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, 2017

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, 2017
99.2	Management’s Discussion and Analysis of Financial Condition and Results of Operations
99.3	Capitalization at June 30, 2017
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 2, 2017

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, 2017 AND DECEMBER 31, 2016

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

	June 30, 2017			December 31, 2016
	(UNAUDITED)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	250,408		$	187,777
Restricted cash		7,750			9,996
Accounts receivable, net		23,416			38,252
Due from related companies (Note 2)		11,281			6,730
Advances and other		27,090			24,226
Vessels held for sale (Note 3)		68,410			68,410
Inventories		15,285			18,756
Prepaid insurance and other		1,526			1,842
Current portion of financial instruments-Fair value (Note 11)		1,410			2,322
Total current assets		406,576			358,311
INVESTMENTS		1,000			1,000
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11)		956			5,166
FIXED ASSETS (Note 3)
Advances for vessels under construction		51,597			216,531
Vessels		3,865,207			3,479,037
Accumulated depreciation		(865,169	)		(801,976	)
Vessels’ Net Book Value		3,000,038			2,677,061
Total fixed assets		3,051,635			2,893,592
DEFERRED CHARGES, net (Note 4)		23,160			19,506
Total assets	$	3,483,327		$	3,277,575
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt (Note 5)	$	270,751		$	288,135
Payables		54,004			52,511
Due to related companies (Note 2)		7,682			5,892
Dividends payable		4,221			—
Accrued liabilities		41,404			34,707
Unearned revenue		14,053			8,428
Current portion of financial instruments - Fair value (Note 11)		2,734			3,613
Total current liabilities		394,849			393,286
LONG-TERM DEBT, net of current portion (Note 5)		1,555,298			1,465,720
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11)		1,376			1,119
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 and 4,600,000 Series E Preferred Shares issued and outstanding at June 30, 2017 and 15,000,000 shares authorized and 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares and 3,400,000 Series D Preferred Shares issued and outstanding at December 31, 2016		12,025			7,400
Common shares, $ 1.00 par value; 175,000,000 shares authorized, 87,338,652 shares issued and 84,371,583 shares outstanding at June 30, 2017 and 185,000,000 shares authorized, 87,338,652 shares issued and 83,720,866 shares outstanding at December 31, 2016		87,339			87,339
Additional paid-in capital		858,109			752,001
Cost of treasury stock		(16,551	)		(20,173	)
Accumulated other comprehensive loss		(7,509	)		(4,313	)
Retained earnings		585,333			582,889
Total Tsakos Energy Navigation Limited stockholders’ equity		1,518,746			1,405,143
Non-controlling Interest		13,058			12,307
Total stockholders’ equity		1,531,804			1,417,450
Total liabilities and stockholders’ equity	$	3,483,327		$	3,277,575

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

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2017 AND 2016

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

	Three months ended June 30
	2017			2016
VOYAGE REVENUES:	$	132,180		$	119,851
EXPENSES:
Voyage expenses		28,121			25,020
Vessel operating expenses		43,894			36,198
Depreciation and amortization		34,298			26,875
General and administrative expenses		6,557			7,456
Total expenses		112,870			95,549
Operating income		19,310			24,302
OTHER INCOME (EXPENSES):
Interest and finance costs, net (Note 6)		(15,873	)		(8,012	)
Interest income		313			149
Other, net		199			(29	)
Total other expenses, net		(15,361	)		(7,892	)
Net income		3,949			16,410
Less: Net (income)/loss attributable to the non-controlling interest		(374	)		4
Net income attributable to Tsakos Energy Navigation Limited	$	3,575		$	16,414
Effect of preferred dividends		(6,524	)		(3,969	)
Net (loss)/ income attributable to common stockholders of Tsakos Energy Navigation Limited		(2,949	)		12,445
(Loss)/Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common shareholders (Note 9)	$	(0.03	)	$	0.15
Weighted average number of shares, basic and diluted (Note 9)		84,284,281			85,510,215

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

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2017 AND 2016

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

	Six months ended June 30
	2017			2016
VOYAGE REVENUES:	$	270,421		$	241,942
EXPENSES:
Voyage expenses		58,204			47,473
Vessel operating expenses		83,905			71,096
Depreciation and amortization		66,588			53,043
General and administrative expenses		12,667			12,889
Total expenses		221,364			184,501
Operating income		49,057			57,441
OTHER INCOME (EXPENSES):
Interest and finance costs, net (Note 6)		(27,738	)		(15,959	)
Interest income		431			261
Other, net		54			(18	)
Total other expenses, net		(27,253	)		(15,716	)
Net income		21,804			41,725
Less: Net (income)/loss attributable to the non-controlling interest		(751	)		114
Net income attributable to Tsakos Energy Navigation Limited	$	21,053		$	41,839
Effect of preferred dividends		(10,492	)		(7,938	)
Net income attributable to common stockholders of Tsakos Energy Navigation Limited		10,561			33,901
Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common shareholders (Note 9)	$	0.13		$	0.39
Weighted average number of shares, basic and diluted (Note 9)		84,126,285			86,071,582

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

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2017, AND 2016

(Expressed in thousands of U.S. Dollars)

	Three months ended June 30
	2017			2016
Net income	$	3,949		$	16,410
Other comprehensive income
Unrealized gains/(losses) from hedging financial instruments
Unrealized loss on interest rate swaps, net		(125	)		(691	)
Comprehensive income		3,824			15,719
Less: comprehensive loss/(income) attributable to the non-controlling interest		(374	)		4
Comprehensive income attributable to Tsakos Energy Navigation Limited	$	3,450		$	15,723

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

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2017, AND 2016

(Expressed in thousands of U.S. Dollars)

	Six months ended June 30
	2017			2016
Net income	$	21,804		$	41,725
Other comprehensive income
Unrealized gains/(losses) from hedging financial instruments
Unrealized loss on interest rate swaps, net		(3,196	)		(3,248	)
Comprehensive income		18,608			38,477
Less: comprehensive (income)/ loss attributable to the non-controlling interest		(751	)		114
Comprehensive income attributable to Tsakos Energy Navigation Limited	$	17,857		$	38,591

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, 2017, AND 2016

(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 Loss			Tsakos Energy Navigation Limited			Non-controlling Interest			Total Stockholders’ Equity
							Shares			$ Amount
BALANCE, January 1, 2016	$	7,400	$	87,339	$	752,001		—		$	—		$	567,464		$	(10,727	)	$	1,403,477		$	11,595		$	1,415,072
Net income/(loss)														41,839						41,839			(114	)		41,725
Purchases of Treasury stock								3,271,576			(18,567	)								(18,567	)					(18,567	)
Shares granted to non-executive directors								(87,500	)		510									510						510
Common dividends declared ($0.08 per share)														(6,704	)					(6,704	)					(6,704	)
Common dividends paid ($0.08 per share)														(6,894	)					(6,894	)					(6,894	)
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														(3,719	)					(3,719	)					(3,719	)
Other comprehensive loss																	(3,248	)		(3,248	)					(3,248	)
BALANCE June 30, 2016	$	7,400	$	87,339	$	752,001		3,184,076		$	(18,057	)	$	587,767		$	(13,975	)	$	1,402,475		$	11,481		$	1,413,956
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

	Preferred Shares		Common Shares		Additional Paid-in Capital			Treasury stock						Retained Earnings			Accumulated Other Comprehensive Loss			Tsakos Energy Navigation Limited			Non-controlling Interest		Total Stockholders’ Equity
								Shares			$ Amount
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

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, 2017 AND 2016

(Expressed in thousands of U.S. Dollars)

	Six months ended June 30
	2017			2016
Cash Flows from Operating Activities:
Net income	$	21,804		$	41,725
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		63,288			50,112
Amortization of deferred dry-docking costs		3,300			2,931
Amortization of loan fees		1,464			676
Stock compensation expense		—			510
Change in fair value of derivative instruments		1,209			(2,692	)
Payments for dry-docking		(6,970	)		(5,683	)
(Increase) Decrease in:
Accounts receivables		7,423			4,230
Inventories		3,471			(794	)
Prepaid insurance and other		314			(699	)
Increase (Decrease) in:
Payables		3,283			8,266
Accrued liabilities		6,697			163
Unearned revenue		5,625			(5,483	)
Net Cash provided by Operating Activities		110,908			93,262
Cash Flows from Investing Activities:
Advances for vessels under construction and acquisitions		(1,979	)		(35,011	)
Vessel acquisitions and/or improvements		(219,242	)		(221,113	)
Net Cash used in Investing Activities		(221,221	)		(256,124	)
Cash Flows from Financing Activities:
Proceeds from long-term debt		215,169			273,576
Financing costs		(2,214	)		(3,957	)
Payments of long-term debt		(142,224	)		(115,885	)
Decrease in restricted cash		2,246			6,778
Sale of treasury stock, net		2,676			—
Proceeds from preferred stock issuance, net		111,029			—
Repurchase of common shares		—			(18,567	)
Cash dividends		(13,738	)		(14,832	)
Net Cash provided by Financing Activities		172,944			127,113
Net increase/(decrease) in cash and cash equivalents		62,631			(35,749	)
Cash and cash equivalents at beginning of period		187,777			289,676
Cash and cash equivalents at end of period	$	250,408		$	253,927

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, 2017 AND 2016

(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, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017.

The consolidated balance sheet as of December 31, 2016, 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 28, 2017 (“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, 2017, except as discussed below:

On January 1, 2017, the Company adopted Accounting Standard Update (“ASU”) No. 2015-11 - Inventory (Topic 330) effective for the fiscal year ending December 31, 2017 and interim periods within this fiscal year. The adoption of this guidance has had no impact on the Company’s results of operations, cash flows and net assets for any period.

In May 2014, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, (or ASU 2014-09). ASU 2014-09 will require an entity to recognize revenue when it transfers 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. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 is effective for the Company on January 1, 2018 and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company expects that the adoption of ASU 2014-09 may result in a change in the method of recognizing revenue from voyage charters, whereby the Company’s method of determining proportional performance will change from discharge-to-discharge to load-to discharge. This will result in no revenue being recognized from discharge of the prior voyage to loading of the current voyage and all revenue being recognized from loading of the current voyage to discharge of the current voyage. This change will result in revenue being recognized later in the voyage which may cause additional volatility in revenue and earnings between periods. The Company is in the process of validating aspects of its preliminary assessment of ASU 2014-09, determining the transitional impact and completing other items required for the adoption of ASU 2014-09.

New Accounting Pronouncements Not Yet Adopted

In January 2017, the FASB issued ASU 2017-01 - Business Combinations (Topic 805) to clarify the definition of a business 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. Under current implementation

guidance, the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does not constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This update is effective for public entities with reporting periods beginning after December 15, 2017, including interim periods within those years. The amendments of this ASU should be applied prospectively on or after the effective date. Early adoption is permitted, including adoption in an interim period (i) for transactions for which the acquisition date occurs before the issuance date or effective date of the ASU, only when the transaction has not been reported in financial statements that have been issued or made available for issuance and (ii) for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-03 - Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323). The ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF) meetings. The SEC guidance that specifically relates to the Company’s Consolidated Financial Statements was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU 2014-09), leases (ASU 2016-02) and credit losses on financial instruments (ASU 2016-13) in accordance with SAB Topic 11.M. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The ASU incorporates these SEC staff views into ASC 250 and adds references to that guidance in the transition paragraphs of each of the three new standards. The adoption of this new accounting guidance will not have a material effect on the Company’s Consolidated Financial Statements.

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,
	2017		2016		2017		2016
Tsakos Shipping and Trading S.A. (commissions)		1,621		1,486		3,350		2,997
Tsakos Energy Management Limited (management fees)		4,826		4,080		9,462		8,109
Tsakos Columbia Shipmanagement S.A.		538		498		999		969
Argosy Insurance Company Limited		2,591		2,119		4,969		4,401
AirMania Travel S.A.		1,487		1,313		2,710		2,305
Total expenses with related parties		11,063		9,496		21,490		18,781

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

	June 30, 2017		December 31, 2016
Due from related parties
Tsakos Columbia Shipmanagement S.A.		11,281		6,730
Total due from related parties		11,281		6,730

	June 30, 2017		December 31, 2016
Due to related parties
Tsakos Energy Management Limited		613		417
Tsakos Shipping and Trading S.A.		741		759
Argosy Insurance Company Limited		5,577		4,285
AirMania Travel S.A.		751		431
Total due to related parties		7,682		5,892

At June 30, 2017, an amount of $555 ($552 at December 31, 2016) due to Tsakos Shipping and Trading S.A. and an amount of $89 ($24 at December 31, 2016) 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. Per the Management Agreement of March 8, 2007, effective from January 1, 2008, there is a prorated adjustment if at the beginning of each year the Euro has appreciated by 10% or more against the U.S. Dollar since January 1, 2007. In addition, there is an increase each year by a percentage figure reflecting the 12 month Euribor, if both parties agree. In the first six months of 2017 and 2016, monthly fees for operating vessels are $27.5 and $20.4 for vessels chartered in and on a bare-boat basis, respectively, $36.35 ($35.8 in the first six months of 2016) for the LNG carriers and $35.0 for the DP2 shuttle tankers. From the above fees, the amount of $26.4 is payable to a third party manager for the LNG carriers and the amount of $14.2 per month is payable to a third party manager for the VLCCs Ulysses and 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. In the first six months of 2017, an award of $287 was accounted for as payable to the Management Company and is included in General and Administrative expenses in the accompanying Consolidated Statement of Comprehensive Income. In the first six months of 2016, an incentive award of $1,280 was granted and is included in General and Administrative expenses in the accompanying Consolidated Statement of Comprehensive Income. In addition, a special award of $575 was paid to the Management Company in relation to capital raising offerings during the first six months of 2017. This award is included as a deduction of additional paid in capital.

The Holding Company and the Management Company have certain officers and directors in common. The President, who is also the Chief Executive Officer and a Director of the Holding Company, is also the sole stockholder of the Management Company. The Management Company may unilaterally terminate its Management Agreement with the Holding Company at any time upon one year’s notice. In addition, if even one director was elected to the Holding Company’s Board of Directors without having been recommended by the existing Board, the Management Company would have the right to terminate the Management Agreement on ten days’ notice, and the Holding Company would be obligated as at June 30, 2017 to pay the Management Company an amount of approximately $172,643 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, 2017, are:

Period/Year	Amount
July to December 2017		10,145
2018		20,376
2019		20,447
2020		20,447
2021		20,447
2022 to 2027		111,220
		203,082

Management fees for vessels are included in the accompanying Consolidated Statements of Comprehensive 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. These fees in total amounted to $500, and $1,806 during the six months ended June 30, 2017 and 2016, respectively and are either accounted for as part of construction costs for delivered vessels or are included in Advances for vessels under construction.

(b) Tsakos Columbia Shipmanagement S.A. (“TCM”): The Management Company appointed TCM to provide technical management to the Company’s vessels from July 1, 2010. TCM is owned jointly and in equal part by related party interests and by a private German group. TCM, at the consent of the Holding Company, may subcontract all or part of the technical management of any vessel to an alternative unrelated technical manager.

Effective July 1, 2010, the Management Company, at its own expense, pays technical management fees to TCM and the Company bears and pays directly to TCM most of its operating expenses, including repairs and maintenance, provisioning and crewing of the Company’s vessels, as well as certain charges which are capitalized or deferred, including reimbursement of the costs of TCM personnel sent overseas to supervise repairs and perform inspections on Company vessels. The Company also pays to TCM, certain fees to cover expenses relating to internal control procedures and information technology services which are borne by TCM on behalf of the Company.

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

(c) Tsakos Shipping and Trading S.A. (“Tsakos Shipping”): Tsakos Shipping provides chartering services for the Company’s vessels by communicating with third party brokers to solicit research and propose charters. For this service, the Company pays to Tsakos Shipping a chartering commission of approximately 1.25% on all freights, hires and demurrages. Such commissions are included in Voyage expenses in the accompanying Consolidated Statements of Comprehensive Income. Tsakos Shipping also provides sale and purchase of vessels brokerage service. For this service, Tsakos Shipping may charge brokerage commissions. In the first half of 2017 and 2016, 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 2016, 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 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. During the first six months of 2016, the Company took delivery of the VLCC Ulysses and the aframax tanker Elias Tsakos for $154,983 in total.

Held for sale

At June 30, 2017, and December 31, 2016, the suezmax tankers Eurochampion 2004 and Euronike were classified as held for sale.

4. Deferred Charges

Deferred charges consisting of dry-docking and special survey costs, net of accumulated amortization, amounted to $23,160 and $19,506, at June 30, 2017 and December 31, 2016, respectively. Amortization of deferred dry-docking costs was $3,300 during the first six months of 2017 and $2,931 during the first six months of 2016 and is included in depreciation and amortization of deferred dry-docking costs in the accompanying Consolidated Statements of Comprehensive Income.

5. Long-Term Debt

Facility	June 30, 2017			December 31, 2016
(a) Credit Facilities		265,476			344,564
(b) Term Bank Loans		1,573,511			1,421,479
Total		1,838,987			1,766,043
Less deferred finance costs, net		(12,938	)		(12,188	)
Total long-term debt		1,826,049			1,753,855
Less current portion of debt		(274,117	)		(291,111	)
Add deferred finance costs, current portion		3,366			2,976
Total long-term portion, net of current portion and deferred finance costs		1,555,298			1,465,720

(a) Credit facilities

As at June 30, 2017, the Company had two open reducing revolving credit facilities, both of which are reduced in semi-annual installments and one open facility which has both a reducing revolving credit component and a term bank loan component, with balloon payments due at maturity between October 2018 and April 2019. At June 30, 2017, there was no available unused amount.

Interest is payable at a rate based on LIBOR plus a spread. At June 30, 2017, the interest rates on these facilities ranged from 1.90% to 5.19%.

(b) Term bank loans

Term loan balances outstanding at June 30, 2017, amounted to $1,573,511. These bank loans are payable in U.S. Dollars in quarterly or semi-annual installments, with balloon payments due at maturity between September 2017 and July 2026. Interest rates on the outstanding loans as at June 30, 2017, are based on LIBOR plus a spread.

On May 23, 2017, the Company signed a new four-year bank loan of up to $122,500 relating to the refinancing of the aframax tankers Izumo Princess and Asahi Princess, the handysize product carrier Aegeas, the two panamax tankers World Harmony and Chantal and the two suezmax tankers Archangel

and Alaska with maturity dates between June 2017 and February 2018. The loan is repayable in eight semi-annual installments with the first four amounting to $8,660 and the second four amounting to $7,645, commencing six months after the first drawdown date, plus a balloon of $57,280 payable together with the last installment. The first drawdown of $26,000 was made on May 31, 2017 for the vessels Izumo Princess and Aegeas. The second and the third drawdowns of $20,475 each were made on June 2, 2017 and June 21, 2017 for the vessels Archangel and Alaska, respectively.

At June 30, 2017, interest rates on these term bank loans ranged from 2.65% to 4.34%.

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

Three months ended June 30, 2017	3.42	%
Three months ended June 30, 2016	2.52	%
Six months ended June 30, 2017	3.32	%
Six months ended June 30, 2016	2.57	%

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 $108,271 at June 30, 2017 and $108,139 at December 31, 2016, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Four loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $5,250 and four other loan agreements require a monthly pro rata transfer to a retention account of any principal due but unpaid.

As at June 30, 2017, the Company and its wholly and majority owned subsidiaries had thirty-four loan agreements, totaling $1,838,987. The Company fulfilled its requirements in respect of the financial covenants of all its loan agreements, relating to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirements in eight of the thirty-four loans, in respect of which an amount of $4,092 has been reclassified within current liabilities at June 30, 2017.

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, 2017 and December 31, 2016, the Company’s working capital (non-restricted net current assets), amounted to $611 surplus and $(47,947) deficit, respectively.

The annual principal payments required to be made after June 30, 2017, are as follows:

Period/Year	Amount
July to December 2017		184,887
2018		340,436
2019		248.913
2020		224,561
2021		303,932
2022 and thereafter		536,258
		1,838,987

6. Interest and Finance Costs, net

	Three months ended June 30,						Six months ended June 30,
	2017			2016			2017			2016
Interest expense		15,368			9,277			29,472			18,195
Less: Interest capitalized		(120	)		(1,084	)		(384	)		(2,355	)
Interest expense, net		15,248			8,193			29,088			15,840
Swaps termination cash settlements		—			—			(3,685	)		—
Interest swap cash settlements non-hedging		—			1,086			—			1,086
Bunkers swap cash settlements		(327	)		—			(688	)		266
Amortization of loan fees		754			343			1,464			676
Bank charges		114			80			140			141
Change in fair value of non-hedging financial instruments		84			(1,690	)		1,419			(2,050	)
Net total		15,873			8,012			27,738			15,959

At June 30, 2017, the Company was committed to five floating-to-fixed interest rate swaps with major financial institutions covering notional amounts aggregating to $191,273, maturing from May 2018 through March 2021, on which it pays fixed rates averaging 2.67% and receives floating rates based on the six-month London interbank offered rate (“LIBOR”) (Note 11).

At June 30, 2017 and December 31, 2016, 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, 2017 and December 31, 2016, in aggregate amounted to $4,110 (negative) and $1,030 (negative), respectively. The net amount of cash flow hedge losses at June 30, 2017, that is estimated to be reclassified into earnings within the next twelve months to June 30, 2018 is $2,123.

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.

During the first half of 2016, the Company held one interest rate swap that did not meet hedge accounting criteria which expired on April 10, 2016. As such, the change in its fair value during the first half of 2016 has been included in change in fair value of non-hedging financial instruments in the table above, and amounted to a gain of $1,040.

At June 30, 2017 and December 31, 2016, the Company held six and twelve, respectively, call option agreements, in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels. The value of the call options at June 30, 2017 and December 31, 2016, was $441 (positive) and $1,307 (positive), respectively.

The changes in their fair values during the first half of 2017 and 2016 amounting to $866 (negative) and $1,010 (positive), respectively, have been included in Change in fair value of non-hedging financial instruments in the table above.

In the first half of 2017 and 2016, the Company entered into one and two call option agreements, and premiums paid for the call options were $118 and $266, respectively.

During the first half of 2017, the Company entered into nine bunker swap agreements in order to hedge its exposure to bunker price fluctuations associated with the consumptions of bunkers by its vessels. The value of bunker swap agreements at June 30, 2017, was $529 (positive). The change in the fair value in the first half of 2017 was $529 (positive).

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, 2017 and December 31, 2016, were $1,396 (positive) and $2,479 (positive). The change in the fair value in the first half of 2017 was $1,083 (negative).

7. Stockholders’ Equity

On January 11, 2016, the Company started the repurchase program for its common and/ or its preferred shares, which program was previously authorized by its Board of Directors. As of June 30, 2016, the Company has acquired as treasury stock, 3,271,576 shares for a total amount of $18,567.

On April 8, 2016, under the Company’s share-based plan the Company granted 87,500 restricted share units to non-executive directors out of the repurchased treasury stock, which vested immediately. A related amount of $0.5 million was accounted for as stock compensation expense within General and Administrative expenses in the accompanying financial statements.

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, 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 $0.555469 per share, $2,219 in total, on its 8.875% Series C Preferred Shares. During the six months ended June 30, 2016, the Company paid two dividends of $0.50 per share, $2,000 in total, on its 8.00% Series B Preferred Shares and two dividends of $0.555469 per share or $2,219 in total, on its 8.875% Series C Preferred Shares.

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. During the six months ended June 30, 2016, the Company paid dividends of $0.546875 per share, $3,719 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 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 April 28, 2017, the Company paid dividends of $0.05 per common share outstanding, which were declared on March 17, 2017. On April 7, 2016, the Company paid dividends of $0.08 per common share outstanding. On May 12, 2017, the Company declared a dividend of $0.05 per common share outstanding, which was paid on July 14, 2017. On May 31, 2016, the Company declared a dividend of $0.08 per share of common stock outstanding, which was paid on August 10, 2016.

8. Accumulated other comprehensive loss

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.

In the first half of 2016, Accumulated other comprehensive loss increased with unrealized losses of $3,248, which resulted from changes in fair value of financial instruments.

9. Earnings per Common Share

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

	Three months ended June 30,						Six months ended June 30,
	2017			2016			2017			2016
Numerator
Net income attributable to Tsakos Energy Navigation Limited		3,575			16,414			21,053			41,839
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	)		(1,860	)		(3,732	)		(3,719	)
Preferred share dividends Series E		(2,541	)		—			(2,541	)		—
Net (loss)/income attributable to common stockholders	$	(2,949	)	$	12,445		$	10,561		$	33,901
Denominator
Weighted average common shares outstanding		84,284,281			85,510,215			84,126,285			86,071,582
Basic and diluted income / (loss) per common share	$	(0.03	)	$	0.15		$	0.13		$	0.39

10. Commitments and Contingencies

As at June 30, 2017, the Company had under construction two aframax tankers. The total contracted amount remaining to be paid for the two vessels under construction, plus the extra costs agreed as at June 30, 2017 was $66,908 from July to October 2017.

At June 30, 2017, 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, 2017, before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows:

Period/Year	Amount
July to December 2017		166,514
2018		223,755
2019		170,091
2020		161,761

Period/Year	Amount
2021 to 2028		502,246
Minimum charter payments		1,224,367

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, 2017 and December 31, 2016. The fair value of long-term bank loans with variable interest rates approximate the recorded values, generally due to their variable interest rates. The present value of the future cash flows of the portion of one long-term bank loan with a fixed interest rate is estimated to be approximately $11,318 as compared to its carrying amount of $11,489, as at June 30, 2017. 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 one long-term bank loan with a fixed interest rate, the interest rate swap agreements, and bunker swap agreements, put option agreements and call option agreements discussed in Note 6 above are determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined.

The estimated fair values of the Company’s financial instruments, other than derivatives at June 30, 2017 and December 31, 2016, are as follows:

	Carrying Amount June 30, 2017			Fair Value June 30, 2017			Carrying Amount December 31, 2016			Fair Value December 31, 2016
Financial assets/(liabilities)
Cash and cash equivalents		250,408			250,408			187,777			187,777
Restricted cash		7,750			7,750			9,996			9,996
Investments		1,000			1,000			1,000			1,000
Debt		(1,838,987	)		(1,838,817	)		(1,766,043	)		(1,765,726	)

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 or in the consolidated balance sheet, as a component of Accumulated other comprehensive loss.

Fair Value of Derivative Instruments

		Asset Derivatives				Liability Derivatives
Derivative	Balance Sheet Location	June 30, 2017 Fair Value		December 31, 2016 Fair Value		June 30, 2017 Fair Value		December 31, 2016 Fair Value
Derivatives designated as hedging instruments
Interest rate swaps	Current portion of financial instruments - Fair value		—		1.0		2,734		3,613
	Financial instruments - Fair value, net of current portion		—		3,701		1,376		1,119
	Subtotal		—		3,702		4,110		4,732
		Asset Derivatives				Liability Derivatives
Derivative	Balance Sheet Location	June 30, 2017 Fair Value		December 31, 2016 Fair Value		June 30, 2017 Fair Value		December 31, 2016 Fair Value
Derivatives not designated as hedging instruments
Bunker swaps	Current portion of financial instruments - Fair value		970		1,014		—		—
	Financial instruments - Fair value, net of current portion		956		1,465		—		—
Bunker call options	Current portion of financial instruments - Fair value		440		1,307		—		—
	Subtotal		2,366		3,786		—		—
Total derivatives			2,366		7,488		4,110		4,732

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,
	2017			2016			2017			2016
Interest rate swaps		(816	)		(1,422	)		(4,611	)		(4,945	)
Total		(816	)		(1,422	)		(4,611	)		(4,945	)

	Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Derivative	Location	Amount Three months ended June 30,						Amount Six months ended June 30,
		2017			2016			2017			2016
Interest rate swaps	Depreciation expense		(51	)		(39	)		(76	)		(77	)
Interest rate swaps	Interest and finance costs, net		(640	)		(692	)		(1,339	)		(1,620	)
Total			(691	)		(731	)		(1,415	)		(1,697	)

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,
		2017			2016		2017			2016
Interest rate swaps	Interest and finance costs, net		—			1,073		—			1,040
Bunker swaps	Interest and finance costs, net		368			—		(174	)		—
Bunker call options	Interest and finance costs, net		(124	)		617		(557	)		744
Total			244			1,690		(731	)		1,784

The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Loss as of June 30, 2017 and December 31, 2016 was $7,509 and $4,314 respectively.

The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of June 30, 2017 and December 31, 2016 using level 2 inputs (significant other observable inputs):

Recurring measurements:	June 30, 2017			December 31, 2016
Interest rate swaps		(4,110	)		(1,030	)
Bunker swaps		1,926			2,479
Bunker call options		440			1,307
		(1,744	)		2,756

12. Subsequent Events

(a) On July 3, 2017, the Company drew down $32,825 for the refinancing of the debt matured on July 22, 2017 and August 9, 2017 for the panamax tankers World Harmony and Chantal respectively and repaid the amount of $39,840 on July 5, 2017.

(b) On July 5, 2017, the Company drew down $17,387.5 for the refinancing of the debt maturing September 9, 2017 relating to the aframax tanker Asahi Princess and repaid the amount of $20,020 on the same date.

(c) On July 14, 2017, the Company paid a dividend of $0.05 per common share outstanding which was declared on May 12, 2017.

(d) On July 18, 2017, the Company drew down $23,356 for the financing of the aframax tanker Stavanger TS, which was delivered on July 28, 2017.

(e) On July 31, 2017, 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.

(f) On August 28, 2017, the Company paid a dividend of $0.546875 per share on its Series D Preferred Shares and $0.578125 per share on its Series E Preferred Shares.

(g) On September 15, 2017, the Company declared a dividend of $0.05 per common share payable on November 15, 2017 to shareholders of record as of November 9, 2017.

(h) On September 19, 2017, the Company refinanced an existing loan for its shuttle tanker Lisboa.

(i) As at September 29, 2017, the Company has sold 515,000 common shares from its treasury stock in the second half of 2017 for net proceeds of $2,455.

EX-99.2

EXHIBIT 99.2

TSAKOS ENERGY NAVIGATION LIMITED

THREE AND SIX MONTHS ENDED JUNE 30, 2017

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, 2017 and 2016:

	2017					2016
	$ million		% of total			$ million		% of total
Time charter-bareboat		1.4		1	%		1.4		1	%
Time charter-fixed rate		56.3		43	%		38.6		32	%
Time charter-variable rate (profit-share)		27.2		20	%		19.3		16	%
Voyage charter-spot market		38.0		29	%		55.2		46	%
Voyage charter-contract of affreightment		9.3		7	%		5.4		5	%
Total voyage revenue		132.2		100	%		119.9		100	%

Voyage revenue earned for the six months ended June 30, 2017 and 2016:

	2017					2016
	$ million		% of total			$ million		% of total
Time charter-bareboat		2.7		1	%		2.7		1	%
Time charter-fixed rate		105.2		39	%		82.1		34	%
Time charter-variable rate (profit-share)		49.6		18	%		34.6		14	%
Voyage charter-spot market		92.0		34	%		110.9		46	%
Voyage charter-contract of affreightment		20.9		8	%		11.6		5	%
Total voyage revenue		270.4		100	%		241.9		100	%

Voyage revenue earned during the three months ended June 30, 2017, totaled $132.2 million, compared to $119.9 million earned in the three months ended June 30, 2016, a 10.3% increase. The increase was primarily due to the new vessels added to the fleet. During the second quarter of 2017, the Company operated on average 62.3 vessels compared to 50.5 vessels in the second quarter of 2016.

However, the contribution of the new vessels was offset by a poor market for crude and product tankers, due not only to expected seasonal factors, but also to an increase in the number of available vessels within the global fleet, to refinery maintenance shutdowns and to oil supply cuts imposed by OPEC. Total utilization (total days that the vessels were actually employed as a percentage of total days in the period that we owned or controlled the vessels) achieved by the fleet was 96.4% in the second quarters of both 2017 and 2016. Lost days arose mainly from 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. In the previous year second quarter, lost days related to the dry-docking of the product carrier Amphitrite, the LR2 Proteas and the suezmax Spyros K.

Due to management’s decision to increase the number of vessels’ operating days on secured employment, with a larger part of income based on fixed rates, operating days on pure time-charter without profit-share arrangements increased by 658 days, to 2,297 from 1,639 between the two second quarters, and the amount of revenue earned

from time-charters without profit-share arrangements increased to $56.3 million from $38.6 million, a 45.8% increase. There was a 61.1% increase in the number of days utilized in time-charter with profit-share arrangements, which totaled 1,537 compared to 954 in the second quarter of 2016, contributing to a 41.4% increase in revenue earned in profit-share arrangements. The number of days in the second quarter of 2017 that vessels were employed on spot and contract of affreightment decreased to 1,633 from 1,839 in the second quarter of 2016, a 11.2% decrease as the Company moved vessels into fixed employment.

Due to 206 fewer days on spot and to the poorer market, revenue earned on those types of employment decreased by $13.3 million, or 22.0%. In particular, the VLCC crude carriers and handymax product carriers suffered a spot rate decline of up to 7% compared to the previous second quarter, while suezmax and aframax crude carriers saw spot rates decline by more than 20% over the equivalent quarter of 2016.

During the six months ended June 30, 2017, voyage revenue increased to $270.4 million from $241.9 million earned in the first half of 2016, an increase of $28.5 million, or 11.8%, compared to revenue achieved in the six months ended June 30, 2016. For the first six months of 2017, an average 61.0 vessels operated compared to 50.1 vessels in the first six months of 2016. During the six month period ended June 30, 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 DP2 shuttle tanker Lisboa. For the first six months of 2016, the utilization achieved was 96.8%, compared to 95.8% in the first six months of 2016. Apart from the lost days of the second quarter, the six month period of 2017 also includes lost days from the dry-dockings of product carrier Andromeda, aframax Izumo Princess and suezmax Decathlon in addition to repairs to the LR1 product carrier Sunrise and the repositioning of Lisboa.

The average daily revenue per vessel for the second quarter of 2017, after deducting voyage expenses (time charter equivalent or TCE, see definition below) was $19,200 per day compared to $21,602 per day for the previous year’s second quarter. For the six-month period 2017, the average daily TCE was $20,038 compared to $22,477 for the equivalent period of 2016. Average daily TCE rate earned for the three and six month periods ended June 30, 2017 and 2016, per vessel category were:

	Three months ended June 30,					Six months ended June 30,
	2017		2016			2017		2016
	$		$			$		$
LNG carrier		23,660		(24,479	)		23,663		49,012
VLCC		28,204		30,603			27,889		28,197
Suezmax		19,584		27,457			23,151		28,492
DP2 Suezmax		49,506		48,902			49,882		48,873
Aframax		18,031		23,737			19,055		25,170
Panamax		16,373		14,822			16,155		14,795
Handymax		14,784		15,342			14,916		15,711
Handysize		12,666		12,768			12,642		13,806

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

Time charter equivalent revenue and TCE rate are not measures of financial performance under U.S. GAAP and may not be comparable to similarly titled measures of other companies. However, TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in 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):

	Three months ended June 30,						Six months ended June 30,
	2017			2016			2017			2016
Voyage revenues	$	132,180		$	119,851		$	270,421		$	241,942
Less: Voyage Expenses		(28,121	)		(25,020	)		(58,204	)		(47,473	)
Add: Representative operating expenses for bareboat charter ($10,000 daily)		910			910			1,810			1,820
Time charter equivalent revenues	$	104,969		$	95,741		$	214,027		$	196,289
Divided by: net earnings (operating) days		5,467			4,432			10,681			8,733
Average TCE per vessel per day	$	19,201		$	21,602		$	20,038		$	22,477

Voyage expenses

Voyage expenses include commissions and costs that are directly related to a voyage, such as port charges, agency fees, canal dues and bunker (fuel) costs. The voyage related expenses are borne by the Company unless the vessel is on time-charter or operating in a pool, in which case they are borne by the charterer or by the pool operators.

Voyage expenses for the three months ended June 30, 2017 and 2016:

	Voyage expenses							Average daily voyage expenses per relevant vessel
	2017		2016					2017		2016
	$ million		$ million		increase/ (decrease)			$		$		increase/ (decrease)
Bunker expenses		13.4		10.1		32.3	%		8,215		5,513		49.0	%
Port and other expenses		9.7		10.1		(3.7	)%		5,941		5,481		8.4	%
Commissions		5.0		4.8		4.2	%		3,064		2,611		17.3	%
Total		28.1		25.0		12.4	%		17,220		13,605		26.6	%

Voyage expenses for the six months ended June 30, 2017 and 2016:

	Voyage expenses							Average daily voyage expenses per relevant vessel
	2017		2016					2017		2016
	$ million		$ million		increase/ (decrease)			$		$		increase/ (decrease)
Bunker expenses		29.6		19.2		53.9	%		8,566		5,101		67.9	%
Port and other expenses		18.2		18.6		(2.3	)%		5,278		4,950		6.6	%
Commissions		10.4		9.6		8.3	%		3,017		2,552		18.2	%
Total		58.2		47.5		22.6	%		16,861		12,602		33.8	%

The amount of voyage expenses is highly dependent on the voyage patterns followed and the change between quarters may usually be explained partly by changes in the total operating days that the fleet operated on spot charter. Voyage expenses were $28.1 million during the quarter ended June 30, 2017, compared to $25.0 million during the prior year’s second quarter, a 12.4% increase. The number of days that the vessels were employed on types of employment bearing voyage expenses (spot and contract of affreightment) in the second quarter of 2017 was 1,633 compared to 1,839 in the prior year’s second quarter, a decrease of 17.9%. The increase in bunkering expenses between the second quarter of 2017 and 2016 is mainly due to the increase in average bunker prices paid, by 15.5%. Total port expenses paid during the second quarter of 2017 were 3.7% down from the previous second quarter. Average port expenses per vessel per day were 8.4% higher than in the second quarter of 2016.

Voyage expenses were $58.2 million in the first six months of 2017, compared to $47.5 million in the first six months of 2016, a 22.6% increase. For the first six month respective periods, the days the vessels were operating in types of employment bearing voyage expenses were 3,452 days in 2017, compared to 3,767 days in 2016, a decrease of 8.4%. The volume of the bunkers consumed was lower by 2.4% in the first half of 2017 than in the first half of 2016, while the bunker prices paid increased by 56.2% between the corresponding six month periods. Port and other expenses decreased by 2.3% between the six month periods, and increased by 6.6% on a daily basis.

Commissions amounted to $5.0 million or 3.8% of voyage revenue during the second quarter of 2017 compared to $4.8 million or 4.0% of voyage revenue during the second quarter of 2016, the increase in total commission charges relates mainly to the increase in revenue. For the six month period ended June 30, 2017, commissions amounted to $10.4 million or 3.9% of voyage revenue compared to $9.6 million or 4.0% of voyage revenue in the corresponding period of 2016. The overall increase between the respective six month periods was mainly due to higher revenue.

Vessel operating expenses

Operating expenses for the three months ended June 30, 2017 and 2016:

	Operating expenses							Average daily operating expenses per vessel
	2017		2016					2017		2016
	$ million		$ million		increase/ (decrease)			$		$		increase/ (decrease)
Crew expenses		26.1		21.0		24.0	%		4,675		4,665		0.2	%
Insurances		4.0		3.4		18.0	%		722		757		(4.7	)%
Repairs and maintenance, and spares		6.1		5.4		13.3	%		1,092		1,192		(8.4	)%
Stores		2.5		2.2		13.8	%		444		484		(8.1	)%
Lubricants		1.8		1.6		16.8	%		325		344		(5.7	)%
Other (quality and safety, taxes, registration fees, communications)		2.7		2.5		8.1	%		491		562		(12.5	)%
Foreign currency losses		0.7		0.1		543	%		117		22		422.8	%
Total		43.9		36.2		21.3	%		7,866		8,026		(2.0	)%
Earnings capacity days									5,580		4,508

Operating expenses for the six months ended June 30, 2017 and 2016:

	Operating expenses							Average daily operating expenses per vessel
	2017		2016					2017		2016
	$ million		$ million		increase/ (decrease)			$		$		increase/ (decrease)
Crew expenses		50.6		40.6		24.8	%		4,665		4,540		2.7	%
Insurances		7.9		7.0		13.5	%		730		781		(6.7	)%
Repairs and maintenance, and spares		10.7		10.0		6.5	%		984		1,123		(12.4	)%
Stores		4.9		4.5		9.5	%		453		503		(9.9	)%
Lubricants		3.5		3.1		13.6	%		324		347		(6.5	)%
Other (quality and safety, taxes, registration fees, communications)		5.7		5.6		1.8	%		524		625		(16.2	)%
Foreign currency losses		0.6		0.4		55.0	%		50		39		27.0	%
Total operating expenses		83.9		71.1		18.0	%		7,730		7,958		(2.9	)%
Earnings capacity days									10,854		8,931

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, except for the one vessel on bare-boat charter. Total operating costs were $43.9 million during the quarter ended June 30, 2017 compared to $36.2 million during the second quarter of 2016, an increase of 21.3%, whereas earnings capacity days increased by 23.8% as a result of the delivery of eleven new vessels between May 2016 and June 2017, which affected the major operating expense categories. As a percentage of voyage revenues, vessel operating expenses were 33.2% in the second quarter of 2017 and 30.2% in the second quarter of 2016, revenues having increased in the second quarter of 2017. In the six month period of 2017, operating expenses in total increased to $83.9 million, 18.0% up from the $71.1 million of the first half of 2016. As a percentage of voyage revenues, operating costs were 31.0% in the first six months of 2017 and 29.4% in the first six months of 2016, the increase in the first half of 2017 primarily due to the new vessels acquired.

Average operating expenses per ship per day for those vessels in the fleet incurring operating expenses decreased by $160 per day, or 2.0% to $7,866 for the quarter ended June 30, 2017, a reduction from $8,026 in the second quarter of 2016. For the six month periods, there was a decrease in average daily operating expenses per vessel to $7,730 from $7,958, a reduction of $228 daily, or 2.9%.

Apart from a minor increase in average daily crew expenses all other major operating expense categories enjoyed decreases as a result of cost-effective ship management by the technical managers.

Depreciation and amortization of deferred charges

Depreciation and amortization charges totaled $34.3 million in the second quarter of 2017 compared to $26.9 million in the second quarter of 2016, a 27.6% increase.

Depreciation amounted to $32.7 million in the second quarter of 2017 and $25.4 million in the second quarter of 2016, the increase being mainly due to the acquisition of eleven vessels, since May 2016. For the first six months of 2017, depreciation was $63.3 million compared to $50.1 million in the first six months of 2016, a 26.3% increase.

Amortization of deferred dry-docking charges was $1.6 million during the second quarter of 2017, compared to $1.5 million during the second quarter of 2016. For the six month periods ended June 30, 2017 and 2016, amortization of deferred dry-docking charges was $3.3 million and $2.9 million, respectively. The increase in both the three and six month periods of 2017 relates primarily to the amortization of deferred dry-docking charges arising on the vessels that underwent dry-docking in 2016 and 2017 and to the completion of amortization of vessels dry-docked five years previously.

Impairment

In the first half of 2017, vessel values had declined from values determined in prior periods, but stabilized by mid-year. Fifty eight of our vessels had carrying values in excess of market values. However, the Company’s impairment tests did not indicate that an impairment charge was required for any vessel of the fleet at June 30, 2017. No impairment charge was required as at December 31, 2016.

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 $6.6 million in the second quarter of 2017, compared to $7.5 million in the second quarter of 2016, a 12.1% decrease mainly due to lower incentive award, reduced office costs and no stock compensation award in 2017, compared to $0.5 million in 2016. For the six months ended June 30, 2017, G&A totaled $12.7 million compared to $12.9 million for the first six months of 2016, a 1.7% decrease.

Management fees totaled $5.2 million during the quarter ended June 30, 2017, compared to $4.2 million for the quarter ended June 30, 2016, a 23.3% increase mainly due to the increase in the average number of operating vessels from 50.5 to 62.3. For the six months ended June 30, 2017 management fees were $10.2 million compared to $8.4 million in the first six months of 2016, a 22.0% increase. The increase is due to the acquisition of eleven vessels, with three deliveries within the first quarter and two deliveries within the second quarter of 2017.

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 2017 and 2016, there should be no increase.

In the first half of 2017, all the vessels in the fleet have been managed by TCM, 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 third-party managers. Monthly management fees for operating conventional vessels are $27,500 per month. The monthly fee relating to vessels chartered-in or chartered-out on a bare-boat basis or for vessels under construction is $20,400. Management fees for the LNG carriers are $36,350, of which $10,000 are payable to the management company and $26,350 to the third-party manager. Management fees for Eurochampion 2004, Maria Princess, Sapporo Princess, Hercules I and Ulysses are $27,500 per month, of which $14,219 are payable to a third party manager. Management fees for the DP2 shuttle tankers are $35,000 per month. Management fees paid relating to vessels under construction are capitalized as part of the vessels’ costs.

Administrative expenses consist primarily of professional fees, office supplies, investor relations, advertising costs, directors’ liability insurance, directors’ fees and travel-related expenses. Such expenses were $1.1 million and $1.5 million during the quarters ended June 30, 2017 and 2016, respectively, the decrease being due to savings in office expenses.

In June 2017, the Board of Directors decided to reward the management company with awards totaling $1.2 million based on various agreed performance criteria, and taking into account cash availability and market volatility. Of this amount, $0.6 million related to the preferred stock offering, which was accounted for as a deduction of additional paid in capital. The remaining award is accounted for on a straight-line basis within the year it is 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. There was an award in the second quarter of 2016 of $1.3 million having been accounted for in the second quarter of 2016. In 2016, it was decided by the Board of Directors that a stock compensation award of 110,000 restricted stock units should be awarded to non-executive directors to vest immediately, the cost of which is based on the share price of the stock on the date that the directors were notified. The total cost was $0.5 million, which is included in the second quarter 2016 General and administrative expenses. There was no similar stock award during 2017.

General and administrative expenses plus the management fees and any incentive or stock compensation award, represent the overhead of the Company. On a per vessel basis, the daily overhead was $1,156 for the second quarter of 2017, compared to $1,621 in the second quarter of 2016. For the respective six month periods, the daily overhead per vessel was $1,148 and $1,414. The decrease was primarily due to reasons described above.

Operating income

Income from vessel operations was $19.3 million during the second quarter of 2017, compared to $24.3 million during the second quarter of 2016. During the first half of 2017, income from vessel operations was $49.1 million, compared to $57.4 million during the first half of 2016, representing a decrease of 14.6%.

Interest and finance costs

Interest and finance cost analysis in the table below is not presented according to U.S. GAAP guidelines. However, management believes that this analysis may provide its users a better understanding of the Company’s finance cost. Management also uses this analysis in making financial and planning decisions.

	Three months ended June 30,						Six months ended June 30,
	2017			2016			2017			2016
	$ million			$ million			$ million			$ million
Interest on loans		14.6			8.5			27.9			16.3
Interest rate swaps cash settlements		0.8			2.4			1.6			3.3
Total interest		15.4			10.9			29.5			19.6
Less: Interest capitalized		(0.1	)		(1.1	)		(0.4	)		(2.4	)
Interest expense, net		15.3			9.8			29.1			17.2
Change in fair value of non-hedging interest rate swaps		—			(1.6	)		—			(1.4	)
Receipts from swaps termination		—			—			(3.7	)		—
Bunker hedging instruments cash settlements		(0.3	)		—			(0.7	)		0.3
Change in fair value of bunker hedging instruments		0.1			(0.6	)		1.4			(1.0	)
Other finance costs		0.8			0.4			1.6			0.8
Net total		15.9			8.0			27.7			15.9

Interest and finance costs, net, were $15.9 million for the second quarter of 2017, compared to $8.0 million for the quarter ended June 30, 2016, a 98.1% increase. Loan interest in the second quarter 2017 (excluding the impact of interest rate swaps) increased by 74.0% to $14.7 million from $8.5 million in the second quarter of 2016, due primarily to the drawdown of new debt on delivered vessels in the quarter. The average balance of outstanding debt was approximately $1,831 million for the second quarter of 2017 compared to $1,470 million for the previous year’s second quarter. The average loan interest rate also increased to 3.2% during the second quarter of 2017 from 2.3% in the second quarter of 2016, due to increased interest rates.

Interest paid on hedging and non-hedging interest rate swaps amounted to $0.8 million in the second quarter 2017 compared to $2.4 million in the second quarter of 2016, due to expiration of one hedging interest rate swap in March 2016. In the six months ended June 30, 2017, interest paid was $1.6 million compared to $3.3 million in the prior year period, due to the expiration of one hedging and one non-hedging interest rate swap.

For the six months ended June 30, 2017, interest and finance costs (excluding the impact of interest rate swaps) were $27.7 million compared to $15.9 million for the six months ended June 30, 2016, a 73.8% increase. Loan interest increased to $28.1 million in the six months ended June 30, 2017 from $16.3 million in the six months ended June 30, 2016. Interest rates on loans averaged 3.1% in the six months to June 30, 2017, while in the first half-year of 2016 they averaged 2.24%. Interest paid on hedging and non-hedging swaps decreased to $1.6 million in the six months ended June 30, 2017 from $3.3 million in the prior year first six months due to the expiration of two interest rate swaps within the first half of 2016. 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. Capitalized interest was $0.1 million in the second quarter of 2017 compared to $1.1 million in the prior year quarter. For the first six months of 2017 and 2016, capitalized interest was $0.4 million and $2.4 million, respectively, with the decrease due to the decreased number of vessels under construction in the first half of 2017 compared to the prior year first half.

During the first half of 2016, the Company held one interest rate swap that did not meet hedge accounting criteria. The specific swap was expired on April 10, 2016. There was no non-hedging interest rate swap as of June 30, 2017.

During the first half of 2017, the Company had six call option agreements and nine bunker swap agreements that resulted in net cash earnings of $0.3 million. On January 2016, the Company entered into two call option agreements and paid a premium of $0.3 million.

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. Total cash earned from those swaps amounted to $0.4 million, as of June 30, 2017.

Bunker derivative instruments had a negative movement on the fair market value of $0.1 million in the second quarter of 2017 and a positive movement of $0.6 million in the prior year quarter. In the first six months of 2017, there was a cash collection of $0.7 million on bunker hedges, while during the first six months of 2016, total cash paid on the bunker hedges totaled $0.3 million. There was negative movement in the fair market value of bunker derivative instruments amounting to $1.4 million in the first six months of 2017, compared to a positive movement of $1.0 million in the first six months of 2016.

Other finance costs amounted to $0.8 million in the second quarter of 2017 and $0.4 million in the second quarter of 2016. In the first half of 2017, other finance costs amounted to $1.6 million compared to $0.8 million in the first half of 2016, due to increased deferred loan expenses.

Interest income

During the second quarter of 2017, interest income was $0.3 million compared to $0.1 million during the second quarter of 2016. For the six month periods ended June 30, 2017 and 2016, interest income was $0.4 million and $0.3 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 income attributable to the non-controlling interest in the second quarter of 2017 amounting to $0.4 million, compared to an insignificant loss in the prior year second quarter. For the six months ended June 30, 2017 the net income attributable to the non-controlling interest was $0.8 million and for the equivalent period of 2016 the net loss attributable to the non-controlling interest was $0.1 million.

Net income

As a result of the foregoing, the net income attributable to Tsakos Energy Navigation Limited for the quarter ended June 30, 2017, was $3.6 million, or after taking account of the impact of preferred stock dividends of $6.5 million from our Series B, Series C, Series D and Series E Preferred Shares, a loss per share of $0.03, versus net income of $16.4 million, before preferred share dividends of $4.0 million for the quarter ended June 30, 2016. The net income attributable to Tsakos Energy Navigation Limited for the six months ended June 30, 2017, was $21.1 million, or $0.13 earnings per share excluding the effect of cumulative dividends of $10.5 million on our preferred shares, versus $41.8 million net income, or $0.39 earnings per share, excluding the effect of preferred share dividends of $7.9 million for the six months ended June 30, 2016.

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 2017 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 2017, 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, 2018, taking into account our existing capital commitments and debt service requirements. If market conditions worsen significantly, then our cash resources may decline to a level that may put at risk our ability to service timely our debt and capital expenditure commitments. In order to avoid such an eventuality, management would expect to be able to raise extra capital through the alternative sources described above.

Working capital (non-restricted net current assets) at June 30, 2017, amounted to $0.1 million positive, compared to $48.0 million negative at December 31, 2016.

Current assets increased to $406.6 million at June 30, 2017 from $358.3 million at December 31, 2016, mainly due to increased cash and cash equivalents during the six month period. Current liabilities remained almost the same at $394.8 million at June 30, 2017 and $393.3 million at December 31, 2016.

Net cash provided by operating activities was $56.5 million in the quarter ended June 30, 2017, compared to $39.6 million in the previous year’s second quarter. For the respective six month periods, net cash from operating activities was $110.9 million in 2017, compared to $93.3 million in the first six months of 2016. The increase in both periods was due to the increase in revenue arising from the additional vessels joining the fleet, offset by lower rates due to the soft market for tankers, as discussed further above. Improved collectability of outstanding receivables also contributed to the increase in cash.

Net cash used in investing activities was $74.6 million for the quarter ended June 30, 2017, and $159.4 million for the quarter ended June 30, 2016. Net cash used in investing activities was $221.2 million for the six months ended June 30, 2017, compared to $256.1 million during the six months ended June 30, 2016. 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 for additions and improvements to existing vessels, while $2.0 million was paid relating to two vessels under construction, Stavanger TS and Bergen TS. At June 30, 2017, the remaining yard installments to be paid for the vessels under construction amounted to $66.9 million, $46.7 million of which will be covered by debt and the remaining $20.2 million by equity. Stavanger TS was delivered on July 28, 2017 and Bergen TS is expected to be delivered in the fourth quarter of 2017.

Net cash provided by financing activities was $122.3 million in the quarter ended June 30, 2017, compared to $106.2 million during the quarter ended June 30, 2016. Net cash provided by financing activities was $172.9 million in the six months ended June 30, 2017, compared to $127.1 million during the six months ended June 30, 2016. During the first half of 2017, the Company drew down $148.2 million for the financing of our newly built vessels, Marathon TS, Sola TS, Oslo TS, Lisboa and Hercules I and $67.0 million for the refinancing of the debt matured on vessels Archangel, Alaska, Izumo Princess and Aegeas for which the amount of $59.5 million was prepaid. The amount of $0.6 million was repaid for the pre-delivery financing of the Hercules I vessel. Payments of long term debt amounted to $82.1 million for the first half of 2017 and $57.5 million for the respective prior year period.

Total debt outstanding increased from $1,766.0 million at December 31, 2016, to $1,839.0 million at June 30, 2017. The debt to capital (equity plus debt) ratio was 54.6% at June 30, 2017 (or 50.8% on a net of cash basis).

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 $110.5 million, 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. On May 30, 2017, the Company paid dividends of $0.34045 per share each or $1.6 million in total, on its Series E Preferred Shares.

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 April 28, 2017, the Company paid a quarterly dividend of $0.05 per common share and on May 12, 2017 declared a dividend of $0.05 per common share payable to common shareholders of record as of July 11, 2017. A quarterly dividend of $0.08 per common share was paid on April 7, 2016 amounting to $6.9 million. On August 10, 2016, the Company paid a dividend of $0.08 per common share which was declared on May 31, 2016. On July 14, 2017, the Company paid a dividend of $0.05 per common share outstanding which was declared on May 12, 2017. On September 15, 2017, the Company declared a dividend of $0.05 per common share payable on November 15, 2017 to shareholders of record as of November 9, 2017. 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, 2017 and May 1, 2017, the Company paid dividends of $0.50 per share each or $2.0 million in total, on its 8.00% Series B Preferred Shares and on the same dates, the Company paid dividends of $0.5547 per share each or $2.2 million in total, on its 8.875% Series C Preferred Shares. On January 29, 2016 and May 2, 2016, the Company paid dividends of $0.50 per share, $2.0 million in total, on its 8.00% Series B Preferred Shares and dividends of $0.555469 per share or $2.2 million in total, on its 8.875% Series C Preferred Shares. On July 31, 2017, 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 and May 30, 2017, the Company paid dividends of $0.546875 per share, $3.7 million in total, on its Series D Preferred Shares. On February 29, 2016 and May 31, 2016, the Company paid dividends of $0.546875 per share or $3.7 million in total, on its Series D Preferred Shares. On August 28, 2017, the Company paid a dividend of $0.546875 per share on its Series D Preferred Shares and $0.578125 per share on its Series E Preferred Shares.

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 at June 30, 2017, the Company and its wholly and majority owned subsidiaries were compliant with the financial covenants in its thirty-four loan agreements totaling $1.8 billion, apart from the value-to-loan requirement in eight of its loan agreements, due to a fall in vessel values arising from world fleet overcapacity, soft tanker markets and restricted capital available to potential vessel buyers. One of these loans met the requirements by July 10, 2017, following scheduled repayments, and three more are expected to comply before the end of 2017, after scheduled repayments. An amount of $4.1 million has been reclassified within current liabilities as at June 30, 2017, in relation to these loans.

Board of Directors

At the Company’s annual general meeting of shareholders on June 15, 2017, Mr. Nicholas F. Tommasino was elected to the Board of Directors and the retirements of Messrs. Peter C. Nicholson and Francis T. Nusspickel from the Board became effective at the conclusion of the meeting. With the passing of Mr. Richard L. Paniguian in June 2017, the Board of Directors was reduced to eight members.

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, 2017 on:

• an actual basis; and

• an as adjusted basis giving effect to (i) scheduled debt repayments of $46.7 million, (ii) drawdown of $23.4 million for the financing of one of the Company’s vessels under construction and the payment of $33.0 million to the shipbuilding yard, (iii) drawdowns of $50.2 million for the refinancing of Asahi Princess, World Harmony and Chantal and the repayment of $56.2 million of matured loans, (iv) the prepayment of $71.2 million and the drawdown of $85.0 million for the refinancing of Lisboa, (v) the payment of $4.2 million of common share dividends, (vi) the payment of $6.6 million of preferred share dividends, (vii) the sale of 515,000 of our common shares for an aggregate sum of $2.5 million, and (viii) declaration of a $4.2 million common share dividend.

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, 2017 and September 29, 2017.

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, 2016.

	As of June 30, 2017
In thousands of U.S. Dollars	Actual			Adjusted
Cash
Cash and cash equivalents	$	250,408		$	193,464
Restricted cash		7,750			7,750
Total cash	$	258,158		$	201,214
Capitalization
Debt:
Long-term secured debt obligations (including current portion)	$	1,838,987		$	1,823,452
Stockholders equity:
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 and 3,424,803 Series D Preferred Shares and 4,600,000 Series E Preferred Shares issued and outstanding on an actual and as an adjusted basis		12,025			12,025
Common shares, $1.00 par value; 175,000,000 shares authorized on an actual and as an adjusted basis; 87,338,652 shares issued on an actual and as adjusted basis and 84,371,583 shares outstanding on an actual basis and 84,886,583 shares outstanding on an adjusted basis		87,339			87,339
Additional paid-in capital		858,109			858,109
Cost of treasury stock		(16,551	)		(13,676	)
Accumulated other comprehensive loss		(7,509	)		(7,509	)
Retained earnings		585,333			569,808
Non-controlling interest		13,058			13,058
Total stockholders’ equity		1,531,804			1,519,154
Total capitalization	$	3,370,791		$	3,342,606

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Document and Entity Information	6 Months Ended
	Jun. 30, 2017 shares
Document And Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2017
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
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Well Known Seasoned Issuer	No
Entity Common Stock Shares Outstanding	84,371,583

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 250,408	$ 187,777
Restricted cash	7,750	9,996
Accounts receivable, net	23,416	38,252
Due from related companies (Note 2)	11,281	6,730
Advances and other	27,090	24,226
Vessels held for sale (Note 3)	68,410	68,410
Inventories	15,285	18,756
Prepaid insurance and other	1,526	1,842
Current portion of financial instruments - Fair value (Note 11)	1,410	2,322
Total current assets	406,576	358,311
INVESTMENTS	1,000	1,000
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11)	956	5,166
FIXED ASSETS (Note 3)
Advances for vessels under construction	51,597	216,531
Vessels	3,865,207	3,479,037
Accumulated depreciation	(865,169)	(801,976)
Vessels' Net Book Value	3,000,038	2,677,061
Total fixed assets	3,051,635	2,893,592
DEFERRED CHARGES, net (Note 4)	23,160	19,506
Total assets	3,483,327	3,277,575
CURRENT LIABILITIES:
Current portion of long-term debt (Note 5)	270,751	288,135
Payables	54,004	52,511
Due to related companies (Note 2)	7,682	5,892
Dividends payable	4,221	0
Accrued liabilities	41,404	34,707
Unearned revenue	14,053	8,428
Current portion of financial instruments - Fair value (Note 11)	2,734	3,613
Total current liabilities	394,849	393,286
LONG-TERM DEBT, net of current portion (Note 5)	1,555,298	1,465,720
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11)	1,376	1,119
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 and 4,600,000 Series E Preferred Shares issued and outstanding at June 30, 2017 and 15,000,000 shares authorized and 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares and 3,400,000 Series D Preferred Shares issued and outstanding at December 31, 2016	12,025	7,400
Common shares, $ 1.00 par value; 175,000,000 shares authorized, 87,338,652 shares issued and 84,371,583 shares outstanding at June 30, 2017 and 185,000,000 shares authorized, 87,338,652 shares issued and 83,720,866 shares outstanding at December 31, 2016	87,339	87,339
Additional paid-in capital	858,109	752,001
Cost of treasury stock	(16,551)	(20,173)
Accumulated other comprehensive loss	(7,509)	(4,313)
Retained earnings	585,333	582,889
Total Tsakos Energy Navigation Limited stockholders' equity	1,518,746	1,405,143
Non-controlling Interest	13,058	12,307
Total stockholders' equity	1,531,804	1,417,450
Total liabilities and stockholders' equity	$ 3,483,327	$ 3,277,575

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CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Preferred Shares - par value	$ 1	$ 1
Preferred Shares - shares authorized	25,000,000	15,000,000
Common Stock - par value	$ 1	$ 1
Common Stock - shares authorized	175,000,000	185,000,000
Common Stock - shares issued	87,338,652	87,338,652
Common Stock - shares outstanding	84,371,583	83,720,866
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	3,400,000
Preferred Shares - shares outstanding	3,424,803	3,400,000
9.25% Series E Preferred Shares
Preferred Shares - shares issued	4,600,000
Preferred Shares - shares outstanding	4,600,000

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract]
VOYAGE REVENUES:	$ 132,180	$ 119,851	$ 270,421	$ 241,942
EXPENSES:
Voyage expenses	28,121	25,020	58,204	47,473
Vessel operating expenses	43,894	36,198	83,905	71,096
Depreciation and amortization	34,298	26,875	66,588	53,043
General and administrative expenses	6,557	7,456	12,667	12,889
Total expenses	112,870	95,549	221,364	184,501
Operating income	19,310	24,302	49,057	57,441
OTHER INCOME (EXPENSES):
Interest and finance costs, net (Note 6)	(15,873)	(8,012)	(27,738)	(15,959)
Interest income	313	149	431	261
Other, net	199	(29)	54	(18)
Total other expenses, net	(15,361)	(7,892)	(27,253)	(15,716)
Net income	3,949	16,410	21,804	41,725
Less: Net (income)/loss attributable to the non-controlling interest	(374)	4	(751)	114
Net income attributable to Tsakos Energy Navigation Limited	3,575	16,414	21,053	41,839
Effect of preferred dividends	(6,524)	(3,969)	(10,492)	(7,938)
Net (loss)/ income attributable to common stockholders of Tsakos Energy Navigation Limited	$ (2,949)	$ 12,445	$ 10,561	$ 33,901
(Loss)/Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common shareholders (Note 9)	$ (0.03)	$ 0.15	$ 0.13	$ 0.39
Weighted average number of shares, basic and diluted (Note 9)	84,284,281	85,510,215	84,126,285	86,071,582

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STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME (UNAUDITED) [Abstract]
Net income	$ 3,949	$ 16,410	$ 21,804	$ 41,725
Unrealized gains/(losses) from hedging financial instruments
Unrealized loss on interest rate swaps, net	(125)	(691)	(3,196)	(3,248)
Comprehensive income	3,824	15,719	18,608	38,477
Less: comprehensive loss/(income) attributable to the non-controlling interest	(374)	4	(751)	114
Comprehensive income attributable to Tsakos Energy Navigation Limited	$ 3,450	$ 15,723	$ 17,857	$ 38,591

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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 Loss	Tsakos Energy Navigation Limited	Non-controlling Interest	Dividends paid ($0.05 and $0.08 per common share for the six months ended June 30, 2017 and June 30, 2016, respectively)	Dividends paid ($0.05 and $0.08 per common share for the six months ended June 30, 2017 and June 30, 2016, respectively) Retained Earnings	Dividends paid ($0.05 and $0.08 per common share for the six months ended June 30, 2017 and June 30, 2016, respectively) Tsakos Energy Navigation Limited	Dividends declared ($0.05 and $0.08 per common share for the six months ended June 30, 2017 and June 30, 2016, respectively)	Dividends declared ($0.05 and $0.08 per common share for the six months ended June 30, 2017 and June 30, 2016, respectively) Retained Earnings	Dividends declared ($0.05 and $0.08 per common share for the six months ended June 30, 2017 and June 30, 2016, respectively) 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
BALANCE, at Dec. 31, 2015	$ 1,415,072	$ 7,400	$ 87,339	$ 752,001	$ 0	$ 567,464	$ (10,727)	$ 1,403,477	$ 11,595
Treasury stock shares, number of shares at Dec. 31, 2015					0
Net income/(loss)	41,725					41,839		41,839	(114)
Purchases of Treasury stock, shares					3,271,576
Purchases of Treasury stock, value	(18,567)				$ (18,567)			(18,567)
Shares granted to non-executive directors, shares					(87,500)
Shares granted to non-executive directors, value	510				$ 510			510
Cash dividends										$ (6,894)	$ (6,894)	$ (6,894)	$ (6,704)	$ (6,704)	$ (6,704)
Dividends paid on preferred shares																$ (2,000)	$ (2,000)	$ (2,000)	$ (2,219)	$ (2,219)	$ (2,219)	$ (3,719)			$ (3,719)	$ (3,719)
Other comprehensive loss	(3,248)						(3,248)	(3,248)
BALANCE, at Jun. 30, 2016	1,413,956	7,400	87,339	752,001	$ (18,057)	587,767	(13,975)	1,402,475	11,481
Treasury stock shares, number of shares at Jun. 30, 2016					3,184,076
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
Cash dividends										$ (4,214)	$ (4,214)	$ (4,214)	$ (4,221)	$ (4,221)	$ (4,221)
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 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

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parentheticals) - $ / shares	3 Months Ended	4 Months Ended	6 Months Ended			7 Months Ended	9 Months Ended
	Apr. 07, 2016	Apr. 28, 2017	Jul. 14, 2017	Jun. 30, 2017	Jun. 30, 2016	Aug. 10, 2016	Sep. 15, 2017
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) [Abstract]
Common stock - dividends paid	$ 0.08	$ 0.05	$ 0.05	$ 0.05	$ 0.08	$ 0.08
Common stock - dividend declared				$ 0.05	$ 0.08		$ 0.05

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows from Operating Activities:
Net income	$ 21,804	$ 41,725
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	63,288	50,112
Amortization of deferred dry-docking costs	3,300	2,931
Amortization of loan fees	1,464	676
Stock compensation expense	0	510
Change in fair value of derivative instruments	1,209	(2,692)
Payments for dry-docking	(6,970)	(5,683)
(Increase) Decrease in:
Accounts receivables	7,423	4,230
Inventories	3,471	(794)
Prepaid insurance and other	314	(699)
Increase (Decrease) in:
Payables	3,283	8,266
Accrued liabilities	6,697	163
Unearned revenue	5,625	(5,483)
Net Cash provided by Operating Activities	110,908	93,262
Cash Flows from Investing Activities:
Advances for vessels under construction and acquisitions	(1,979)	(35,011)
Vessel acquisitions and/or improvements	(219,242)	(221,113)
Net Cash used in Investing Activities	(221,221)	(256,124)
Cash Flows from Financing Activities:
Proceeds from long-term debt	215,169	273,576
Financing costs	(2,214)	(3,957)
Payments of long-term debt	(142,224)	(115,885)
Decrease in restricted cash	2,246	6,778
Sale of treasury stock, net	2,676	0
Proceeds from preferred stock issuance, net	111,029	0
Repurchase of common shares	0	(18,567)
Cash dividends	(13,738)	(14,832)
Net Cash provided by Financing Activities	172,944	127,113
Net increase/(decrease) in cash and cash equivalents	62,631	(35,749)
Cash and cash equivalents at beginning of period	187,777	289,676
Cash and cash equivalents at end of period	$ 250,408	$ 253,927

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Basis Of Presentation

6 Months Ended

Jun. 30, 2017

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 June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017.

The consolidated balance sheet as of December 31, 2016, 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 28, 2017 (“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, 2017, except as discussed below:

On January 1, 2017, the Company adopted Accounting Standard Update (“ASU”) No. 2015-11 - Inventory (Topic 330) effective for the fiscal year ending December 31, 2017 and interim periods within this fiscal year. The adoption of this guidance has had no impact on the Company's results of operations, cash flows and net assets for any period.

In May 2014, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, (or ASU 2014-09). ASU 2014-09 will require an entity to recognize revenue when it transfers 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. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 is effective for the Company on January 1, 2018 and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company expects that the adoption of ASU 2014-09 may result in a change in the method of recognizing revenue from voyage charters, whereby the Company’s method of determining proportional performance will change from discharge-to-discharge to load-to discharge. This will result in no revenue being recognized from discharge of the prior voyage to loading of the current voyage and all revenue being recognized from loading of the current voyage to discharge of the current voyage. This change will result in revenue being recognized later in the voyage which may cause additional volatility in revenue and earnings between periods. The Company is in the process of validating aspects of its preliminary assessment of ASU 2014-09, determining the transitional impact and completing other items required for the adoption of ASU 2014-09.

New Accounting Pronouncements Not Yet Adopted

In January 2017, the FASB issued ASU 2017-01 - Business Combinations (Topic 805) to clarify the definition of a business 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. Under current implementation guidance, the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does not constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This update is effective for public entities with reporting periods beginning after December 15, 2017, including interim periods within those years. The amendments of this ASU should be applied prospectively on or after the effective date. Early adoption is permitted, including adoption in an interim period (i) for transactions for which the acquisition date occurs before the issuance date or effective date of the ASU, only when the transaction has not been reported in financial statements that have been issued or made available for issuance and (ii) for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-03 - Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323). The ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF) meetings. The SEC guidance that specifically relates to the Company’s Consolidated Financial Statements was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU 2014-09), leases (ASU 2016-02) and credit losses on financial instruments (ASU 2016-13) in accordance with SAB Topic 11.M. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The ASU incorporates these SEC staff views into ASC 250 and adds references to that guidance in the transition paragraphs of each of the three new standards. The adoption of this new accounting guidance will not have a material effect on the Company’s Consolidated Financial Statements.

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Transactions with Related Parties

6 Months Ended

Jun. 30, 2017

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:

	Three months ended June 30,		Six months endedJune 30,
	2017	2016	2017	2016
Tsakos Shipping and Trading S.A. (commissions)	1,621	1,486	3,350	2,997
Tsakos Energy Management Limited (management fees)	4,826	4,080	9,462	8,109
Tsakos Columbia Shipmanagement S.A.	538	498	999	969
Argosy Insurance Company Limited	2,591	2,119	4,969	4,401
AirMania Travel S.A.	1,487	1,313	2,710	2,305
Total expenses with related parties	11,063	9,496	21,490	18,781

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

	June 30, 2017	December 31, 2016
Due from related parties
Tsakos Columbia Shipmanagement S.A.	11,281	6,730
Total due from related parties	11,281	6,730
Due to related parties
Tsakos Energy Management Limited	613	417
Tsakos Shipping and Trading S.A.	741	759
Argosy Insurance Company Limited	5,577	4,285
AirMania Travel S.A.	751	431
Total due to related parties	7,682	5,892

At June 30, 2017, an amount of $555 ($552 at December 31, 2016) due to Tsakos Shipping and Trading S.A. and an amount of $89 ($24 at December 31, 2016) 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. Per the Management Agreement of March 8, 2007, effective from January 1, 2008, there is a prorated adjustment if at the beginning of each year the Euro has appreciated by 10% or more against the U.S. Dollar since January 1, 2007. In addition, there is an increase each year by a percentage figure reflecting the 12 month Euribor, if both parties agree. In the first six months of 2017 and 2016, monthly fees for operating vessels are $27.5 and $20.4 for vessels chartered in and on a bare-boat basis, respectively, $36.35 ($35.8 in the first six months of 2016) for the LNG carriers and $35.0 for the DP2 shuttle tankers. From the above fees, the amount of $26.4is payable to a third party manager for the LNG carriers and the amount of $14.2 per month is payable to a third party manager for the VLCCs Ulysses and 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. In the first six months of 2017, an award of $287 was accounted for as payable to the Management Company and is included in General and Administrative expenses in the accompanying Consolidated Statement of Comprehensive Income. In the first six months of 2016, an incentive award of $1,280 was granted and is included in General and Administrative expenses in the accompanying Consolidated Statement of Comprehensive Income. In addition, a special award of $575 was paid to the Management Company in relation to capital raising offerings during the first six months of 2017. This award is included as a deduction of additional paid in capital.

The Holding Company and the Management Company have certain officers and directors in common. The President, who is also the Chief Executive Officer and a Director of the Holding Company, is also the sole stockholder of the Management Company. The Management Company may unilaterally terminate its Management Agreement with the Holding Company at any time upon one year’s notice. In addition, if even one director was elected to the Holding Company’s Board of Directors without having been recommended by the existing Board, the Management Company would have the right to terminate the Management Agreement on ten days’ notice, and the Holding Company would be obligated as at June 30, 2017 to pay the Management Company an amount of approximately $172,643 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, 2017, are:

Period/Year	Amount
July to December 2017	10,145
2018	20,376
2019	20,447
2020	20,447
2021	20,447
2022 to 2027	111,220
	203,082

Management fees for vessels are included in the accompanying Consolidated Statements of Comprehensive 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. These fees in total amounted to $500, and $1,806 during the six months ended June 30, 2017 and 2016, respectively and are either accounted for as part of construction costs for delivered vessels or are included in Advances for vessels under construction.

(b)Tsakos Columbia Shipmanagement S.A. (“TCM”): The Management Company appointed TCM to provide technical management to the Company’s vessels from July 1, 2010. TCM is owned jointly and in equal part by related party interests and by a private German group. TCM, at the consent of the Holding Company, may subcontract all or part of the technical management of any vessel to an alternative unrelated technical manager.

Effective July 1, 2010, the Management Company, at its own expense, pays technical management fees to TCM and the Company bears and pays directly to TCM most of its operating expenses, including repairs and maintenance, provisioning and crewing of the Company’s vessels, as well as certain charges which are capitalized or deferred, including reimbursement of the costs of TCM personnel sent overseas to supervise repairs and perform inspections on Company vessels. The Company also pays to TCM, certain fees to cover expenses relating to internal control procedures and information technology services which are borne by TCM on behalf of the Company.

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

(c)Tsakos Shipping and Trading S.A. (“Tsakos Shipping”): Tsakos Shipping provides chartering services for the Company’s vessels by communicating with third party brokers to solicit research and propose charters. For this service, the Company pays to Tsakos Shipping a chartering commission of approximately 1.25% on all freights, hires and demurrages. Such commissions are included in Voyage expenses in the accompanying Consolidated Statements of Comprehensive Income. Tsakos Shipping also provides sale and purchase of vessels brokerage service. For this service, Tsakos Shipping may charge brokerage commissions. In the first half of 2017 and 2016, 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 2016, 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, 2017

Vessels [Abstract]

Vessels

3. Vessels

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. During the first six months of 2016, the Company took delivery of the VLCC Ulysses and the aframax tanker Elias Tsakos for $154,983 in total.

Held for sale

At June 30, 2017, and December 31, 2016, the suezmax tankers Eurochampion 2004 and Euronike were classified as held for sale.

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Deferred Charges

6 Months Ended

Jun. 30, 2017

Deferred Charges [Abstract]

Deferred Charges

4.Deferred Charges

Deferred charges consisting of dry-docking and special survey costs, net of accumulated amortization, amounted to $23,160 and $19,506, at June 30, 2017 and December 31, 2016, respectively. Amortization of deferred dry-docking costs was $3,300 during the first six months of 2017 and $2,931 during the first six months of 2016 and is included in depreciation and amortization of deferred dry-docking costs in the accompanying Consolidated Statements of Comprehensive Income.

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Long-Term Debt

6 Months Ended

Jun. 30, 2017

Long-Term Debt [Abstract]

Long-Term Debt

5.Long-Term Debt

Facility	June 30,2017	December 31,2016
(a) Credit Facilities	265,476	344,564
(b) Term Bank Loans	1,573,511	1,421,479
Total	1,838,987	1,766,043
Less deferred finance costs, net	(12,938)	(12,188)
Total long-term debt	1,826,049	1,753,855
Less current portion of debt	(274,117)	(291,111)
Add deferred finance costs, current portion	3,366	2,976
Total long-term portion, net of current portion and deferred finance costs	1,555,298	1,465,720

(a)Credit facilities

As at June 30, 2017, the Company had two open reducing revolving credit facilities, both of which are reduced in semi-annual installments and one open facility which has both a reducing revolving credit component and a term bank loan component, with balloon payments due at maturity between October 2018 and April 2019. At June 30, 2017, there was no available unused amount.

Interest is payable at a rate based on LIBOR plus a spread. At June 30, 2017, the interest rates on these facilities ranged from 1.90% to 5.19%.

(b)Term bank loans

Term loan balances outstanding at June 30, 2017, amounted to $1,573,511. These bank loans are payable in U.S. Dollars in quarterly or semi-annual installments, with balloon payments due at maturity between September 2017 and July 2026. Interest rates on the outstanding loans as at June 30, 2017, are based on LIBOR plus a spread.

On May 23, 2017, the Company signed a new four-year bank loan of up to $122,500 relating to the refinancing of the aframax tankers Izumo Princess and Asahi Princess, the handysize product carrier Aegeas, the two panamax tankers World Harmony and Chantal and the two suezmax tankers Archangel and Alaska with maturity dates between June 2017 and February 2018. The loan is repayable in eight semi-annual installments with the first four amounting to $8,660 and the second four amounting to $7,645, commencing six months after the first drawdown date, plus a balloon of $57,280 payable together with the last installment. The first drawdown of $26,000 was made on May 31, 2017 for the vessels Izumo Princess and Aegeas. The second and the third drawdowns of $20,475 each were made on June 2, 2017 and June 21, 2017 for the vessels Archangel and Alaska, respectively.

At June 30, 2017, interest rates on these term bank loans ranged from 2.65% to 4.34%.

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

Three months ended June 30, 2017	3.42%
Three months ended June 30, 2016	2.52%
Six months ended June 30, 2017	3.32%
Six months ended June 30, 2016	2.57%

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 $108,271 at June 30, 2017 and $108,139 at December 31, 2016, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Four loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $5,250 and four other loan agreements require a monthly pro rata transfer to a retention account of any principal due but unpaid.

As at June 30, 2017, the Company and its wholly and majority owned subsidiaries had thirty-four loan agreements, totaling $1,838,987. The Company fulfilled its requirements in respect of the financial covenants of all its loan agreements, relating to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirements in eight of the thirty-four loans, in respect of which an amount of $4,092 has been reclassified within current liabilities at June 30, 2017.

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, 2017 and December 31, 2016, the Company’s working capital (non-restricted net current assets), amounted to $611surplus and $(47,947) deficit, respectively.

The annual principal payments required to be made after June 30, 2017, are as follows:

Period/Year	Amount
July to December 2017	184,887
2018	340,436
2019	248.913
2020	224,561
2021	303,932
2022 and thereafter	536,258
	1,838,987

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Interest and Finance Costs, net

6 Months Ended

Jun. 30, 2017

Interest and Finance Costs, net [Abstract]

Interest and Finance Costs, net

6.Interest and Finance Costs, net

	Three months endedJune 30,		Six months endedJune 30,
	2017	2016	2017	2016
Interest expense	15,368	9,277	29,472	18,195
Less: Interest capitalized	(120)	(1,084)	(384)	(2,355)
Interest expense, net	15,248	8,193	29,088	15,840
Swaps termination cash settlements	—	—	(3,685)	—
Interest swap cash settlements non-hedging	—	1,086	—	1,086
Bunkers swap cash settlements	(327)	—	(688)	266
Amortization of loan fees	754	343	1,464	676
Bank charges	114	80	140	141
Change in fair value of non-hedging financial instruments	84	(1,690)	1,419	(2,050)
Net total	15,873	8,012	27,738	15,959

At June 30, 2017, the Company was committed to five floating-to-fixed interest rate swaps with major financial institutions covering notional amounts aggregating to $191,273, maturing from May 2018 through March 2021, on which it pays fixed rates averaging 2.67% and receives floating rates based on the six-month London interbank offered rate (“LIBOR”) (Note 11).

At June 30, 2017 and December 31, 2016, 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, 2017 and December 31, 2016, in aggregate amounted to $4,110 (negative) and $1,030 (negative), respectively. The net amount of cash flow hedge losses at June 30, 2017, that is estimated to be reclassified into earnings within the next twelve months to June 30, 2018 is $2,123.

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.

During the first half of 2016, the Company held one interest rate swap that did not meet hedge accounting criteria which expired on April 10, 2016. As such, the change in its fair value during the first half of 2016 has been included in change in fair value of non-hedging financial instruments in the table above, and amounted to a gain of $1,040.

At June 30, 2017 and December 31, 2016, the Company held six and twelve, respectively, call option agreements, in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels. The value of the call options at June 30, 2017 and December 31, 2016, was $441 (positive) and $1,307 (positive), respectively.

The changes in their fair values during the first half of 2017 and 2016 amounting to $866 (negative) and $1,010 (positive), respectively, have been included in Change in fair value of non-hedging financial instruments in the table above.

In the first half of 2017and 2016, the Company entered into one and two call option agreements, and premiums paid for the call options were $118 and $266, respectively.

During the first half of 2017, the Company entered into nine bunker swap agreements in order to hedge its exposure to bunker price fluctuations associated with the consumptions of bunkers by its vessels. The value of bunker swap agreements at June 30, 2017, was $529 (positive). The change in the fair value in the first half of 2017 was $529 (positive).

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, 2017 and December 31, 2016, were $1,396 (positive) and $2,479 (positive). The change in the fair value in the first half of 2017 was $1,083 (negative).

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Stockholders' Equity

6 Months Ended

Jun. 30, 2017

Stockholders' Equity [Abstract]

Stockholders' Equity

7.Stockholders’ Equity

On January 11, 2016, the Company started the repurchase program for its common and/ or its preferred shares, which program was previously authorized by its Board of Directors. As of June 30, 2016, the Company has acquired as treasury stock, 3,271,576 shares for a total amount of $18,567.

On April 8, 2016, under the Company’s share-based plan the Company granted 87,500 restricted share units to non-executive directors out of the repurchased treasury stock, which vested immediately. A related amount of $0.5 million was accounted for as stock compensation expense within General and Administrative expenses in the accompanying financial statements.

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, 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 $0.555469 per share, $2,219 in total, on its 8.875% Series C Preferred Shares. During the six months ended June 30, 2016,the Company paid two dividends of $0.50 per share, $2,000 in total, on its 8.00% Series B Preferred Shares and two dividends of $0.555469 per share or $2,219 in total, on its 8.875% Series C Preferred Shares.

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. During the six months ended June 30, 2016, the Company paid dividends of $0.546875 per share, $3,719 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 and from and including May 28, 2027, at a floating rate equal to three-month LIBOR plus a spread of 6.881% per annumof 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 April 28, 2017, the Company paid dividends of $0.05 per common share outstanding, which were declared on March 17, 2017. On April 7, 2016, the Company paid dividends of $0.08 per common share outstanding. On May 12, 2017, the Company declared a dividend of $0.05 per common share outstanding, which was paid on July 14, 2017. On May 31, 2016, the Company declared a dividend of $0.08 per share of common stock outstanding, which was paid on August 10, 2016.

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Accumulated other comprehensive loss

6 Months Ended

Jun. 30, 2017

Accumulated other comprehensive loss [Abstract]

Accumulated other comprehensive loss

8.Accumulated other comprehensive loss

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.

In the first half of 2016, Accumulated other comprehensive loss increased with unrealized losses of $3,248, which resulted from changes in fair value of financial instruments.

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Earnings per Common Share

6 Months Ended

Jun. 30, 2017

Earnings per Common Share [Abstract]

Earnings per Common Share

9.Earnings per Common Share

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

	Three months endedJune 30,		Six months endedJune 30,
	2017	2016	2017	2016
Numerator
Net income attributable to Tsakos Energy Navigation Limited	3,575	16,414	21,053	41,839
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)	(1,860)	(3,732)	(3,719)
Preferred share dividends Series E	(2,541)	—	(2,541)	—
Net (loss)/income attributable to common stockholders	$(2,949)	$12,445	$ 10,561	$ 33,901
Denominator
Weighted average common shares outstanding	84,284,281	85,510,215	84,126,285	86,071,582
Basic and diluted income / (loss) per common share	$ (0.03)	$ 0.15	$ 0.13	$ 0.39

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2017

Commitments and Contingencies [Abstract]

Commitments and Contingencies

10.Commitments and Contingencies

As at June 30, 2017, the Company had under construction two aframax tankers. The total contracted amount remaining to be paid for the two vessels under construction, plus the extra costs agreed as at June 30, 2017 was $66,908 from July to October 2017.

At June 30, 2017, 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, 2017, before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows:

Period/Year	Amount
July to December 2017	166,514
2018	223,755
2019	170,091
2020	161,761
2021 to 2028	502,246
Minimum charter payments	1,224,367

These amounts do not assume any off-hire.

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Financial Instruments

6 Months Ended

Jun. 30, 2017

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, 2017 and December 31, 2016. The fair value of long-term bank loans with variable interest rates approximate the recorded values, generally due to their variable interest rates. The present value of the future cash flows of the portion of one long-term bank loan with a fixed interest rate is estimated to be approximately $11,318 as compared to its carrying amount of $11,489, as at June 30, 2017. 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 one long-term bank loan with a fixed interest rate, the interest rate swap agreements, and bunker swap agreements, put option agreements and call option agreements discussed in Note 6 above are determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined.

The estimated fair values of the Company’s financial instruments, other than derivatives at June 30, 2017 and December 31, 2016, are as follows:

	Carrying Amount June 30, 2017	Fair Value June 30, 2017	Carrying Amount December 31, 2016	Fair Value December 31, 2016
Financial assets/(liabilities)
Cash and cash equivalents	250,408	250,408	187,777	187,777
Restricted cash	7,750	7,750	9,996	9,996
Investments	1,000	1,000	1,000	1,000
Debt	(1,838,987)	(1,838,817)	(1,766,043)	(1,765,726)

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 or in the consolidated balance sheet, as a component of Accumulated other comprehensive loss.

Fair Value of Derivative Instruments

		Asset Derivatives		Liability Derivatives
		June 30, 2017	December 31, 2016	June 30, 2017	December 31, 2016
Derivative	Balance Sheet Location	Fair Value	Fair Value	Fair Value	Fair Value
Derivatives designated as hedging instruments
Interest rate swaps	Current portion of financial instruments - Fair value	—	1.0	2,734	3,613
	Financial instruments – Fair value, net of current portion	—	3,701	1,376	1,119
Subtotal		—	3,702	4,110	4,732
		Asset Derivatives		Liability Derivatives
		June 30, 2017	December 31, 2016	June 30, 2017	December 31, 2016
Derivative	Balance Sheet Location	Fair Value	Fair Value	Fair Value	Fair Value
Derivatives not designated as hedging instruments
Bunker swaps	Current portion of financial instruments - Fair value	970	1,014	—	—
	Financial instruments –Fair value, net of current portion.	956	1,465	—	—
Bunker call options	Current portion of financial instruments- Fair value	440	1,307	—	—
Subtotal		2,366	3,786	—	—
Total derivatives		2,366	7,488	4,110	4,732

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,
	2017	2016	2017	2016
Interest rate swaps	(816)	(1,422)	(4,611)	(4,945)
Total	(816)	(1,422)	(4,611)	(4,945)

	Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Derivative	Location	Amount Three months ended June 30,		Amount Six months ended June 30,
		2017	2016	2017	2016
Interest rate swaps	Depreciation expense	(51)	(39)	(76)	(77)
Interest rate swaps	Interest and finance costs, net	(640)	(692)	(1,339)	(1,620)
Total		(691)	(731)	(1,415)	(1,697)

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,
		2017	2016	2017	2016
Interest rate swaps	Interest and finance costs, net	—	1,073	—	1,040
Bunker swaps	Interest and finance costs, net	368	—	(174)	—
Bunker call options	Interest and finance costs, net	(124)	617	(557)	744
Total		244	1,690	(731)	1,784

The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Loss as of June 30, 2017 and December 31, 2016 was $7,509 and $4,314 respectively.

The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of June 30, 2017 and December 31, 2016 using level 2 inputs (significant other observable inputs):

Recurring measurements:	June 30, 2017	December 31, 2016
Interest rate swaps	(4,110)	(1,030)
Bunker swaps	1,926	2,479
Bunker call options	440	1,307
	(1,744)	2,756

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Subsequent Events

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

12.Subsequent Events

(a) On July 3, 2017, the Company drew down $32,825 for the refinancing of the debt matured on July 22, 2017 and August 9, 2017 for the panamax tankers World Harmony and Chantal respectively and repaid the amount of $39,840 on July 5, 2017.

(b) On July 5, 2017, the Company drew down $17,387.5 for the refinancing of the debt maturing September 9, 2017 relating to the aframax tanker Asahi Princess and repaid the amount of $20,020 on the same date.

(c) On July 14, 2017, the Company paid a dividend of $0.05 per common share outstanding which was declared on May 12, 2017.

(d) On July 18, 2017, the Company drew down $23,356 for the financing of the aframax tanker Stavanger TS, which was delivered on July 28, 2017.

(e) On July 31, 2017, 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.

(f) On August 28, 2017, the Company paid a dividend of $0.546875 per share on its Series D Preferred Shares and $0.578125 per share on its Series E Preferred Shares.

(g) On September 15, 2017, the Company declared a dividend of $0.05 per common share payable on November 15, 2017 to shareholders of record as of November 9, 2017.

(h) On September 19, 2017, the Company refinanced an existing loan for its shuttle tanker Lisboa.

(i) As at September 29, 2017 the Company has sold 515,000 common shares from its treasury stock in the second half of 2017 for net proceeds of $2,455.

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Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2017

Significant Accounting Policies [Abstract]

New Accounting Pronouncements Not Yet Adopted

New Accounting Pronouncements Not Yet Adopted

In January 2017, the FASB issued ASU 2017-01 - Business Combinations (Topic 805) to clarify the definition of a business 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. Under current implementation guidance, the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does not constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This update is effective for public entities with reporting periods beginning after December 15, 2017, including interim periods within those years. The amendments of this ASU should be applied prospectively on or after the effective date. Early adoption is permitted, including adoption in an interim period (i) for transactions for which the acquisition date occurs before the issuance date or effective date of the ASU, only when the transaction has not been reported in financial statements that have been issued or made available for issuance and (ii) for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-03 - Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323). The ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF) meetings. The SEC guidance that specifically relates to the Company’s Consolidated Financial Statements was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU 2014-09), leases (ASU 2016-02) and credit losses on financial instruments (ASU 2016-13) in accordance with SAB Topic 11.M. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The ASU incorporates these SEC staff views into ASC 250 and adds references to that guidance in the transition paragraphs of each of the three new standards. The adoption of this new accounting guidance will not have a material effect on the Company’s Consolidated Financial Statements.

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Transactions with Related Parties (Tables)

6 Months Ended

Jun. 30, 2017

Transactions with Related Parties [Abstract]

Related Party Transactions Disclosure

	Three months ended June 30,		Six months endedJune 30,
	2017	2016	2017	2016
Tsakos Shipping and Trading S.A. (commissions)	1,621	1,486	3,350	2,997
Tsakos Energy Management Limited (management fees)	4,826	4,080	9,462	8,109
Tsakos Columbia Shipmanagement S.A.	538	498	999	969
Argosy Insurance Company Limited	2,591	2,119	4,969	4,401
AirMania Travel S.A.	1,487	1,313	2,710	2,305
Total expenses with related parties	11,063	9,496	21,490	18,781

Related Party Transactions Balances

	June 30, 2017	December 31, 2016
Due from related parties
Tsakos Columbia Shipmanagement S.A.	11,281	6,730
Total due from related parties	11,281	6,730
Due to related parties
Tsakos Energy Management Limited	613	417
Tsakos Shipping and Trading S.A.	741	759
Argosy Insurance Company Limited	5,577	4,285
AirMania Travel S.A.	751	431
Total due to related parties	7,682	5,892

Related Party - Future Management Fees

Period/Year	Amount
July to December 2017	10,145
2018	20,376
2019	20,447
2020	20,447
2021	20,447
2022 to 2027	111,220
	203,082

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Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2017

Long-Term Debt [Abstract]

Debt Disclosure

Facility	June 30,2017	December 31,2016
(a) Credit Facilities	265,476	344,564
(b) Term Bank Loans	1,573,511	1,421,479
Total	1,838,987	1,766,043
Less deferred finance costs, net	(12,938)	(12,188)
Total long-term debt	1,826,049	1,753,855
Less current portion of debt	(274,117)	(291,111)
Add deferred finance costs, current portion	3,366	2,976
Total long-term portion, net of current portion and deferred finance costs	1,555,298	1,465,720

Schedule of Weighted-Average Interest Rate

Three months ended June 30, 2017	3.42%
Three months ended June 30, 2016	2.52%
Six months ended June 30, 2017	3.32%
Six months ended June 30, 2016	2.57%

Debt Principal Payments

Period/Year	Amount
July to December 2017	184,887
2018	340,436
2019	248.913
2020	224,561
2021	303,932
2022 and thereafter	536,258
	1,838,987

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Interest and Finance Costs, net (Tables)

6 Months Ended

Jun. 30, 2017

Interest and Finance Costs, net [Abstract]

Interest and Finance Costs, net

	Three months endedJune 30,		Six months endedJune 30,
	2017	2016	2017	2016
Interest expense	15,368	9,277	29,472	18,195
Less: Interest capitalized	(120)	(1,084)	(384)	(2,355)
Interest expense, net	15,248	8,193	29,088	15,840
Swaps termination cash settlements	—	—	(3,685)	—
Interest swap cash settlements non-hedging	—	1,086	—	1,086
Bunkers swap cash settlements	(327)	—	(688)	266
Amortization of loan fees	754	343	1,464	676
Bank charges	114	80	140	141
Change in fair value of non-hedging financial instruments	84	(1,690)	1,419	(2,050)
Net total	15,873	8,012	27,738	15,959

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Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2017

Earnings per Common Share [Abstract]

Earnings per Common Share

	Three months endedJune 30,		Six months endedJune 30,
	2017	2016	2017	2016
Numerator
Net income attributable to Tsakos Energy Navigation Limited	3,575	16,414	21,053	41,839
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)	(1,860)	(3,732)	(3,719)
Preferred share dividends Series E	(2,541)	—	(2,541)	—
Net (loss)/income attributable to common stockholders	$(2,949)	$12,445	$ 10,561	$ 33,901
Denominator
Weighted average common shares outstanding	84,284,281	85,510,215	84,126,285	86,071,582
Basic and diluted income / (loss) per common share	$ (0.03)	$ 0.15	$ 0.13	$ 0.39

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2017

Charters-out [Abstract]

Minimum Future Charter Revenue

Period/Year	Amount
July to December 2017	166,514
2018	223,755
2019	170,091
2020	161,761
2021 to 2028	502,246
Minimum charter payments	1,224,367

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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2017

Financial Instruments [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Financial Instruments

	Carrying Amount June 30, 2017	Fair Value June 30, 2017	Carrying Amount December 31, 2016	Fair Value December 31, 2016
Financial assets/(liabilities)
Cash and cash equivalents	250,408	250,408	187,777	187,777
Restricted cash	7,750	7,750	9,996	9,996
Investments	1,000	1,000	1,000	1,000
Debt	(1,838,987)	(1,838,817)	(1,766,043)	(1,765,726)

Schedule of Derivative Instruments - Statements of Financial Position Location

		Asset Derivatives		Liability Derivatives
		June 30, 2017	December 31, 2016	June 30, 2017	December 31, 2016
Derivative	Balance Sheet Location	Fair Value	Fair Value	Fair Value	Fair Value
Derivatives designated as hedging instruments
Interest rate swaps	Current portion of financial instruments - Fair value	—	1.0	2,734	3,613
	Financial instruments – Fair value, net of current portion	—	3,701	1,376	1,119
Subtotal		—	3,702	4,110	4,732
		Asset Derivatives		Liability Derivatives
		June 30, 2017	December 31, 2016	June 30, 2017	December 31, 2016
Derivative	Balance Sheet Location	Fair Value	Fair Value	Fair Value	Fair Value
Derivatives not designated as hedging instruments
Bunker swaps	Current portion of financial instruments - Fair value	970	1,014	—	—
	Financial instruments –Fair value, net of current portion.	956	1,465	—	—
Bunker call options	Current portion of financial instruments- Fair value	440	1,307	—	—
Subtotal		2,366	3,786	—	—
Total derivatives		2,366	7,488	4,110	4,732

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

	Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)
Derivative	Amount Three months ended June 30,		Amount Six months ended June 30,
	2017	2016	2017	2016
Interest rate swaps	(816)	(1,422)	(4,611)	(4,945)
Total	(816)	(1,422)	(4,611)	(4,945)

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 Three months ended June 30,		Amount Six months ended June 30,
		2017	2016	2017	2016
Interest rate swaps	Depreciation expense	(51)	(39)	(76)	(77)
Interest rate swaps	Interest and finance costs, net	(640)	(692)	(1,339)	(1,620)
Total		(691)	(731)	(1,415)	(1,697)

Schedule of Derivatives Not Designated As Hedging Instruments - Net Realized and Unrealized Gain (Loss) Recognized on Statement Of Operations

	Gain (Loss) Recognized on Derivative
Derivative	Location	Amount Three months ended June 30,		Amount Six months ended June 30,
		2017	2016	2017	2016
Interest rate swaps	Interest and finance costs, net	—	1,073	—	1,040
Bunker swaps	Interest and finance costs, net	368	—	(174)	—
Bunker call options	Interest and finance costs, net	(124)	617	(557)	744
Total		244	1,690	(731)	1,784

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

Recurring measurements:	June 30, 2017	December 31, 2016
Interest rate swaps	(4,110)	(1,030)
Bunker swaps	1,926	2,479
Bunker call options	440	1,307
	(1,744)	2,756

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Transactions with Related Parties - Statement of Income (Table) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Related Party Transaction [Line Items]
Total expenses with related parties	$ 11,063	$ 9,496	$ 21,490	$ 18,781
Tsakos Shipping and Trading S.A.
Related Party Transaction [Line Items]
Tsakos Shipping and Trading S.A. (commissions)	1,621	1,486	3,350	2,997
Tsakos Energy Management Limited
Related Party Transaction [Line Items]
Tsakos Energy Management Limited (management fees)	4,826	4,080	9,462	8,109
Tsakos Columbia Shipmanagement S.A.
Related Party Transaction [Line Items]
Tsakos Columbia Shipmanagement S.A.	538	498	999	969
Argosy Insurance Company Limited
Related Party Transaction [Line Items]
Argosy Insurance Company Limited	2,591	2,119	4,969	4,401
AirMania Travel S.A.
Related Party Transaction [Line Items]
AirMania Travel S.A.	$ 1,487	$ 1,313	$ 2,710	$ 2,305

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Transactions with Related Parties - Balance Sheet (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due from related parties	$ 11,281	$ 6,730
Due to related parties	7,682	5,892
Tsakos Columbia Shipmanagement S.A.
Related Party Transaction [Line Items]
Due from related parties	11,281	6,730
Tsakos Energy Management Limited
Related Party Transaction [Line Items]
Due to related parties	613	417
Tsakos Shipping and Trading S.A.
Related Party Transaction [Line Items]
Due to related parties	741	759
Argosy Insurance Company Limited
Related Party Transaction [Line Items]
Due to related parties	5,577	4,285
AirMania Travel S.A.
Related Party Transaction [Line Items]
Due to related parties	$ 751	$ 431

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Transactions with Related Parties - Management Fees (Table) (Details) - Tsakos Energy Management Limited $ in Thousands	Jun. 30, 2017 USD ($)
Related Party Transaction [Line Items]
July to December 2017	$ 10,145
2018	20,376
2019	20,447
2020	20,447
2021	20,447
2022 to 2027	111,220
Total	$ 203,082

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Transactions with Related Parties - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Tsakos Shipping and Trading S.A.
Related Party Transaction [Line Items]
Accrued liabilities	$ 555	$ 552
Argosy Insurance Company Limited
Related Party Transaction [Line Items]
Accrued liabilities	$ 89	$ 24

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Transactions with Related Parties - Tsakos Energy Management Limited (Details)

6 Months Ended

Jun. 30, 2017

USD ($)

Jun. 30, 2016

USD ($)

Operating vessels

Related Party Transaction [Line Items]

Monthly management fees

$ 27,500

$ 27,500

Vessels chartered in and on a bare-boat basis

Related Party Transaction [Line Items]

Monthly management fees

20,400

20,400

LNG Carriers

Related Party Transaction [Line Items]

Monthly management fees

36,350

35,800

DP2 Shuttle Tankers

Related Party Transaction [Line Items]

Monthly management fees

$ 35,000

35,000

Tsakos Energy Management Limited

Related Party Transaction [Line Items]

Euro appreciated against dollar percentage

10.00%

Yearly increase basis

12 month Euribor

Management incentive award

$ 287,000

1,280,000

Special award paid

$ 575,000

Years required for cancellation written notice for agreement

1

Days required for cancellation written notice for agreement

10

Compensation to Management company after contract termination with Directors

$ 172,643,000

Supervisory services per month, per vessel

20,400

20,400

Supervisory services

500,000

$ 1,806,000

Third Party Manager | LNG Carriers

Related Party Transaction [Line Items]

Monthly management fees

26,400

Third Party Manager | Suezmax tanker Eurochampion 2004

Related Party Transaction [Line Items]

Monthly management fees

14,200

Third Party Manager | VLCC Ulysses

Related Party Transaction [Line Items]

Monthly management fees

14,200

Third Party Manager | VLCC Hercules I

Related Party Transaction [Line Items]

Monthly management fees

14,200

Third Party Manager | Aframax tanker Sapporo Princess

Related Party Transaction [Line Items]

Monthly management fees

14,200

Third Party Manager | Aframax tanker Maria Princess

Related Party Transaction [Line Items]

Monthly management fees

$ 14,200

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Transactions with Related Parties - Tsakos Columbia Shipmanagement S.A. (Details)	Jun. 30, 2017
TCM Tsakos Maritime Philippines | Tsakos Columbia Shipmanagement S.A. (TCM)
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, 2017	Jun. 30, 2016
Related Party Transaction [Line Items]
Chartering commission	1.25%
Payment for the cost of design and supervision services for new buildings		$ 0
Brokerage commission revenue	$ 0	$ 0
Potential charge
Related Party Transaction [Line Items]
Payment for the cost of design and supervision services for each new-building vessel	200
13 vessels
Related Party Transaction [Line Items]
Payment for the cost of design and supervision services for new buildings	$ 2,750

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Vessels - Acquisitions (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
VLCC tanker Hercules I, Aframaxes Marathon TS, Sola TS and Oslo TS and Shutter tanker Lisboa
Property Plant And Equipment [Line Items]
Acquisition of newly constructed vessels	$ 383,125
VLCC Ulysses and Aframax tanker Elias Tsakos
Property Plant And Equipment [Line Items]
Acquisition of newly constructed vessels		$ 154,983

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Deferred Charges (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Deferred Charges [Abstract]
Deferred charges consisted of dry-docking and special survey costs	$ 23,160		$ 19,506
Amortization of deferred dry-docking costs	$ 3,300	$ 2,931

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Long-Term Debt (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
(a) Credit Facilities	$ 265,476	$ 344,564
(b) Term Bank Loans	1,573,511	1,421,479
Total	1,838,987	1,766,043
Less deferred finance costs, net	(12,938)	(12,188)
Total long-term debt	1,826,049	1,753,855
Less current portion of debt	(274,117)	(291,111)
Add deferred finance costs, current portion	3,366	2,976
Total long-term portion, net of current portion and deferred finance costs	$ 1,555,298	$ 1,465,720

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Long-Term Debt - Weighted-Average Interest Rates (Table) (Details)	Jun. 30, 2017	Jun. 30, 2016
Three months ended
Debt Instrument [Line Items]
Weighted-average interest rates on the executed loans	3.42%	2.52%
Six months ended
Debt Instrument [Line Items]
Weighted-average interest rates on the executed loans	3.32%	2.57%

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Long-Term Debt - Principal Payments (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Principal Payments [Abstract]
July to December 2017	$ 184,887
2018	340,436
2019	248,913
2020	224,561
2021	303,932
2022 and thereafter	536,258
Total	$ 1,838,987	$ 1,766,043

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Long-Term Debt - Credit Facilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($)
Line Of Credit Facility [Line Items]
Number of credit facilities with both a reducing revolving credit component and a term bank loan component, with balloon payments due at maturity between October 2018 and April 2019	1
Unused amount	$ 0
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Number of open reducing credit facilities	2
Reducing revolving credit facilities periodic payment	semi-annual
Line Of Credit Facility Interest Rate Description	LIBOR
Revolving Credit Facility | Minimum
Line Of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.90%
Revolving Credit Facility | Maximum
Line Of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.19%
Revolving Credit Facility with term bank loan component | Minimum
Line Of Credit Facility [Line Items]
Maturity date	Oct. 31, 2018
Revolving Credit Facility with term bank loan component | Maximum
Line Of Credit Facility [Line Items]
Maturity date	Apr. 30, 2019

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Long-Term Debt - Term Bank Loans (Details) $ in Thousands	5 Months Ended			6 Months Ended
	Jun. 02, 2017 USD ($)	May 31, 2017 USD ($)	May 23, 2017 USD ($)	Jun. 30, 2017 USD ($)	Jun. 21, 2017 USD ($)	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Term loan balances outstanding				$ 1,573,511		$ 1,421,479
Aframax tankers Izumo Princess and Asahi Princess, Handysize product carrier Aegeas, two Panamax tankers World Harmony and Chantal and two Suezmax tankers Archangel and Alaska
Debt Instrument [Line Items]
Debt Instrument Face Amount			$ 122,500
Duration of term bank loan			4 years
Number of repayment installments			8
Debt periodic payment				semi-annual
Debt balloon payment			$ 57,280
Aframax tankers Izumo Princess and Asahi Princess, Handysize product carrier Aegeas, two Panamax tankers World Harmony and Chantal and two Suezmax tankers Archangel and Alaska | Minimum
Debt Instrument [Line Items]
Debt Instrument Maturity Date				Jun. 30, 2017
Aframax tankers Izumo Princess and Asahi Princess, Handysize product carrier Aegeas, two Panamax tankers World Harmony and Chantal and two Suezmax tankers Archangel and Alaska | Maximum
Debt Instrument [Line Items]
Debt Instrument Maturity Date				Feb. 28, 2018
Izumo Princess and Aegeas
Debt Instrument [Line Items]
Amount drawn down		$ 26,000
Archangel
Debt Instrument [Line Items]
Amount drawn down	$ 20,475
Alaska
Debt Instrument [Line Items]
Amount drawn down					$ 20,475
All Company's term bank loans
Debt Instrument [Line Items]
Debt periodic payment				quarterly or semi-annual
Variable rate basis				LIBOR
All Company's term bank loans | Minimum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				2.65%
Debt Instrument Maturity Date				Sep. 30, 2017
All Company's term bank loans | Maximum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				4.34%
Debt Instrument Maturity Date				Jul. 31, 2026
First four installments | Aframax tankers Izumo Princess and Asahi Princess, Handysize product carrier Aegeas, two Panamax tankers World Harmony and Chantal and two Suezmax tankers Archangel and Alaska
Debt Instrument [Line Items]
Debt periodic payment amount			8,660
Second four installments | Aframax tankers Izumo Princess and Asahi Princess, Handysize product carrier Aegeas, two Panamax tankers World Harmony and Chantal and two Suezmax tankers Archangel and Alaska
Debt Instrument [Line Items]
Debt periodic payment amount			$ 7,645

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Long-Term Debt - Covenants (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2017

Dec. 31, 2016

Jun. 30, 2016

Dec. 31, 2015

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 $108,271 at June 30, 2017 and $108,139 at December 31, 2016, a minimum hull value in connection with the vessels' outstanding loans and insurance coverage of the vessels against all customary risks. Four loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $5,250 and four 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, 2017, the Company and its wholly and majority owned subsidiaries had thirty-four loan agreements, totaling $1,838,987. The Company fulfilled its requirements in respect of the financial covenants of all its loan agreements, relating to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirements in eight of the thirty-four loans, in respect of which an amount of $4,092 has been reclassified within current liabilities at June 30, 2017.

Cash and cash equivalents

$ 250,408

$ 187,777

$ 253,927

$ 289,676

Carrying amount

1,838,987

1,766,043

Working capital

611

(47,947)

Thirty-four loan agreements

Debt Instrument [Line Items]

Carrying amount

1,838,987

Minimum liquidity requirement

Debt Instrument [Line Items]

Cash and cash equivalents

108,271

$ 108,139

Four loan agreements

Debt Instrument [Line Items]

Held in deposit account

5,250

Eight of the thirty-four loans

Debt Instrument [Line Items]

Reclassification Of Long Term Debt

$ 4,092

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Interest and Finance Costs, net (Table) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest and Finance Costs, net [Abstract]
Interest expense	$ 15,368	$ 9,277	$ 29,472	$ 18,195
Less: Interest capitalized	(120)	(1,084)	(384)	(2,355)
Interest expense, net	15,248	8,193	29,088	15,840
Swaps termination cash settlements	0	0	(3,685)	0
Interest swap cash settlements non-hedging	0	1,086	0	1,086
Bunkers swap cash settlements	(327)	0	(688)	266
Amortization of loan fees	754	343	1,464	676
Bank charges	114	80	140	141
Change in fair value of non-hedging financial instruments	84	(1,690)	1,419	(2,050)
Net total	$ 15,873	$ 8,012	$ 27,738	$ 15,959

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Interest and Finance Costs, net (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)
Derivatives Fair Value [Line Items]
Change in fair value of non-hedging financial instruments	$ (84)	$ 1,690	$ (1,419)	$ 2,050
Cash received from terminations	$ 0	$ 0	$ 3,685	$ 0
Interest Rate Swaps
Derivatives Fair Value [Line Items]
Number of floating-to-fixed interest rate swaps	5		5
Notional amount of floating-to-fixed interest rate swaps	$ 191,273		$ 191,273
Fixed interest rate	2.67%		2.67%
Floating rate basis			six-month LIBOR
Interest Rate Swaps | Minimum
Derivatives Fair Value [Line Items]
Maturity date			May 31, 2018
Interest Rate Swaps | Maximum
Derivatives Fair Value [Line Items]
Maturity date			Mar. 31, 2021
Bunker Call Options
Derivatives Fair Value [Line Items]
Number of bunker call option agreement entered into			1	2
Bunker Call Option Premium			$ 118	$ 266
Designated As Hedging Instrument | Interest Rate Swaps
Derivatives Fair Value [Line Items]
Fair value of hedging interest rate swaps	$ (4,110)		(4,110)		$ (1,030)
Net amount of cash flow hedge losses to be reclassified into earnings within 12 months	$ 2,123		$ 2,123
Number of interest rate swaps terminated	4		4
Cash received from terminations			$ 3,685
Not Designated As Hedging Instrument | Interest Rate Swaps
Derivatives Fair Value [Line Items]
Number of floating-to-fixed interest rate swaps		1		1
Change in fair value of non-hedging financial instruments				$ 1,040
Not Designated As Hedging Instrument | Bunker Swaps
Derivatives Fair Value [Line Items]
Number of bunker swap agreements entered into	9		9
Fair value of bunker swap agreement	$ 529		$ 529
Change in fair value of non-hedging financial instruments			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	$ 1,396		1,396		$ 2,479
Change in fair value of non-hedging financial instruments			$ (1,083)
Not Designated As Hedging Instrument | Bunker Call Options
Derivatives Fair Value [Line Items]
Number of bunker call option agreements held	6		6		12
Fair value of bunker call option agreements	$ 441		$ 441		$ 1,307
Change in fair value of non-hedging financial instruments			$ (866)	$ 1,010

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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

7 Months Ended

8 Months Ended

Jan. 30, 2017

Jan. 29, 2016

Feb. 28, 2017

Feb. 29, 2016

Sep. 29, 2017

Apr. 05, 2017

Apr. 08, 2016

Apr. 07, 2016

May 01, 2017

Apr. 28, 2017

May 02, 2016

May 30, 2017

May 31, 2016

Jul. 14, 2017

Jun. 30, 2017

Jun. 30, 2016

Jul. 31, 2017

Aug. 10, 2016

Aug. 28, 2017

Dec. 31, 2016

Net proceeds from sale of treasuy stock

$ 2,676

$ 0

Preferred Shares - par value

$ 1

$ 1

Net proceeds from issuance of preferred shares

$ 111,029

$ 0

Common stock - dividends paid

$ 0.08

$ 0.05

$ 0.05

$ 0.05

$ 0.08

$ 0.08

Date declared

Mar. 17, 2017

May 12, 2017

May 31, 2016

Restricted shares granted to non-executive directors

87,500

Restricted shares vested to non-executive directors

87,500

Stock compensation expense

$ 500

$ 0

$ 510

Purchases of Treasury stock, value

18,567

8% Series B Preferred Shares

Preferred Shares - shares issued

2,000,000

2,000,000

Preferred stock dividend rate percentage

8.00%

Preferred stock - dividend paid

$ 0.5

$ 0.5

$ 0.5

$ 0.5

$ 0.50

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 rate percentage

8.875%

Preferred stock - dividend paid

$ 0.555469

$ 0.555469

$ 0.555469

$ 0.555469

$ 0.55469

Dividends paid on preferred shares

$ 2,219

2,219

8.75% Series D Preferred Shares

Preferred Shares - shares issued

3,424,803

3,400,000

Preferred stock dividend rate percentage

8.75%

Preferred stock - dividend paid

$ 0.546875

$ 0.546875

$ 0.546875

$ 0.546875

$ 0.546875

Dividends paid on preferred shares

$ 3,739

$ 3,719

9.25% Series E Preferred Shares

Preferred Shares - shares issued

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 rate percentage

9.25%

Preferred stock - dividend paid

$ 0.34045

$ 0.578125

Dividends paid on preferred shares

$ 1,566

Treasury stock

Purchases of Treasury stock, shares

3,271,576

Purchases of Treasury stock, value

$ 18,567

Treasury stock | 8.75% Series D Preferred Shares

Sale of treasury stock

24,803

Net proceeds from sale of treasuy stock

$ 533

Treasury stock | Common shares

Sale of treasury stock

515,000

650,717

Net proceeds from sale of treasuy stock

$ 2,455

$ 2,676

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%

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Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Accumulated other comprehensive loss [Abstract]
Total unrealized (losses)/gains from hedging financial instruments	$ (3,196)	$ (3,248)

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Earnings per Common Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator
Net income attributable to Tsakos Energy Navigation Limited	$ 3,575	$ 16,414	$ 21,053	$ 41,839
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)	(1,860)	(3,732)	(3,719)
Preferred share dividends Series E	(2,541)	0	(2,541)	0
Net (loss)/income attributable to common stockholders	$ (2,949)	$ 12,445	$ 10,561	$ 33,901
Denominator
Weighted average common shares outstanding	84,284,281	85,510,215	84,126,285	86,071,582
Basic and diluted income / (loss) per common share	$ (0.03)	$ 0.15	$ 0.13	$ 0.39

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Commitments and Contingencies (Table) (Details) $ in Thousands	Jun. 30, 2017 USD ($)
Charters-out [Abstract]
July to December 2017	$ 166,514
2018	223,755
2019	170,091
2020	161,761
2021 to 2028	502,246
Minimum charter payments	$ 1,224,367

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Commitments and Contingencies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($)
Long-term Purchase Commitment [Line Items]
Prepaid amount which will be used against the contract price of future newbuildings	$ 1,650
Aframax tankers
Long-term Purchase Commitment [Line Items]
Number of vessels under construction	2
Purchase obligations
Contractual purchase obligation from July to October 2017	$ 66,908

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Financial Instruments - Fair Values (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Financial Instruments [Abstract]
Cash and cash equivalents - Carrying Amount	$ 250,408	$ 187,777	$ 253,927	$ 289,676
Restricted cash - Carrying Amount	7,750	9,996
Investments - Carrying Amount	1,000	1,000
Debt - Carrying amount	(1,838,987)	(1,766,043)
Cash and cash equivalents - Fair Value	250,408	187,777
Restricted cash - Fair value	7,750	9,996
Investments - Fair Value	1,000	1,000
Debt - Fair Value	$ (1,838,817)	$ (1,765,726)

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Financial Instruments - Balance Sheet Location (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liabilities, Noncurrent	$ 1,376	$ 1,119
Derivatives not designated as hedging instruments
Total derivatives - Assets	2,366	7,488
Total derivatives - Liabilites	4,110	4,732
Designated As Hedging Instrument
Derivatives designated as hedging instruments
Subtotal - Assets	0	3,702
Subtotal - Liabilities	4,110	4,732
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	1
Derivative Liability, Current	2,734	3,613
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	0	3,701
Derivative Liabilities, Noncurrent	1,376	1,119
Not Designated As Hedging Instrument
Derivatives not designated as hedging instruments
Subtotal - Assets	2,366	3,786
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	970	1,014
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	956	1,465
Derivative Liabilities, Noncurrent	0	0
Not Designated As Hedging Instrument | Bunker Call Options | Current portion of financial instruments - Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Current	440	1,307
Derivative Liability, Current	$ 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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments Gain/Loss [Line Items]
Total			$ (3,196)	$ (3,248)
Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)
Derivative Instruments Gain/Loss [Line Items]
Interest rate swaps	$ (816)	$ (1,422)	(4,611)	(4,945)
Total	$ (816)	$ (1,422)	$ (4,611)	$ (4,945)

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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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative
Total	$ (691)	$ (731)	$ (1,415)	$ (1,697)
Depreciation expense
Derivative
Interest rate swaps	(51)	(39)	(76)	(77)
Interest and finance costs, net
Derivative
Interest rate swaps	$ (640)	$ (692)	$ (1,339)	$ (1,620)

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Financial Instruments - Derivatives Not Designated as Hedging Instruments - Net Effect on the Statement of Comprehensive Income/(Loss) (Table) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative
Total	$ 244	$ 1,690	$ (731)	$ 1,784
Interest and finance costs, net
Derivative
Interest rate swaps	0	1,073	0	1,040
Bunker swaps	368	0	(174)	0
Bunker call options	$ (124)	$ 617	$ (557)	$ 744

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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, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	$ (4,110)	$ (1,030)
Bunker swaps	1,926	2,479
Bunker call options	440	1,307
Total	$ (1,744)	$ 2,756

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Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Present value of future cash flows of one bank loan	$ 1,838,817	$ 1,765,726
Accumulated loss from derivatives designated as Hedging Instruments	7,509	$ 4,314
Present value of long-term debt
Present value of future cash flows of one bank loan	11,318
Carrying amount of long-term debt
Carrying amount	$ 11,489

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Subsequent Events (Details) - USD ($)	1 Months Ended		2 Months Ended		3 Months Ended		4 Months Ended			5 Months Ended		6 Months Ended					7 Months Ended			8 Months Ended	9 Months Ended
	Jan. 30, 2017	Jan. 29, 2016	Feb. 28, 2017	Feb. 29, 2016	Sep. 29, 2017	Apr. 07, 2016	May 01, 2017	Apr. 28, 2017	May 02, 2016	May 30, 2017	May 31, 2016	Jul. 14, 2017	Jul. 05, 2017	Jul. 03, 2017	Jun. 30, 2017	Jun. 30, 2016	Jul. 31, 2017	Jul. 18, 2017	Aug. 10, 2016	Aug. 28, 2017	Sep. 15, 2017
Subsequent Event [Line Items]
Common stock - dividends paid						$ 0.08		$ 0.05				$ 0.05			$ 0.05	$ 0.08			$ 0.08
Date declared								Mar. 17, 2017				May 12, 2017							May 31, 2016
Common stock - dividend declared															$ 0.05	$ 0.08					$ 0.05
Dividends per share declared - payment date																					Nov. 15, 2017
Dividends per share declared - record date																					Nov. 09, 2017
Net proceeds from sale of treasuy stock															$ 2,676,000	$ 0
Panamax tankers World Harmony and Chantal
Subsequent Event [Line Items]
Amount drawn down														$ 32,825,000
Repayments Of Debt													$ 39,840,000
Aframax tanker Asahi Princess
Subsequent Event [Line Items]
Amount drawn down													17,387,500
Repayments Of Debt													$ 20,020,000
Aframax tanker Stavanger TS
Subsequent Event [Line Items]
Amount drawn down																		$ 23,356,000
Delivery date																		Jul. 28, 2017
8% Series B Preferred Shares
Subsequent Event [Line Items]
Preferred stock - dividend paid	$ 0.5	$ 0.5					$ 0.5		$ 0.5								$ 0.50
Preferred stock dividend rate percentage															8.00%
8.875% Series C Preferred Shares
Subsequent Event [Line Items]
Preferred stock - dividend paid	$ 0.555469	$ 0.555469					$ 0.555469		$ 0.555469								$ 0.55469
Preferred stock dividend rate percentage															8.875%
8.75% Series D Preferred Shares
Subsequent Event [Line Items]
Preferred stock - dividend paid			$ 0.546875	$ 0.546875						$ 0.546875	$ 0.546875									$ 0.546875
Preferred stock dividend rate percentage															8.75%
9.25% Series E Preferred Shares
Subsequent Event [Line Items]
Preferred stock - dividend paid										$ 0.34045										$ 0.578125
Preferred stock dividend rate percentage															9.25%
Common shares | Treasury stock
Subsequent Event [Line Items]
Sale of treasury stock					515,000										650,717
Net proceeds from sale of treasuy stock					$ 2,455,000										$ 2,676,000