Amendment No.2 to Schedule 13D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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. 2)*

 

 

 

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

 

November 9, 2005

(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 which 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(b) 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    

 

  1  

NAME OF REPORTING PERSONS

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

 

            SEA CONSOLIDATION S.A. OF PANAMA            EIN:

    
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)  ¨

(b)  x

    
  3  

SEC USE ONLY

 

    
  4  

SOURCE OF FUNDS*

 

            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

 

                1,414,416

  8    SHARED VOTING POWER

 

                0

  9    SOLE DISPOSITIVE POWER

 

                1,414,416

10    SHARED DISPOSITIVE POWER

 

                0

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            1,414,416

    
12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*

 

  

x

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

            7.3%

    
14  

TYPE OF REPORTING PERSON*

 

            OO

    

 

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CUSIP No. G9108L108   13D    

 

  1  

NAME OF REPORTING PERSONS

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

 

            PANAYOTIS TSAKOS            EIN:

    
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)  ¨

(b)  x

    
  3  

SEC USE ONLY

 

    
  4  

SOURCE OF FUNDS*

 

            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

 

                1,414,416

  9    SOLE DISPOSITIVE POWER

 

                0

10    SHARED DISPOSITIVE POWER

 

                1,414,416

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            1,414,416

    
12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*

 

  

x

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

            7.3%

    
14  

TYPE OF REPORTING PERSON*

 

            IN

    

 

 

-3-

Item 1. Security and Issuer

 

This Amendment No. 2 (this “Amendment No. 2”) to Schedule 13D (originally filed on March 20, 2002, and subsequently amended and restated on August 30, 2005 (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. 2 shall have the meanings set forth in the Schedule 13D.

 

Item 2. Identity and Background

 

(a) This Amendment No. 2 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. 2.

 

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 has been 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.

 

Item 3. Source and Amount of Funds or Other Consideration

 

Item 3 is hereby amended by adding the following paragraph:

 

Between October 20, 2005 and November 9, 2005, Sea Consolidation acquired an aggregate of 121,000 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.

 

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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 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 1,414,416 Common Shares of the Company (the “Shares”, which constitute approximately 7.3% of the Company’s 19,451,195 issued and outstanding Common Shares, based on information contained in a Form 6-K filed by the Company with the SEC on August 25, 2005 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 1,946,612, 1,196,434, 962,556 and 16,000 Common Shares, respectively. Together, the group would be deemed to beneficially own 5,536,018 Common Shares, or 28.5% 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.

 

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. 2.

 

(c) 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.

 

(d) Not applicable.

 

-5-

Item 7. Material to Be Filed as Exhibits

 

Item 7 is hereby amended by adding the following exhibit:

 

Exhibit 1: Joint Filing Agreement, dated November 14, 2005, between Sea Consolidation S.A. of Panama and Panayotis Tsakos.

 

[The remainder of this page intentionally left blank]

 

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SIGNATURE

 

After reasonable 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: November 16, 2005

 

Sea Consolidation S.A. of Panama
By:  

/s/ Thomas K. Zafiras

    Thomas K. Zafiras
    President
   

/s/ Panayotis Tsakos

    Panayotis Tsakos

 

-7-

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

 

-8-

SCHEDULE B

 

Date

    No of Shares
    Price

10/20/05

    1,500    32.78

10/20/05

    1,500    32.90

10/20/05

    1,500    32.90

10/20/05

    1,500    32.79

10/20/05

    1,500    32.85

10/20/05

    1,500    32.75

10/20/05

    1,500    32.75

10/20/05

    1,500    32.70

10/20/05

    1,500    32.68

10/20/05

    1,500    32.69

10/20/05

    1,500    32.62

10/20/05

    1,500    32.63

10/20/05

    1,000    32.51

10/20/05

    1,000    32.38

10/20/05

    3,000    32.80

10/20/05

    3,000    32.80

10/21/05

    1,400    32.40

10/21/05

    2,000    32.50

10/21/05

    1,100    32.59

10/21/05

    1,100    32.80

10/21/05

    1,000    32.85

10/21/05

    1,300    33.05

10/21/05

    600    33.09

10/21/05

    900    33.10

10/21/05

    600    33.10

10/21/05

    700    33.19

10/21/05

    800    33.19

10/21/05

    700    33.20

10/21/05

    800    33.20

10/21/05

    1,500    33.20

10/21/05

    1,500    33.20

10/21/05

    500    33.17

10/21/05

    500    33.14

10/21/05

    100    33.08

10/21/05

    900    33.20

10/21/05

    1,000    33.14

10/21/05

    1,000    33.09

11/4/05

    1,500    34.41

11/4/05

    1,500    34.38

11/4/05

    1,500    34.44

11/4/05

    1,500    34.49

11/4/05

    1,500    34.32

11/4/05

    1,500    34.49

11/4/05

    1,500    34.39

11/4/05

    1,500    34.37

11/4/05

    1,500    34.49

11/4/05

    1,500    34.48

11/7/05

    700    34.95

11/7/05

    2,000    35.03

11/7/05

    2,000    35.03

11/7/05

    300    35

11/7/05

    1,000    34.89

11/7/05

    2,000    34.85

11/7/05

    2,000    34.89

11/7/05

    2,000    34.82

11/7/05

    3,000    34.85

11/7/05

    1,000    34.878

11/7/05

    2,000    34.85

11/7/05

    700    34.8357

11/7/05

    1,300    34.89

11/8/05

    1,500    35.2

11/8/05

    1,500    35.65

11/8/05

    1,500    35.65

11/8/05

    2,500    35.4116

11/8/05

    2,500    35.36

11/8/05

    400    35.34

11/8/05

    900    35.56

11/8/05

    1,700    35.8

11/8/05

    1,500    35.7

11/8/05

    1,500    35.6987

11/8/05

    1,000    35.698

11/8/05

    1,250    35.6876

11/8/05

    1,000    35.848

11/8/05

    1,250    35.79

11/9/05

    200    35.89

11/9/05

    800    36.5

11/9/05

    1,000    36.5

11/9/05

    1,000    36.69

11/9/05

    1,000    36.62

11/9/05

    1,000    36.79

11/9/05

    1,000    36.69

11/9/05

    1,500    36.72

11/9/05

    2,500    36.8

11/9/05

    200    36.73

11/9/05

    1,300    36.8

11/9/05

    2,500    36.752

11/9/05

    2,500    36.8

11/9/05

    200    36.79

11/9/05

    400    36.78

11/9/05

    200    36.78

11/9/05

    2,700    36.79
    
    

Total

    121,000     
    
    

 

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EXHIBIT INDEX

 

The following is filed as an Exhibit to this Amendment No. 2:

 

Exhibit 1: Joint Filing Agreement, dated November 14, 2005, between Sea Consolidation S.A. of Panama and Panayotis Tsakos.

 

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