Exhibit 12.1

Tsakos Energy Navigation Limited

Computation of Ratio of Earnings to Fixed Charges

(Expressed in thousands of United States Dollars, except ratios)

	Years Ended December 31,
	2007		2006		2005		2004		2003
Earnings
Income from continued operations (before minority interest)	186,560		196,406		161,755		143,290		58,123
Add:
Fixed charges	79,366		60,375		25,242		21,987		20,145
Amortization of Capitalized Interest	757		319		198		162		201
Distributed income of equity investees									1,126
	266,683		257,100		187,195		165,439		79,595
Less:
Interest capitalized	(8,944	)	(12,474	)	(5,344	)	(2,708	)	(839	)
	257,739		244,626		181,851		162,731		78,756
Fixed Charges
Interest expensed	68,081		42,191		13,742		12,894		15,778
Interest capitalized	8,944		12,474		5,344		2,708		839
Amortization of capitalized expenses relating to indebtedness	921		1,495		1,034		368		686
Interest portion of rental expense	1,420		4,215		5,122		6,017		2,842
	79,366		60,375		25,242		21,987		20,145
Ratio of Earnings to Fixed Charges	3.2x		4.1x		7.2x		7.4x		3.9x