Exhibit 12.1

Tsakos Energy Navigation Limited

Computation of Ratio of Earnings to Fixed Charges

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

	Three months Ended			Years Ended December 31,
	March 31, 2014			2013			2012			2011			2010			2009
Earnings
Income (loss) from continued operations (before noncontrolling interest)		14,498			(38,570	)		(49,056	)		(88,950	)		21,035			30,175
Add:
Fixed charges		9,314			43,719			52,819			54,735			56,328			59,877
Amortization of capitalized interest		345			1,357			1,336			1,399			1,591			1,105
		24,157			6,506			5,099			(32,816	)		78,954			91,157
Less:
Interest capitalized		(532	)		(1,945	)		(1,758	)		(2,532	)		(2,520	)		(2,050	)
		23,625			4,561			3,341			(35,348	)		76,434			89,107
Fixed Charges
Interest expensed		8,469			40,673			50,115			51,208			52,644			56,950
Interest capitalized		532			1,945			1,758			2,532			2,520			2,050
Amortization of capitalized expenses relating to indebtedness		313			1,101			946			995			1,138			877
Interest portion of rental expense		—			—			—			—			26			—
		9,314			43,719			52,819			54,735			56,328			59,877
Preference dividends		2,109			3,676			—			—			—			—
Fixed Charges and Preference dividends		11,423			47,395			52,819			54,735			56,328			59,877
Ratio of Earnings to Fixed Charges		2.1x			n/a			n/a			n/a			1.4x			1.5x
Dollar amount of the coverage deficiency		n/a			42,834			49,478			90,083			n/a			n/a