Exhibit 12.1

Tsakos Energy Navigation Limited

Computation of Ratio of Earnings to Fixed Charges

(United States Dollars in thousands)
	Six months Ended June 30, 2012			Years Ended December 31,
				2011			2010			2009			2008			2007
Earnings
Income (loss) from continued operations (before noncontrolling interest)		(14,413	)		(88,950	)		21,035			30,175			203,997			186,560
Add:
Fixed charges		25,631			52,715			54,215			59,877			71,720			83,489
Amortization of capitalized interest		680			1,318			1,560			1,105			932			965
		11,898			(34,917	)		76,810			91,157			276,649			271,014
Less:
Interest capitalized		(604	)		(2,532	)		(2,520	)		(2,050	)		(4,319	)		(8,944	)
		11,294			(37,449	)		74,290			89,107			272,330			262,070
Fixed Charges
Interest expensed		24,572			49,188			50,531			56,950			65,657			72,204
Interest capitalized		604			2,532			2,520			2,050			4,319			8,944
Amortization of capitalized expenses relating to indebtedness		455			995			1,138			877			944			921
Interest portion of rental expense		0			0			26			0			800			1,420
		25,631			52,715			54,215			59,877			71,720			83,489
Ratio of Earnings to Fixed Charges		0.4x			n/a			1.4x			1.5x			3.8x			3.1x
Dollar amount of the coverage deficiency		n/a		$	37,449			n/a			n/a			n/a			n/a