Exhibit 12
Tsakos Energy Navigation Limited
Computation of Ratio of Earnings to Fixed Charges
(Expressed in thousands of United States Dollars, except ratios)
| Years Ended December 31, | |||||||||||||||
| 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||
Earnings | |||||||||||||||
Income from continued operations (before equity income) | 161,755 | 143,290 | 58,123 | 3,697 | 24,616 | ||||||||||
Add: | |||||||||||||||
Fixed charges | 25,242 | 21,987 | 20,145 | 14,294 | 17,546 | ||||||||||
Amortization of Capitalized Interest | 198 | 162 | 201 | 67 | 19 | ||||||||||
Distributed income of equity investees | 1,126 | — | — | ||||||||||||
| 187,195 | 165,439 | 79,595 | 18,058 | 42,181 | |||||||||||
Less: | |||||||||||||||
Interest capitalized | (5,344 | ) | (2,708 | ) | (839 | ) | (3,203 | ) | (1,600 | ) | |||||
| 181,851 | 162,731 | 78,756 | 14,855 | 40,581 | |||||||||||
Fixed Charges | |||||||||||||||
Interest expensed | 13,742 | 12,894 | 15,778 | 7,955 | 12,659 | ||||||||||
Interest capitalized | 5,344 | 2,708 | 839 | 3,203 | 1,600 | ||||||||||
Amortization of capitalized expenses relating to indebtedness | 1,034 | 368 | 686 | 286 | 286 | ||||||||||
Interest portion of rental expense | 5,122 | 6,017 | 2,842 | 2,850 | 3,001 | ||||||||||
| 25,242 | 21,987 | 20,145 | 14,294 | 17,546 | |||||||||||
Ratio of Earnings to Fixed Charges | 7.2x | 7.4x | 3.9x | 1.0x | 2.3x | ||||||||||