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2600000

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2015-07-17

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0.0271

0.023

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256775000

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semi-annual

LIBOR

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0.0519

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 $113,427 at December 31, 2017 and $108,139 at December 31, 2016, a minimum consolidated leverage ratio, 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 $4,250. Four loan agreements require a monthly pro rata transfer to retention account of any principal due but unpaid.

As at December 31, 2017, the Company and its wholly owned subsidiaries had thirty-two loan agreements, totaling $1,763,082. The Company fulfilled its requirements in respect of the financial covenants of all the agreements in relation to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirement in certain of its loan agreements in respect of which an amount of $883 has been reclassified within current liabilities at December 31, 2017.

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4250000

1763082000

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2019-04-30

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2833330

73500000

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162575000

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semi-annual

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2018-02-28

2018-09-30

2027-01-31

2018-10-31

2019-04-30

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2021-03-31

182320000

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1 5 118000 1307000

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9 7027000

4548000

3 3264000 2479000

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2178000

2016-04-10

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154000

1153000

4600000

110496000

0.0925

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87500

500000

110000

3400000

81784000

0.0875

10853000

533000

24803

868950

2020-04-29

2626357

9.7881

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110000

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6414000

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0.095 0.074

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2018-05-03

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0.08875

0.08

<div class="Section1">(m)Accounting for Revenue and Expenses: Voyage revenues are generated from freight billings and time charter hire. Time charter revenue, including bare-boat hire, is recorded over the term of the charter as the service is provided. Revenues from voyage charters on the spot market or under contract of affreightment are recognized ratably from when a vessel becomes available for loading (discharge of the previous charterer’s cargo) to when the next charterer’s cargo is discharged, provided an agreed non-cancelable charter between the Company and the charterer is in existence, the charter rate is fixed or determinable and collectability is reasonably assured. Revenue under voyage charters will not be recognized until a charter has been agreed even if the vessel has discharged its previous cargo and is proceeding to an anticipated port of loading. Revenues from variable hire arrangements are recognized to the extent the variable amounts earned beyond an agreed fixed minimum hire are determinable at the reporting date and all other revenue recognition criteria are met. Revenue from hire arrangements with an escalation clause is recognized on a straight-line basis over the charter term unless another systematic and rational basis is more representative of the time pattern in which the vessel is employed. Vessel voyage and operating expenses and charter hire expense are expensed when incurred. Unearned revenue represents cash received prior to the year end for which related service has not been provided, primarily relating to charter hire paid in advance to be earned over the applicable charter period. The operating revenues and voyage expenses of vessels operating under a tanker pool are pooled and are allocated to the pool participants on a time charter equivalent basis, according to an agreed formula. Voyage revenues for 2017, 2016 and 2015 included revenues derived from significant charterers as follows (in percentages of total voyage revenues):  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:150.15pt"><a name="DM_MAP_a3b7ad34f70242ef810ce9e7f6edc850"> </a></td><td style="width:101.15pt"> </td><td style="width:101.15pt"> </td><td style="width:101.15pt"> </td></tr><tr><td style="width:150.15pt; vertical-align:bottom">Charterer </td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">2017  </td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">2016  </td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">2015  </td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">A</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">14%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">13%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">14%</td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">B</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">11%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">13%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">C</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">9%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">9%</td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">D</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">9%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">7%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">8%</td></tr></table></div> </div>

<div class="Section1">New Accounting Pronouncements - Not Yet AdoptedIn January 2016, the FASB issued ASU No. 2016-01—Financial Instruments—Overall (Subtopic 825-10), which includes the requirement for all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). This Update is effective for all entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is not permitted. The Company has not yet determined what impact, if any, the adoption of the new standard will have on its consolidated financial position, results of operations or cash flows.In February 2016, the FASB issued ASU No. 2016-02—Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. In a recent update, targeted improvements were proposed to the accounting standards that provide for (a) an optional new transition method for adoption that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption and (b) a practical expedient for lessors, under certain circumstances, to combine the lease and non-lease components of revenues for presentation purposes. If the targeted improvements are approved, we intend to apply the alternative transition method and intend to elect the practical expedient for lessors for presentation purposes. The Company is analyzing the impact of the adoption of this guidance on the Company’s consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. With respect to leases whereby we are the lessee, we are currently expecting to recognize lease liabilities and offsetting “right of use” assets upon adoption. The future lease obligations disclosed in Note 4, Vessels, provide some insight to the estimated impact of adoption for us as a lessee. We are currently evaluating any other impacts ASC 842, including any newly issued guidance, will have on our consolidated financial statements and related disclosures.In May and April 2016, the FASB issued two Updates with respect to Topic 606: ASU No. 2016-10—Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing and ASU No. 2016-12—Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments in these Updates do not change the core principle of the guidance in Topic 606, which is that an entity should recognize revenue to depict the transfer of 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 by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in Update 2016-10 simply clarify the following two aspects of Topic 606: (1) identifying performance obligations and (2) licensing implementation guidance. The amendments in Update 2016-12 similarly affect only certain narrow aspects of Topic 606; namely, (1) “Assessing the Collectability Criterion in Paragraph 606-10-25-1(e) and Accounting for Contracts That Do Not Meet the Criteria for Step 1 (Applying Paragraph 606-10-25-7),” (2) “Presentation of Sales Taxes and Other Similar Taxes Collected from Customers,” (3) “Noncash Consideration,” (4) “Contract Modifications at Transition,” (5) “Completed Contracts at Transition,” and (6) “Technical Correction.” The amendments in these Updates also affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective.The effective date and transition requirements for the amendments in these Updates are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” has deferred the effective date of Update 2014-09 for public business entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted. The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). The Company adopted this new revenue guidance effective January 1, 2018, utilizing the modified retrospective method, and will expand its consolidated financial statement disclosures in order to comply with the update.  The Company estimates that the adoption of this standard results in a decrease in the opening retained earnings balance as of January 1, 2018 of $2,219. As the Company finalizes its assessment, the Company continues to evaluate the requirements of this standard and complete other implementation activities such as implementing new procedures, finalizing the adoption date adjustment and drafting disclosures.In June 2016, the FASB issued ASU No. 2016-13—Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For public entities, the amendments of this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted. Management is in the process of assessing the impact of the amendment of this Update on the Company’s consolidated financial position and performance.In August 2016, the FASB issued ASU No. 2016-15—Statement of Cash Flows (Topic 230)—Classification of Certain Cash Receipts and Cash Payments which addresses the following eight specific cash flow issues with the objective of reducing the existing diversity in practice: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of any corporate-owned life insurance policy (“COLI”) (including any bank-owned life insurance policy (“BOLI”)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period, however early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures.In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230)—Restricted Cash, which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period; however early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures.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 an acquisition (or disposal) 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 July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-controlling Interests with a Scope Exception, (ASU 2017-11). Part I of this update addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire instrument or conversion option. Part II of this update addresses the difficulty of navigating Topic 480, Distinguishing Liabilities from Equity, because of the existence of extensive pending content in the FASB Accounting Standards Codification. This pending content is the result of the indefinite deferral of accounting requirements about mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable non-controlling interests. The amendments in Part II of this update do not have an accounting effect. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures.In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12), which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures.</div>

<div class="Section1">1.Significant Accounting Policies <a name="DM_MAP_25564a3fbf1c4276a91b2981f0ad2e49">(a)Basis of presentation and description of business: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of Tsakos Energy Navigation Limited (the “Holding Company”), and its wholly-owned and majority-owned subsidiaries (collectively, the “Company”). As at December 31, 2017 and 2016, the Holding Company consolidated one variable interest entity (“VIE”) for which it is deemed to be the primary beneficiary, i.e. it has a controlling financial interest in this entity. A VIE is an entity that in general does not have equity investors with voting rights or that has equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and absorbs a majority of an entity’s expected losses, receives a majority of an entity’s expected residual returns, or both. </a>All intercompany balances and transactions have been eliminated upon consolidation. The Company follows the provisions of Accounting Standard Codification (ASC) 220, “Comprehensive Income,” which requires separate presentation of certain transactions, which are recorded directly as components of stockholders’ equity. The Company presents Other Comprehensive Income in a separate statement according to ASU 2011-05. The Company owns and operates a fleet of crude oil and product carriers and two LNG carriers providing worldwide marine transportation services under long, medium or short-term charters. <a name="DM_MAP_27997a2781774885a47dad51c57ad0d7"> (b)Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and expenses, reported in the consolidated financial statements and the accompanying notes. Although actual results could differ from those estimates, management does not believe that such differences would be material. </a><a name="DM_MAP_6dbdc1b5206643b6a2e9a1a8761e27fe">(c)Comprehensive income: The statement of comprehensive income presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. Reclassification adjustments are presented out of accumulated other comprehensive income (loss) on the face of the statement in which the components of other comprehensive income are presented or in the notes to the financial statements. The Company follows the provisions of ASC 220 “Comprehensive Income”, and presents items of net income, items of other comprehensive income (“OCI”) and total comprehensive income in two separate and consecutive statements. </a><a name="DM_MAP_f88f8605a6f74cd281134c2967e3828d">(d)Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company’s vessels operate in international shipping markets in which the U.S. Dollar is utilized to transact most business. The accounting books of the Company are also maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. Dollars at the year-end exchange rates. Resulting gains or losses are reflected within Operating expenses in the accompanying Consolidated Statements of Comprehensive Income. </a><a name="DM_MAP_850b8dd9248c430a9ce79497dac49626">(e)Cash and Cash Equivalents: The Company classifies highly liquid investments such as time deposits and certificates of deposit and their equivalents with original maturities of three months or less as cash and cash equivalents. Cash deposits with certain banks that may only be used for special purposes (including loan repayments) are classified as Restricted cash. </a><a name="DM_MAP_059583ad02bc4048bc30628bc0e26fa8">(f)Accounts Receivable, Net: Accounts receivable, net at each balance sheet date includes estimated recoveries from charterers for hire, freight and demurrage billings and revenue earned but not yet billed, net of an allowance for doubtful accounts (nil as of December 31, 2017 and 2016). The Company’s management at each balance sheet date reviews all outstanding invoices and provides allowances for receivables deemed uncollectible primarily based on the aging of such balances and any amounts in dispute. </a><a name="DM_MAP_8714067658ba4c42b23f3658ad13c5ff">(g)Inventories: Inventories consist of bunkers, lubricants, victualling and stores and are stated at the lower of cost or market value. The cost is determined primarily by the first-in, first-out method. In July 2015, the FASB issued ASU No. 2015-11 – Inventory, as part of FASB Simplification Initiative, according to which the entities are required to measure inventory at the lower of cost or net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This update was effective for public entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years prospectively. During fiscal year 2017, the Company adopted the aforementioned update, which did not impact its results of operations, financial position or cash flows, in the current and previous interim and annual reporting periods.</a><a name="DM_MAP_7c0cff00555744a0970779e8859ae3fc">(h)Fixed Assets: Fixed assets consist of vessels. Vessels are stated at cost, less accumulated depreciation. The cost of vessels includes the contract price and pre-delivery costs incurred during the construction and delivery of newbuildings, including capitalized interest, and expenses incurred upon acquisition of second-hand vessels. Subsequent expenditures for conversions and major improvements are capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise they are charged to expense as incurred. Expenditures for routine repairs and maintenance are expensed as incurred. </a>Depreciation is provided on the straight-line method based on the estimated remaining economic useful lives of the vessels, less an estimated residual value based on a scrap price. <a name="DM_MAP_b5b9b98bdd3149eab0dcc1c356b7cf18">(i)Impairment of Vessels: The Company reviews vessels for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel may not be recoverable, such as during severe disruptions in global economic and market conditions. When such indicators are present, a vessel to be held and used is tested for recoverability by comparing the estimate of future undiscounted net operating cash flows expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount. Net operating cash flows are determined by applying various assumptions regarding the use or possible disposition of each vessel, future revenues net of commissions, operating expenses, scheduled dry-dockings, expected off-hire and scrap values, and taking into account historical revenue data and published forecasts on future world economic growth and inflation. Should the carrying value of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the excess of the carrying amount over the fair market value of the asset. The Company determines the fair value of its vessels based on management estimates and assumptions and by making use of available market data and taking into consideration third party valuations. The review of the carrying amounts in connection with the estimated recoverable amount for certain of the Company’s vessels as of December 31, 2017, indicated an impairment charge of $8,922 (Note 4). No impairment charge was indicated as of December 31, 2016, and December 31, 2015. </a><a name="DM_MAP_5696a8fe7a43492dafd0748526d792f7">(j)Reporting Assets held for sale: It is the Company’s policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end of their useful life. Long-lived assets are classified as held for sale when all applicable criteria enumerated under ASC 360 “Property, Plant, and Equipment” are met and are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. At December 31, 2017, the Company considered that the VLCC Millennium met the criteria to be classified as held for sale. At December 31, 2016 and 2015, the two suezmaxes Eurochampion 2004 and Euronike were classified as held for sale.</a><a name="DM_MAP_c65db62d55f6496a8efdf8faacf78c15">(k)Accounting for Special Survey and Dry-docking Costs: The Company follows the deferral method of accounting for dry-docking and special survey costs whereby actual costs incurred are reported in Deferred Charges and are amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due (approximately every five years during the first fifteen years of vessels’ life and every two and a half years within the remaining useful life of the vessels). Until December 31, 2013, for vessels older than ten years, the Company estimated that the next dry-docking would be due in two and a half years. However, according to Classification Society regulations, vessels can defer dry-docking costs for five years during their first fifteen years of life, instead of during the first ten years of life as previously estimated. This change in estimate does not have a material effect in the years ended December 31, 2017 and 2016 and is not expected to have a material effect in the following years. Costs relating to routine repairs and maintenance are expensed as incurred. The unamortized portion of special survey and dry-docking costs for a vessel that is sold is included as part of the carrying amount of the vessel in determining the gain on sale of the vessel. </a><a name="DM_MAP_ecd7232deac84e6ca34d3ac2c50648e9">(l)Loan Costs: Costs incurred for obtaining new loans or refinancing existing loans are capitalized and included in deferred charges and amortized over the term of the respective loan, using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced as debt extinguishments is expensed in the period the repayment or extinguishment is made. Deferred financing costs, net of accumulated amortization, is presented as a reduction of long-term debt.</a><a name="DM_MAP_e563b9e7d3294e4f951aeb063c37cad3">(m)Accounting for Revenue and Expenses: Voyage revenues are generated from freight billings and time charter hire. Time charter revenue, including bare-boat hire, is recorded over the term of the charter as the service is provided. Revenues from voyage charters on the spot market or under contract of affreightment are recognized ratably from when a vessel becomes available for loading (discharge of the previous charterer’s cargo) to when the next charterer’s cargo is discharged, provided an agreed non-cancelable charter between the Company and the charterer is in existence, the charter rate is fixed or determinable and collectability is reasonably assured. Revenue under voyage charters will not be recognized until a charter has been agreed even if the vessel has discharged its previous cargo and is proceeding to an anticipated port of loading. Revenues from variable hire arrangements are recognized to the extent the variable amounts earned beyond an agreed fixed minimum hire are determinable at the reporting date and all other revenue recognition criteria are met. Revenue from hire arrangements with an escalation clause is recognized on a straight-line basis over the charter term unless another systematic and rational basis is more representative of the time pattern in which the vessel is employed. Vessel voyage and operating expenses and charter hire expense are expensed when incurred. </a>Unearned revenue represents cash received prior to the year end for which related service has not been provided, primarily relating to charter hire paid in advance to be earned over the applicable charter period. The operating revenues and voyage expenses of vessels operating under a tanker pool are pooled and are allocated to the pool participants on a time charter equivalent basis, according to an agreed formula. Voyage revenues for 2017, 2016 and 2015 included revenues derived from significant charterers as follows (in percentages of total voyage revenues):  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:150.15pt"><a name="DM_MAP_a3b7ad34f70242ef810ce9e7f6edc850"> </a></td><td style="width:101.15pt"> </td><td style="width:101.15pt"> </td><td style="width:101.15pt"> </td></tr><tr><td style="width:150.15pt; vertical-align:bottom">Charterer </td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">2017  </td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">2016  </td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">2015  </td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">A</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">14%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">13%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">14%</td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">B</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">11%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">13%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">C</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">9%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">9%</td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">D</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">9%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">7%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">8%</td></tr></table></div><a name="DM_MAP_7e47afc624ff409cab604cb791144a8d">(n)Segment Reporting: The Company does not evaluate the operating results by type of vessel or by type of charter or by type of cargo. Although operating results may be identified by type of vessel, management, including the chief operating decision maker, reviews operating results primarily by revenue per day and operating results of the fleet. The Company operates two liquefied natural gas (LNG) carriers which meets the quantitative thresholds used to determine reportable segments. The chief operating decision maker does not review the operating results of these vessels separately or make any decisions about resources to be allocated to these vessels or assess their performance separately; therefore, the LNG carriers do not constitute a separate reportable segment. The Company’s vessels operate on many trade routes throughout the world and, therefore, the provision of geographic information is considered impracticable by management. For the above reasons, the Company has determined that it operates in one reportable segment, the worldwide maritime transportation of liquid energy related products. </a><a name="DM_MAP_9755fe5659084342aac59bd4b154df19">(o)Derivative Financial Instruments: The Company regularly enters into interest rate swap contracts to manage its exposure to fluctuations of interest rates associated with its specific borrowings. Also, the Company enters into bunker swap contracts and put or call options to manage its exposure to fluctuations of bunker prices associated with the consumption of bunkers by its vessels. Interest rate and bunker price differentials paid or received under the swap agreements are recognized as part of Interest and finance costs, net. On the inception of a put or call option on bunkers an asset or liability is recognized. The subsequent changes in its the fair value and realized payments or receipts upon exercise of the options are recognized in the Statement of Comprehensive Income as part of the interest and finance costs, net. All derivatives are recognized in the consolidated financial statements at their fair value. On the inception date of the derivative contract, the Company evaluates the derivative as an accounting hedge of the variability of cash flow to be paid of a forecasted transaction (“cash flow” hedge). Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge are recorded in other comprehensive income/(loss) until earnings are affected by the forecasted transaction. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in earnings in the period in which those fair value changes occur. Realized gains or losses on early termination of undesignated derivative instruments are also classified in earnings in the period of termination of the respective derivative instrument. </a>The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges of the variable cash flows of a forecasted transaction to a specific forecasted transaction. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flow of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively. In accordance with ASC 815 “Derivatives and Hedging,” the Company may prospectively discontinue the hedge accounting for an existing hedge if the applicable criteria are no longer met, the derivative instrument expires, is sold, terminated or exercised or if the Company removes the designation of the respective cash flow hedge. In those circumstances, the net gain or loss remains in accumulated other comprehensive income and is reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings, unless the forecasted transaction is no longer probable in which case the net gain or loss is reclassified into earnings immediately. <a name="DM_MAP_689612aed3c54fcc93d2675aaf859a36">(p)Fair Value Measurements: The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” which defines, and provides guidance as to the measurement of fair value. ASC 820 applies when assets or liabilities in the financial statements are to be measured at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (Note 14). Upon issuance of guidance on the fair value option in 2007, the Company elected not to report the then existing financial assets or liabilities at fair value that were not already reported as such. </a><a name="DM_MAP_54c528eda5e44f2e8feadcc01d6e87cb">(q)Accounting for Leases: Leases of assets under which substantially all the risks and rewards of ownership are effectively retained by the lessor are classified as operating leases. Lease payments under an operating lease are recognized as an expense on a straight-line method over the lease term. At December 31, 2017, the sale and leaseback transactions for two vessels resulted in operating leases (Note 4).</a><a name="DM_MAP_a87c51812bfa421bb5d13b428ffd7da6">(r)Stock Based Compensation: The Company has a share-based incentive plan that covers directors and officers of the Company and employees of the related companies. Awards granted are valued at fair value and compensation cost is recognized on a straight-line basis, net of estimated forfeitures, over the requisite service period of each award. The fair value of restricted stock issued to crew members, directors and officers of the Company at the grant date is equal to the closing stock price on that date and is amortized over the applicable vesting period using the straight-line method. The fair value of restricted stock issued to non-employees is equal to the closing stock price at the grant date adjusted by the closing stock price at each reporting date and is amortized over the applicable performance period (Note 8). On January 1, 2017, the Company adopted ASU No. 2016-09, Compensation--Stock Compensation: Improvements to Employee Share-Based Payment Accounting, 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.</a><a name="DM_MAP_e7662fcbc2214ab79f241274f3e61cf5">(s)Going concern: The Company evaluates whether there is substantial doubt about its ability to continue as a going concern by applying the provisions of ASU No. 2014-15. In more detail, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date the financial statements are issued. As part of such evaluation, the Company did not identify any conditions that raise substantial doubt about the entity’s ability to continue as a going concern within one year from the date the financial statements are issued. As a result, there was no impact in the Company’s results of operations, financial position, cash flows or disclosures.</a><a name="DM_MAP_fe1f146157274d65a0f6f576b4158c43">New Accounting Pronouncements - Not Yet Adopted</a>In January 2016, the FASB issued ASU No. 2016-01—Financial Instruments—Overall (Subtopic 825-10), which includes the requirement for all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). This Update is effective for all entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is not permitted. The Company has not yet determined what impact, if any, the adoption of the new standard will have on its consolidated financial position, results of operations or cash flows.In February 2016, the FASB issued ASU No. 2016-02—Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. In a recent update, targeted improvements were proposed to the accounting standards that provide for (a) an optional new transition method for adoption that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption and (b) a practical expedient for lessors, under certain circumstances, to combine the lease and non-lease components of revenues for presentation purposes. If the targeted improvements are approved, we intend to apply the alternative transition method and intend to elect the practical expedient for lessors for presentation purposes. The Company is analyzing the impact of the adoption of this guidance on the Company’s consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. With respect to leases whereby we are the lessee, we are currently expecting to recognize lease liabilities and offsetting “right of use” assets upon adoption. The future lease obligations disclosed in Note 4, Vessels, provide some insight to the estimated impact of adoption for us as a lessee. We are currently evaluating any other impacts ASC 842, including any newly issued guidance, will have on our consolidated financial statements and related disclosures.In May and April 2016, the FASB issued two Updates with respect to Topic 606: ASU No. 2016-10—Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing and ASU No. 2016-12—Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments in these Updates do not change the core principle of the guidance in Topic 606, which is that an entity should recognize revenue to depict the transfer of 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 by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in Update 2016-10 simply clarify the following two aspects of Topic 606: (1) identifying performance obligations and (2) licensing implementation guidance. The amendments in Update 2016-12 similarly affect only certain narrow aspects of Topic 606; namely, (1) “Assessing the Collectability Criterion in Paragraph 606-10-25-1(e) and Accounting for Contracts That Do Not Meet the Criteria for Step 1 (Applying Paragraph 606-10-25-7),” (2) “Presentation of Sales Taxes and Other Similar Taxes Collected from Customers,” (3) “Noncash Consideration,” (4) “Contract Modifications at Transition,” (5) “Completed Contracts at Transition,” and (6) “Technical Correction.” The amendments in these Updates also affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective.The effective date and transition requirements for the amendments in these Updates are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” has deferred the effective date of Update 2014-09 for public business entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted. The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). The Company adopted this new revenue guidance effective January 1, 2018, utilizing the modified retrospective method, and will expand its consolidated financial statement disclosures in order to comply with the update.  The Company estimates that the adoption of this standard results in a decrease in the opening retained earnings balance as of January 1, 2018 of $2,219. As the Company finalizes its assessment, the Company continues to evaluate the requirements of this standard and complete other implementation activities such as implementing new procedures, finalizing the adoption date adjustment and drafting disclosures.In June 2016, the FASB issued ASU No. 2016-13—Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For public entities, the amendments of this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted. Management is in the process of assessing the impact of the amendment of this Update on the Company’s consolidated financial position and performance.In August 2016, the FASB issued ASU No. 2016-15—Statement of Cash Flows (Topic 230)—Classification of Certain Cash Receipts and Cash Payments which addresses the following eight specific cash flow issues with the objective of reducing the existing diversity in practice: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of any corporate-owned life insurance policy (“COLI”) (including any bank-owned life insurance policy (“BOLI”)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period, however early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures.In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230)—Restricted Cash, which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period; however early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures.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 an acquisition (or disposal) 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 July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-controlling Interests with a Scope Exception, (ASU 2017-11). Part I of this update addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire instrument or conversion option. Part II of this update addresses the difficulty of navigating Topic 480, Distinguishing Liabilities from Equity, because of the existence of extensive pending content in the FASB Accounting Standards Codification. This pending content is the result of the indefinite deferral of accounting requirements about mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable non-controlling interests. The amendments in Part II of this update do not have an accounting effect. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures.In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12), which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures. </div>

<div class="Section1">2.Transactions with Related Parties The following amounts were charged by related parties for services rendered:  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:317.7pt"><a name="DM_MAP_3b2afff490124e9fb5ce310b7bf41790"> </a></td><td style="width:45.3pt"> </td><td style="width:45.3pt"> </td><td style="width:45.3pt"> </td></tr><tr><td style="width:310.5pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">2017  </td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">2016  </td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">2015  </td></tr><tr><td style="width:317.7pt; vertical-align:top">Tsakos Shipping and Trading S.A. (commissions)</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom"> 6,532</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">5,989</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">7,550</td></tr><tr><td style="width:317.7pt; vertical-align:top">Tsakos Energy Management Limited (management fees)</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">19,480</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">16,935</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">16,032</td></tr><tr><td style="width:317.7pt; vertical-align:top">Tsakos Columbia Shipmanagement S.A. (special charges)</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom"> 1,518</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">2,136</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">2,234</td></tr><tr><td style="width:317.7pt; vertical-align:top">Argosy Insurance Company Limited (insurance premiums)</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">10,199</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">9,036</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">9,386</td></tr><tr><td style="width:317.7pt; vertical-align:top">AirMania Travel S.A. (travel services)</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom"> 5,404</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">4,866</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">4,298</td></tr><tr><td style="width:310.5pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:317.7pt; vertical-align:top">Total expenses with related parties</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">43,133</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">38,962</td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom">39,500</td></tr><tr><td style="width:310.5pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:38.1pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div>Balances due from and due to related parties are as follows:  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:309.6pt"><a name="DM_MAP_bab3ff2eb8cd412e9009e69e1f43ad9e"> </a></td><td style="width:50.4pt"> </td><td style="width:50.4pt"> </td></tr><tr><td style="width:302.4pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:93.6pt; padding-left:7.2pt; vertical-align:bottom">December 31,</td></tr><tr><td style="width:302.4pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">2017  </td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">2016  </td></tr><tr><td style="width:309.6pt; vertical-align:top">Due from related parties</td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:309.6pt; vertical-align:top">Tsakos Columbia Shipmanagement S.A.</td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">14,210 </td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">6,730 </td></tr><tr><td style="width:309.6pt; vertical-align:top">Total due from related parties</td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">14,210 </td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">6,730 </td></tr><tr><td style="width:302.4pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:309.6pt; vertical-align:top">Due to related parties</td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:309.6pt; vertical-align:top">Tsakos Energy Management Limited</td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">728 </td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">417 </td></tr><tr><td style="width:309.6pt; vertical-align:top">Tsakos Shipping and Trading S.A.</td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">313 </td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">759 </td></tr><tr><td style="width:309.6pt; vertical-align:top">Argosy Insurance Company Limited</td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">5,947 </td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">4,285 </td></tr><tr><td style="width:309.6pt; vertical-align:top">AirMania Travel S.A.</td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">454 </td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">431 </td></tr><tr><td style="width:309.6pt; vertical-align:top">Total due to related parties</td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">7,442 </td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom">5,892 </td></tr><tr><td style="width:302.4pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.2pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div>There was also, at December 31, 2017, an amount of $125 ($552 at December 31, 2016) due to Tsakos Shipping and Trading S.A. and $68 ($24 at December 31, 2016) due to Argosy Insurance Company Limited, included in accrued liabilities, which relate to services rendered by these related parties, but not yet invoiced. (a)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 12-month Euribor, if both parties agree. In addition, the fees may be increased if there is a material unforeseen increase in the costs of providing the management services, in which case the amount of such fee increase will be agreed between both parties. There was no increase in monthly fees based on these criteria in 2017, 2016 and 2015. In 2017, 2016 and 2015, the monthly fees for operating conventional vessels were $27.5, and $20.4 for vessels chartered out on a bare-boat basis and $35.0 for the DP2 shuttle tankers. In 2017, 2016 and 2015, the monthly fees for LNG carriers amounted to $36.3, $35.8 and $35.8, respectively. From the above fees, in 2017 a third-party manager was paid $26.3 for the LNG carriers, Maria Energy and Neo Energy and $14.2 for each of the suezmax Eurochampion 2004, the aframaxes Maria Princess and Sapporo Princess and the VLCCs Ulysses, Millennium and Hercules I. In 2016, a third-party manager was paid $25.8 for the LNG carriers, $13.9 for each of the suezmax Eurochampion 2004, the aframax Maria Princess and the VLCC Ulysses and $14.2 for the aframax Sapporo Princess. In 2015, a third-party manager was paid $10.0 for the LNG carrier Neo Energy, $13.9 for the VLCC Millennium until November 5, 2015 and $12.0 for the suezmax 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 2017, 2016 and 2015, an award of $575, $2,575 and $1,142 respectively, was granted to the Management Company and is included in the 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 in 2017. In addition, a special award of $425 was paid to the Management Company in relation to capital raising offerings in 2015 and $460 was paid in 2015 in relation to capital raising offerings in 2014. These awards relating to offerings have been included as a deduction of additional paid in capital in the accompanying consolidated Financial Statements. 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 December 31, 2017, to pay the Management Company an amount of approximately $160,741 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 December 31, 2017, are:  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:314.7pt"><a name="DM_MAP_68af5a60f2b54cebb02ae6a89e131aee"> </a></td><td style="width:56.85pt"> </td></tr><tr style="height:17.05pt"><td style="width:314.7pt; vertical-align:bottom">Year </td><td style="width:49.65pt; padding-left:7.2pt; vertical-align:bottom">Amount  </td></tr><tr style="height:16.25pt"><td style="width:314.7pt; vertical-align:top">2018</td><td style="width:49.65pt; padding-left:7.2pt; vertical-align:bottom">19,787 </td></tr><tr style="height:16.25pt"><td style="width:314.7pt; vertical-align:top">2019</td><td style="width:49.65pt; padding-left:7.2pt; vertical-align:bottom">19,787 </td></tr><tr style="height:16.25pt"><td style="width:314.7pt; vertical-align:top">2020</td><td style="width:49.65pt; padding-left:7.2pt; vertical-align:bottom">19,787 </td></tr><tr style="height:16.25pt"><td style="width:314.7pt; vertical-align:top">2021</td><td style="width:49.65pt; padding-left:7.2pt; vertical-align:bottom">19,787 </td></tr><tr style="height:16.25pt"><td style="width:314.7pt; vertical-align:top">2022</td><td style="width:49.65pt; padding-left:7.2pt; vertical-align:bottom">19,787 </td></tr><tr style="height:16.25pt"><td style="width:314.7pt; vertical-align:top">2023 to 2027</td><td style="width:49.65pt; padding-left:7.2pt; vertical-align:bottom">88,443 </td></tr><tr style="height:4.05pt"><td style="width:307.5pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.65pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:4.55pt"><td style="width:307.5pt; padding-left:7.2pt; vertical-align:top"> </td><td style="width:49.65pt; padding-left:7.2pt; vertical-align:bottom">187,378 </td></tr><tr style="height:3.5pt"><td style="width:307.5pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.65pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div>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 in 2017, 2016 and 2015. These fees in total amounted to $590, $3,016 and $3,346 for 2017, 2016 and 2015, 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, with 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 the Company’s 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 (TMPI), 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. As of December 31, 2017, TCM has made advances to TMPI as a manning agent amounting to $2.6 million, included in Advances and other. (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 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. In 2015, the handysize tanker Delphi and the suezmax tanker Triathlon were sold to client companies of Tsakos Shipping. For this service, Tsakos Shipping charged a brokerage commission of $215 which was 0.5% of the sale price of the vessels. Tsakos Shipping may also charge a fee of $200 (or such other sum as may be agreed) on delivery of each newbuilding vessel in payment for the cost of design and supervision of the newbuilding by Tsakos Shipping. In 2017, $3.1 million in aggregate was charged for supervision fees on fifteen vessels which were delivered between May 2016 and October 2017. In 2016 and 2015, 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 of the Holding Company. During 2017, 2016 and 2015, a ship brokerage company affiliated with a non-executive member of the Board of Directors, received $0.1 million, $0.2 million and $0.3 million, commissions, respectively, for brokerage services provided to the Company in relation to the charter of vessels owned by three of the Company’s subsidiaries. In 2017 the same company earned $0.3 million in commission relating the acquisition of the VLCC Hercules I. In 2016, the same company earned $0.3 million in commission relating the acquisition of the VLCC Ulysses. No respective commissions were charged in 2015. All such arrangements were performed in the ordinary course of the Company’s business and at terms standard to industry practice.  (d)Argosy Insurance Company Limited (“Argosy”): The Company places its hull and machinery insurance, increased value insurance, war risk insurance 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. </div>

<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:534.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:140pt"> </td><td style="width:62.1pt"> </td><td style="width:51.95pt"> </td><td style="width:64.8pt"> </td><td style="width:54pt"> </td><td style="width:49.5pt; vertical-align:top"> </td><td style="width:49.5pt"> </td><td style="width:63pt"> </td></tr><tr><td style="width:140pt; vertical-align:bottom">Loan </td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">Origination Date  </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">Original Amount  </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">Balance at January 1, 2017  </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">New Loans  </td><td style="width:49.5pt; vertical-align:bottom">Prepaid </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">Repaid  </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">Balance at December 31, 2017 </td></tr><tr><td style="width:140pt; vertical-align:top">Credit facility1</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2004 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">179,384 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">70,135 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">30,391 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">8,150 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">31,594 </td></tr><tr><td style="width:140pt; vertical-align:top">Credit facility</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2005 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">220,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">30,920 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">29,100 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">1,820 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:140pt; vertical-align:top">Credit facility</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2006 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">371,010 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">171,010 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">20,000 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">151,010 </td></tr><tr><td style="width:140pt; vertical-align:top">Credit facility</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2007 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">120,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">72,500 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">5,000 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">67,500 </td></tr><tr><td style="width:140pt; vertical-align:top">10-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2007 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">88,350 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">44,190 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">5,520 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">38,670 </td></tr><tr><td style="width:140pt; vertical-align:top">10-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2009 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">38,600 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">20,110 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,234 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">17,876 </td></tr><tr><td style="width:140pt; vertical-align:top">8-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2009 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">40,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">21,352 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">18,688 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,664 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:140pt; vertical-align:top">12-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2009 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">40,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">23,750 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,500 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">21,250 </td></tr><tr><td style="width:140pt; vertical-align:top">10-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2010 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">39,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">22,100 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,600 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">19,500 </td></tr><tr><td style="width:140pt; vertical-align:top">7-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2010 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">70,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">42,160 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">37,520 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">4,640 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:140pt; vertical-align:top">10-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2010 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">43,924 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">24,617 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">3,218 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">21,399 </td></tr><tr><td style="width:140pt; vertical-align:top">9-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2010 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">42,100 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">26,500 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,600 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">23,900 </td></tr><tr><td style="width:140pt; vertical-align:top">10-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2011 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">48,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">30,400 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">3,200 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">27,200 </td></tr><tr><td style="width:140pt; vertical-align:top">9-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2011 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">48,650 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">32,434 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">3,243 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">29,191 </td></tr><tr><td style="width:140pt; vertical-align:top">8-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2011 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">73,600 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">73,600 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">6,133 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">67,467 </td></tr><tr><td style="width:140pt; vertical-align:top">8-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2012 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">73,600 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">73,600 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">6,942 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">66,658 </td></tr><tr><td style="width:140pt; vertical-align:top">7-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2013 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">18,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">13,575 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">1,620 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">11,955 </td></tr><tr><td style="width:140pt; vertical-align:top">7-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">42,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">36,400 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,800 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">33,600 </td></tr><tr><td style="width:140pt; vertical-align:top">6-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">193,239 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">167,826 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">24,212 </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">10,841 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">181,197 </td></tr><tr><td style="width:140pt; vertical-align:top">6-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">39,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">33,800 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,600 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">31,200 </td></tr><tr><td style="width:140pt; vertical-align:top">7-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">40,400 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">16,598 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">23,802 </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">1,341 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">39,059 </td></tr><tr><td style="width:140pt; vertical-align:top">6-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">78,744 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">32,114 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">46,630 </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">1,150 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">77,594 </td></tr><tr><td style="width:140pt; vertical-align:top">6-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">39,954 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">16,598 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">23,356 </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">39,954 </td></tr><tr><td style="width:140pt; vertical-align:top">5-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">35,190 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">35,190 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">1,955 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">33,235 </td></tr><tr><td style="width:140pt; vertical-align:top">7-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">35,190 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">35,190 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,199 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">32,991 </td></tr><tr><td style="width:140pt; vertical-align:top">7-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">39,900 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">36,273 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">3,627 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">32,646 </td></tr><tr><td style="width:140pt; vertical-align:top">5-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">82,775 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">77,602 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">10,347 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">67,255 </td></tr><tr><td style="width:140pt; vertical-align:top">6-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">46,217 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">41,595 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">4,622 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">36,973 </td></tr><tr><td style="width:140pt; vertical-align:top">8-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">73,500 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">39,200 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">34,300 </td><td style="width:49.5pt; vertical-align:top">71,200 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,300 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:140pt; vertical-align:top">7-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">44,800 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">43,200 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:top">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">3,200 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">40,000 </td></tr><tr><td style="width:140pt; vertical-align:top">12-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2016 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">309,824 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">251,199 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">42,630 </td><td style="width:49.5pt; vertical-align:top">625 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">19,269 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">273,935 </td></tr><tr><td style="width:140pt; vertical-align:top">2&5-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2016 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">60,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">60,000 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:top">35,994 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">11,200 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">12,806 </td></tr><tr style="height:14.85pt"><td style="width:140pt; vertical-align:top">5-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2016 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">33,104 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">32,180 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:top">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">5,092 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">27,088 </td></tr><tr style="height:9.2pt"><td style="width:140pt; vertical-align:top">4-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2016 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">18,125 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">18,125 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:top">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">3,625 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">14,500 </td></tr><tr style="height:14.85pt"><td style="width:140pt; vertical-align:top">7½-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2017 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">85,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">85,000 </td><td style="width:49.5pt; vertical-align:top">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">85,000 </td></tr><tr><td style="width:140pt; vertical-align:top">4-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2017 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">122,500 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">117,162 </td><td style="width:49.5pt; vertical-align:top">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">8,283 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">108,879 </td></tr><tr><td style="width:140pt; vertical-align:top"> </td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.5pt; vertical-align:top"> </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:132.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.5pt; vertical-align:top"> </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:140pt; vertical-align:top">Total</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">1,766,043 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">397,092 </td><td style="width:49.5pt; vertical-align:top">223,518 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">176,535 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">1,763,082 </td></tr><tr><td style="width:132.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.5pt; vertical-align:top"> </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div>1 This credit facility includes a fixed interest rate portion amounting to $8,617 as at December 31, 2017. </div>

<div class="Section1">6.Long –Term Debt  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:279.3pt"><a name="DM_MAP_dc63c3d4fb104f2cba976e229803ef3f"> </a></td><td style="width:65.55pt"> </td><td style="width:65.55pt"> </td></tr><tr><td style="width:279.3pt; vertical-align:bottom">Facility </td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">2017  </td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">2016  </td></tr><tr><td style="width:279.3pt; vertical-align:top">(a) Credit Facilities</td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">250,104 </td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">344,564 </td></tr><tr><td style="width:279.3pt; vertical-align:top">(b) Term Bank Loans</td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,512,978 </td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,421,479 </td></tr><tr><td style="width:272.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:279.3pt; vertical-align:top">Total</td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,763,082 </td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,766,043 </td></tr><tr><td style="width:279.3pt; vertical-align:top">Less deferred finance costs, net</td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">(11,213)</td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">(12,188)</td></tr><tr><td style="width:279.3pt; vertical-align:top">Total long-term debt</td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,751,869 </td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,753,855 </td></tr><tr><td style="width:279.3pt; vertical-align:top">Less current portion of debt</td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">(228,967)</td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">(291,111)</td></tr><tr><td style="width:279.3pt; vertical-align:top">Add deferred finance costs, current portion</td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">3,084 </td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">2,976 </td></tr><tr><td style="width:272.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:279.3pt; vertical-align:top">Total long-term portion, net of current portion and deferred finance costs</td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,525,986 </td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,465,720 </td></tr><tr><td style="width:272.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div>(a) Credit facilities As at December 31, 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 December 31, 2017, there was no available unused amount. Interest is payable at a rate based on LIBOR plus a margin. At December 31, 2017, interest on these facilities ranged from 2.00% to 5.19%. (b) Term bank loans Term loan balances outstanding at December 31, 2017, amounted to $1,512,978. These bank loans are payable in U.S. Dollars in quarterly or semi-annual installments with balloon payments mainly due at maturity between September 2018 and January 2027. Interest rates on the outstanding loans as at December 31, 2017, are based on LIBOR plus a spread. On May 23, 2017, the Company signed a new four-year bank loan for $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 matured debts between June 2017 and February 2018. The final drawdown amounts to $117,162. The loan is repayable in eight semi-annual installments with the first four amounting to $8,283 and the second four amounting to $7,312, commencing six months after the first drawdown date, plus a balloon of $54,782 payable together with the last installment. On September 15, 2017, the Company signed a new seven and half year loan for $85,000 relating to the refinancing of the suezmax shuttle tanker Lisboa. The Company repaid the amount of $73,500 which was outstanding at the refinancing date and drew down $85,000 on the same date. The new loan is repayable in fifteen semi-annual installments of $2,833.33 commencing six months after the drawdown date, plus a balloon of $42,500 payable together with the last installment.On December 21, 2017, the Company prepaid the amount of $35,994 to lenders due to sale of the two suezmax tankers Eurochampion 2004 and Euronike (Note 4).On February 15, 2018, the Company signed a new five-year loan relating to the refinancing of eleven vessels with matured debts between October 2018 and April 2019. The total amount of the loan amounts to $162,575 and was drawn on April 3, 2018. The new loan is repayable in ten semi-annual installments of $11,561, commencing six months after the drawdown date, plus a balloon of $46,965 payable together with the last installment. On April 4, 2018, the Company prepaid $181,168 relating to the outstanding debt on the above eleven vessels.At December 31, 2017, interest on these term bank loans ranged from 2.85% to 4.54%. The weighted-average interest rates on the above executed loans for the applicable periods were:  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:316.35pt; vertical-align:middle"><a name="DM_MAP_e4dfe618885f48debbd348d882e9cb1b"> </a></td><td style="width:50.85pt; vertical-align:middle"> </td></tr><tr><td style="width:316.35pt; vertical-align:top">Year ended December 31, 2017</td><td style="width:43.65pt; padding-left:7.2pt; vertical-align:bottom">3.47% </td></tr><tr><td style="width:316.35pt; vertical-align:top">Year ended December 31, 2016</td><td style="width:43.65pt; padding-left:7.2pt; vertical-align:bottom">2.71% </td></tr><tr><td style="width:316.35pt; vertical-align:top">Year ended December 31, 2015</td><td style="width:43.65pt; padding-left:7.2pt; vertical-align:bottom">2.30% </td></tr></table></div>  Loan movements for credit facilities and term loans throughout 2017:  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:534.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:140pt"><a name="DM_MAP_905dfdd14ebe4817bb4c8914d8484c5f"> </a></td><td style="width:62.1pt"> </td><td style="width:51.95pt"> </td><td style="width:64.8pt"> </td><td style="width:54pt"> </td><td style="width:49.5pt; vertical-align:top"> </td><td style="width:49.5pt"> </td><td style="width:63pt"> </td></tr><tr><td style="width:140pt; vertical-align:bottom">Loan </td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">Origination Date  </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">Original Amount  </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">Balance at January 1, 2017  </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">New Loans  </td><td style="width:49.5pt; vertical-align:bottom">Prepaid </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">Repaid  </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">Balance at December 31, 2017 </td></tr><tr><td style="width:140pt; vertical-align:top">Credit facility1</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2004 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">179,384 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">70,135 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">30,391 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">8,150 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">31,594 </td></tr><tr><td style="width:140pt; vertical-align:top">Credit facility</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2005 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">220,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">30,920 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">29,100 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">1,820 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:140pt; vertical-align:top">Credit facility</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2006 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">371,010 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">171,010 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">20,000 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">151,010 </td></tr><tr><td style="width:140pt; vertical-align:top">Credit facility</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2007 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">120,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">72,500 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">5,000 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">67,500 </td></tr><tr><td style="width:140pt; vertical-align:top">10-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2007 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">88,350 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">44,190 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">5,520 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">38,670 </td></tr><tr><td style="width:140pt; vertical-align:top">10-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2009 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">38,600 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">20,110 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,234 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">17,876 </td></tr><tr><td style="width:140pt; vertical-align:top">8-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2009 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">40,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">21,352 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">18,688 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,664 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:140pt; vertical-align:top">12-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2009 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">40,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">23,750 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,500 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">21,250 </td></tr><tr><td style="width:140pt; vertical-align:top">10-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2010 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">39,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">22,100 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,600 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">19,500 </td></tr><tr><td style="width:140pt; vertical-align:top">7-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2010 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">70,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">42,160 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">37,520 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">4,640 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:140pt; vertical-align:top">10-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2010 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">43,924 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">24,617 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">3,218 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">21,399 </td></tr><tr><td style="width:140pt; vertical-align:top">9-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2010 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">42,100 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">26,500 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,600 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">23,900 </td></tr><tr><td style="width:140pt; vertical-align:top">10-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2011 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">48,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">30,400 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">3,200 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">27,200 </td></tr><tr><td style="width:140pt; vertical-align:top">9-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2011 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">48,650 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">32,434 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">3,243 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">29,191 </td></tr><tr><td style="width:140pt; vertical-align:top">8-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2011 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">73,600 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">73,600 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">6,133 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">67,467 </td></tr><tr><td style="width:140pt; vertical-align:top">8-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2012 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">73,600 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">73,600 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">6,942 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">66,658 </td></tr><tr><td style="width:140pt; vertical-align:top">7-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2013 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">18,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">13,575 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">1,620 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">11,955 </td></tr><tr><td style="width:140pt; vertical-align:top">7-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">42,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">36,400 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,800 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">33,600 </td></tr><tr><td style="width:140pt; vertical-align:top">6-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">193,239 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">167,826 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">24,212 </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">10,841 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">181,197 </td></tr><tr><td style="width:140pt; vertical-align:top">6-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">39,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">33,800 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,600 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">31,200 </td></tr><tr><td style="width:140pt; vertical-align:top">7-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">40,400 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">16,598 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">23,802 </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">1,341 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">39,059 </td></tr><tr><td style="width:140pt; vertical-align:top">6-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">78,744 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">32,114 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">46,630 </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">1,150 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">77,594 </td></tr><tr><td style="width:140pt; vertical-align:top">6-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">39,954 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">16,598 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">23,356 </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">39,954 </td></tr><tr><td style="width:140pt; vertical-align:top">5-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">35,190 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">35,190 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">1,955 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">33,235 </td></tr><tr><td style="width:140pt; vertical-align:top">7-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">35,190 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">35,190 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,199 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">32,991 </td></tr><tr><td style="width:140pt; vertical-align:top">7-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">39,900 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">36,273 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">3,627 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">32,646 </td></tr><tr><td style="width:140pt; vertical-align:top">5-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">82,775 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">77,602 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">10,347 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">67,255 </td></tr><tr><td style="width:140pt; vertical-align:top">6-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">46,217 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">41,595 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:bottom">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">4,622 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">36,973 </td></tr><tr><td style="width:140pt; vertical-align:top">8-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">73,500 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">39,200 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">34,300 </td><td style="width:49.5pt; vertical-align:top">71,200 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">2,300 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:140pt; vertical-align:top">7-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">44,800 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">43,200 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:top">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">3,200 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">40,000 </td></tr><tr><td style="width:140pt; vertical-align:top">12-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2016 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">309,824 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">251,199 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">42,630 </td><td style="width:49.5pt; vertical-align:top">625 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">19,269 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">273,935 </td></tr><tr><td style="width:140pt; vertical-align:top">2&5-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2016 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">60,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">60,000 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:top">35,994 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">11,200 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">12,806 </td></tr><tr style="height:14.85pt"><td style="width:140pt; vertical-align:top">5-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2016 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">33,104 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">32,180 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:top">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">5,092 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">27,088 </td></tr><tr style="height:9.2pt"><td style="width:140pt; vertical-align:top">4-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2016 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">18,125 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">18,125 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:49.5pt; vertical-align:top">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">3,625 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">14,500 </td></tr><tr style="height:14.85pt"><td style="width:140pt; vertical-align:top">7½-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2017 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">85,000 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">85,000 </td><td style="width:49.5pt; vertical-align:top">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">85,000 </td></tr><tr><td style="width:140pt; vertical-align:top">4-year term loan</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom">2017 </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom">122,500 </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">117,162 </td><td style="width:49.5pt; vertical-align:top">— </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">8,283 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">108,879 </td></tr><tr><td style="width:140pt; vertical-align:top"> </td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.5pt; vertical-align:top"> </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:132.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.5pt; vertical-align:top"> </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:140pt; vertical-align:top">Total</td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom">1,766,043 </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom">397,092 </td><td style="width:49.5pt; vertical-align:top">223,518 </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom">176,535 </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">1,763,082 </td></tr><tr><td style="width:132.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:54.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:57.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:46.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.5pt; vertical-align:top"> </td><td style="width:42.3pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div>1 This credit facility includes a fixed interest rate portion amounting to $8,617 as at December 31, 2017. The above revolving credit facilities and term bank loans are secured by first priority mortgages on all vessels owned by our subsidiaries, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant ship-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 $113,427 at December 31, 2017 and $108,139 at December 31, 2016, a minimum consolidated leverage ratio, 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 $4,250. Four loan agreements require a monthly pro rata transfer to retention account of any principal due but unpaid. As at December 31, 2017, the Company and its wholly owned subsidiaries had thirty-two loan agreements, totaling $1,763,082. The Company fulfilled its requirements in respect of the financial covenants of all the agreements in relation to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirement in certain of its loan agreements in respect of which an amount of $883 has been reclassified within current liabilities at December 31, 2017.The Company’s liquidity requirements relate primarily to servicing its debt, funding the equity portion of investments in vessels and funding expected capital expenditures on dry-dockings and working capital. The annual principal payments, including balloon payments on loan maturity, required to be made after December 31, 2017, are as follows:  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:303pt"><a name="DM_MAP_aac971ac92f54ffd9467a6285acec20d"> </a></td><td style="width:64.2pt"> </td></tr><tr><td style="width:303pt; vertical-align:bottom">Period/Year </td><td style="width:57pt; padding-left:7.2pt; vertical-align:bottom">Amount  </td></tr><tr><td style="width:303pt; vertical-align:top">2018</td><td style="width:57pt; padding-left:7.2pt; vertical-align:bottom">228,084 </td></tr><tr><td style="width:303pt; vertical-align:top">2019</td><td style="width:57pt; padding-left:7.2pt; vertical-align:bottom">256,775 </td></tr><tr><td style="width:303pt; vertical-align:top">2020</td><td style="width:57pt; padding-left:7.2pt; vertical-align:bottom">257,857 </td></tr><tr><td style="width:303pt; vertical-align:top">2021</td><td style="width:57pt; padding-left:7.2pt; vertical-align:bottom">357,573 </td></tr><tr><td style="width:303pt; vertical-align:top">2022</td><td style="width:57pt; padding-left:7.2pt; vertical-align:bottom">201,838 </td></tr><tr><td style="width:303pt; vertical-align:top">2023 and thereafter</td><td style="width:57pt; padding-left:7.2pt; vertical-align:bottom">460,955 </td></tr><tr><td style="width:295.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:57pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:11.7pt"><td style="width:295.8pt; padding-left:7.2pt; vertical-align:top"> </td><td style="width:57pt; padding-left:7.2pt; vertical-align:bottom">1,763,082 </td></tr><tr><td style="width:295.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:57pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div> </div>

<div class="Section1">10.Earnings per Common Share The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the year. The computation of diluted earnings per share assumes the foregoing and the exercise of all granted RSUs (Note 8) using the treasury stock method. Numerator  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:223.2pt"><a name="DM_MAP_1fa8dbac3e9a46aa95e48d24b903c514"> </a></td><td style="width:76.8pt"> </td><td style="width:76.8pt"> </td><td style="width:76.8pt"> </td></tr><tr><td style="width:216pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">2017  </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">2016  </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">2015  </td></tr><tr><td style="width:223.2pt; vertical-align:top">Net income attributable to Tsakos Energy Navigation Limited</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">$      7,612 </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">$55,783 </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">$158,217 </td></tr><tr><td style="width:223.2pt; vertical-align:top">Preferred share dividends, Series B</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">      (4,000)</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">(4,000)</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">(4,000)</td></tr><tr><td style="width:223.2pt; vertical-align:top">Preferred share dividends, Series C</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">      (4,437)</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">(4,437)</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">(4,437)</td></tr><tr style="height:6.5pt"><td style="width:223.2pt; vertical-align:top">Preferred share dividends, Series D</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">      (7,479)</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">(7,438)</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">(5,000)</td></tr><tr style="height:6.75pt"><td style="width:223.2pt; vertical-align:top">Preferred share dividends, Series E</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">  (7,860)</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr style="height:8.85pt"><td style="width:223.2pt; vertical-align:top">Net (loss) income attributable to common share holders</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">(16,164)</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">39,908 </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">144,780 </td></tr><tr><td style="width:216pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:223.2pt; vertical-align:top">Denominator</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:223.2pt; vertical-align:top">Weighted average common shares outstanding</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">84,713,572 </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">84,905,078 </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">85,827,597 </td></tr><tr><td style="width:216pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:223.2pt; vertical-align:top">Basic and diluted (loss) earnings per common share</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">        $(0.19)</td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">$0.47 </td><td style="width:69.6pt; padding-left:7.2pt; vertical-align:bottom">$1.69 </td></tr></table></div>For 2017, 2016 and 2015 there were no non-vested RSUs. </div>

<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:95.95pt"> </td><td style="width:223.25pt"> </td><td style="width:55.2pt"> </td><td style="width:55.2pt"> </td><td style="width:55.2pt"> </td><td style="width:55.2pt"> </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:103.2pt; padding-left:7.2pt; vertical-align:bottom">Asset Derivatives  </td><td colspan="2" style="width:103.2pt; padding-left:7.2pt; vertical-align:bottom">Liability Derivatives  </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2017  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2016  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2017  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2016  </td></tr><tr><td style="width:95.95pt; vertical-align:bottom">Derivative </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom">Balance Sheet Location </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td></tr><tr><td colspan="4" style="width:429.6pt; vertical-align:top">Derivatives designated as hedging instruments</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Interest rate swaps</td><td style="width:223.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1,378 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">3,613 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:top"> </td><td style="width:223.25pt; vertical-align:bottom">Financial instruments—Fair Value, net of current portion</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">3,701 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">589 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">        1,119 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Subtotal</td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">3,702 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1,967 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">4,732 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:12pt"><td style="width:95.95pt"> </td><td style="width:223.25pt"> </td><td colspan="2" style="width:110.4pt"> </td><td colspan="2" style="width:110.4pt"> </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:103.2pt; padding-left:7.2pt; vertical-align:bottom">Asset Derivatives  </td><td colspan="2" style="width:103.2pt; padding-left:7.2pt; vertical-align:bottom">Liability Derivatives  </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2017 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2016  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2017  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2016  </td></tr><tr><td style="width:95.95pt; vertical-align:bottom">Derivative </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom">Balance Sheet Location </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td></tr><tr><td colspan="4" style="width:429.6pt; vertical-align:top">Derivatives not designated as hedging instruments</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Interest rate swaps</td><td style="width:223.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker swaps</td><td style="width:223.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">5,715 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1,014 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker swaps</td><td style="width:223.25pt; vertical-align:bottom">Financial instruments—Fair Value, net of current portion</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1,312 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1,465 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker call options</td><td style="width:223.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1,307 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker call options</td><td style="width:223.25pt; vertical-align:bottom">Financial instruments—Fair Value, net of current portion</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">118 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Subtotal</td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">7,145 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">3,786 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Total derivatives</td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">7,145 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">7,488 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1,967 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">4,732 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div> </div>

<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:518.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.2pt"><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td rowspan="2" style="width:242.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Location</td><td style="width:4.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td colspan="5" style="width:159.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Amount </td></tr><tr style="height:17.7pt"><td style="width:57.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Derivative</td><td style="width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:4.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:42.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">2017</td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:29.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">2016</td><td style="width:4.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:37.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">2015</td></tr><tr style="height:13.2pt"><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Interest rate swaps</td><td style="width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:242.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Depreciation expense</td><td style="width:4.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:42.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(189)</td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:29.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(156)</td><td style="width:4.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:37.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(154)</td></tr><tr style="height:13.2pt"><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Interest rate swaps</td><td style="width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:242.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Interest and finance costs, net</td><td style="width:4.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:42.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(2,511)</td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:29.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(3,243)</td><td style="width:4.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:37.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(2,996)</td></tr><tr style="height:13.8pt"><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Total </td><td style="width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:242.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:4.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:42.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(2,700)</td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:29.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(3,399)</td><td style="width:4.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:37.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(3,150)</td></tr><tr style="height:13.8pt"><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:242.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:4.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:42.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:29.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:4.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:37.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td></tr></table></div> </div>

<div class="Section1">14.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 6 and 7. (b)Concentration of credit risk: Financial Instruments 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. 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 $8,472 as compared to its carrying amount of $8,617 (Note 6). 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 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 December 31, 2017 and 2016 are as follows:  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:222.6pt"><a name="DM_MAP_6258d7175046489ca884737f34338c83"> </a></td><td style="width:68.55pt"> </td><td style="width:68.55pt"> </td><td style="width:68.55pt"> </td><td style="width:68.55pt"> </td></tr><tr><td style="width:215.4pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:129.9pt; padding-left:7.2pt; vertical-align:bottom">2017  </td><td colspan="2" style="width:129.9pt; padding-left:7.2pt; vertical-align:bottom">2016  </td></tr><tr><td style="width:215.4pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">Carrying Amount  </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">Carrying Amount  </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td></tr><tr><td style="width:222.6pt; vertical-align:top">Financial assets/(liabilities)</td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:222.6pt; vertical-align:top">Cash and cash equivalents</td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">189,763 </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">189,763 </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">187,777 </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">187,777 </td></tr><tr><td style="width:222.6pt; vertical-align:top">Restricted cash</td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">12,910 </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">12,910 </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">9,996 </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">9,996 </td></tr><tr><td style="width:222.6pt; vertical-align:top">Investments</td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">1,000 </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">1,000 </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">1,000 </td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">1,000 </td></tr><tr><td style="width:222.6pt; vertical-align:top">Debt</td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">(1,763,082)</td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">(1,762,938)</td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">(1,766,043)</td><td style="width:61.35pt; padding-left:7.2pt; vertical-align:bottom">(1,765,726)</td></tr></table></div>Tabular Disclosure of Derivatives Location Derivatives are recorded in the balance sheet on a net basis by counterparty when a legal right of setoff exists. The following tables present information with respect to the fair values of derivatives reflected in the 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 Statement of Comprehensive Income or in the Balance Sheet, as a component of Accumulated other comprehensive loss.  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:95.95pt"><a name="DM_MAP_5ec5642c3cf74758997a4f0f35371c29"> </a></td><td style="width:223.25pt"> </td><td style="width:55.2pt"> </td><td style="width:55.2pt"> </td><td style="width:55.2pt"> </td><td style="width:55.2pt"> </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:103.2pt; padding-left:7.2pt; vertical-align:bottom">Asset Derivatives  </td><td colspan="2" style="width:103.2pt; padding-left:7.2pt; vertical-align:bottom">Liability Derivatives  </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2017  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2016  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2017  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2016  </td></tr><tr><td style="width:95.95pt; vertical-align:bottom">Derivative </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom">Balance Sheet Location </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td></tr><tr><td colspan="4" style="width:429.6pt; vertical-align:top">Derivatives designated as hedging instruments</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Interest rate swaps</td><td style="width:223.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1,378 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">3,613 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:top"> </td><td style="width:223.25pt; vertical-align:bottom">Financial instruments—Fair Value, net of current portion</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">3,701 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">589 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">        1,119 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Subtotal</td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">3,702 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1,967 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">4,732 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:12pt"><td style="width:95.95pt"> </td><td style="width:223.25pt"> </td><td colspan="2" style="width:110.4pt"> </td><td colspan="2" style="width:110.4pt"> </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:103.2pt; padding-left:7.2pt; vertical-align:bottom">Asset Derivatives  </td><td colspan="2" style="width:103.2pt; padding-left:7.2pt; vertical-align:bottom">Liability Derivatives  </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2017 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2016  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2017  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2016  </td></tr><tr><td style="width:95.95pt; vertical-align:bottom">Derivative </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom">Balance Sheet Location </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td></tr><tr><td colspan="4" style="width:429.6pt; vertical-align:top">Derivatives not designated as hedging instruments</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Interest rate swaps</td><td style="width:223.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker swaps</td><td style="width:223.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">5,715 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1,014 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker swaps</td><td style="width:223.25pt; vertical-align:bottom">Financial instruments—Fair Value, net of current portion</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1,312 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1,465 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker call options</td><td style="width:223.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1,307 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker call options</td><td style="width:223.25pt; vertical-align:bottom">Financial instruments—Fair Value, net of current portion</td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">118 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Subtotal</td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">7,145 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">3,786 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Total derivatives</td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">7,145 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">7,488 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">1,967 </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom">4,732 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:216.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div>   Derivatives designated as Hedging Instruments-Net effect on the Statements of Comprehensive Income  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:74.5pt"><a name="DM_MAP_c6a78b27a0a8443c887ddcad1fb89672"> </a></td><td style="width:264.35pt"> </td><td style="width:50.55pt"> </td><td style="width:50.55pt"> </td><td style="width:50.55pt"> </td></tr><tr><td style="width:74.5pt; vertical-align:bottom">Derivative </td><td rowspan="3" style="width:257.15pt; padding-left:7.2pt; vertical-align:bottom">Gain/(Loss) Recognized inAccumulated OtherComprehensiveIncome on Derivative</td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:67.3pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td rowspan="2" style="width:67.3pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="3" style="width:144.45pt; padding-left:7.2pt; vertical-align:bottom">Amount  </td></tr><tr><td style="width:257.15pt; padding-left:7.2pt; vertical-align:bottom">(Effective Portion) </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">2017  </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">2016  </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">2015  </td></tr><tr><td style="width:74.5pt; vertical-align:top">Interest rate swaps</td><td style="width:257.15pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">(3,692)</td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">3,015 </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">(5,446)</td></tr><tr><td style="width:67.3pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:257.15pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:74.5pt; vertical-align:top">Total</td><td style="width:257.15pt; padding-left:7.2pt; vertical-align:top"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">(3,692)</td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">3,015 </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">(5,446)</td></tr><tr><td style="width:67.3pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:257.15pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div> <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:518.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.2pt"><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><a name="DM_MAP_2ebd4ee70ce84b8d9d04b65a281a9d65"> </a></td><td style="width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td rowspan="2" style="width:242.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Location</td><td style="width:4.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td colspan="5" style="width:159.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Amount </td></tr><tr style="height:17.7pt"><td style="width:57.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Derivative</td><td style="width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:4.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:42.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">2017</td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:29.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">2016</td><td style="width:4.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:37.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">2015</td></tr><tr style="height:13.2pt"><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Interest rate swaps</td><td style="width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:242.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Depreciation expense</td><td style="width:4.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:42.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(189)</td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:29.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(156)</td><td style="width:4.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:37.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(154)</td></tr><tr style="height:13.2pt"><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Interest rate swaps</td><td style="width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:242.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Interest and finance costs, net</td><td style="width:4.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:42.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(2,511)</td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:29.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(3,243)</td><td style="width:4.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:37.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(2,996)</td></tr><tr style="height:13.8pt"><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">Total </td><td style="width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:242.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:4.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:42.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(2,700)</td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:29.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(3,399)</td><td style="width:4.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> </td><td style="width:37.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle">(3,150)</td></tr><tr style="height:13.8pt"><td style="width:57.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:242.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:4.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:42.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:3.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:29.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:4.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td><td style="width:37.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"> </td></tr></table></div>   The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Loss as of December 31, 2017 and 2016 was $5,305 and $4,313 respectively. Derivatives not designated as Hedging Instruments – Net effect on the Statement of Comprehensive Income  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:80.95pt"><a name="DM_MAP_0ea59dc74b2e4b0fa36eab5d21b6c9e3"> </a></td><td style="width:254.55pt"> </td><td style="width:47.55pt"> </td><td style="width:50.55pt"> </td><td style="width:55.55pt"> </td></tr><tr><td style="width:73.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td rowspan="3" style="width:247.35pt; padding-left:7.2pt; vertical-align:bottom">Net Realized and Unrealized Gain(Loss) Recognized on Statement ofComprehensive Income / (Loss)Location </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:25.2pt"><td rowspan="2" style="width:80.95pt; vertical-align:bottom">Derivative </td><td colspan="3" style="width:146.45pt; padding-left:7.2pt; vertical-align:bottom">Amount  </td></tr><tr><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">2017  </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">2016  </td><td style="width:48.35pt; padding-left:7.2pt; vertical-align:bottom">2015  </td></tr><tr><td style="width:80.95pt; vertical-align:top">Interest rate swaps</td><td style="width:254.55pt; vertical-align:bottom">Interest and finance costs, net</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">(47)</td><td style="width:48.35pt; padding-left:7.2pt; vertical-align:bottom">     (24)</td></tr><tr><td style="width:80.95pt; vertical-align:top">Bunker swaps</td><td style="width:254.55pt; vertical-align:bottom">Interest and finance costs, net</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">5,903 </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">2,586 </td><td style="width:48.35pt; padding-left:7.2pt; vertical-align:bottom">(1,206)</td></tr><tr><td style="width:80.95pt; vertical-align:top">Bunker put options</td><td style="width:254.55pt; vertical-align:bottom">Interest and finance costs, net</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:48.35pt; padding-left:7.2pt; vertical-align:bottom">564 </td></tr><tr><td style="width:80.95pt; vertical-align:top">Bunker call options</td><td style="width:254.55pt; vertical-align:bottom">Interest and finance costs, net</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">(213)</td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">909 </td><td style="width:48.35pt; padding-left:7.2pt; vertical-align:bottom">(1,260)</td></tr><tr><td style="width:73.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:247.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:80.95pt; vertical-align:top">Total</td><td style="width:247.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">5,690 </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">3,448 </td><td style="width:48.35pt; padding-left:7.2pt; vertical-align:bottom">(1,926)</td></tr><tr><td style="width:73.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:247.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:48.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div>The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of December 31, 2017 and 2016 using Level 2 inputs (significant other observable inputs):  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:267.3pt"><a name="DM_MAP_b746cbd13f744817b85614e1317645dd"> </a></td><td style="width:71.55pt"> </td><td style="width:71.55pt"> </td></tr><tr><td style="width:267.3pt; vertical-align:bottom">Recurring measurements: </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2017  </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2016  </td></tr><tr><td style="width:267.3pt; vertical-align:top">Interest rate swaps</td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">(1,967)</td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">(1,030)</td></tr><tr><td style="width:267.3pt; vertical-align:top">Bunker swaps</td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">7,027 </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">2,479 </td></tr><tr><td style="width:267.3pt; vertical-align:top">Bunker call options</td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">118 </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">1,307 </td></tr><tr><td style="width:260.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:260.1pt; padding-left:7.2pt; vertical-align:top"> </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">5,178 </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">2,756 </td></tr><tr><td style="width:260.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div> </div>

<div class="Section1">15.Subsequent Events a) On January 30, 2018, the Company paid a dividend of $0.50 per share for its 8.00% Series B Preferred Shares. b) On January 30, 2018, the Company paid a dividend of $0.55469 per share for its 8.875% Series C Preferred Shares.c)   On February 28, 2018, the Company paid a dividend of $0.54687 per share for its 8.75% Series D Preferred Shares.d)<a name="_Hlk509417074">On February 28, 2018, the Company paid a dividend of $0.57812 per share for its 9.25% Series E Preferred Shares.</a>e)  On March 12, 2018, the Company declared a dividend of $0.05 per common share payable on May 10, 2018 to shareholders of record as of May 3, 2018. f) On March 19, 2018, the Company agreed to sell the VLCC Millennium to a third-party for a net amount of $17,690. g)  As of April 2, 2018, the Company had raised $0.3 million from the sale of 88,651 common shares from its treasury stock in 2018.</div>

This credit facility includes a fixed interest rate portion amounting to $8,617 as at December 31, 2017.