Income/(Loss), on a straight-line basis over the term of the charters.

4. Deferred Charges

Deferred charges consisting of dry-docking and special survey costs, net of accumulated amortization, amounted to $30,381 and $23,759, at June 30, 2018 and December 31, 2017, respectively. Amortization of deferred dry-docking costs was $4,492 during the first six months of 2018 and $3,300 during the first six months of 2017 and is included in depreciation and amortization of deferred dry-docking costs in the accompanying Consolidated Statements of Comprehensive (Loss) Income.

5. Long-Term Debt

Facility	June 30, 2018			December 31, 2017
(a) Credit Facilities		65,000			250,104
(b) Term Bank Loans		1,619,266			1,512,978
Total		1,684,266			1,763,082
Less deferred finance costs, net		(12,181	)		(11,213	)
Total long-term debt		1,672,085			1,751,869
Less current portion of debt		(260,619	)		(228,967	)
Add deferred finance costs, current portion		3,370			3,084
Total long-term portion, net of current portion and deferred finance costs		1,414,836			1,525,986

(a) Credit facilities

As at June 30, 2018, the Company had one open reducing revolving credit facility, which is reduced in semi-annual installments with balloon payment due at maturity in February 2019. Interest is payable at a rate based on LIBOR plus a spread. At June 30, 2018, the interest rate on the above facility was 3.08%.

(b) Term bank loans

Term loan balances outstanding at June 30, 2018, amounted to $1,619,266. These bank loans are payable in U.S. Dollars in quarterly or semi-annual installments, with balloon payments due at maturity between October 2018 and January 2027. Interest rates on the outstanding loans as at June 30, 2018 are based on LIBOR plus a spread.

On February 15, 2018, the Company signed a new five-year loan for the refinancing of loans maturing between October 2018 and April 2019, relating to eleven vessels. The total new loan amounted to $162,575 and was drawn on April 3, 2018. The new loan is repayable in ten semi-annual installments of $11,561, commencing six months after the drawdown date, plus a balloon of $46,965 payable together with the last installment. On April 4, 2018, the Company prepaid $181,168 relating to the outstanding debt on the above eleven vessels.

On April 27, 2018, the Company signed a supplemental agreement to the loan agreement dated January 31, 2012 for a $12,475 top-up tranche to the existing loan for the early refinancing of the shuttle tanker Rio 2016. The top-up was drawn down on April 30, 2018 and is repayable in twelve equal semi-annual installments of $3,203, plus a balloon payment of $38,438 payable together with the last installment.

On June 7, 2018, the Company signed a new six-year loan agreement for $80,000 relating to the early refinancing of the shuttle tanker Brasil 2014. The Company repaid the amount of $66,658, which was outstanding at the refinancing date and drew down $80,000 on the same date. The new loan is repayable in twelve semi-annual installments of $3,745 for the first six installments and $3,412.5 for the following six installments, commencing six months after the drawdown date, plus a balloon of $37,055 payable together with the last installment.

On June 28, 2018, the Company signed a new term bank loan for $48,650 relating to the refinancing of three aframax tankers, Maria Princess, Nippon Princess and Ise Princess, which were approaching maturity. The loan is repayable in ten semi-annual installments of $3,041, plus a balloon payment of $18,240 payable together with the last installment.

At June 30, 2018, interest rates on these term bank loans ranged from 3.54% to 5.33%.

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

Three months ended June 30, 2018	4.25	%
Three months ended June 30, 2017	3.42	%
Six months ended June 30, 2018	4.00	%
Six months ended June 30, 2017	3.32	%

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 $107,435 at June 30, 2018 and $113,427 at December 31, 2017, 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 require a monthly pro rata transfer to a retention account of any principal due but unpaid.

As at June 30, 2018, the Company and its wholly and majority owned subsidiaries had thirty loan agreements, totaling $1,684,266. The Company fulfilled its requirements in respect of the financial covenants of all the agreements in relation to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirement in certain of its loan agreements in respect of which an amount of $6,833 has been reclassified within current liabilities at June 30, 2018.

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 June 30, 2018, and December 31, 2017, the Company’s working capital (non-restricted net current assets), amounted to $20.0 million deficit and $50.5 million deficit, respectively.

The annual principal payments required to be made after June 30, 2018, are as follows:

Period/Year	Amount
July to December 2018		87,381
2019		248,037
2020		264,759
2021		282,319
2022		221,151
2023 and thereafter		580,619
		1,684,266

6. Interest and Finance Costs, net

	Three months ended June 30,						Six months ended June 30,
	2018			2017			2018			2017
Interest expense		18,295			15,368			35,016			29,472
Less: Interest capitalized		(21	)		(120	)		(21	)		(384	)
Interest expense, net		18,274			15,248			34,995			29,088
Swaps termination cash settlements		—			—			—			(3,685	)
Bunkers swap cash settlements		(2,149	)		(327	)		(3,560	)		(688	)
Amortization of loan fees		1,262			754			2,074			1,464
Bank charges		377			114			379			140
Change in fair value of non-hedging financial instruments		(2,981	)		84			(1,160	)		1,419
Net total		14,783			15,873			32,728			27,738

At June 30, 2018, the Company was committed to six floating-to-fixed interest rate swaps with major financial institutions covering notional amounts aggregating to $337,787, maturing from July 2020 through October 2027, on which it pays fixed rates averaging 2.94% and receives floating rates based on the six-month London interbank offered rate (“LIBOR”) (Note 11).

At June 30, 2018 and December 31, 2017, all interest rate swap agreements were designated and qualified as cash flow hedges, in order to hedge the Company’s exposure to interest rate fluctuations. The fair value of such financial instruments as of June 30, 2018 and December 31, 2017, in aggregate amounted to $951 (negative) and $1,967 (negative), respectively. The net amount of cash flow hedge losses at June 30, 2018, that is estimated to be reclassified into earnings within the next twelve months to June 30, 2019 is $115.

During the first half of 2017, the Company entered into an early termination of four of its hedging interest rate swap agreements. Total cash received from those terminations amounted to $3,685.

At June 30, 2018 and December 31, 2017, the Company held one call option agreement to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels. The value of the call option at June 30, 2018 and December 31, 2017, was $224 (positive) and $118 (positive), respectively.

The change in fair values during the first half of 2018 and 2017 amounting to $106 (positive) and $866 (negative), respectively, have been included in Change in fair value of non-hedging financial instruments in the table above.

In the first half of 2017, the Company entered into a call option agreement, and paid a premium of $118.

At June 30, 2018 and December 31, 2017, the Company held thirteen and seven, respectively, bunker swap agreements to hedge its exposure to bunker price fluctuations associated with the consumptions of bunkers by its vessels. The fair value of bunker swap agreements at June 30, 2018 and December 31, 2017, was $4,121 (positive) and $3,763 (positive), respectively. The change in the fair value in the first half of 2018 and 2017 was $358 (positive) and $529 (positive), respectively, have been included in Change in fair value of non-hedging financial instruments in the table above.

During 2016, the Company entered into three bunker swap agreements in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by the vessel Ulysses. The fair values of these financial instruments as of June 30, 2018 and December 31, 2017, were $3,960 (positive) and $3,264 (positive). The change in the fair value in the first half of 2018 and 2017 was $696 (positive) and $1,083 (negative), respectively and have been included in Change in fair value of non-hedging financial instruments in the table above.

7. Stockholders’ Equity

During the first half of 2018, the Company sold 1,016,870 common shares from its treasury stock for net proceeds of $3,571. During the first half of 2017, the Company sold 650,717 common shares from its treasury stock for net proceeds of $2,676 and 24,803 of its Series D Preferred Shares for net proceeds of $533.

On January 30, 2018 and April 30, 2018, the Company paid dividends of $0.50 per share, $2,000 in total, for its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 in total, on its 8.875% Series C Preferred Shares. On January 30, 2017 and May 1, 2017, the Company paid dividends of $0.50 per share, $2,000 in total, for its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 in total, on its 8.875% Series C Preferred Shares.

On February 28, 2018, and May 29, 2018, the Company paid dividends of $0.54687 per share for its 8.75% Series D Preferred Shares, $3,746 in total. On February 28, 2017 and May 30, 2017, the Company paid dividends of $0.546875 per share, $3,739 in total, for its Series D Preferred Shares.

On April 5, 2017, the Company completed an offering of 4,600,000 of its Series E Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $110,496, net of underwriter’s discount and other expenses. Dividends on the Series E Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 28^th day of February, May, August and November of each year, commencing May 28, 2017, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.25% per annum of the stated liquidation preference prior to May 28, 2027 and from and including May 28, 2027, at a floating rate equal to three-month LIBOR plus a spread of 6.881% per annum of the stated liquidation preference. On May 30, 2017, the Company paid dividends of $0.34045 per share each or $1,566 in total, on its Series E Preferred Shares. On February 28, 2018 and May 29, 2018, the Company paid dividends of $0.57812 per share or $5,319 in total, for its 9.25% Series E Preferred Shares.

On June 28, 2018, the Company completed an offering of 5,400,000 of its Series F Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $130,553, net of underwriter’s discount and other expenses. Dividends on the Series F Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 30^th day of January, April, July and October of each year, commencing October 30, 2018, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.50% per annum of the stated liquidation preference prior to July 30, 2028 and from and including July 30, 2028, at a floating rate equal to three-month LIBOR plus spread of 6.54% per annum of the stated liquidation preference.

On May 10, 2018, the Company paid a dividend of $0.05 per common share outstanding which was declared on March 12, 2018. On June 15, 2018, the Company declared a dividend of $0.05 per common share payable on August 8, 2018 to stockholders of record as of August 2, 2018. On April 28, 2017 and July 14, 2017, the Company paid dividends of $0.05 per common share outstanding, which were declared on March 17, 2017 and May 12, 2017, respectively.

8. Accumulated other comprehensive income (loss)

In the first half of 2018, Accumulated other comprehensive loss decreased with unrealized gains of $786 which resulted from changes in fair value of financial instruments.

In the first half of 2017, Accumulated other comprehensive loss increased with unrealized losses of $3,196, which resulted from changes in fair value of financial instruments.

9. (Loss) Earnings per Common Share

The computation of basic (loss) 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,
	2018			2017			2018			2017
Numerator
Net (loss) income attributable to Tsakos Energy Navigation Limited		(9,553	)		3,575			(21,468	)		21,053
Preferred share dividends Series B		(1,000	)		(1,000	)		(2,000	)		(2,000	)
Preferred share dividends Series C		(1,109	)		(1,109	)		(2,219	)		(2,219	)
Preferred share dividends Series D		(1,874	)		(1,874	)		(3,746	)		(3,732	)
Preferred share dividends Series E		(2,659	)		(2,541	)		(5,319	)		(2,541	)
Preferred share dividends Series F		(71	)		—			(71	)		—
Net (loss) income attributable to common stockholders		(16,266	)	$	(2,949	)		(34,823	)	$	10,561
Denominator
Weighted average common shares outstanding		86,942,159			84,284,281			86,634,907			84,126,285
Basic and diluted (loss) income per common share	$	(0.19	)	$	(0.03	)	$	(0.40	)	$	0.13

10. Commitments and Contingencies

On May 2, 2018, the Company signed two new building contracts for the construction of two aframax tankers for $51,720 each. The total contracted amount remaining to be paid for the two vessels under construction as at June 30, 2018 was $93,096 from November 2018 to January 2020.

At June 30, 2018, 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.

Charters-out

The future minimum revenues of vessels in operation at June 30, 2018, before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows:

Period/Year	Amount
July to December 2018		149,712
2019		232,196
2020		201,453
2021		163,775
2022 to 2029		385,192
Minimum charter payments		1,132,328

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 risks 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, as at June 30, 2018 and December 31, 2017. The fair value of long-term bank loans with variable interest rates approximate the recorded values, generally due to their variable interest rates. 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 Consolidated 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 interest rate swap agreements, the bunker swap agreements, the put option agreements and the call option agreements as at June 30, 2018 and the fair value of the one long-term bank loan with a fixed interest rate as at December 31, 2017, 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 June 30, 2018 and December 31, 2017, are as follows:

	Carrying Amount June 30, 2018			Fair Value June 30, 2018			Carrying Amount December 31, 2017			Fair Value December 31, 2017
Financial assets (liabilities)
Cash and cash equivalents		272,501			272,501			189,763			189,763
Restricted cash		9,924			9,924			12,910			12,910
Investments		1,000			1,000			1,000			1,000
Debt		(1,684,266	)		(1,684,266	)		(1,763,082	)		(1,762,938	)

Tabular Disclosure of Derivatives Location

Derivatives are recorded in the consolidated 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 consolidated 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 comprehensive income (loss) or in the consolidated balance sheet, as a component of Accumulated other comprehensive income (loss).

Fair Value of Derivative Instruments

		Asset Derivatives				Liability Derivatives
Derivative	Balance Sheet Location	June 30, 2018 Fair Value		December 31, 2017 Fair Value		June 30, 2018 Fair Value		December 31, 2017 Fair Value
Derivatives designated as hedging instruments
Interest rate swaps	Current portion of financial instruments - Fair value		—		—		336		1,378
	Financial instruments - Fair value, net of current portion		588		—		1,203		589
	Subtotal		588		—		1,539		1,967
		Asset Derivatives				Liability Derivatives
Derivative	Balance Sheet Location	June 30, 2018 Fair Value		December 31, 2017 Fair Value		June 30, 2018 Fair Value		December 31, 2017 Fair Value
Derivatives not designated as hedging instruments
Bunker swaps	Current portion of financial instruments - Fair value		7,045		5,715		—		—
	Financial instruments - Fair value, net of current portion		1,036		1,312		—		—
Bunker call options	Financial instruments - Fair value, net of current portion		224		118		—		—
	Subtotal		8,305		7,145		—		—
Total derivatives			8,893		7,145		1,539		1,967

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

	Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)
Derivative	Amount Three months ended June 30,					Amount Six months ended June 30,
	2018		2017			2018		2017
Interest rate swaps		1,604		(816	)		83		(4,611	)
Total		1,604		(816	)		83		(4,611	)

	Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Derivative	Location	Amount Three months ended June 30,						Amount Six months ended June 30,
		2018			2017			2018			2017
Interest rate swaps	Depreciation expense		(47	)		(51	)		(94	)		(76	)
Interest rate swaps	Interest and finance costs, net		(157	)		(640	)		(609	)		(1,339	)
Total			(204	)		(691	)		(703	)		(1,415	)

Derivatives not designated as Hedging Instruments–Net effect on the Statement of Comprehensive Income (Loss)

	Gain (Loss) Recognized on Derivative
Derivative	Location	Amount Three months ended June 30,					Amount Six months ended June 30,
		2018		2017			2018		2017
Bunker swaps	Interest and finance costs, net		5,056		368			4,614		(174	)
Bunker call options	Interest and finance costs, net		75		(124	)		106		(557	)
Total			5,131		244			4,720		(731	)

The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Loss as of June 30, 2018 and December 31, 2017 was $4,519 and $5,305 respectively.

The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of June 30, 2018 and December 31, 2017 using level 2 inputs (significant other observable inputs):

Recurring measurements:	June 30, 2018			December 31, 2017
Interest rate swaps		(951	)		(1,967	)
Bunker swaps		8,081			7,027
Bunker call options		224			118
		7,354			5,178

12. Subsequent Events

(a) On July 10, 2018, the Company received the net amount of $14,575 from the exercise of the underwriters’ greenshoe option on its Series F Preferred Shares with the sale of 600,000 additional shares.

(b) On July 30, 2018, the Company paid dividends of $0.50 and $0.55469 per share on its 8.00% Series B and its 8.875% Series C Preferred Shares, respectively.

(c) On August 8, 2018, the Company paid a dividend of $0.05 per common share outstanding, which was declared on June 15, 2018.

(d) On August 28, 2018, the Company paid dividends of $0.546875 per share on its 8.75% Series D Preferred Shares and $0.578125 per share on its 9.25% Series E Preferred Shares, respectively.

(e) On September 7, 2018, the Company declared a dividend of $0.05 per common share payable on December 6, 2018 to shareholders of record as of November 30, 2018.

EX-99.2

EXHIBIT 99.2

TSAKOS ENERGY NAVIGATION LIMITED

THREE AND SIX MONTHS ENDED JUNE 30, 2018

Results of operations – management’s 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, 2018 and 2017:

	2018					2017
	$ million		% of total			$ million		% of total
Time charter-bareboat		—		0	%		1.4		1	%
Time charter-fixed rate		59.6		48	%		56.3		43	%
Time charter-variable rate (profit-share)		23.9		19	%		27.2		20	%
Voyage charter-spot market		31.6		26	%		38.0		29	%
Voyage charter-contract of affreightment		8.8		7	%		9.3		7	%
Total voyage revenue		123.9		100	%		132.2		100	%

Voyage revenue earned for the six months ended June 30, 2018 and 2017:

	2018					2017
	$ million		% of total			$ million		% of total
Time charter-bareboat		—		0	%		2.7		1	%
Time charter-fixed rate		119.4		48	%		105.2		39	%
Time charter-variable rate (profit-share)		49.9		20	%		49.6		18	%
Voyage charter-spot market		60.0		24	%		92.0		34	%
Voyage charter-contract of affreightment		20.4		8	%		20.9		8	%
Total voyage revenue		249.7		100	%		270.4		100	%

Voyage revenue earned during the three months ended June 30, 2018, totaled $123.9 million, compared to $132.2 million earned in the three months ended June 30, 2017, a 6.2% decrease. The decrease was primarily due to the softening of the market, exacerbated by expected seasonal oil demand factors and by de-stocking of crude oil and product inventories. During the second quarter of 2018, the Company operated on average 64.1 vessels compared to 62.3 vessels in the second quarter of 2017.

Total utilization (total days that the vessels were actually employed as a percentage of total days in the period that the Company owned or controlled the vessels) achieved by the fleet was 96.2% in the second quarter of 2018 compared to 96.4% in the second quarter of 2017. Lost days arose mainly from the dry-dockings of the panamax vessel Inca and the DP shuttle tanker Brasil 2014, repairs to the handymax vessel Artemis, the delivery and sale of vessel Millennium and the long-haul repositioning voyages for the handymax product carrier Ariadne, the handysize product carrier Arion and aframax Sapporo Princess. In the previous year second quarter, lost days related to the dry-dockings of the suezmaxes Silia T and Arctic, the aframaxes Sakura Princess and Izumo Princess, the handysize product carrier Aegeas and the days lost for repositioning and delivery preparation of the new DP shuttle tanker Lisboa.

Due to the addition of two new vessels to the fleet and the commencement of their fixed rate long-term employment, in addition to management’s decision to increase the number of vessels’ operating days on secured employment, operating days on pure time-charter without profit-share arrangements increased by 249 days, to 2,546 from 2,297

1

for the second quarter of 2018 and 2017 respectively, a 10.8% increase. The amount of revenue earned from time-charters without profit-share arrangements, however, increased only by 5.9% to $59.6 million from $56.3 million, due to lower rates achieved on charter renewals in the poor market. The number of days utilized on time-charter with profit-share arrangements, remained relatively stable and totaled 1,575 compared to 1,537 in the second quarter of 2017, while a decrease of $3.3 million on this type of employment was due to almost no profit-share being earned in the second quarter of 2018, because of the low rate environment. The number of days in the second quarter of 2018 for vessels employed on spot and contract of affreightment decreased by 140 days to 1,493 during the second quarter of 2018 from 1,633 in the second quarter of 2017, an 8.6% decrease. Revenue earned on spot and contract of affreightment for the second quarter of 2018, decreased by $6.9 million, or 14.5%, compared to the corresponding period of 2017, due partly to the move of vessels to fixed employment, but also to the soft market. In particular, the VLCC crude carriers suffered a spot rate decline by more than 20% compared to the previous second quarter, while suezmax crude carriers saw spot rates decline by up to 14% over the equivalent quarter of 2017.

During the six months ended June 30, 2018, voyage revenue decreased to $249.7 million from $270.4 million earned in the first half of 2017, a decrease of $20.7 million, or 7.7%, compared to revenue achieved in the six months ended June 30, 2017. For the first six months of 2018, the utilization achieved was 96.2%, compared to 96.8% in the first six months of 2017. Apart from the lost days of the second quarter, the six-month period of 2018 also includes lost days from the dry-dockings of the suezmax tanker Eurovision, the panamax tankers Maya, Selecao, Socrates, the dry-docking of the DP shuttle tanker Brasil 2014, and various repositioning voyages.

The average daily revenue per vessel for the second quarter of 2018, after deducting voyage expenses (time charter equivalent or TCE, see definition below) was $17,154 per day compared to $19,200 per day for the previous year’s second quarter. For the six-month period of 2018, the average daily TCE was $17,463 compared to $20,038 for the equivalent period of 2017. Average daily TCE rate earned for the three- and six-month periods ended June 30, 2018 and 2017, per vessel category were:

	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018		2017
	$		$		$		$
LNG carrier		29,920		23,660		26,786		23,663
VLCC		24,857		28,204		23,991		27,889
Suezmax		15,079		19,584		14,716		23,151
DP2 Suezmax		49,115		49,506		49,339		49,882
Aframax		17,650		18,031		18,104		19,055
Panamax		12,946		16,373		14,005		16,155
Handymax		11,848		14,784		11,960		14,916
Handysize		9,928		12,666		11,462		12,642

TCE is calculated by taking voyage revenue less voyage costs divided by the number of revenue days less 188 days lost as a result of calculating revenue on a loading to discharge basis for the first half of 2018 and 104 days for the second quarter of 2018.The change in the calculation of days is due to the adoption of the new revenue recognition standard.

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):

2

	Three months ended June 30,						Six months ended June 30,
	2018			2017			2018			2017
Voyage revenues	$	123,927		$	132,180		$	249,651		$	270,421
Less: Voyage Expenses		(29,407	)		(28,121	)		(56,683	)		(58,204	)
Add: Representative operating expenses for bareboat charter ($10,000 daily)		—			910			—			1,810
Time charter equivalent revenues	$	94,520		$	104,969		$	192,968		$	214,027
Divided by: net earnings (operating) days		5,510			5,467			11,050			10,681
Average TCE per vessel per day	$	17,154		$	19,200		$	17,463		$	20,038

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. These voyage expenses are borne by the Company unless the vessel is on time-charter, in which case they are borne by the charterer. Commissions on revenue are included in voyage expenses and they are borne by the Company for all types of charter.

Voyage expenses for the three months ended June 30, 2018 and 2017:

	Voyage expenses							Average daily voyage expenses per relevant vessel
	2018		2017					2018		2017
	$ million		$ million		increase/ (decrease)			$		$		increase/ (decrease)
Bunker expenses		16.1		13.4		20.2	%		10,798		8,215		31.4	%
Port and other expenses		8.8		9.7		(9.5	)%		5,881		5,941		(1.0	)%
Commissions		4.5		5.0		(10.0	)%		3,017		3,064		(1.5	)%
Total		29.4		28.1		4.6	%		19,696		17,220		14.4	%

Voyage expenses for the six months ended June 30, 2018 and 2017:

	Voyage expenses							Average daily voyage expenses per relevant vessel
	2018		2017					2018		2017
	$ million		$ million		increase/ (decrease)			$		$		increase/ (decrease)
Bunker expenses		30.6		29.6		3.6	%		10,287		8,566		20.1	%
Port and other expenses		17.2		18.2		(5.7	)%		5,771		5,278		9.3	%
Commissions		8.9		10.4		(14.9	)%		2,977		3,017		(1.3	)%
Total		56.7		58.2		(2.6	)%		19,035		16,861		12.9	%

Voyage expenses were $29.4 million during the quarter ended June 30, 2018, compared to $28.1 million during the prior year’s second quarter, a 4.6% increase. The increase in voyage expenses for the second quarter of 2018 compared to the second quarter of 2017, is mainly due to the increase in average bunker prices by 49.1%, partially offset by the decrease in volume of bunkers consumed by 25.3% due to the fewer number of days that the vessels were employed on types of employment bearing voyage expenses (spot and contract of affreightment). Total port expenses during the second quarter of 2018 decreased by $0.9 million from the previous second quarter and the average port expenses per vessel per day were 1.0% lower than in the second quarter of 2017.

3

Voyage expenses were $56.7 million in the first six months of 2018, compared to $58.2 million in the first six months of 2017, a 2.6% decrease. Bunker expenses in the first half of 2018 compared to the first half of 2017 increased by $1.0 million, mainly due to the increase of the average bunker prices by 31.2%, partially offset by the decrease in the bunkers volume consumed by 29.9%. For the first six-month respective periods, the days the vessels were operating in types of employment bearing voyage expenses were 2,978 days in 2018 compared to 3,452 days in 2017, a decrease of 13.7%. Port and other expenses decreased by 5.7% between the six-month periods and increased by 9.3% on a daily basis.

Commissions amounted to $4.5 million, or 3.6% of voyage revenue, during the second quarter of 2018 compared to $5.0 million, or 3.8% of voyage revenue, during the second quarter of 2017. The decrease in total commission charges relates mainly to the decrease in revenue. For the six-month period ended June 30, 2018, commissions amounted to $8.9 million, or 3.6% of voyage revenue, compared to $10.4 million, or 3.9% of voyage revenue, in the corresponding period of 2017. The overall decrease between the respective six-month periods was mainly due to lower revenue.

Vessel operating expenses

Operating expenses for the three months ended June 30, 2018 and 2017:

	Operating expenses								Average daily operating expenses per vessel
	2018			2017					2018			2017
	$ million			$ million		increase/ (decrease)			$			$		increase/ (decrease)
Crew expenses		26.7			26.1		2.3	%		4,576			4,675		(2.1	)%
Insurances		3.9			4.0		(3.9	)%		664			722		(8.1	)%
Repairs and maintenance, and spares		5.6			6.1		(7.5	)%		966			1,092		(11.5	)%
Stores		2.6			2.5		5.5	%		449			444		0.9	%
Lubricants		1.8			1.8		0.3	%		311			325		(4.1	)%
Other (quality and safety, taxes, registration fees, communications)		4.0			2.7		46.6	%		689			491		40.2	%
Foreign currency (gains) losses		(0.4	)		0.7		(174.6	)%		(84	)		117		(171.4	)%
Total		44.2			43.9		0.6	%		7,571			7,866		(3.8	)%
Earnings capacity days										5,834			5,580

Operating expenses for the six months ended June 30, 2018 and 2017:

	Operating expenses							Average daily operating expenses per vessel
	2018		2017					2018		2017
	$ million		$ million		increase/ (decrease)			$		$		increase/ (decrease)
Crew expenses		54.6		50.6		7.8	%		4,670		4,665		0.12	%
Insurances		8.0		7.9		1.0	%		685		730		(6.1	)%
Repairs and maintenance, and spares		12.2		10.7		14.2	%		1,044		984		6.1	%
Stores		6.0		4.9		22.3	%		515		453		13.6	%
Lubricants		3.7		3.5		5.7	%		318		324		(1.8	)%
Other (quality and safety, taxes, registration fees, communications)		7.0		5.7		23.5	%		601		524		14.7	%
Foreign currency losses		0.2		0.6		(67.1	)%		16		50		(69.4	)%
Total operating expenses		91.7		83.9		9.3	%		7,849		7,730		1.5	%
Earnings capacity days									11,684		10,854

4

Vessel operating expenses include crew expenses, insurances, repairs and maintenance, spares, stores, lubricants, and other expenses relating to quality and safety, tonnage tax, registration fees, communications and foreign currency (gains or losses).

Vessel operating expenses are borne by the Company for all vessels of the fleet. Total vessel operating expenses were $44.2 million during the quarter ended June 30, 2018 compared to $43.9 million during the second quarter of 2017, an increase of 0.6%. In the six-month period of 2018, operating expenses amounted to $91.7 million and were $83.9 million for the first half of 2017, a 9.3% increase, whereas earnings capacity days increased by 7.6% as a result of the operation of two additional new vessels in the first six months of 2018 compared to the prior year first six months, which affected the major operating expense categories. More specifically, high non-deferrable dry-docking costs were incurred in the first quarter of 2018 as well as significant re-stocking of spares and supplies.

Average operating expenses per ship per day decreased by $295 to $7,571 from $7,866 for the quarter ended June 30, 2018, a 3.8% decrease. For the six-month periods, there was an increase in average daily operating expenses per vessel to $7,849 from $7,730, an increase of $118 daily, or 1.5% due to high first quarter expenditure.

Depreciation and amortization of deferred charges

Depreciation and amortization charges totaled $36.6 million in the second quarter of 2018 compared to $34.3 million in the second quarter of 2017, a 6.8% increase.

Depreciation amounted to $34.2 million in the second quarter of 2018 and $32.7 million in the second quarter of 2017, the increase being mainly due to the addition of two vessels to the fleet, partially offset by the vessel Millennium, which was classified as Held for Sale since December 31, 2017 and did not incur depreciation expense in the first two quarters of 2018, while incurring depreciation in the first half of 2017. For the first six months of 2018, depreciation was $67.9 million compared to $63.3 million in the first six months of 2017, a 7.3% increase, mainly due to the increase in the fleet partially offset by the impact of the absence of depreciation for the Millennium.

Amortization of deferred dry-docking charges was $2.5 million during the second quarter of 2018, compared to $1.6 million during the second quarter of 2017. For the six-month periods ended June 30, 2018 and 2017, amortization of deferred dry-docking charges was $4.5 million and $3.3 million, respectively. The increase in both the three and six-month periods of 2018 relates primarily to the amortization of deferred charges arising from the increased number of vessels that underwent dry-docking in recent years and increase in costs, including the significant deferrable costs incurred in the first quarter of 2018.

Impairment

In the first half of 2018, vessel values continued to decline as world vessel capacity grew and freight rates softened, resulting in a large part of the fleet having carrying values in excess of market values. Fifty-nine of our vessels had carrying values in excess of market values. However, the Company’s impairment cash-flow tests did not indicate that an impairment charge was required for any vessel of the fleet at June 30, 2018 and 2017.

General and administrative expenses

General and administrative expenses include management fees, administrative expenses, management incentive award and stock compensation expense.

General and administrative expenses (G&A) totaled $6.8 million in the second quarter of 2018, compared to $6.6 million in the second quarter of 2017, a 3.9% increase mainly due to the increase in the size of the fleet which resulted in an increase in total management fees. For the six months ended June 30, 2018, G&A totaled $13.6 million compared to $12.7 million for the first six months of 2017, a 7.7% increase.

Management fees totaled $5.5 million during the quarter ended June 30, 2018, compared to $5.2 million for the quarter ended June 30, 2017, a 5.5% increase. For the six months ended June 30, 2018 management fees were $11.0 million compared to $10.2 million in the first six months of 2017, a 7.6% increase, mainly due to the increase in the average number of operating vessels from 61.0 to 64.6.

5

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. Both parties have agreed that for 2018 and 2017, there should be no increase.

In the first half of 2018, all the vessels in the fleet were technically managed by Tsakos Columbia Shipmanagement, S.A., apart from the LNG carriers Neo Energy and Maria Energy, the VLCCs Ulysses and Hercules I, the suezmax Eurochampion 2004 and the aframaxes Maria Princess and Sapporo Princess, which have been managed by a third-party manager. 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 carriers are $36,877, of which $10,000 are payable to the management company and $26,877 to the third-party manager. Management fees for Eurochampion 2004, Maria Princess, Sapporo Princess, Millennium (until its sale), Hercules I and Ulysses are $27,500 per month, of which $14,503 are payable to a third-party manager. Management fees for the DP2 shuttle tankers are $35,000 per month.

Office administrative expenses consist primarily of professional fees, office supplies, investor relations, advertising costs, directors’ liability insurance, directors’ fees and travel-related expenses. Administrative expenses totaled $1.3 million during the second quarter ended June 30, 2018 compared to $1.1 million during the previous year’s second quarter.

No incentive award nor any stock compensation was made to the management in the six-month period ended June 30, 2018. In June 2017, the management company was awarded a total amount of $1.2 million based on a decision made by the Board of Directors and various agreed performance criteria, taking into account cash availability and market volatility. Of this amount, $0.6 million related to the offering of Series E Cumulative Perpetual Preferred Shares, which amount was accounted for as a deduction of additional paid in capital. The remaining award was accounted for on a straight-line basis within the year it was determined. As a consequence, an amount of $0.3 million was included in the second quarter and first half of 2017, within General and administrative expenses.

General and administrative expenses, including the management fee, plus any incentive or stock compensation award, represent the overhead of the Company. On a per vessel basis, the daily overhead was $1,168 for the second quarter of 2018, compared to $1,156 in the second quarter of 2017. For the respective six-month periods, the daily overhead per vessel was $1,168 and $1,148.

Operating income

Income from vessel operations was $3.9 million during the second quarter of 2018, compared to $19.3 million during the second quarter of 2017. During the first half of 2018, income from vessel operations was $9.5 million, compared to $49.1 million during the first half of 2017, the decrease being mainly due lower freight rates as a result of a softer spot market.

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.

6

	Three months ended June 30,						Six months ended June 30,
	2018			2017			2018			2017
	$ million			$ million			$ million			$ million
Interest on loans		18.1			14.6			34.4			27.9
Interest rate swaps cash settlements		0.5			0.8			0.9			1.6
Total interest		18.6			15.4			35.3			29.5
Less: Interest capitalized		—			(0.1	)		—			(0.4	)
Interest expense, net		18.6			15.3			35.3			29.1
Receipts from swaps termination		—			—			—			(3.7	)
Bunker hedging instruments cash settlements		(2.1	)		(0.1	)		(3.6	)		(0.7	)
Change in fair value of non-hedging bunker instruments		(3.0	)		0.1			(1.2	)		1.4
Change in fair value of hedging interest rate swaps		(0.3	)		(0.2	)		(0.3	)		—
Other finance costs		1.6			0.8			2.5			1.6
Net total		14.8			15.9			32.7			27.7

Interest and finance costs, net, were $14.8 million for the second quarter of 2018, compared to $15.9 million for the quarter ended June 30, 2017, a 7.0% decrease. Loan interest in the second quarter of 2018 (excluding the impact of interest rate swaps) increased by 23.1% to $18.1 million from $14.6 million in the second quarter of 2017, due primarily to increased interest rates. The average loan interest rate also increased to 4.3% during the second quarter of 2018 from 3.2% in the second quarter of 2017.

Interest paid on hedging interest rate swaps amounted to $0.5 million in the second quarter of 2018 compared to $0.8 million in the second quarter of 2017, due to expiration of two hedging interest rate swaps during the second quarter of 2018. For the six months ended June 30, 2018, interest paid was $0.9 million compared to $1.6 million in the prior year period.

For the six months ended June 30, 2018, interest and finance costs, net were $32.7 million compared to $27.7 million for the six months ended June 30, 2017, a 22.3% increase. Loan interest (excluding the impact of interest rate swaps) increased to $34.4 million in the six months ended June 30, 2018 from $27.9 million in the six months ended June 30, 2017. Interest rates on loans averaged 4.0% in the six months ended June 30, 2018, while in the first half of 2017 they averaged 3.1%.

During the first quarter of 2017, the Company entered into an early termination of four of its hedging interest rate swap agreements. Total cash received from those terminations amounted to $3.7 million.

Capitalized interest is based on expenditure incurred to date on vessels under construction. There was a minor amount of capitalized interest in the second quarter of 2018 compared to $0.1 million in the prior year quarter. During 2017, the Company completed the fifteen-vessel newbuilding program which started in May 2016 and completed in October 2017. On May 2, 2018, the Company signed two aframax newbuilding contracts and paid the first installment for both Hulls on June 15, 2018.

During the first half of 2018, the Company had one bunker-related call option agreement. During the prior year half, the Company had six call option agreements and earned a net premium of $0.3 million. The changes in the fair value amounts amounted to $0.1 million positive in the first half of 2018 and $0.9 million negative in the first half of 2017.

During the first half of 2018, the Company had thirteen bunker swap agreements, compared to nine in the prior year first half. The change in their fair values amounted to $0.4 million positive compared to $0.5 million positive in the prior year first half. Bunker derivative instruments had a positive movement in the fair market value of $1.5 million in the second quarter of 2018 and $0.3 million in the prior year second quarter.

7

During 2016, the Company entered into three bunker swap agreements in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by the vessel Ulysses. The change in their fair values amounted to $0.7 million positive in the first half of 2018, compared to $1.1 million negative in the prior year first half.

Other finance costs amounted to $1.6 million in the second quarter of 2018 and $0.8 million in the second quarter of 2017. In the first half of 2018, other finance costs amounted to $2.5 million compared to $1.6 million in the first half of 2017, due to increased deferred loan expenses and write off expenses due to loan refinancing.

Interest income

During the second quarter of 2018, interest income was $0.4 million compared to $0.3 million during the second quarter of 2017. For the six-month periods ended June 30, 2018 and 2017, interest income was $0.7 million and $0.4 million, respectively.

Non-controlling interest

There is a non-controlling 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 loss attributable to the non-controlling interest in the second quarter of 2018 amounting to $1.0 million, compared to income of $0.4 million in the prior year second quarter. For the six months ended June 30, 2018 the net loss attributable to the non-controlling interest was $1.4 million and for the equivalent period of 2017 the net income attributable to the non-controlling interest was $0.8 million.

Net income (loss)

As a result of the foregoing, the net loss attributable to Tsakos Energy Navigation Limited for the quarter ended June 30, 2018, was $16.3 million, or $0.19 loss per share basic and diluted, taking into account the impact of preferred stock dividends of $6.7 million on our Series B, Series C, Series D, Series E and Series F Preferred Shares, compared to net loss of $2.9 million, or $0.03 loss per share basic and diluted, after preferred share dividends of $6.5 million for the quarter ended June 30, 2017. The net loss attributable to Tsakos Energy Navigation Limited for the six months ended June 30, 2018, was $34.8 million, or $0.40 loss per share including the effect of cumulative dividends of $13.4 million on our preferred shares, versus $10.6 million net income, or $0.13 earnings per share, including the effect of preferred share dividends of $10.5 million for the six months ended June 30, 2017.

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 2018 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 specific 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 2018 and early 2019, 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, 2019, 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) amounted to a negative $20.0 million at June 30, 2018 compared to a negative $50.5 million at December 31, 2017. Of our $1.68 billion debt as of June 30, 2018, $87.4 million is scheduled to be repaid in the second half of 2018.

8

Current assets increased to $378.2 million at June 30, 2018 from $304.4 million at December 31, 2017, mainly due to increased cash and cash equivalents during the six-month period. Current liabilities increased to $384.8 million at June 30, 2018 from $338.9 million at December 31, 2017, mainly due to the increased current portion of debt.

Net cash provided by operating activities was $14.1 million in the quarter ended June 30, 2018, compared to $56.5 million in the previous year’s second quarter. For the respective six-month periods, net cash from operating activities was $38.7 million in 2018, compared to $110.9 million in the first six months of 2017. The decrease in both periods was due to the decrease in revenue arising from lower charter rates due to the soft market for tankers, as discussed further above. Reduced collectability of outstanding receivables also contributed to the lower level of operational cash.

Net cash provided by investing activities was $6.9 million for the quarter ended June 30, 2018, compared to $74.6 million used in investing activities for the quarter ended June 30, 2017. Net cash provided by investing activities was $6.4 million for the six months ended June 30, 2018, compared to $221.2 million used in investing activities during the six months ended June 30, 2017. In the first half of 2018, $10.5 million was paid for the construction of two aframaxes and $0.6 million for additions and improvements on our existing fleet. In April 2018, the VLCC Millennium was sold for net proceeds of $17.5 million, generating a net loss of $0.4 million and releasing cash of approximately $7.3 million after repayment of associated debt. In the first half of 2017, $216.2 million was paid for the acquisition of the shuttle tanker Lisboa, the aframax tankers Marathon TS, Sola TS, Oslo TS and the VLCC tanker Hercules I and a further $3.0 million was paid for additions and improvements to existing vessels, while $2.0 million was paid relating to two aframax vessels under construction, Stavanger TS and Bergen TS. At June 30, 2018, the remaining yard installments for the two aframaxes under construction payable from November 2018 to January 2020 totaled $93.1 million.

Net cash provided by financing activities was $83.2 million in the quarter ended June 30, 2018, compared to $116.1 million during the quarter ended June 30, 2017. In the second quarter of 2018, the Company drew down $255.1 million for the refinancing of certain loans and prepaid the amount of $254.5 million of debt relating to the same vessels. A further $37.5 million was paid in scheduled installments in the second quarter of 2018. A preferred stock issuance in the second quarter of 2018 raised a net amount of $130.6 million as described below. Net cash provided by financing activities was $34.6 million in the six months ended June 30, 2018, compared to $170.7 million during the six months ended June 30, 2017. In addition to the second-quarter transactions mentioned above, there were scheduled repayments in the first quarter of 2018 amounting to $41.9 million. During the first half of 2018, therefore, total scheduled payments of long-term debt amounted to $79.4 million. Scheduled payments in the first half of 2017 amounted to $82.1 million.

Total debt outstanding decreased from $1.76 billion at December 31, 2017, to $1.68 billion at June 30, 2018. The debt to capital (equity plus debt) ratio was 51.3% at June 30, 2018 (or 46.7% on a net of cash basis).

On June 28, 2018, the Company completed an offering of 5,400,000 of its Series F Cumulative Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $130.6 million, net of underwriter’s discount and other expenses. Dividends on the Series F Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 30^th day of January, April, July and October of each year, commencing October 30, 2018, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.50% per annum of the stated liquidation preference prior to July 30, 2028 and from and including July 30, 2028, at a floating rate equal to three-month LIBOR plus spread of 6.54% per annum of the stated liquidation preference. On July 10, 2018, the Company received the net amount of $14,575 thousand from the exercise of the green shoe on its Series F Preferred Shares with the sale of 600,000 additional shares.

During the first half of 2018, the Company sold 1,016,870 common shares from its treasury stock for net proceeds of $3,571 thousand. During the first half of 2017, the Company sold 650,717 common shares from its treasury stock for net proceeds of $2,676 thousand and 24,803 of its Series D Preferred Shares for net proceeds of $533 thousand.

On May 10, 2018, the Company paid a dividend of $0.05 per common share outstanding which was declared on March 12, 2018. On June 15, 2018, the Company declared a dividend of $0.05 per common share, which was paid on August 8, 2018 to stockholders of record as of August 2, 2018. On September 7, 2018, the Company declared a dividend of $0.05 per common share payable on December 6, 2018 to shareholders of record as of November 30,

9

2018. On April 28, 2017 and July 14, 2017, the Company paid dividends of $0.05 per common share outstanding, which were declared on March 17, 2017 and May 12, 2017, respectively. 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.

On January 30, 2018 and April 30, 2018, the Company paid dividends of $0.50 per share, $2,000 thousand in total, on its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 thousand in total, on its 8.875% Series C Preferred Shares. On January 30, 2017 and May 1, 2017, the Company paid dividends of $0.50 per share, $2,000 thousand in total, on its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 thousand in total, on its 8.875% Series C Preferred Shares. On July 30, 2018, the Company paid dividends of $0.50 and $0.55469 per share on its 8.00% Series B and its 8.875% Series C Preferred Shares, respectively.

On February 28, 2018, and May 29, 2018, the Company paid dividends of $0.54687 per share on its 8.75% Series D Preferred Shares, $3,746 thousand in total. On February 28, 2017 and May 30, 2017, the Company paid dividends of $0.546875 per share, $3,739 thousand in total, on its Series D Preferred Shares.

On February 28, 2018 and May 29, 2018, the Company paid dividends of $0.57812 per share or $5,319 thousand in total, on its 9.25% Series E Preferred Shares. On May 30, 2017, the Company paid dividends of $0.34045 per share each or $1,566 thousand in total, on its Series E Preferred Shares.

On August 28, 2018, the Company paid dividends of $0.546875 per share on its 8.75% Series D Preferred Shares and $0.578125 per share payable on its 9.25% Series E Preferred Shares, respectively.

The Company continues to be fully compliant with its scheduled debt service requirements, repaying capital and paying interest promptly in accordance with respective bank agreements without fail. As a percentage of total liabilities against total assets at fair value, our consolidated leverage (a non-GAAP measure) as computed in accordance with our loan agreements at June 30, 2018 was below the loan covenant maximum of 70%, which is applicable to all the above loans on a fleet and total liabilities basis.

As at June 30, 2018, the Company and its wholly and majority owned subsidiaries were compliant with the financial covenants in its thirty loan agreements totaling $1.68 billion, apart from the value-to-loan requirement in seven of its loan agreements, due to a fall in vessel values arising from world fleet overcapacity and soft tanker market. Three loans were in compliance in the third quarter of 2018, following scheduled repayments. An amount of $6.8 million has been reclassified within current liabilities as at June 30, 2018, in relation to the remaining four loans.

10

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 June 30, 2018 on:

• an actual basis; and

• an as adjusted basis giving effect to (i) scheduled debt repayments of $56.4 million, (ii) the declaration and payment of a $4.4 million common share dividend, (iii) the payment of $6.6 million of preferred share dividends, (iv) the sale of 268,192 common shares for an aggregate sum of $0.9 million and (v) the exercise of the greenshoe on the Company’s Series F Preferred Shares with the sale of 600,000 additional shares that resulted in net proceeds of $14.6 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 June 30, 2018 and October 5, 2018.

This table should be read in conjunction with our consolidated financial statements and the notes thereto, “Results of operations-Management’s Discussion and Analysis” attached as Exhibits 99.1 and 99.2, respectively, to the Report on Form 6-K to which this capitalization table is an exhibit, and “Item 5. Operating and Financial Review and Prospects,” included in our Annual Report on Form 20-F for the year ended December 31, 2017.

	As of June 30, 2018
In thousands of U.S. Dollars	Actual			Adjusted
Cash
Cash and cash equivalents		272,501			220,555
Restricted cash		9,924			9,924
Total cash		282,425			230,479
Capitalization
Debt:
Long-term secured debt obligations (including current portion)		1,684,266			1,627,827
Stockholders equity:
Preferred shares, $1.00 par value; 25,000,000 shares authorized on an actual and as adjusted basis and 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares, 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares and 5,400,000 Series F Preferred Shares issued and outstanding on an actual basis and 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares, 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares and 6,000,000 Series F Preferred Shares issued and outstanding on an as adjusted basis		17,425			18,025
Common shares, $1.00 par value; 175,000,000 shares authorized on an actual and as an adjusted basis; 87,338,652 shares issued and outstanding on an actual basis and 87,604,645 shares issued and outstanding on an as adjusted basis		87,339			87,605
Additional paid-in capital		983,107			997,681
Cost of treasury stock		(76	)		—
Accumulated other comprehensive loss		(4,519	)		(4,519	)
Retained earnings		501,113			490,156
Non-controlling interest		12,447			12,447
Total stockholders’ equity		1,596,836			1,601,395
Total capitalization		3,281,102			3,229,222

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2018 shares
Document And Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Entity Registrant Name	TSAKOS ENERGY NAVIGATION LTD
Entity Central Index Key	0001166663
Trading Symbol	TNP
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Common Stock Shares Outstanding	87,336,453

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 272,501	$ 189,763
Restricted cash	9,924	12,910
Accounts receivable, net	23,436	27,364
Capitalized voyage expenses	525	0
Due from related companies (Note 2)	16,534	14,210
Advances and other	27,382	19,061
Vessels held for sale (Note 3)	0	17,500
Inventories	17,881	16,293
Prepaid insurance and other	2,946	1,577
Current portion of financial instruments- Fair value (Note 11)	7,045	5,715
Total current assets	378,174	304,393
INVESTMENTS	1,000	1,000
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11)	1,848	1,430
LONG TERM RECEIVABLE (Note 3)	13,000	13,000
FIXED ASSETS (Note 3)
Advances for vessels under construction	12,123	1,650
Vessels	3,954,228	3,953,599
Accumulated depreciation	(993,040)	(925,195)
Vessels' Net Book Value	2,961,188	3,028,404
Total fixed assets	2,973,311	3,030,054
DEFERRED CHARGES, net (Note 4)	30,381	23,759
Total assets	3,397,714	3,373,636
CURRENT LIABILITIES:
Current portion of long-term debt (Note 5)	257,249	225,883
Payables	44,542	46,916
Due to related companies (Note 2)	10,047	7,442
Dividends payable	4,379	0
Accrued liabilities	54,788	43,693
Unearned revenue	13,498	13,611
Current portion of financial instruments - Fair value (Note 11)	336	1,378
Total current liabilities	384,839	338,923
LONG-TERM DEBT, net of current portion (Note 5)	1,414,836	1,525,986
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11)	1,203	589
STOCKHOLDERS' EQUITY (Note 7):
Preferred shares, $1.00 par value; 25,000,000 shares authorized & 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares, 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares & 5,400,000 Series F Preferred Shares issued & outstanding at June 30, 2018 & 25,000,000 shares authorized & 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares, 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares issued & outstanding at December 31, 2017	17,425	12,025
Common shares, $ 1.00 par value; 175,000,000 shares authorized at June 30, 2018 and December 31, 2017; 87,338,652 shares issued at June 30, 2018 and December 31, 2017, 87,336,453 and 86,319,583 shares outstanding at June 30, 2018 and December 31, 2017, respectively	87,339	87,339
Additional paid-in capital	983,107	857,998
Cost of treasury stock	(76)	(5,736)
Accumulated other comprehensive loss	(4,519)	(5,305)
Retained earnings	501,113	547,937
Total Tsakos Energy Navigation Limited stockholders' equity	1,584,389	1,494,258
Non-controlling Interest	12,447	13,880
Total stockholders' equity	1,596,836	1,508,138
Total liabilities and stockholders' equity	$ 3,397,714	$ 3,373,636

XML

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Preferred Shares - par value	$ 1	$ 1
Preferred Shares - shares authorized	25,000,000	25,000,000
Common Stock - par value	$ 1	$ 1
Common Stock - shares authorized	175,000,000	175,000,000
Common Stock - shares issued	87,338,652	87,338,652
Common Stock - shares outstanding	87,336,453	86,319,583
8% Series B Preferred Shares
Preferred Shares - shares issued	2,000,000	2,000,000
Preferred Shares - shares outstanding	2,000,000	2,000,000
8.875% Series C Preferred Shares
Preferred Shares - shares issued	2,000,000	2,000,000
Preferred Shares - shares outstanding	2,000,000	2,000,000
8.75% Series D Preferred Shares
Preferred Shares - shares issued	3,424,803	3,424,803
Preferred Shares - shares outstanding	3,424,803	3,424,803
9.25% Series E Preferred Shares
Preferred Shares - shares issued	4,600,000	4,600,000
Preferred Shares - shares outstanding	4,600,000	4,600,000
9.50% Series F Preferred Shares
Preferred Shares - shares issued	5,400,000	0
Preferred Shares - shares outstanding	5,400,000	0

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
VOYAGE REVENUES:	$ 123,927	$ 132,180	$ 249,651	$ 270,421
EXPENSES:
Voyage expenses	29,407	28,121	56,683	58,204
Charter hire expense	2,698	0	5,376	0
Vessel operating expenses	44,169	43,894	91,704	83,905
Depreciation and amortization	36,621	34,298	72,432	66,588
General and administrative expenses	6,812	6,557	13,643	12,667
Loss on sale of vessel	364	0	364	0
Total expenses	120,071	112,870	240,202	221,364
Operating income	3,856	19,310	9,449	49,057
OTHER INCOME (EXPENSES):
Interest and finance costs, net (Note 6)	(14,783)	(15,873)	(32,728)	(27,738)
Interest income	389	313	711	431
Other, net	2	199	(333)	54
Total other expenses, net	(14,392)	(15,361)	(32,350)	(27,253)
Net (loss) income	(10,536)	3,949	(22,901)	21,804
Less: Net loss (income) attributable to the non-controlling interest	983	(374)	1,433	(751)
Net (loss) income attributable to Tsakos Energy Navigation Limited	(9,553)	3,575	(21,468)	21,053
Effect of preferred dividends	(6,713)	(6,524)	(13,355)	(10,492)
Net (loss) income attributable to common stockholders of Tsakos Energy Navigation Limited	$ (16,266)	$ (2,949)	$ (34,823)	$ 10,561
(Loss) Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common shareholders (Note 9)	$ (0.19)	$ (0.03)	$ (0.40)	$ 0.13
Weighted average number of shares, basic and diluted (Note 9)	86,942,159	84,284,281	86,634,907	84,126,285

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STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME [Abstract]
Net (loss) income	$ (10,536)	$ 3,949	$ (22,901)	$ 21,804
Unrealized gain (loss) from hedging financial instruments
Unrealized income (loss) on interest rate swaps, net	1,808	(125)	786	(3,196)
Comprehensive (loss) income	(8,728)	3,824	(22,115)	18,608
Less: comprehensive loss (income) attributable to the non-controlling interest	983	(374)	1,433	(751)
Comprehensive (loss) income attributable to Tsakos Energy Navigation Limited	$ (7,745)	$ 3,450	$ (20,682)	$ 17,857

XML

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-in Capital	Treasury stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Tsakos Energy Navigation Limited	Non-controlling Interest	Dividends declared ($0.05 per common share)	Dividends declared ($0.05 per common share) Retained Earnings	Dividends declared ($0.05 per common share) Tsakos Energy Navigation Limited	Dividends paid ($0.05 per common share)	Dividends paid ($0.05 per common share) Retained Earnings	Dividends paid ($0.05 per common share) Tsakos Energy Navigation Limited	8% Series B Preferred Shares	8% Series B Preferred Shares Retained Earnings	8% Series B Preferred Shares Tsakos Energy Navigation Limited	8.875% Series C Preferred Shares	8.875% Series C Preferred Shares Retained Earnings	8.875% Series C Preferred Shares Tsakos Energy Navigation Limited	8.75% Series D Preferred Shares	8.75% Series D Preferred Shares Preferred Shares	8.75% Series D Preferred Shares Additional Paid-in Capital	8.75% Series D Preferred Shares Retained Earnings	8.75% Series D Preferred Shares Tsakos Energy Navigation Limited	Common Shares	Common Shares Additional Paid-in Capital	Common Shares Treasury stock	Common Shares Retained Earnings	Common Shares Tsakos Energy Navigation Limited	9.25% Series E Preferred Shares	9.25% Series E Preferred Shares Preferred Shares	9.25% Series E Preferred Shares Additional Paid-in Capital	9.25% Series E Preferred Shares Retained Earnings	9.25% Series E Preferred Shares Tsakos Energy Navigation Limited	9.50% Series F Preferred Shares	9.50% Series F Preferred Shares Preferred Shares	9.50% Series F Preferred Shares Additional Paid-in Capital	9.50% Series F Preferred Shares Tsakos Energy Navigation Limited
BALANCE, at Dec. 31, 2016	$ 1,417,450	$ 7,400	$ 87,339	$ 752,001	$ (20,173)	$ 582,889	$ (4,313)	$ 1,405,143	$ 12,307
Treasury stock shares, number of shares at Dec. 31, 2016					3,617,786
Net income (loss)	21,804					21,053		21,053	751
Issuance of shares																																$ 110,496	$ 4,600	$ 105,896		$ 110,496
Sale of Shares, shares																													(650,717)
Sale of Shares, value																						$ 533	$ 25	$ 508		$ 533	$ 2,676	$ (296)	$ 3,622	$ (650)	$ 2,676
Common dividends										$ (4,221)	$ (4,221)	$ (4,221)	$ (4,214)	$ (4,214)	$ (4,214)
Dividends paid on Preferred shares																$ (2,000)	$ (2,000)	$ (2,000)	$ (2,219)	$ (2,219)	$ (2,219)	(3,739)			$ (3,739)	(3,739)						(1,566)			$ (1,566)	(1,566)
Other comprehensive income (loss)	(3,196)						(3,196)	(3,196)
BALANCE, at Jun. 30, 2017	1,531,804	12,025	87,339	858,109	$ (16,551)	585,333	(7,509)	1,518,746	13,058
Treasury stock shares, number of shares at Jun. 30, 2017					2,967,069
BALANCE, at Dec. 31, 2017	1,508,138	12,025	87,339	857,998	$ (5,736)	547,937	(5,305)	1,494,258	13,880
Treasury stock shares, number of shares at Dec. 31, 2017					1,019,069
Adoption of new accounting standard	(1,311)					(1,311)		(1,311)
Net income (loss)	(22,901)					(21,468)		(21,468)	(1,433)
Issuance of shares																																					$ 130,553	$ 5,400	$ 125,153	$ 130,553
Sale of Shares, shares																													(1,016,870)
Sale of Shares, value																											$ 3,571	$ (44)	$ 5,660	$ (2,045)	$ 3,571
Common dividends										$ (4,379)	$ (4,379)	$ (4,379)	$ (4,337)	$ (4,337)	$ (4,337)
Dividends paid on Preferred shares																$ (2,000)	$ (2,000)	$ (2,000)	$ (2,219)	$ (2,219)	$ (2,219)	$ (3,746)			$ (3,746)	$ (3,746)						$ (5,319)			$ (5,319)	$ (5,319)
Other comprehensive income (loss)	786						786	786
BALANCE, at Jun. 30, 2018	$ 1,596,836	$ 17,425	$ 87,339	$ 983,107	$ (76)	$ 501,113	$ (4,519)	$ 1,584,389	$ 12,447
Treasury stock shares, number of shares at Jun. 30, 2018					2,199

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parentheticals) - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY [Abstract]
Common stock - dividends paid	$ 0.05	$ 0.05
Common stock - Dividend declared	$ 0.05	$ 0.05

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities:
Net (loss) income	$ (22,901)	$ 21,804
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	67,940	63,288
Amortization of deferred dry-docking costs	4,492	3,300
Amortization of loan fees	2,074	1,464
Change in fair value of derivative instruments	(1,483)	1,209
Loss on sale of vessel	364	0
Payments for dry-docking	(11,114)	(6,970)
(Increase) Decrease in:
Accounts receivables	(8,666)	7,423
Inventories	(1,972)	3,471
Prepaid insurance and other	(1,369)	314
Capitalized voyage expenses	(525)	0
Increase (Decrease) in:
Payables	869	3,283
Accrued liabilities	11,095	6,697
Unearned revenue	(113)	5,625
Net Cash provided by Operating Activities	38,691	110,908
Cash Flows from Investing Activities:
Advances for vessels under construction and acquisitions	(10,473)	(1,979)
Vessel acquisitions and/or improvements	(629)	(219,242)
Proceeds from sale of vessel	17,520	0
Net Cash provided by (used in) Investing Activities	6,418	(221,221)
Cash Flows from Financing Activities:
Proceeds from long-term debt	255,050	215,169
Financing costs	(3,044)	(2,214)
Payments of long-term debt	(333,866)	(142,224)
Sale of treasury stock, net	3,571	2,676
Proceeds from preferred stock issuance, net	130,553	111,029
Cash dividends	(17,621)	(13,738)
Net Cash provided by Financing Activities	34,643	170,698
Net increase in cash and cash equivalents and restricted cash	79,752	60,385
Cash and cash equivalents and restricted cash at beginning of period	202,673	197,773
Cash and cash equivalents and restricted cash at end of period	282,425	258,158
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	272,501	250,408
Restricted cash	9,924	7,750
Cash and cash equivalents and restricted cash at end of period	$ 282,425	$ 258,158

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Basis of Presentation

6 Months Ended

Jun. 30, 2018

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 June30, 2018 are not necessarily indicative of the results that may be expected for the year ending December31, 2018.

The consolidated balance sheet as of December31, 2017, has been derived from the audited consolidated financial statements included in the Company’s annual report on Form 20-F filed with the Securities and Exchange Commission on April27, 2018 (“Annual Report”), but does not include all of the footnotes required by U.S. GAAP 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 June30, 2018, except as discussed below:

Statement of Cash Flows: In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230) - Restricted Cash, which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash and cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.ASU 2016-18 is effective for fiscal years beginning after December15, 2017 including interim periods within that reporting period. On January1, 2018, the Company adopted the aforementioned ASU. The only effect the adoption of ASU No.2016-18 had is the presentation of the restricted cash on the statement of cash flows. More precisely, the line item “Increase in restricted cash” was removed from the financing activities section of the statement of cash flows and the beginning period and ending period cash balances now include restricted cash. Comparative period of the statement of cash flow has been retrospectively adjusted to reflect the adoption of ASU No.2016-18. In August 2016, the FASB issued ASU No.2016-15- Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments which addresses certain cash flow issues with the objective of reducing the existing diversity in practice: ASU 2016-15 is effective for fiscal years beginning after December15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures.

Treasury stock: Treasury stock is stock that is repurchased by the issuing entity, reducing the amount of outstanding shares in the open market. When shares are repurchased, they may either be cancelled or held for reissue. If not cancelled, such shares are referred to as treasury stock. Treasury stock is essentially the same as unissued capital and reduce ordinary share capital. The cost of the acquired shares should generally be shown as a deduction from stockholders’ equity. Dividends on such shares held in the entity’s treasury should not be reflected as income and not shown as a reduction in equity. Gains and losses on sales of treasury stock should be accounted for as adjustments to stockholders’ equity and not as part of income. Depending on whether the shares are acquired for reissuance or retirement, treasury stock is accounted for under the cost method or the constructive retirement method. The cost method is also used, when reporting entity management has not made decisions as to whether the reacquired shares will be retired, held indefinitely or reissued. The Company elected for the repurchase of its common shares to be accounted for under the cost method. Under this method, the treasury stock account is charged for the aggregate cost of shares reacquired.

Revenue from Contracts with Customers: InMay 2016, the FASB issued their final standard on revenue from contracts with customers. The standard, which was issued as ASU 2014-09 (Topic 606) by the FASB, and as amended, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers and supersedes most legacy revenue recognition guidance. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1)identify the contract(s) with a customer; (2)identify the performance obligations in each contract; (3)determine the transaction price; (4)allocate the transaction price to the performance obligations in each contract; and (5)recognize revenue when (or as) the entity satisfies a performance obligation.The standard is effective for public business entities from annual reporting periods beginning after December15, 2017, including interim reporting periods within that reporting period.The new revenue standard may be applied using either of the following transition methods: (1)a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2)a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures).

Regarding the incremental costs of obtaining a contract with a customer and contract’s fulfilling costs, they should be capitalized and been amortized over the voyage duration, if certain criteria are met – for incremental costs if only they are chargeable to the customer and for contract’s fulfilling costs if each of the following criteria is met: (i)they relate directly to the contract, (ii)they generate or enhance entity’s resources that shall be used in performance obligation satisfaction and (iii)are expected to be recovered. Further, in case of incremental costs, entities may elect, in accordance with the practical expedient of ASC 340 “Other assets and deferred costs”, not to capitalize them in cases of amortization period (voyage period) is less than one year.

On January1, 2018, the Company adopted the aforementioned ASU using the modified retrospective method. Its adoption mainly changed the method of recognizing revenue over time for voyage charters from the discharge-to-discharge method to the loading-to-discharge method. Under the loading-to-discharge method the commencement date of each voyage charter shall be deemed to be upon the loading of the current cargo, decreasing the period of time for recognizing revenue for voyages. With respect to the recognition of voyage charters related costs, taking into consideration the aforementioned practical expedient, the related costs (i.e. commissions) continue to be expensed as incurred, on the basis that the Company’s voyage charters do not exceed one year. Additionally, the Company has identified that the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, during this period meet the capitalization criteria and are deferred and amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Capitalized voyage costs are included in the consolidated balance sheet under Current Assets. Regarding time charter and profit sharing contracts, no material changes related to Company’s accounting policies were identified. : profit sharing contracts are accounted for as variable consideration, and included in the transaction price if some or all of an amount of variable consideration can be estimated in accordance with paragraph 606-10-32-8 and only to the extent that it is probablethat a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company adopted ASU 2014-09 during the first quarter of 2018 using the modified retrospective transition method applied to those spot market voyage charter contracts which were not completed as of January1, 2018. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to its opening balance of retained earnings as of January1, 2018. Prior periods were not adjusted retrospectively.

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Comprehensive Loss:

	For the Three Months period ended June 30, 2018
	As reported $	Balance without adoption of New Revenue Standard $	Effect of Change $
Voyage revenues	123,927	123,840	87
Voyage expenses	29,407	29,456	(49)
Net loss	(16,266)	(16,402)	136
Net loss per share, basic and diluted	(0.19)	(0.19)	0.00

	For the Six Months period ended June 30, 2018
	As reported $	Balance without adoption of New Revenue Standard $	Effect of Change $
Voyage revenues	249,651	248,972	679
Voyage expenses	56,683	56,627	56
Net loss	(34,823)	(35,446)	623
Net loss per share, basic and diluted	(0.40)	(0.41)	0.01

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Cash Flow:

	For the Six Months period ended June 30, 2018
	As reported $	Balance without adoption of New Revenue Standard $	Effect of Change $
Cash Flows from Operating Activities:	38,691	38,068	623
Adjustments to reconcile net loss to net cash provided by operating activities:
Increase in Receivables, net	(8,666)	(7,987)	(679)
Increase in Capitalized voyage expenses	(525)	0	(525)

The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening Consolidated Balance Sheet:

	Balance as at December 31, 2017 $	New Revenue Standard Adjustment $	Balance as at January 1, 2018 $
Assets:
Current Assets:
Accounts receivable, net	27,364	(1,949)	25,415
Capitalized voyage expenses	-	638	638
Liabilities and Stockholders’ Equity:
Current Liabilities:	-	-	-
Stockholders’ Equity:
Retained earnings	547,937	(1,311)	546,626

Business combinations – Definition of a business:In January 2017, the FASB issued ASU No.2017-01 – Business Combinations (Topic 805) – Clarifying the Definition of a Business which addresses business combination issues with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective for fiscal years beginning after December15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures.

Leases:In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), and as amended, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-11, Leases (ASC 842) – Targeted Improvements. The amendments in this Update: (i) provide entities with an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers' requests and (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: (a) The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with Topic 606. The Company is currently analyzing the impact of the adoption of this new standard.

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Transactions with Related Parties

6 Months Ended

Jun. 30, 2018

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:

	Threemonthsended June30,		Six months ended June30,
	2018	2017	2018	2017
Tsakos Shipping and Trading S.A. (commissions)	1,549	1,621	3,092	3,350
Tsakos Energy Management Limited (management fees)	5,055	4,826	10,119	9,462
Tsakos Columbia Shipmanagement S.A. (special charges)	571	538	1,010	999
Argosy Insurance Company Limited (insurance premiums)	2,350	2,591	4,934	4,969
AirMania Travel S.A. (travel services)	1,235	1,487	2,815	2,710
Total expenses with related parties	10,760	11,063	21,970	21,490

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

	June30, 2018	December31, 2017
Due from related parties
Tsakos Columbia Shipmanagement S.A.	16,534	14,210
Total due from related parties	16,534	14,210
Due to related parties
Tsakos Energy Management Limited	594	728
Tsakos Shipping and Trading S.A.	357	313
Argosy Insurance Company Limited	8,655	5,947
AirMania Travel S.A.	441	454
Total due to related parties	10,047	7,442

At June30, 2018, an amount of $161 ($125 at December31, 2017) due to Tsakos Shipping and Trading S.A. and an amount of $72 ($68 at December31, 2017) due to Argosy Insurance Limited, is included in accrued liabilities which relates to services rendered by these related parties not yet invoiced.

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, which may be adjusted per the Management Agreement of March 8, 2007, effective from January 1, 2008, at the beginning of each year, in accordance with the terms of the Management Agreement, if both parties agree. Fees are also payable to a third-party manager for the LNG carriers Maria Energy, Neo Energy, the VLCCs Ulysses, Hercules I, the aframax tankers Sapporo Princess and Maria Princess and the suezmax tanker Eurochampion 2004.

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.No such award was granted in the first six months of 2018.

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 a director is elected to the Holding Company without the recommendation of the existing Board of Directors, the Holding Company would be obligated to pay the Management Company an amount 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 June30, 2018, are:

Period/Year	Amount
July to December 2018	10,295
2019	20,589
2020	20,760
2021	20,760
2022	20,760
2023 to 2028	111,506
	204,670

Management fees for vessels are included in General and Administrative expenses in the accompanying Consolidated Statements of Comprehensive (Loss) Income. 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. There were no such fees during the six months ended June30, 2018, while fees amounting to $500 were charged during the six months ended June 30, 2017 and accounted for as part of construction costs for delivered vessels or 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 July1, 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 July1, 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.

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 half of 2018 and 2017, there were no such charges. 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 half of 2017, $2,750 has been charged for thirteen vessels delivered between May 2016 and May 2017. In the first half of 2018, 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 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.

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Vessels

6 Months Ended

Jun. 30, 2018

Vessels [Abstract]

Vessels

3. Vessels

Acquisitions

During the first six months of 2018 there were no vessel acquisitions. During the first six months of 2017, the Company took delivery of its newbuild VLCC tanker Hercules I, the newbuild aframaxes Marathon TS, Sola TS and Oslo TS and the newbuild shuttle tanker Lisboa for $383,125 in total.

Held for sale

At December 31, 2017, the VLCC Millennium was classified as held for sale.

Sales

On April 11, 2018, the Company sold the VLCC Millennium, for net proceeds of $17,520, realizing a net loss of $364.

Sale and Leaseback

On December 21, 2017, the Company entered into a five-year sale and leaseback agreement for each of the two suezmaxes, Eurochampion 2004 and Euronike. Under these leaseback agreements, there was a seller’s credit of $6,500 each on the sales price that becomes immediately payable to the Company by the owners at the end of the five-year charter or upon sale of the vessels during the charter period.The Company analyzed the classification of the leaseback agreements based on the primary lease classification criteria and the supplemental indicators in ASC 840, and determined that these agreements qualified as operating leases.

Charter hire expense

As at June 30, 2018, minimum commitments to be incurred by the Company under vessel operating leases by which the Company charters-in vessels were approximately $48,478, comprised of $5,456 (2018), $10,822 (2019), $10,852 (2020), $10,822 (2021), and $10,526 (2022). The Company recognizes the expense from these charters, which is included in time-charter hire expense in the accompanying Consolidated Statements of Comprehensive Income/(Loss), on a straight-line basis over the term of the charters.

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Deferred Charges

6 Months Ended

Jun. 30, 2018

Deferred Charges [Abstract]

Deferred Charges

4.Deferred Charges

Deferred charges consisting of dry-docking and special survey costs, net of accumulated amortization, amounted to $30,381 and $23,759, at June30, 2018 and December31, 2017, respectively. Amortization of deferred dry-docking costs was $4,492 during the first six months of 2018 and $3,300 during the first six months of 2017 and is included in depreciation and amortization of deferred dry-docking costs in the accompanying Consolidated Statements of Comprehensive (Loss) Income.

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Long-Term Debt

6 Months Ended

Jun. 30, 2018

Long-Term Debt [Abstract]

Long-Term Debt

5.Long-Term Debt

Facility	June30, 2018	December31, 2017
(a) Credit Facilities	65,000	250,104
(b) Term Bank Loans	1,619,266	1,512,978
Total	1,684,266	1,763,082
Less deferred finance costs, net	(12,181)	(11,213)
Total long-term debt	1,672,085	1,751,869
Less current portion of debt	(260,619)	(228,967)
Add deferred finance costs, current portion	3,370	3,084
Total long-term portion, net of current portion and deferred finance costs	1,414,836	1,525,986

(a)Credit facilities

As at June30, 2018, the Company had one open reducing revolving credit facility, which is reduced in semi-annual installments with balloon payment due at maturity February 2019. Interest is payable at a rate based on LIBOR plus a spread. At June30, 2018, the interest rate on the above facility was 3.08%.

(b)Term bank loans

Term loan balances outstanding at June30, 2018, amounted to $1,619,266. These bank loans are payable in U.S. Dollars in quarterly or semi-annual installments, with balloon payments due at maturity between October 2018 and January 2027. Interest rates on the outstanding loans as at June30, 2018 are based on LIBOR plus a spread.

On February 15, 2018, the Company signed a new five-year loan for the refinancing of loans maturing between October 2018 and April 2019, relating to eleven vessels. The total new loan amounted to $162,575 and was drawn on April 3, 2018. The new loan is repayable in ten semi-annual installments of $11,561, commencing six months after the drawdown date, plus a balloon of $46,965 payable together with the last installment. On April 4, 2018, the Company prepaid $181,168 relating to the outstanding debt on the above eleven vessels.

On April 27, 2018, the Company signed a supplemental agreement on the loan agreement dated January 31, 2012 for a $12,475 top-up tranche to the existing loan for the early refinancing of the shuttle tanker Rio 2016.The top-up was drawn down on April 30, 2018 and is repayable in twelve equal semi-annual installments of $3,203, plus a balloon payment of $38,438 payable together with the last installment.

On June 7, 2018, the Company signed a new six-year loan agreement for $80,000 relating to the early refinancing of the shuttle tanker Brasil 2014. The Company repaid the amount of $66,658, which was outstanding at the refinancing date and drew down $80,000 on the same date. The new loan is repayable in twelve semi-annual installments of $3,745 for the first six installments and $3,412.5 for the following six installments, commencing six months after the drawdown date, plus a balloon of $37,055 payable together with the last installment.

On June 28, 2018, the Company signed a new term bank loan for $48,650 relating to the refinancing of three aframax tankers, Maria Princess, Nippon Princess and Ise Princess, which were approaching maturity. The loan is repayable in ten semi-annual installments of $3,041, plus a balloon payment of $18,240 payable together with the last installment.

At June30, 2018, interest rates on these term bank loans ranged from 3.54% to 5.33%.

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

Three months ended June30, 2018	4.25%
Three months ended June30, 2017	3.42%
Six months ended June30, 2018	4.00%
Six months ended June30, 2017	3.32%

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 $107,435 at June30, 2018 and $113,427 at December31, 2017, 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 require a monthly pro rata transfer to a retention account of any principal due but unpaid.

As at June 30, 2018, the Company and its wholly and majority owned subsidiaries had thirty loan agreements, totaling $1,684,266. The Company fulfilled its requirements in respect of the financial covenants of all the agreements in relation to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirement in certain of its loan agreements in respect of which an amount of $6,833 has been reclassified within current liabilities at June 30, 2018.

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 June 30, 2018, and December 31, 2017, the Company’s working capital (non-restricted net current assets), amounted to $20.0 million and $50.5 million deficit, respectively.

The annual principal payments required to be made after June30, 2018, are as follows:

Period/Year	Amount
July to December 2018	87,381
2019	248,037
2020	264,759
2021	282,319
2022	221,151
2023 and thereafter	580,619
	1,684,266

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Interest and Finance Costs, net

6 Months Ended

Jun. 30, 2018

Interest and Finance Costs, net [Abstract]

Interest and Finance Costs, net

6.Interest and Finance Costs, net

	Threemonthsended June30,		Six months ended June30,
	2018	2017	2018	2017
Interest expense	18,295	15,368	35,016	29,472
Less: Interest capitalized	(21)	(120)	(21)	(384)
Interest expense, net	18,274	15,248	34,995	29,088
Swaps termination cash settlements	—	—	—	(3,685)
Bunkers swap cash settlements	(2,149)	(327)	(3,560)	(688)
Amortization of loan fees	1,262	754	2,074	1,464
Bank charges	377	114	379	140
Change in fair value of non-hedging financial instruments	(2,981)	84	(1,160)	1,419
Net total	14,783	15,873	32,728	27,738

At June30, 2018, the Company was committed to six floating-to-fixed interest rate swaps with major financial institutions covering notional amounts aggregating to $337,787, maturing from July 2020 through October 2027, on which it pays fixed rates averaging 2.94% and receives floating rates based on the six-month London interbank offered rate (“LIBOR”) (Note 11).

At June30, 2018 and December 31, 2017, all interest rate swap agreements were designated and qualified as cash flow hedges, in order to hedge the Company’s exposure to interest rate fluctuations. The fair value of such financial instruments as of June30, 2018 and December31, 2017, in aggregate amounted to $951 (negative) and $1,967 (negative), respectively. The net amount of cash flow hedge losses at June30, 2018, that is estimated to be reclassified into earnings within the next twelve months to June 30, 2019 is $115.

During the first half of 2017, the Company entered into an early termination of four of its hedging interest rate swap agreements. Total cash received from those terminations amounted to $3,685.

At June 30, 2018 and December 31, 2017, the Company held one call option agreement to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels. The value of the call option at June 30, 2018 and December 31, 2017, was $224 (positive) and $118 (positive), respectively. 

The change in fair values during the first half of 2018 and 2017 amounting to $106 (positive) and $866 (negative), respectively, have been included in Change in fair value of non-hedging financial instruments in the table above.

In the first half of 2017, the Company entered into a call option agreement, and paid a premium of $118.

At June 30, 2018 and December 31, 2017, the Company held thirteen and seven, respectively, bunker swap agreements to hedge its exposure to bunker price fluctuations associated with the consumptions of bunkers by its vessels. The fair value of bunker swap agreements at June 30, 2018 and December 31, 2017, was $4,121 (positive) and $3,763 (positive), respectively. The change in the fair value in the first half of 2018 and 2017 was $358 (positive) and $529 (positive), respectively, have been included in Change in fair value of non-hedging financial instruments in the table above.

During 2016, the Company entered into three bunker swap agreements in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by the vessel Ulysses. The fair values of these financial instruments as of June 30, 2018 and December 31, 2017, were $3,960 (positive) and $3,264 (positive). The change in the fair value in the first half of 2018 and 2017 was $696 (positive) and $1,083 (negative), respectively and have been included in Change in fair value of non-hedging financial instruments in the table above.

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Stockholders' Equity

6 Months Ended

Jun. 30, 2018

Stockholders' Equity [Abstract]

Stockholders' Equity

7.Stockholders’ Equity

During the first half of 2018, the Company sold 1,016,870 common shares from its treasury stock for net proceeds of $3,571. During the first half of 2017, the Company sold 650,717 common shares from its treasury stock for net proceeds of $2,676 and 24,803 of its Series D Preferred Shares for net proceeds of $533.

On January 30, 2018 and April 30, 2018, the Company paid dividends of $0.50 per share, $2,000 in total, for its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 in total, on its 8.875% Series C Preferred Shares. On January 30, 2017 and May 1, 2017, the Company paid dividends of $0.50 per share, $2,000 in total, for its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 in total, on its 8.875% Series C Preferred Shares.

On February 28, 2018, and May 29, 2018, the Company paid dividends of $0.54687 per share for its 8.75% Series D Preferred Shares, $3,746 in total. On February 28, 2017 and May 30, 2017, the Company paid dividends of $0.546875 per share, $3,739 in total, for its Series D Preferred Shares.

On April 5, 2017, the Company completed an offering of 4,600,000 of its Series E Cumulative Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $110,496, net of underwriter’s discount and other expenses. Dividends on the Series E Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 28th day of February, May, August and November of each year, commencing May 28, 2017, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.25% per annum of the stated liquidation preference prior to May 28, 2027 andfrom and including May28, 2027, at a floating rate equal to three-month LIBOR plus a spread of 6.881% per annum of the stated liquidation preference. On May 30, 2017, the Company paid dividends of $0.34045 per share each or $1,566 in total, on its Series E Preferred Shares. On February 28, 2018 and May 29, 2018, the Company paid dividends of $0.57812 per share or $5,319 in total, for its 9.25% Series E Preferred Shares.

On June 28, 2018, the Company completed an offering of 5,400,000 of its Series F Cumulative Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $130,553, net of underwriter’s discount and other expenses. Dividends on the Series F Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 30th day of January, April, July and October of each year, commencing October 30, 2018, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.50% per annum of the stated liquidation preference prior to July 30, 2028 and from and including July 30, 2028, at a floating rate equal to three-month LIBOR plus spread of 6.54% per annum of the stated liquidation preference.

On May 10, 2018, the Company paid dividend of $0.05 per common share outstanding which was declared on March 12, 2018. On June 15, 2018, the Company declared a dividend of $0.05 per common share payable on August 8, 2018 to stockholders of record as of August 2, 2018. On April 28, 2017 and July 14, 2017, the Company paid dividend of $0.05 per common share outstanding, which was declared on March 17, 2017 and May 12, 2017, respectively.

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Accumulated other comprehensive income (loss)

6 Months Ended

Jun. 30, 2018

Accumulated other comprehensive income (loss) [Abstract]

Accumulated other comprehensive income (loss)

8.Accumulated other comprehensive income (loss)

In the first half of 2018, Accumulated other comprehensive loss decreased with unrealized gains of $786 which resulted from changes in fair value of financial instruments.

In the first half of 2017, Accumulated other comprehensive loss increased with unrealized losses of $3,196, which resulted from changes in fair value of financial instruments.

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(Loss) Earnings per Common Share

6 Months Ended

Jun. 30, 2018

(Loss) Earnings per Common Share [Abstract]

(Loss) Earnings per Common Share

9.(Loss) Earnings per Common Share

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

	Three months ended June30,		Six months ended June30,
	2018	2017	2018	2017
Numerator
Net (loss) income attributable to Tsakos Energy Navigation Limited	(9,553)	3,575	(21,468)	21,053
Preferred share dividends Series B	(1,000)	(1,000)	(2,000)	(2,000)
Preferred share dividends Series C	(1,109)	(1,109)	(2,219)	(2,219)
Preferred share dividends Series D	(1,874)	(1,874)	(3,746)	(3,732)
Preferred share dividends Series E	(2,659)	(2,541)	(5,319)	(2,541)
Preferred share dividends Series F	(71)	—	(71)	—
Net (loss) income attributable to common stockholders	(16,266)	$ (2,949)	(34,823)	$10,561
Denominator
Weighted average common shares outstanding	86,942,159	84,284,281	86,634,907	84,126,285
Basic and diluted (loss) income per common share	$(0.19)	$(0.03)	$(0.40)	$ 0.13

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies [Abstract]

Commitments and Contingencies

10.Commitments and Contingencies

On May 2, 2018, the Company signed two new building contracts for the construction of two aframax tankers for $51,720 each. The total contracted amount remaining to be paid for the two vessels under construction as at June30, 2018 was $93,096 from November 2018 to January 2020.

At June 30, 2018, 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.

Charters-out

The future minimum revenues of vessels in operation at June30, 2018, before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows:

Period/Year	Amount
July to December 2018	149,712
2019	232,196
2020	201,453
2021	163,775
2022 to 2029	385,192
Minimum charter payments	1,132,328

These amounts do not assume any off-hire.

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Financial Instruments

6 Months Ended

Jun. 30, 2018

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 that are subject to credit risks 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, as at June 30, 2018 and December 31, 2017. The fair value of long-term bank loans with variable interest rates approximate the recorded values, generally due to their variable interest rates. 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 Consolidated 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 interest rate swap agreements, the bunker swap agreements, the put option agreements and the call option agreements as at June 30, 2018 and the fair value of the one long-term bank loan with a fixed interest rate as at December 31,2017, 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 June30, 2018 and December31, 2017, are as follows:

	Carrying Amount June30, 2018	Fair Value June30, 2018	Carrying Amount December31, 2017	Fair Value December31, 2017
Financial assets (liabilities)
Cash and cash equivalents	272,501	272,501	189,763	189,763
Restricted cash	9,924	9,924	12,910	12,910
Investments	1,000	1,000	1,000	1,000
Debt	(1,684,266)	(1,684,266)	(1,763,082)	(1,762,938)

Tabular Disclosure of Derivatives Location

Derivatives are recorded in the consolidated 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 consolidated 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 comprehensive income (loss) or in the consolidated balance sheet, as a component of Accumulated other comprehensive income (loss).

Fair Value of Derivative Instruments

		Asset Derivatives		Liability Derivatives
		June30, 2018	December31, 2017	June30, 2018	December31, 2017
Derivative	Balance Sheet Location	FairValue	FairValue	FairValue	FairValue
Derivatives designated as hedging instruments
Interestrate swaps	Current portion of financial instruments - Fair value	—	—	336	1,378
	Financial instruments – Fair value, net of current portion	588	—	1,203	589
Subtotal		588	—	1,539	1,967
		Asset Derivatives		Liability Derivatives
		June30, 2018	December31, 2017	June30, 2018	December31, 2017
Derivative	Balance Sheet Location	FairValue	FairValue	FairValue	FairValue
Derivatives not designated as hedging instruments
Bunker swaps	Current portion of financial instruments - Fair value	7,045	5,715	—	—
	Financial instruments –Fair value, net of current portion	1,036	1,312	—	—
Bunker call options	Financial instruments- Fair value, net of current portion	224	118	—	—
Subtotal		8,305	7,145	—	—
				—
Total derivatives		8,893	7,145	1,539	1,967

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

	Gain(Loss)RecognizedinAccumulated OCI on Derivative (Effective Portion)
Derivative	Amount Threemonthsended June30,		Amount Sixmonthsended June30,
	2018	2017	2018	2017
Interest rate swaps	1,604	(816)	83	(4,611)
Total	1,604	(816)	83	(4,611)

	Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Derivative	Location	Amount Threemonthsended June30,		Amount Sixmonthsended June30,
		2018	2017	2018	2017
Interest rate swaps	Depreciation expense	(47)	(51)	(94)	(76)
Interest rate swaps	Interest and finance costs, net	(157)	(640)	(609)	(1,339)
Total		(204)	(691)	(703)	(1,415)

Derivatives not designated as Hedging Instruments–Net effect on the Statement of Comprehensive Income (Loss)

	Gain (Loss) Recognized on Derivative
Derivative	Location	Amount Threemonthsended June30,		Amount Sixmonthsended June30,
		2018	2017	2018	2017
Bunker swaps	Interest and finance costs, net	5,056	368	4,614	(174)
Bunker call options	Interest and finance costs, net	75	(124)	106	(557)
Total		5,131	244	4,720	(731)

The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Loss as of June30, 2018 and December31, 2017 was $4,519 and $5,305 respectively.

The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of June30, 2018 and December31, 2017 using level 2 inputs (significant other observable inputs):

Recurring measurements:	June 30, 2018	December31, 2017
Interest rate swaps	(951)	(1,967)
Bunker swaps	8,081	7,027
Bunker call options	224	118
	7,354	5,178

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Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

12.Subsequent Events

(a) On July 10, 2018, the Company received the net amount of $14,575 from the exercise of the green shoe on its Series F Preferred Shares with the sale of 600,000 additional units.

(b) On July 30, 2018, the Company paid dividends of $0.50 and $0.55469 per share on its 8.00% Series B and its 8.875% Series C Preferred Shares, respectively. 

(c) On August 8, 2018, the Company paid a dividend of $0.05 per common share outstanding, which was declared on June 15, 2018.

(d) On August 28, 2018, the Company paid dividends of $0.546875 per share on its 8.75% Series D Preferred Shares and $0.578125 per share payable on its 9.25% Series E Preferred Shares, respectively.

(e) On September 7, 2018, the Company declared a dividend of $0.05 per common share payable on December 6, 2018 to shareholders of record as of November 30, 2018.

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Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2018

Significant Accounting Policies [Abstract]

Statement of Cash Flows:

Statement of Cash Flows: In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230) - Restricted Cash, which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash and cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.ASU 2016-18 is effective for fiscal years beginning after December15, 2017 including interim periods within that reporting period. On January1, 2018, the Company adopted the aforementioned ASU. The only effect the adoption of ASU No.2016-18 had is the presentation of the restricted cash on the statement of cash flows. More precisely, the line item “Increase in restricted cash” was removed from the financing activities section of the statement of cash flows and the beginning period and ending period cash balances now include restricted cash. Comparative period of the statement of cash flow has been retrospectively adjusted to reflect the adoption of ASU No.2016-18. In August 2016, the FASB issued ASU No.2016-15- Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments which addresses certain cash flow issues with the objective of reducing the existing diversity in practice: ASU 2016-15 is effective for fiscal years beginning after December15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures.

Treasury stock:

Treasury stock: Treasury stock is stock that is repurchased by the issuing entity, reducing the amount of outstanding shares in the open market. When shares are repurchased, they may either be cancelled or held for reissue. If not cancelled, such shares are referred to as treasury stock. Treasury stock is essentially the same as unissued capital and reduce ordinary share capital. The cost of the acquired shares should generally be shown as a deduction from stockholders’ equity. Dividends on such shares held in the entity’s treasury should not be reflected as income and not shown as a reduction in equity. Gains and losses on sales of treasury stock should be accounted for as adjustments to stockholders’ equity and not as part of income. Depending on whether the shares are acquired for reissuance or retirement, treasury stock is accounted for under the cost method or the constructive retirement method. The cost method is also used, when reporting entity management has not made decisions as to whether the reacquired shares will be retired, held indefinitely or reissued. The Company elected for the repurchase of its common shares to be accounted for under the cost method. Under this method, the treasury stock account is charged for the aggregate cost of shares reacquired.

Revenue from Contracts with Customers:

Revenue from Contracts with Customers: InMay 2016, the FASB issued their final standard on revenue from contracts with customers. The standard, which was issued as ASU 2014-09 (Topic 606) by the FASB, and as amended, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers and supersedes most legacy revenue recognition guidance. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1)identify the contract(s) with a customer; (2)identify the performance obligations in each contract; (3)determine the transaction price; (4)allocate the transaction price to the performance obligations in each contract; and (5)recognize revenue when (or as) the entity satisfies a performance obligation.The standard is effective for public business entities from annual reporting periods beginning after December15, 2017, including interim reporting periods within that reporting period.The new revenue standard may be applied using either of the following transition methods: (1)a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2)a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures).

Regarding the incremental costs of obtaining a contract with a customer and contract’s fulfilling costs, they should be capitalized and been amortized over the voyage duration, if certain criteria are met – for incremental costs if only they are chargeable to the customer and for contract’s fulfilling costs if each of the following criteria is met: (i)they relate directly to the contract, (ii)they generate or enhance entity’s resources that shall be used in performance obligation satisfaction and (iii)are expected to be recovered. Further, in case of incremental costs, entities may elect, in accordance with the practical expedient of ASC 340 “Other assets and deferred costs”, not to capitalize them in cases of amortization period (voyage period) is less than one year.

On January1, 2018, the Company adopted the aforementioned ASU using the modified retrospective method. Its adoption mainly changed the method of recognizing revenue over time for voyage charters from the discharge-to-discharge method to the loading-to-discharge method. Under the loading-to-discharge method the commencement date of each voyage charter shall be deemed to be upon the loading of the current cargo, decreasing the period of time for recognizing revenue for voyages. With respect to the recognition of voyage charters related costs, taking into consideration the aforementioned practical expedient, the related costs (i.e. commissions) continue to be expensed as incurred, on the basis that the Company’s voyage charters do not exceed one year. Additionally, the Company has identified that the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, during this period meet the capitalization criteria and are deferred and amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Capitalized voyage costs are included in the consolidated balance sheet under Current Assets. Regarding time charter and profit sharing contracts, no material changes related to Company’s accounting policies were identified. : profit sharing contracts are accounted for as variable consideration, and included in the transaction price if some or all of an amount of variable consideration can be estimated in accordance with paragraph 606-10-32-8 and only to the extent that it is probablethat a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company adopted ASU 2014-09 during the first quarter of 2018 using the modified retrospective transition method applied to those spot market voyage charter contracts which were not completed as of January1, 2018. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to its opening balance of retained earnings as of January1, 2018. Prior periods were not adjusted retrospectively.

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Comprehensive Loss:

	For the Three Months period ended June 30, 2018
	As reported $	Balance without adoption of New Revenue Standard $	Effect of Change $
Voyage revenues	123,927	123,840	87
Voyage expenses	29,407	29,456	(49)
Net loss	(16,266)	(16,402)	136
Net loss per share, basic and diluted	(0.19)	(0.19)	0.00

	For the Six Months period ended June 30, 2018
	As reported $	Balance without adoption of New Revenue Standard $	Effect of Change $
Voyage revenues	249,651	248,972	679
Voyage expenses	56,683	56,627	56
Net loss	(34,823)	(35,446)	623
Net loss per share, basic and diluted	(0.40)	(0.41)	0.01

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Cash Flow:

	For the Six Months period ended June 30, 2018
	As reported $	Balance without adoption of New Revenue Standard $	Effect of Change $
Cash Flows from Operating Activities:	38,691	38,068	623
Adjustments to reconcile net loss to net cash provided by operating activities:
Increase in Receivables, net	(8,666)	(7,987)	(679)
Increase in Capitalized voyage expenses	(525)	0	(525)

The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening Consolidated Balance Sheet:

	Balance as at December 31, 2017 $	New Revenue Standard Adjustment $	Balance as at January 1, 2018 $
Assets:
Current Assets:
Accounts receivable, net	27,364	(1,949)	25,415
Capitalized voyage expenses	-	638	638
Liabilities and Stockholders’ Equity:
Current Liabilities:	-	-	-
Stockholders’ Equity:
Retained earnings	547,937	(1,311)	546,626

Business combinations - Definition of a business:

Business combinations – Definition of a business:In January 2017, the FASB issued ASU No.2017-01 – Business Combinations (Topic 805) – Clarifying the Definition of a Business which addresses business combination issues with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective for fiscal years beginning after December15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures.

Leases:

Leases:In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), and as amended, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-11, Leases (ASC 842) – Targeted Improvements. The amendments in this Update: (i) provide entities with an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers' requests and (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: (a) The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with Topic 606. The Company is currently analyzing the impact of the adoption of this new standard.

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Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2018

Impact of the adoption of ASU 2014-09

	For the Three Months period ended June 30, 2018
	As reported $	Balance without adoption of New Revenue Standard $	Effect of Change $
Voyage revenues	123,927	123,840	87
Voyage expenses	29,407	29,456	(49)
Net loss	(16,266)	(16,402)	136
Net loss per share, basic and diluted	(0.19)	(0.19)	0.00

	For the Six Months period ended June 30, 2018
	As reported $	Balance without adoption of New Revenue Standard $	Effect of Change $
Voyage revenues	249,651	248,972	679
Voyage expenses	56,683	56,627	56
Net loss	(34,823)	(35,446)	623
Net loss per share, basic and diluted	(0.40)	(0.41)	0.01

	For the Six Months period ended June 30, 2018
	As reported $	Balance without adoption of New Revenue Standard $	Effect of Change $
Cash Flows from Operating Activities:	38,691	38,068	623
Adjustments to reconcile net loss to net cash provided by operating activities:
Increase in Receivables, net	(8,666)	(7,987)	(679)
Increase in Capitalized voyage expenses	(525)	0	(525)

	Balance as at December 31, 2017 $	New Revenue Standard Adjustment $	Balance as at January 1, 2018 $
Assets:
Current Assets:
Accounts receivable, net	27,364	(1,949)	25,415
Capitalized voyage expenses	-	638	638
Liabilities and Stockholders’ Equity:
Current Liabilities:	-	-	-
Stockholders’ Equity:
Retained earnings	547,937	(1,311)	546,626

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Transactions with Related Parties (Tables)

6 Months Ended

Jun. 30, 2018

Transactions with Related Parties [Abstract]

Related Party Transactions Disclosure

	Threemonthsended June30,		Six months ended June30,
	2018	2017	2018	2017
Tsakos Shipping and Trading S.A. (commissions)	1,549	1,621	3,092	3,350
Tsakos Energy Management Limited (management fees)	5,055	4,826	10,119	9,462
Tsakos Columbia Shipmanagement S.A. (special charges)	571	538	1,010	999
Argosy Insurance Company Limited (insurance premiums)	2,350	2,591	4,934	4,969
AirMania Travel S.A. (travel services)	1,235	1,487	2,815	2,710
Total expenses with related parties	10,760	11,063	21,970	21,490

Related Party Transactions Balances

	June30, 2018	December31, 2017
Due from related parties
Tsakos Columbia Shipmanagement S.A.	16,534	14,210
Total due from related parties	16,534	14,210
Due to related parties
Tsakos Energy Management Limited	594	728
Tsakos Shipping and Trading S.A.	357	313
Argosy Insurance Company Limited	8,655	5,947
AirMania Travel S.A.	441	454
Total due to related parties	10,047	7,442

Related Party - Future Management Fees

Period/Year	Amount
July to December 2018	10,295
2019	20,589
2020	20,760
2021	20,760
2022	20,760
2023 to 2028	111,506
	204,670

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Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2018

Long-Term Debt [Abstract]

Debt Disclosure

Facility	June30, 2018	December31, 2017
(a) Credit Facilities	65,000	250,104
(b) Term Bank Loans	1,619,266	1,512,978
Total	1,684,266	1,763,082
Less deferred finance costs, net	(12,181)	(11,213)
Total long-term debt	1,672,085	1,751,869
Less current portion of debt	(260,619)	(228,967)
Add deferred finance costs, current portion	3,370	3,084
Total long-term portion, net of current portion and deferred finance costs	1,414,836	1,525,986

Schedule of Weighted-Average Interest Rate

Three months ended June30, 2018	4.25%
Three months ended June30, 2017	3.42%
Six months ended June30, 2018	4.00%
Six months ended June30, 2017	3.32%

Debt Principal Payments

Period/Year	Amount
July to December 2018	87,381
2019	248,037
2020	264,759
2021	282,319
2022	221,151
2023 and thereafter	580,619
	1,684,266

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Interest and Finance Costs, net (Tables)

6 Months Ended

Jun. 30, 2018

Interest and Finance Costs, net [Abstract]

Interest and Finance Costs, net

	Threemonthsended June30,		Six months ended June30,
	2018	2017	2018	2017
Interest expense	18,295	15,368	35,016	29,472
Less: Interest capitalized	(21)	(120)	(21)	(384)
Interest expense, net	18,274	15,248	34,995	29,088
Swaps termination cash settlements	—	—	—	(3,685)
Bunkers swap cash settlements	(2,149)	(327)	(3,560)	(688)
Amortization of loan fees	1,262	754	2,074	1,464
Bank charges	377	114	379	140
Change in fair value of non-hedging financial instruments	(2,981)	84	(1,160)	1,419
Net total	14,783	15,873	32,728	27,738

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(Loss) Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2018

(Loss) Earnings per Common Share [Abstract]

(Loss) Earnings per Common Share

	Three months ended June30,		Six months ended June30,
	2018	2017	2018	2017
Numerator
Net (loss) income attributable to Tsakos Energy Navigation Limited	(9,553)	3,575	(21,468)	21,053
Preferred share dividends Series B	(1,000)	(1,000)	(2,000)	(2,000)
Preferred share dividends Series C	(1,109)	(1,109)	(2,219)	(2,219)
Preferred share dividends Series D	(1,874)	(1,874)	(3,746)	(3,732)
Preferred share dividends Series E	(2,659)	(2,541)	(5,319)	(2,541)
Preferred share dividends Series F	(71)	—	(71)	—
Net (loss) income attributable to common stockholders	(16,266)	$ (2,949)	(34,823)	$10,561
Denominator
Weighted average common shares outstanding	86,942,159	84,284,281	86,634,907	84,126,285
Basic and diluted (loss) income per common share	$(0.19)	$(0.03)	$(0.40)	$ 0.13

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2018

Charters-out [Abstract]

Minimum Future Charter Revenue

Period/Year	Amount
July to December 2018	149,712
2019	232,196
2020	201,453
2021	163,775
2022 to 2029	385,192
Minimum charter payments	1,132,328

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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Financial Instruments

	Carrying Amount June30, 2018	Fair Value June30, 2018	Carrying Amount December31, 2017	Fair Value December31, 2017
Financial assets (liabilities)
Cash and cash equivalents	272,501	272,501	189,763	189,763
Restricted cash	9,924	9,924	12,910	12,910
Investments	1,000	1,000	1,000	1,000
Debt	(1,684,266)	(1,684,266)	(1,763,082)	(1,762,938)

Schedule of Derivative Instruments - Statements of Financial Position Location

		Asset Derivatives		Liability Derivatives
		June30, 2018	December31, 2017	June30, 2018	December31, 2017
Derivative	Balance Sheet Location	FairValue	FairValue	FairValue	FairValue
Derivatives designated as hedging instruments
Interestrate swaps	Current portion of financial instruments - Fair value	—	—	336	1,378
	Financial instruments – Fair value, net of current portion	588	—	1,203	589
Subtotal		588	—	1,539	1,967
		Asset Derivatives		Liability Derivatives
		June30, 2018	December31, 2017	June30, 2018	December31, 2017
Derivative	Balance Sheet Location	FairValue	FairValue	FairValue	FairValue
Derivatives not designated as hedging instruments
Bunker swaps	Current portion of financial instruments - Fair value	7,045	5,715	—	—
	Financial instruments –Fair value, net of current portion	1,036	1,312	—	—
Bunker call options	Financial instruments- Fair value, net of current portion	224	118	—	—
Subtotal		8,305	7,145	—	—
				—
Total derivatives		8,893	7,145	1,539	1,967

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

	Gain(Loss)RecognizedinAccumulated OCI on Derivative (Effective Portion)
Derivative	Amount Threemonthsended June30,		Amount Sixmonthsended June30,
	2018	2017	2018	2017
Interest rate swaps	1,604	(816)	83	(4,611)
Total	1,604	(816)	83	(4,611)

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 Threemonthsended June30,		Amount Sixmonthsended June30,
		2018	2017	2018	2017
Interest rate swaps	Depreciation expense	(47)	(51)	(94)	(76)
Interest rate swaps	Interest and finance costs, net	(157)	(640)	(609)	(1,339)
Total		(204)	(691)	(703)	(1,415)

Schedule of Derivatives Not Designated As Hedging Instruments - Net effect on the Statement Of Comprehensive Income

	Gain (Loss) Recognized on Derivative
Derivative	Location	Amount Threemonthsended June30,		Amount Sixmonthsended June30,
		2018	2017	2018	2017
Bunker swaps	Interest and finance costs, net	5,056	368	4,614	(174)
Bunker call options	Interest and finance costs, net	75	(124)	106	(557)
Total		5,131	244	4,720	(731)

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

Recurring measurements:	June 30, 2018	December31, 2017
Interest rate swaps	(951)	(1,967)
Bunker swaps	8,081	7,027
Bunker call options	224	118
	7,354	5,178

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Basis of Presentation - Impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Comprehensive Loss (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Voyage revenues	$ 123,927	$ 132,180	$ 249,651	$ 270,421
Voyage expenses	29,407	28,121	56,683	58,204
Net loss	$ (16,266)	$ (2,949)	$ (34,823)	$ 10,561
Net loss per share, basic and diluted	$ (0.19)	$ (0.03)	$ (0.40)	$ 0.13
Balance without adoption of New Revenue Standard
Voyage revenues	$ 123,840		$ 248,972
Voyage expenses	29,456		56,627
Net loss	$ (16,402)		$ (35,446)
Net loss per share, basic and diluted	$ (0.19)		$ (0.41)
Effect of Change
Voyage revenues	$ 87		$ 679
Voyage expenses	(49)		56
Net loss	$ 136		$ 623
Net loss per share, basic and diluted	$ 0.00		$ 0.01

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Basis of Presentation - Impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Cash Flow (Table) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities:	$ 38,691	$ 110,908
Adjustments to reconcile net loss to net cash provided by operating activities:
Increase in Receivables, net	(8,666)	7,423
Decrease/ (Increase) in Capitalized voyage expenses	(525)	$ 0
Balance without adoption of New Revenue Standard
Cash Flows from Operating Activities:	38,068
Adjustments to reconcile net loss to net cash provided by operating activities:
Increase in Receivables, net	(7,987)
Decrease/ (Increase) in Capitalized voyage expenses	0
Effect of Change
Cash Flows from Operating Activities:	623
Adjustments to reconcile net loss to net cash provided by operating activities:
Increase in Receivables, net	(679)
Decrease/ (Increase) in Capitalized voyage expenses	(525)
As reported
Cash Flows from Operating Activities:	38,691
Adjustments to reconcile net loss to net cash provided by operating activities:
Increase in Receivables, net	(8,666)
Decrease/ (Increase) in Capitalized voyage expenses	$ (525)

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Basis of Presentation - Cumulative effect of the adoption of the new revenue recognition guidance on the opening Consolidated Balance Sheet (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets:
Accounts receivable, net	$ 23,436	$ 27,364
Capitalized voyage expenses	525	0
Liabilities and Stockholders' Equity:
Retained earnings	$ 501,113	547,937
Update Balance as at January 1, 2018
Assets:
Accounts receivable, net		25,415
Capitalized voyage expenses		638
Liabilities and Stockholders' Equity:
Retained earnings		546,626
New Revenue Standard Adjustment
Assets:
Accounts receivable, net		(1,949)
Capitalized voyage expenses		638
Liabilities and Stockholders' Equity:
Retained earnings		$ (1,311)

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Transactions with Related Parties - Statement of Income (Table) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Related Party Transaction [Line Items]
Total expenses with related parties	$ 10,760	$ 11,063	$ 21,970	$ 21,490
Tsakos Shipping and Trading S.A.
Related Party Transaction [Line Items]
Commissions	1,549	1,621	3,092	3,350
Tsakos Energy Management Limited
Related Party Transaction [Line Items]
Management fees	5,055	4,826	10,119	9,462
Tsakos Columbia Shipmanagement S.A.
Related Party Transaction [Line Items]
Special charges	571	538	1,010	999
Argosy Insurance Company Limited
Related Party Transaction [Line Items]
Insurance premiums	2,350	2,591	4,934	4,969
AirMania Travel S.A.
Related Party Transaction [Line Items]
Travel services	$ 1,235	$ 1,487	$ 2,815	$ 2,710

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Transactions with Related Parties - Balance Sheet (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from related parties	$ 16,534	$ 14,210
Due to related parties	10,047	7,442
Tsakos Columbia Shipmanagement S.A.
Related Party Transaction [Line Items]
Due from related parties	16,534	14,210
Tsakos Energy Management Limited
Related Party Transaction [Line Items]
Due to related parties	594	728
Tsakos Shipping and Trading S.A.
Related Party Transaction [Line Items]
Due to related parties	357	313
Argosy Insurance Company Limited
Related Party Transaction [Line Items]
Due to related parties	8,655	5,947
AirMania Travel S.A.
Related Party Transaction [Line Items]
Due to related parties	$ 441	$ 454

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Transactions with Related Parties - Management Fees (Table) (Details) - Tsakos Energy Management Limited $ in Thousands	Jun. 30, 2018 USD ($)
Related Party Transaction [Line Items]
July to December 2018	$ 10,295
2019	20,589
2020	20,760
2021	20,760
2022	20,760
2023 to 2028	111,506
Total	$ 204,670

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Transactions with Related Parties - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Tsakos Shipping and Trading S.A.
Related Party Transaction [Line Items]
Accrued liabilities	$ 161	$ 125
Argosy Insurance Limited
Related Party Transaction [Line Items]
Accrued liabilities	$ 72	$ 68

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Transactions with Related Parties - Tsakos Energy Management Limited (Details) - Tsakos Energy Management Limited - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Related Party Transaction [Line Items]
Monthly fee for supervisory services, per vessel	$ 20,400
Supervisory services expenses	$ 0	$ 500,000

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Transactions with Related Parties - Tsakos Columbia Shipmanagement S.A. (Details)	Jun. 30, 2018
Tsakos Columbia Shipmanagement S.A. (TCM) | TCM Tsakos Maritime Philippines
Related Party Transaction [Line Items]
Ownership percentage	25.00%

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Transactions with Related Parties - Tsakos Shipping and Trading S.A. (Details) - Tsakos Shipping and Trading S.A. - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Related Party Transaction [Line Items]
Chartering commission	1.25%
Brokerage commission revenue	$ 0	$ 0
Potential charge
Related Party Transaction [Line Items]
Payment for the cost of design and supervision services for each newbuilding vessel	200
13 vessels
Related Party Transaction [Line Items]
Payment for the cost of design and supervision services for newbuildings	$ 0	$ 2,750

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Vessels - Acquisitions and Sales (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Apr. 11, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Property Plant And Equipment [Line Items]
Net proceeds from sale of vessels				$ 17,520	$ 0
Gain/(loss) on sale of vessels	$ (364)		$ 0	$ (364)	0
VLCC tanker Hercules I, aframaxes Marathon TS, Sola TS and Oslo TS and shuttle tanker Lisboa
Property Plant And Equipment [Line Items]
Acquisition of newly constructed vessels			$ 383,125		$ 383,125
VLCC Millennium
Property Plant And Equipment [Line Items]
Net proceeds from sale of vessels		$ 17,520
Gain/(loss) on sale of vessels		$ (364)

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Vessels - Sale and Leaseback (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Property Plant And Equipment [Line Items]
Long-term lease receivable	$ 13,000	$ 13,000
Eurochampion 2004 and Euronike
Property Plant And Equipment [Line Items]
Sale Leaseback Transaction, Date	Dec. 21, 2017
Sale and leaseback terms	5 years
Eurochampion 2004
Property Plant And Equipment [Line Items]
Long-term lease receivable	$ 6,500
Euronike
Property Plant And Equipment [Line Items]
Long-term lease receivable	$ 6,500

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Vessels - Charter hire expense (Details) $ in Thousands	Jun. 30, 2018 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2018	$ 5,456
2019	10,822
2020	10,852
2021	10,822
2022	10,526
Total minimum commitments	$ 48,478

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Deferred Charges (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Deferred Charges [Abstract]
Deferred charges consisted of dry-docking and special survey costs	$ 30,381		$ 23,759
Amortization of deferred dry-docking costs	$ 4,492	$ 3,300

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Long-Term Debt (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
(a) Credit Facilities	$ 65,000	$ 250,104
(b) Term Bank Loans	1,619,266	1,512,978
Total	1,684,266	1,763,082
Less deferred finance costs, net	(12,181)	(11,213)
Total long-term debt	1,672,085	1,751,869
Less current portion of debt	(260,619)	(228,967)
Add deferred finance costs, current portion	3,370	3,084
Total long-term portion, net of current portion and deferred finance costs	$ 1,414,836	$ 1,525,986

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Long-Term Debt - Weighted-Average Interest Rates (Table) (Details)	Jun. 30, 2018	Jun. 30, 2017
Three months ended
Debt Instrument [Line Items]
Weighted-average interest rates on the executed loans	4.25%	3.42%
Six months ended
Debt Instrument [Line Items]
Weighted-average interest rates on the executed loans	4.00%	3.32%

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Long-Term Debt - Principal Payments (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Principal Payments [Abstract]
July to December 2018	$ 87,381
2019	248,037
2020	264,759
2021	282,319
2022	221,151
2023 and thereafter	580,619
Total	$ 1,684,266	$ 1,763,082

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Long-Term Debt - Credit Facilities (Details) - Revolving Credit Facility	6 Months Ended
	Jun. 30, 2018
Line Of Credit Facility [Line Items]
Number of open reducing credit facilities	1
Reducing revolving credit facilities periodic payment	semi-annual
Line Of Credit Facility Interest Rate Description	LIBOR
Maturity date	Feb. 28, 2019
Debt Instrument, Interest Rate, Stated Percentage	3.08%

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Long-Term Debt - Term Bank Loans (Details)	2 Months Ended	3 Months Ended		4 Months Ended		5 Months Ended	6 Months Ended
	Feb. 15, 2018 USD ($)	Apr. 04, 2018 USD ($)	Apr. 03, 2018 USD ($)	Apr. 30, 2018 USD ($)	Apr. 27, 2018 USD ($)	Jun. 07, 2018 USD ($)	Jun. 30, 2018 USD ($)	Jun. 28, 2018 USD ($)	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Term loan balances outstanding							$ 1,619,266,000		$ 1,512,978,000
Eleven vessels
Debt Instrument [Line Items]
Debt Instrument Face Amount	$ 162,575,000
Duration of term bank loan	5 years
Amount drawn down			$ 162,575,000
Number of repayment installments	10
Debt periodic payment							semi-annual
Debt periodic payment amount	$ 11,561,000
Debt balloon payment	$ 46,965,000
Prepaid amount		$ 181,168,000
Debt Instrument Maturity Date, Start							Oct. 31, 2018
Debt Instrument Maturity Date, End							Apr. 30, 2019
Shuttle tanker Rio 2016
Debt Instrument [Line Items]
Debt Instrument Face Amount					$ 12,475,000
Amount drawn down				$ 12,475,000
Number of repayment installments					12
Debt periodic payment							semi-annual
Debt periodic payment amount					$ 3,203,000
Debt balloon payment					$ 38,438,000
Shuttle tanker Brazil 2014
Debt Instrument [Line Items]
Debt Instrument Face Amount						$ 80,000,000
Duration of term bank loan						6 years
Amount drawn down						$ 80,000,000
Number of repayment installments						12
Debt periodic payment							semi-annual
Debt balloon payment						$ 37,055,000
Maria Princess, Nippon Princess and Ise Princess
Debt Instrument [Line Items]
Debt Instrument Face Amount								$ 48,650,000
Number of repayment installments								10
Debt periodic payment							semi-annual
Debt periodic payment amount								$ 3,041,000
Debt balloon payment								$ 18,240,000
All Company's term bank loans
Debt Instrument [Line Items]
Debt periodic payment							quarterly or semi-annual
Variable rate basis							LIBOR
Debt Instrument Maturity Date, Start							Oct. 31, 2018
Debt Instrument Maturity Date, End							Jan. 31, 2027
All Company's term bank loans | Minimum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage							3.54%
All Company's term bank loans | Maximum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage							5.33%
First six installments | Shuttle tanker Brazil 2014
Debt Instrument [Line Items]
Debt periodic payment amount						3,745,000
Second six installments | Shuttle tanker Brazil 2014
Debt Instrument [Line Items]
Debt periodic payment amount						3,412,500
8-year term loan
Debt Instrument [Line Items]
Repayment of debt						$ 66,658,000

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Long-Term Debt - Covenants (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Debt Instrument [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 $107,435 at June 30, 2018 and $113,427 at December 31, 2017, 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 require a monthly pro rata transfer to a retention account of any principal due but unpaid.
Debt Instrument Covenant Compliance	As at June 30, 2018, the Company and its wholly and majority owned subsidiaries had thirty loan agreements, totaling $1,684,266. The Company fulfilled its requirements in respect of the financial covenants of all the agreements in relation to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirement in certain of its loan agreements in respect of which an amount of $6,833 has been reclassified within current liabilities at June 30, 2018.
Cash and cash equivalents	$ 272,501	$ 189,763	$ 250,408
Carrying amount	1,684,266	1,763,082
Working capital	(20,000)	(50,500)
Thirty loan agreements
Debt Instrument [Line Items]
Carrying amount	1,684,266
Minimum liquidity requirement
Debt Instrument [Line Items]
Cash and cash equivalents	107,435	$ 113,427
Three loan agreements
Debt Instrument [Line Items]
Held in deposit account	3,250
Certain of the loan agreements
Debt Instrument [Line Items]
Reclassification Of Long Term Debt	$ 6,833

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Interest and Finance Costs, net (Table) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Interest and Finance Costs, net [Abstract]
Interest expense	$ 18,295	$ 15,368	$ 35,016	$ 29,472
Less: Interest capitalized	(21)	(120)	(21)	(384)
Interest expense, net	18,274	15,248	34,995	29,088
Swaps termination cash settlements	0	0	0	(3,685)
Bunkers swap cash settlements	(2,149)	(327)	(3,560)	(688)
Amortization of loan fees	1,262	754	2,074	1,464
Bank charges	377	114	379	140
Change in fair value of non-hedging financial instruments	(2,981)	84	(1,160)	1,419
Net total	$ 14,783	$ 15,873	$ 32,728	$ 27,738

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Interest and Finance Costs, net (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016
Derivatives Fair Value [Line Items]
Change in fair value of non-hedging financial instruments	$ 2,981	$ (84)	$ 1,160	$ (1,419)
Cash received from terminations	$ 0	$ 0	$ 0	$ 3,685
Interest Rate Swaps
Derivatives Fair Value [Line Items]
Number of floating-to-fixed interest rate swaps	6		6
Notional amount of floating-to-fixed interest rate swaps	$ 337,787		$ 337,787
Fixed interest rate	2.94%		2.94%
Floating rate basis			six-month LIBOR
Interest Rate Swaps | Minimum
Derivatives Fair Value [Line Items]
Maturity date			Jul. 30, 2020
Interest Rate Swaps | Maximum
Derivatives Fair Value [Line Items]
Maturity date			Oct. 31, 2027
Bunker Call Options
Derivatives Fair Value [Line Items]
Number of bunker call option agreement entered into				1
Bunker Call Option Premium				$ 118
Designated as Hedging Instrument | Interest Rate Swaps
Derivatives Fair Value [Line Items]
Fair value of hedging interest rate swaps	$ (951)		$ (951)		$ (1,967)
Net amount of cash flow hedge losses to be reclassified into earnings within 12 months	$ 115		$ 115
Number of interest rate swaps terminated		4		4
Cash received from terminations				$ 3,685
Not Designated as Hedging Instrument | Bunker Swaps
Derivatives Fair Value [Line Items]
Number of bunker swap agreements held	13		13		7
Fair value of bunker swap agreement	$ 4,121		$ 4,121		$ 3,763
Change in fair value of non-hedging financial instruments			358	529
Not Designated as Hedging Instrument | Bunker Swaps | VLCC Ulysses
Derivatives Fair Value [Line Items]
Number of bunker swap agreements entered into						3
Fair value of bunker swap agreement	$ 3,960		3,960		3,264
Change in fair value of non-hedging financial instruments			$ 696	(1,083)
Not Designated as Hedging Instrument | Bunker Call Options
Derivatives Fair Value [Line Items]
Number of bunker call option agreements held	1		1
Fair value of bunker call option agreements	$ 224		$ 224		$ 118
Change in fair value of non-hedging financial instruments			$ 106	$ (866)

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Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		2 Months Ended		3 Months Ended	4 Months Ended				5 Months Ended		6 Months Ended
	Jan. 30, 2018	Jan. 30, 2017	Feb. 28, 2018	Feb. 28, 2017	Apr. 05, 2017	May 10, 2018	Apr. 30, 2018	May 01, 2017	Apr. 28, 2017	May 29, 2018	May 30, 2017	Jun. 30, 2018	Jun. 28, 2018	Jun. 15, 2018	Jul. 14, 2017	Jun. 30, 2017	Dec. 31, 2017
Net proceeds from sale of treasuy stock												$ 3,571				$ 2,676
Preferred Shares - par value												$ 1					$ 1
Net proceeds from issuance of preferred shares												$ 130,553				$ 111,029
Cash dividends paid, per share						$ 0.05			$ 0.05						$ 0.05
Date declared						Mar. 12, 2018			Mar. 17, 2017						May 12, 2017
Common stock - Dividend declared												$ 0.05		$ 0.05		$ 0.05
Common stock - Dividends per share declared - payment date														Aug. 08, 2018
Common stock - Dividends per share declared - record date														Aug. 02, 2018
8% Series B Preferred Shares
Preferred Shares - shares issued												2,000,000					2,000,000
Preferred stock - dividend paid	$ 0.5	$ 0.5					$ 0.5	$ 0.5
Dividends paid on preferred shares												$ 2,000				$ 2,000
8.875% Series C Preferred Shares
Preferred Shares - shares issued												2,000,000					2,000,000
Preferred stock - dividend paid	$ 0.55469	$ 0.55469					$ 0.55469	$ 0.55469
Dividends paid on preferred shares												$ 2,219				2,219
8.75% Series D Preferred Shares
Preferred Shares - shares issued												3,424,803					3,424,803
Preferred stock - dividend paid			$ 0.54687	$ 0.546875						$ 0.54687	$ 0.546875
Dividends paid on preferred shares												$ 3,746				3,739
9.25% Series E Preferred Shares
Preferred Shares - shares issued					4,600,000							4,600,000					4,600,000
Preferred Shares - par value					$ 1
Liquidation preference, per share					$ 25
Net proceeds from issuance of preferred shares					$ 110,496
Preferred stock - dividend paid			$ 0.57812							$ 0.57812	$ 0.34045
Dividends paid on preferred shares												$ 5,319				$ 1,566
9.50% Series F Preferred Shares
Preferred Shares - shares issued												5,400,000	5,400,000				0
Preferred Shares - par value													$ 1
Liquidation preference, per share													$ 25
Net proceeds from issuance of preferred shares													$ 130,553
Treasury stock | Common Shares
Sale of treasury stock												1,016,870				650,717
Net proceeds from sale of treasuy stock												$ 3,571				$ 2,676
Treasury stock | 8.75% Series D Preferred Shares
Sale of treasury stock																24,803
Net proceeds from sale of treasuy stock																$ 533
Prior to May 28, 2027 | 9.25% Series E Preferred Shares
Preferred stock dividend rate percentage												9.25%
From and including May 28, 2027 and thereafter | 9.25% Series E Preferred Shares
Preferred stock dividend payment rate												three-month LIBOR plus a spread of 6.881%
Prior to July 30, 2028 | 9.50% Series F Preferred Shares
Preferred stock dividend rate percentage												9.50%
From and including July 30, 2028 | 9.50% Series F Preferred Shares
Preferred stock dividend payment rate												three-month LIBOR plus a spread of 6.54%

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Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accumulated other comprehensive income (loss) [Abstract]
Unrealized gains/(losses) from changes in fair value of financial instruments	$ 1,808	$ (125)	$ 786	$ (3,196)

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Earnings per Common Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator
Net (loss) income attributable to Tsakos Energy Navigation Limited	$ (9,553)	$ 3,575	$ (21,468)	$ 21,053
Preferred share dividends Series B	(1,000)	(1,000)	(2,000)	(2,000)
Preferred share dividends Series C	(1,109)	(1,109)	(2,219)	(2,219)
Preferred share dividends Series D	(1,874)	(1,874)	(3,746)	(3,732)
Preferred share dividends Series E	(2,659)	(2,541)	(5,319)	(2,541)
Preferred share dividends Series F	(71)	0	(71)	0
Net (loss) income attributable to common stockholders	$ (16,266)	$ (2,949)	$ (34,823)	$ 10,561
Denominator
Weighted average common shares outstanding	86,942,159	84,284,281	86,634,907	84,126,285
Basic and diluted (loss) income per common share	$ (0.19)	$ (0.03)	$ (0.40)	$ 0.13

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Commitments and Contingencies (Table) (Details) $ in Thousands	Jun. 30, 2018 USD ($)
Charters-out [Abstract]
July to December 2018	$ 149,712
2019	232,196
2020	201,453
2021	163,775
2022 to 2029	385,192
Minimum charter payments	$ 1,132,328

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Commitments and Contingencies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)	May 02, 2018 USD ($)
Long-term Purchase Commitment [Line Items]
Prepaid amount which will be used against the contract price of future newbuildings	$ 1,650
Aframax tanker 1
Long-term Purchase Commitment [Line Items]
Contractual obligation		$ 51,720
Aframax tanker 2
Long-term Purchase Commitment [Line Items]
Contractual obligation		$ 51,720
Two Aframax Tankers Under Construction
Long-term Purchase Commitment [Line Items]
Number of vessels under construction	2
Purchase obligations
Contractual purchase obligation from November 2018 to January 2020	$ 93,096

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Financial Instruments - Fair Values (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Financial Instruments [Abstract]
Cash and cash equivalents - Carrying Amount	$ 272,501	$ 189,763	$ 250,408
Restricted cash - Carrying Amount	9,924	12,910	$ 7,750
Investments - Carrying Amount	1,000	1,000
Debt - Carrying amount	(1,684,266)	(1,763,082)
Cash and cash equivalents - Fair Value	272,501	189,763
Restricted cash - Fair value	9,924	12,910
Investments - Fair Value	1,000	1,000
Debt - Fair Value	$ (1,684,266)	$ (1,762,938)

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Financial Instruments - Balance Sheet Location (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Total derivatives - Assets	$ 8,893	$ 7,145
Total derivatives - Liabilites	1,539	1,967
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liabilities, Noncurrent	1,203	589
Designated as Hedging Instrument
Derivatives designated as hedging instruments
Subtotal - Assets	588	0
Subtotal - Liabilities	1,539	1,967
Designated as Hedging Instrument | Interest Rate Swaps | Current portion of financial instruments - Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Current	0	0
Derivative Liability, Current	336	1,378
Designated as Hedging Instrument | Interest Rate Swaps | Financial instruments - Fair Value, net of current portion
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Noncurrent	588	0
Derivative Liabilities, Noncurrent	1,203	589
Not Designated as Hedging Instrument
Derivatives not designated as hedging instruments
Subtotal - Assets	8,305	7,145
Subtotal - Liabilities	0	0
Not Designated as Hedging Instrument | Bunker Swaps | Current portion of financial instruments - Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Current	7,045	5,715
Derivative Liability, Current	0	0
Not Designated as Hedging Instrument | Bunker Swaps | Financial instruments - Fair Value, net of current portion
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Noncurrent	1,036	1,312
Derivative Liabilities, Noncurrent	0	0
Not Designated as Hedging Instrument | Bunker Call Options | Financial instruments - Fair Value, net of current portion
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Noncurrent	224	118
Derivative Liabilities, Noncurrent	$ 0	$ 0

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Financial Instruments - Derivatives Designated as Hedging Instruments - Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative (Effective Portion) (Table) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative Instruments Gain/Loss [Line Items]
Total	$ 1,808	$ (125)	$ 786	$ (3,196)
Gain/(Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)
Derivative Instruments Gain/Loss [Line Items]
Interest rate swaps	1,604	(816)	83	(4,611)
Total	$ 1,604	$ (816)	$ 83	$ (4,611)

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Financial Instruments - Derivatives Designated as Hedging Instruments - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (Table) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative
Total	$ (204)	$ (691)	$ (703)	$ (1,415)
Depreciation expense
Derivative
Interest rate swaps	(47)	(51)	(94)	(76)
Interest and finance costs, net
Derivative
Interest rate swaps	$ (157)	$ (640)	$ (609)	$ (1,339)

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Financial Instruments - Derivatives Not Designated as Hedging Instruments - Net effect on the Statement of Comprehensive Income (Table) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative
Total	$ 5,131	$ 244	$ 4,720	$ (731)
Interest and finance costs, net
Derivative
Bunker swaps	5,056	368	4,614	(174)
Bunker call options	$ 75	$ (124)	$ 106	$ (557)

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Financial Instruments - Fair Value of Assets and Liabilities Measured on Recurring Basis (Table) (Details) - Recurring Basis - Significant Other Observable Inputs Assets / (Liabilities) (Level 2) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	$ (951)	$ (1,967)
Bunker swaps	8,081	7,027
Bunker call options	224	118
Total	$ 7,354	$ 5,178

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Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accumulated loss from derivatives designated as Hedging Instruments	$ 4,519	$ 5,305

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Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		2 Months Ended		4 Months Ended				5 Months Ended		6 Months Ended					7 Months Ended		8 Months Ended
	Jan. 30, 2018	Jan. 30, 2017	Feb. 28, 2018	Feb. 28, 2017	May 10, 2018	Apr. 30, 2018	May 01, 2017	Apr. 28, 2017	May 29, 2018	May 30, 2017	Jul. 10, 2018	Jun. 30, 2018	Jun. 15, 2018	Jul. 14, 2017	Jun. 30, 2017	Aug. 08, 2018	Jul. 30, 2018	Sep. 07, 2018	Aug. 28, 2018
Subsequent Event [Line Items]
Common stock - Dividend declared												$ 0.05	$ 0.05		$ 0.05
Dividends per share declared - payment date													Aug. 08, 2018
Dividends per share declared - record date													Aug. 02, 2018
Net proceeds from sale of treasuy stock												$ 3,571			$ 2,676
Cash dividends paid, per share					$ 0.05			$ 0.05						$ 0.05
Date declared					Mar. 12, 2018			Mar. 17, 2017						May 12, 2017
Subsequent Event
Subsequent Event [Line Items]
Common stock - Dividend declared																		$ 0.05
Dividends per share declared - payment date																		Dec. 06, 2018
Dividends per share declared - record date																		Nov. 30, 2018
Cash dividends paid, per share																$ 0.05
Date declared																Jun. 15, 2018
8% Series B Preferred Shares
Subsequent Event [Line Items]
Preferred stock - dividend paid	$ 0.5	$ 0.5				$ 0.5	$ 0.5
8% Series B Preferred Shares | Subsequent Event
Subsequent Event [Line Items]
Preferred stock - dividend paid																	$ 0.5
8.875% Series C Preferred Shares
Subsequent Event [Line Items]
Preferred stock - dividend paid	$ 0.55469	$ 0.55469				$ 0.55469	$ 0.55469
8.875% Series C Preferred Shares | Subsequent Event
Subsequent Event [Line Items]
Preferred stock - dividend paid																	$ 0.55469
8.75% Series D Preferred Shares
Subsequent Event [Line Items]
Preferred stock - dividend paid			$ 0.54687	$ 0.546875					$ 0.54687	$ 0.546875
8.75% Series D Preferred Shares | Subsequent Event
Subsequent Event [Line Items]
Preferred stock - dividend paid																			$ 0.546875
9.25% Series E Preferred Shares
Subsequent Event [Line Items]
Preferred stock - dividend paid			$ 0.57812						$ 0.57812	$ 0.34045
9.25% Series E Preferred Shares | Subsequent Event
Subsequent Event [Line Items]
Preferred stock - dividend payable																			$ 0.578125
9.50% Series F Preferred Shares | Subsequent Event
Subsequent Event [Line Items]
Sale of treasury stock											600,000
Net proceeds from sale of treasuy stock											$ 14,575