Tsakos Energy
                                      UNITED STATES
                            SECURITIES AND EXCHANGE COMMISSION
                                  Washington, D.C. 20549


                                       SCHEDULE 13G
                        Under the Securities Exchange Act of 1934
                                   (Amendment No. 1 )*

                             Tsakos Energy Navigation Ltd.

                                    (Name of Issuer)

                                      Common Stock

                             (Title of Class of Securities)

                                       G9108L108

                                     (CUSIP Number)
                                       12/31/2003

                (Date of Event Which Requires Filing of this Statement)



Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[X]      Rule 13d-1(b)
[  ]     Rule 13d-1(c)
[  ]     Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's initial
filing on this form with respect to the subject class of securities, and for any
subsequent amendment containing information which would alter the disclosures provided in
a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be
"filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or
otherwise subject to the liabilities of that section of the Act but shall be subject to
all other provisions of the Act (however, see the Notes).











--------------------------------------------------------------------------------------------
 CUSIP No.: G9108L108

--------------------------------------------------------------------------------------------

         1.          Names of Reporting Persons
                     IRS Identification No:

                     OppenheimerFunds, Inc.
                     IRS No. 13-2527171
--------------------------------------------------------------------------------------------

         2.           Check the Appropriate Box if a Member of a Group (See
                      Instructions):  joint filing

--------------------------------------------------------------------------------------------

         3.          SEC Use Only
--------------------------------------------------------------------------------------------

         4.          Citizenship or Place of Organization:
                     Colorado
--------------------------------------------------------------------------------------------
     Number of
       Shares        5.    Sole Voting Power:
    Beneficially          0
      Owned by
        Each
     Reporting
    Person With
---------------------
--------------------------------------------------------------------------------------------

                     6.    Shared Voting Power:
                          0
---------------------
--------------------------------------------------------------------------------------------

                     7.    Sole Dispositive Power:
                          0
--------------------------------------------------------------------------------------------
---------------------

                     8.    Shared Dispositive Power:
                          0
--------------------------------------------------------------------------------------------

         9.          Aggregate Amount Beneficially Owned by Each Reporting Person:
                     0 (beneficial ownership disclaimed pursuant to Rule 13d-4 of the
                     Exchange Act of 1934)
--------------------------------------------------------------------------------------------

        10.          Check if the Aggregate Amount in Row (11) Excludes Certain Shares
                     (See Instructions)
                     [  ]
--------------------------------------------------------------------------------------------

        11.          Percent of Class Represented by Amount in Row (11):
                     0.0%
--------------------------------------------------------------------------------------------

        12.          Type of Reporting Person (See Instructions):
                     IA
--------------------------------------------------------------------------------------------







--------------------------------------------------------------------------------------------
Item:
--------------------------------------------------------------------------------------------




--------------------------------------------------------------------------------------------

       1(a)        Name of Issuer:
                   Tsakos Energy Navigation Ltd.
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

       1(b)        Address of Issuer's Principal Executive Offices:
                   367 Syngrou Ave.
                   175 64 Athens, Greece
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

       2(a)        Name of Person Filing:
                   OppenheimerFunds, Inc.
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

       2(b)        Address of Principal Business Office or, if none, Residence:
                   Two World Financial Center
                   225 Liberty Street, 11th Floor
                   New York, NY 10281-1008
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

       2(c)        Citizenship:
                   Colorado
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

       2(d)        Title of Class of Securities:
                   Common Stock
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

       2(e)        CUSIP Number:
                   G9108L108
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

        3          If this statement is filed pursuant toss.240.13d-1(b) orss.240.13d-2(b)
                   or (c), check whether the person filing is a:
                   [X] An investment adviser in accordance withss.240.13d-1(b)(1)(ii)(E)
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

       4(a)        Amount beneficially owned:
                   0 (beneficial ownership disclaimed pursuant to Rule 13d-4 of the
                   Exchange Act of 1934)
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

       4(b)        Percent of class:
                   0.0%
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

     4(c)          Number of shares as to which the person has:

        (i)        Sole power to vote or to direct the vote:
                    0

        (ii)       Shared power to vote or to direct the vote:
                    0

        (iii)      Sole power to dispose or to direct the disposition of:
                    0

            (iv)   Shared power to dispose or to direct the disposition of:
                   0
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

        5.         Ownership of Five Percent or Less of a Class: [ X ]
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

        6.         Ownership of More than Five Percent on Behalf of Another Person.:  N/A
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

        7.         Identification and Classification of the Subsidiary Which Acquired the
                   Security Being Reported on By the Parent Holding Company:
                   N/A
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

        8.         Identification and Classification of Members of the Group:
                   N/A
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

        9.         Notice of Dissolution of Group:
                   N/A
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

       10.         Certification:
                   By signing below I certify that, to the best of my knowledge and
                   belief, the securities referred to above were acquired and are held in
                   the ordinary course of business and were not acquired and are not held
                   for the purpose of or with the effect of changing or influencing the
                   control of the issuer of the securities and were not acquired and are
                   not held in connection with or as a participant in any transaction
                   having that purpose or effect.

--------------------------------------------------------------------------------------------
                                        SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the
information set forth in this statement is true, complete and correct.
                                                      February 11, 2004
                                                            Date

                                                      /s/ Frank J. Pavlak
                                                            Signature

                                                Frank J. Pavlak, Vice President
                                                            Name/Title



Tsakos Energy Navigation Ltd a1 13g(123103).rtf