Amendment No.4 to Schedule 13D

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

SCHEDULE 13D

 

Information To Be Included in Statements Filed Pursuant to Rules 13d-1(a) and

Amendments Thereto Filed Pursuant to 13d-2(a)

(Amendment No. 4)*

 

 

 

TSAKOS ENERGY NAVIGATION LIMITED

(Name of Issuer)

 

Common Shares, par value $1.00 per share

(Title of Class of Securities)

 

G9108L108

(CUSIP Number)

 

George Saroglou

Tsakos Energy Navigation Limited

367 Syngrou Avenue 175 64

P. Faliro, Athens, Greece

011 30210 940 7710

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

 

With Copies To:

Stephen P. Farrell, Esq.

Morgan, Lewis & Bockius LLP

101 Park Avenue

New York, New York 10178

(212) 309-6000

June 22, 2006

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box.  ¨

Note:   Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

 

*   The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. G9108L108    13D    Page 2 of 15 Pages

 

  1  

NAME OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

    
                SEA CONSOLIDATION S.A. OF PANAMA    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)  
  (a)  ¨  
    (b)  x    
  3   SEC USE ONLY  
         
  4   SOURCE OF FUNDS (see instructions)  
                OO    
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)   ¨
         
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
                PANAMA    
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH		     7  SOLE VOTING POWER
 
                  1,813,616
    8  SHARED VOTING POWER
 
                  0
    9  SOLE DISPOSITIVE POWER
 
                  1,813,616
  10  SHARED DISPOSITIVE POWER
 
                  0
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                1,813,616    
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)   x
         
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11  
                9.5%    
14   TYPE OF REPORTING PERSON (see instructions)  
                OO    

 

CUSIP No. G9108L108    13D    Page 3 of 15 Pages

 

  1  

NAME OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

    
                PANAYOTIS TSAKOS    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)  
  (a)  ¨  
    (b)  x    
  3   SEC USE ONLY  
         
  4   SOURCE OF FUNDS (see instructions)  
                Not applicable.    
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)   ¨
         
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
                GREECE    
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH		     7  SOLE VOTING POWER
 
                  0
    8  SHARED VOTING POWER
 
                  1,813,616
    9  SOLE DISPOSITIVE POWER
 
                  0
  10  SHARED DISPOSITIVE POWER
 
                  1,813,616
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                1,813,616    
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)   x
         
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11  
                9.5%    
14   TYPE OF REPORTING PERSON (see instructions)  
                IN    

 

CUSIP No. G9108L108    13D    Page 4 of 15 Pages

Item 1. Security and Issuer

This Amendment No. 4 (this “Amendment No. 4”) to Schedule 13D (originally filed on March 20, 2002, and subsequently amended and restated on August 30, 2005, November 16, 2005 and March 29, 2006 (the “Schedule 13D”)) relates to the common shares, par value $1.00 per share (“Common Shares”), of Tsakos Energy Navigation Limited, an exempted company organized under the laws of Bermuda (the “Company”). The principal executive office of the Company is located at 367 Syngrou Avenue, 175 64 P. Faliro, Athens, Greece. Information given in response to each item below shall be deemed incorporated by reference in all other items below. Capitalized terms used herein and not otherwise defined in this Amendment No. 4 shall have the meanings set forth in the Schedule 13D.

Item 2. Identity and Background

(a) This Amendment No. 4 is being filed pursuant to a Joint Filing Agreement (attached as Exhibit 1 and incorporated herein by reference) by Sea Consolidation S.A. of Panama, a company organized under the laws of Panama (“Sea Consolidation”) and Panayotis Tsakos (sometimes collectively referred to as the “Reporting Persons”) which persons may be deemed, but are not conceded, to constitute a “group” within the meaning of Section 13(d) of the Securities Exchange Act of 1934.

(b) The address of the principal office of Sea Consolidation is 367 Syngrou Avenue, 175 64 P. Faliro, Athens, Greece. The address of the principal office of Panayotis Tsakos is 367 Syngrou Avenue, 175 64 P. Faliro, Athens, Greece.

(c) Attached as Schedule A is the name, principal occupation (where applicable), business address and citizenship of each member, executive officer and/or director of Sea Consolidation. Schedule A is incorporated into and made a part of this Amendment No. 4.

Panayotis Tsakos is an individual of Greek citizenship who is self employed in the shipping industry.

(d) During the last five years, neither the Reporting Persons nor any person listed on Schedule A has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e) During the last five years, neither the Reporting Persons nor any person listed on Schedule A was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

CUSIP No. G9108L108    13D    Page 5 of 15 Pages

Item 3. Source and Amount of Funds or Other Consideration

Item 3 is hereby amended by adding the following paragraph:

Between March 31, 2006 and June 22, 2006, Sea Consolidation acquired an aggregate of 194,000 Common Shares in open market purchases executed through the New York Stock Exchange (the “Purchases”). Sea Consolidation obtained such funds for the Purchases from amounts contributed to it from its shareholders.

Item 4. Purposes of Transactions

Item 4 is hereby amended by adding the following paragraph:

The purpose of the Purchases was to increase Sea Consolidation’s investment in the Company. The Reporting Persons have no plans or proposals to implement or effect any plans or proposals with respect to any material change of the Company’s business or corporate structure or, generally, any other action referred to in instructions (a) through (j) of Item 4 to the Schedule 13D.

Item 5. Interest in Securities of the Issuer

(a) As of the date hereof, Sea Consolidation is the beneficial owner of 1,813,616 Common Shares of the Company (the “Shares”), which constitute approximately 9.5% of the Company’s 19,050,347 issued and outstanding Common Shares, based on information contained in a Form 6-K filed by the Company with the Securities and Exchange Commission on June 8, 2006 and the understanding that the Company has repurchased certain Common Shares pursuant to a share repurchase plan. Panayotis Tsakos, the controlling shareholder of Sea Consolidation, may be deemed to beneficially own the Shares indirectly as a result of his control relationship with Sea Consolidation. The Reporting Persons may be deemed to constitute a “group” within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, together with Kelley Enterprises, Inc. (“Kelley”), Marsland Holdings Limited (“Marsland”), Redmont Trading Corp. (“Redmont”) and Nikolas P. Tsakos, although neither the fact of this filing nor anything contained herein shall be deemed to be an admission that a group exists. Kelley, Marsland, Redmont and Nikolas P. Tsakos, beneficially and of record, own 2,140,412, 1,300,234, 1,058,656 and 16,000 Common Shares, respectively. Together, the group would be deemed to beneficially own 6,328,918 Common Shares, or 33.2% of the outstanding Common Shares of the Company.

(b) The response of the Reporting Persons to Items (7) through (11) of the portion of pages 2 and 3 hereto which relate to Common Shares beneficially owned are incorporated herein by reference.

(c) The Purchases were effected in open market purchases executed through the New York Stock Exchange as set forth in Schedule B. Schedule B is incorporated into and made a part of this Amendment No. 4.

CUSIP No. G9108L108    13D    Page 6 of 15 Pages

(d) No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Shares beneficially owned by Sea Consolidation.

(e) Not applicable.

Item 7. Material to be Filed as Exhibits

Item 7 is hereby amended by adding the following exhibit:

Exhibit 1: Joint Filing Agreement, dated June 28, 2006, between Sea Consolidation S.A. of Panama and Panayotis Tsakos.

[The remainder of this page intentionally left blank]

CUSIP No. G9108L108    13D    Page 7 of 15 Pages

SIGNATURE

After due inquiry and to the best of the knowledge and belief of each of the undersigned, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: June 28, 2006

 

Sea Consolidation S.A. of Panama
By:  

/s/ Thomas K. Zafiras

  Thomas K. Zafiras
  President
 

/s/ Panayotis Tsakos

  Panayotis Tsakos

CUSIP No. G9108L108    13D    Page 8 of 15 Pages

SCHEDULE A

Sea Consolidation S.A. of Panama

 

Name

  

Position

  

Principal Occupation

  

Business Address

  

Citizenship

Thomas Constantinos Zafiras

  

Director

  

Attorney

  

Vasileos Georgiou B4, Piraeus, Greece

  

Greece

Ioannis Efthimiades

  

Director

  

Shipping Industry Consultant

  

2 Andianoupoleos & Agias Sofia Streets, Nea Smyni, Athens, Greece

  

Greece

Constantinos Zafiras

  

Director

  

Legal Consultant

  

10 Stissichorou Street, Athens, Greece

  

Greece

CUSIP No. G9108L108    13D    Page 9 of 15 Pages

SCHEDULE B

 

Date   No. of Shares   Price
3/31/06   1500   $ 39.1200
3/31/06   1000     39.1000
3/31/06   1500     39.1393
3/31/06   1500     39.1400
3/31/06   2500     39.2684
3/31/06   1000     39.1840
3/31/06   1000     39.2000
4/6/06   1500     39.13
4/6/06   1500     39.05
4/6/06   1000     38.86
4/6/06   1500     38.95
4/6/06   2000     39.15
4/6/06   500     39.18
4/6/06   1000     39.14
4/6/06   1000     39.17
4/7/06   2000     38.738
4/7/06   1400     38.8828
4/7/06   1000     38.92
4/7/06   1000     38.91
4/7/06   600     38.93
4/7/06   1000     38.92
4/7/06   1000     38.918
4/7/06   2000     38.9775
4/10/06   1500     39.5
4/10/06   2000     39.495
4/11/06   1500     38.56
4/11/06   1000     38.63
4/11/06   1500     38.67
4/11/06   1000     38.63
4/11/06   1000     38.59
4/11/06   1500     38.508
4/11/06   1000     38.32
4/11/06   1500     38.342
4/12/06   1500     37.79
4/12/06   1500     37.806
4/12/06   1500     37.872
4/12/06   1500     37.88933
4/12/06   1500     37.9
4/12/06   2200     37.9
4/13/06   1500     37.644
4/13/06   1500     37.53
4/13/06   1000     37.56
4/13/06   300     37.59

CUSIP No. G9108L108    13D    Page 10 of 15 Pages

 

4/13/06   700   37.62
4/13/06   1000   37.62
4/13/06   1000   37.57
4/13/06   1000   37.394
4/13/06   1000   37.36
4/13/06   1000   37.252
4/17/06   1000   37.59
4/17/06   1000   37.57
4/17/06   500   37.51
4/17/06   500   37.5
4/17/06   1000   37.28
4/17/06   1000   37.25
4/17/06   1000   37.15
4/17/06   1000   37.14
4/17/06   1000   37.186
4/17/06   1000   36.994
4/17/06   300   37.0867
4/17/06   700   37.17
4/18/06   1000   37.845
4/18/06   2000   37.8845
4/18/06   1000   37.882
4/18/06   1000   37.9
4/18/06   1000   37.9
4/18/06   1000   37.9
4/18/06   1000   37.9
4/18/06   2000   37.9
4/19/06   1000   37.8
4/19/06   2000   37.64
4/19/06   1000   37.58
4/19/06   2000   37.5675
4/19/06   2000   37.647
4/19/06   300   37.6767
4/19/06   1700   37.8
4/26/06   300   37.8
4/26/06   1300   37.64
4/26/06   3400   37.58
4/26/06   400   37.5675
5/3/06   2000   37.8
5/3/06   700   37.9357
5/3/06   1300   38
5/3/06   700   38
5/4/06   300   38.13
5/3/06   2000   38.41
5/3/06   8000   38.5
5/22/06   2500   35.94
5/22/06   1500   35.84
5/22/06   2500   35.896

CUSIP No. G9108L108    13D    Page 11 of 15 Pages

 

5/22/06   2500   35.9
5/22/06   1000   35.934
5/22/06   1500   35.9987
5/22/06   1500   35.95
5/22/06   2000   35.96
5/23/06   1300   36.4962
5/23/06   700   36.5657
5/23/06   1000   36.6
5/23/06   1000   36.6
5/23/06   1000   36.6
5/23/06   2000   36.7
5/23/06   1000   36.65
5/23/06   1000   36.69
5/23/06   1000   36.791
6/8/06   700   35.3
6/8/06   1300   35.5977
6/8/06   400   35.595
6/15/06   500   35.828
6/15/06   400   35.8175
6/15/06   600   35.83
6/15/06   300   35.7933
6/15/06   200   35.92
6/15/06   500   35.88
6/15/06   500   35.936
6/15/06   500   35.9
6/15/06   1000   35.9
6/15/06   900   35.8667
6/15/06   100   35.98
6/15/06   1000   35.9
6/15/06   1500   36
6/16/06   1000   36.3
6/16/06   500   36.408
6/16/06   1000   36.48
6/16/06   500   36.456
6/16/06   500   36.492
6/16/06   400   36.5
6/16/06   400   36.575
6/16/06   200   36.63
6/16/06   500   36.676
6/16/06   1000   36.78
6/16/06   1000   36.7
6/16/06   400   36.64
6/16/06   600   36.72
6/16/06   1000   36.66
6/16/06   1000   36.772
6/19/06   1000   36.46
6/19/06   1000   36.392

CUSIP No. G9108L108    13D    Page 12 of 15 Pages

 

6/19/06   1000     36.5
6/19/06   1000     36.39
6/19/06   1000     36.45
6/19/06   1000     36.414
6/19/06   1000     36.43
6/19/06   400     36.3875
6/19/06   600     36.45
6/19/06   600     36.44
6/19/06   400     36.445
6/19/06   1000     36.472
6/20/06   1000     36.952
6/20/06   1000     36.938
6/20/06   1000     36.963
6/20/06   1000     36.884
6/20/06   900     36.8
6/20/06   100     36.92
6/20/06   1000     36.86
6/20/06   1000     36.81
6/20/06   1000     36.928
6/20/06   1000     37.01
6/20/06   1000     36.964
6/21/06   1000     37.854
6/21/06   1000     38
6/21/06   2000     37.921
6/21/06   2000     37.996
6/21/06   2000     38
6/21/06   2000     38
6/22/06   500     38.48
6/22/06   500     38.44
6/22/06   500     38.3
6/22/06   700     38.29
6/22/06   300     38.35
6/22/06   500     38.25
6/22/06   500     38.24
6/22/06   500     38.29
6/22/06   500     38.402
6/22/06   500     38.406
        Total   194,000   $ 7,291,688

CUSIP No. G9108L108    13D    Page 13 of 15 Pages

EXHIBIT INDEX

The following is filed as an Exhibit to this Amendment No. 4:

Exhibit 1: Joint Filing Agreement, dated June 28, 2006, between Sea Consolidation S.A. of Panama and Panayotis Tsakos.