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The Company was incorporated in Bermuda in July 1993 under the name Maritime Investment Fund Limited (MIF).
In December 1993, following an initial public offering (IPO) in which the Company raised US$ 35 million, TEN (then MIF) began trading in the Oslo Stock Exchange under the symbol MIF.
The proceeds of the IPO - together with bank financing - were used to form the Company's initial fleet, which was made up of three product tankers and one crude oil carrier.
In 1996 the Company name changed to MIF Limited. In December 1996, MIF completed a Secondary Offering, through which it raised an additional US$ 85 million. With the completion of this Secondary Offering, TEN (then MIF) embarked on a dynamic expansion program that allowed the Company to grow from a fleet of seven vessels in November 1996 to one of twelve by year-end 1997.
In July 2001 the Company's name changed to Tsakos Energy Navigation Limited (TEN Limited) in order to enhance the Company's brand recognition in the tanker industry, particularly among charterers.
On March 5, 2002 TEN successfully completed a shares offering - raising US$ 110 million - providing an expanded equity base, a much broader ownership universe and the liquidity of a dual listing in Oslo and on the New York Stock Exchange.
The proceeds of the 2002 offering were used primarily to finance the Company's new building program.
In November 2003 the Company filed a $150 million universal shelf registration statement with the U.S. Securities and Exchange Commission (SEC). The filing allows TEN to offer from time to time any combination of senior and subordinated debt securities, convertible debt securities, equity securities, preferred securities, warrants and depository shares. Proceeds from any offering under this registration statement may be used to finance the Company’s capital expenditures (including the Company’s newbuilding program), potential acquisitions and general corporate purposes, including working capital and the repayment of debt. The SEC declared the registration statement effective on December 15, 2003.
Pursuant to the existing shelf registration the Company issued in May 2004 in total 2,875,000 common shares (including the over-allotment of 375,000 shares). The net proceeds of the offering – approximately $82 million - where used for the Company’s existing newbuilding program currently in progress (2004-2007), further fleet expansion and for general corporate purposes.
