Combine port, soy sauce, oil, 1 teaspoons pepper, thyme, Tabasco, garlic and bay leaf in bowl and mix well.
Place beef in large shallow dish. Pour wine mixture over beef. Marinate in refrigerator, tightly covered, 8 to 10 hours, turning occasionally. Drain beef, reserving marinade. Bring marinade to boil in saucepan. Boil 3 minutes and remove from heat. Discard bay leaf.
Preheat oven to 425 degrees F.
Coat beef with coarsely ground pepper. Place beef on rack in roasting pan. Insert a meat thermometer into beef.
Bake 45 to 60 minutes, until meat thermometer registers 140 degrees F for medium rare or 150 degrees F for medium, brushing frequently with warm reserved marinade.