· A change of name to Tsakos Energy Navigation Ltd. to more closely identify the company with the energy transportation industry and its technical manager, Tsakos Shipping and Trading.
· An increase in authorized share capital from $25,000,000 to $40,000,000 represented by ordinary shares of $1 each. This increase provides the latitude for future share offerings or exchanges.
· The incumbent five directors were nominated and re-elected.
· PriceWaterhouse Coopers, Piraeus and Arthur Andersen, Athens were appointed as joint auditors for the financial year ending 31 December 2001.
During the meeting recess management briefly reviewed the accomplishments since inception in late 1993.
· Expansion from four initial ships to a fleet of twenty vessels including four new buildings to be delivered in 2002.
· Thirty consecutive quarters of profitability.
· A forecast that second quarter 2001 profits will be similar to the $7.87 million net income level achieved in the first quarter of 2001.
· Recognition of contributions to MIF's success by expanding participation in the shares option program to more than 100 individuals and total grants covering 442,000 shares.
The board advised the shareholders that no dividend was declared. Mr. George Saroglou, chief operating officer, was subsequently appointed as additional director of the company at the board meeting after the AGM.