Financial Performance - For Q1 2025, the company reported revenues of $197.1 million and operating income of $60.6 million, with net income reaching $37.7 million and earnings per share of $1.04 [2][28] - EBITDA for the first quarter of 2025 was $103 million, reflecting a solid operational performance [1][28] - Average fleet utilization increased to 97.2% in Q1 2025, up from 91.3% in the same period of 2024, due to fewer vessels in drydock and more days under fixed contracts [2][29] Cost Management - Vessel operating expenses totaled $49.6 million in Q1 2025, remaining consistent with the previous year, resulting in daily operating expenses per vessel of $9,502 [3][29] - Voyage expenses decreased by 14.2% to $36.1 million in Q1 2025, down from $42.0 million in Q1 2024, primarily due to reduced exposure to spot-related trades [4][28] Debt and Cash Position - As of March 31, 2025, the company's bank debt was slightly lower at $1.7 billion compared to the end of 2024, with interest costs at $24.0 million, reflecting a lower debt level and interest rate environment [5][28] - The company maintained solid cash reserves of approximately $350 million, an increase of $1.3 million from the end of 2024 [6][28] Fleet Expansion and Contracts - The company has a robust growth program with 21 new vessels planned, including the recent award to build nine DP2 shuttle tankers for Transpetro/Petrobras, which will enhance its position in the Brazilian offshore sector [9][13] - The total fleet contracted revenue backlog reached approximately $3.7 billion, indicating strong future revenue potential [1][9] Dividend Distribution - The company plans to distribute a semi-annual dividend of $0.60 per share on July 18, 2025, bringing total dividends distributed since its NYSE listing in 2002 to over $900 million [10][28] Market Outlook - The tanker market remains resilient, with strong rates and asset prices supporting profitable operations, despite recent tariffs and port charges [11][12] - The decision to unwind portions of OPEC+ production cuts is expected to positively impact freight rates going forward [12][13]

Group 1 - Tenneco's Clevite Elastomers business is participating in a research consortium to explore domestic production of natural rubber, aiming to reduce reliance on imports and enhance supply chain security [1][3] - The TARDISS project, funded by a $26 million grant from the U.S. National Science Foundation, involves multiple universities and focuses on crops like guayule, Russian dandelion, and mountain gum [4][5] - Clevite Elastomers is a significant consumer of natural rubber from Southeast Asia and is involved in testing domestically produced rubber for manufacturing [2][5] Group 2 - The project addresses challenges in the current natural rubber supply chain, which is heavily dependent on Southeast Asian countries and faces issues like high costs and environmental risks [3][4] - Tenneco's Executive Vice President emphasized the importance of science in securing supply chains for U.S. industry [3] - The collaboration includes experts from various institutions, indicating a broad approach to solving the supply chain issues [4]

Core Insights - TEN Ltd. has secured total future revenues of approximately $3.7 billion through long-term charters with major energy companies [1][3] - The company continues to expand its fleet with the delivery of eco-friendly vessels, enhancing its operational capacity and commitment to sustainable energy transportation [2][5] Company Developments - The delivery of the eco-friendly scrubber-fitted suezmax tanker Dr Irene Tsakos and the naming of its sister vessel Silia T mark significant milestones in TEN's fleet renewal strategy [2][6] - The Dr Irene Tsakos has secured a five-year charter, while Silia T has a three-year charter with options to extend, contributing to the company's revenue backlog [3][6] - TEN currently has 19 vessels under construction, with deliveries scheduled between Q3 2025 and Q4 2028, including a mix of shuttle tankers, crude carriers, and product tankers [4][9] Fleet and Capacity Expansion - Since initiating the 'Greenship' program in January 2023, TEN has divested 14 older vessels totaling 1.2 million dwt and replaced them with 30 new eco-friendly vessels totaling 3.7 million dwt [5] - The company's fleet now consists of 82 vessels, with 63 currently in operation, reflecting a significant increase in total carrying capacity [4][9]

Company Overview - TEN Ltd. is a leading diversified crude, product, and LNG tanker operator, with a fleet consisting of 82 vessels, including various types of tankers and carriers, totaling 10.1 million deadweight tons (dwt) [6]. Earnings Announcement - TEN will report its earnings for the first quarter ended March 31, 2025, prior to the market opening in New York on June 17, 2025 [1]. - A conference call will be held on the same day at 10:00 a.m. Eastern Time to review the results and management's outlook for the business [2]. Conference Call Details - Participants are encouraged to dial in 10 minutes before the scheduled time using the provided US toll-free and international dial-in numbers [3]. - An alternative "call me" option is available for participants to join the conference call more quickly [4]. - A live and archived webcast of the conference call, along with accompanying slides, will be available on the company's website [5].

Company Overview - Tsakos Energy Navigation (NYSE: TEN) is a significant player in the shipping industry, primarily focusing on tankers with a fleet of just over 60 vessels, including 3 VLCC, 12 Suezmax, and 27 Aframax vessels [1] - The company is set to take delivery of just over 20 additional vessels, indicating growth and expansion in its operations [1] Investment Insights - The investment group European Small Cap Ideas provides exclusive access to actionable research on appealing Europe-focused investment opportunities, particularly in the small-cap sector, emphasizing capital gains and dividend income [1] - The group features two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio, along with weekly updates and educational content [1] Analyst Positions - There is a disclosed long position in TEN.PR.E, indicating a positive outlook on this specific security [1] - Additionally, there is a long position in TEN.PR.F, with plans to write more put options to establish a long position in TEN's common shares [2]

Company Overview - TEN Ltd. is a leading diversified crude, product, and LNG tanker operator, founded in 1993 and celebrating 32 years as a public company [5] - The company operates a fleet of 82 vessels, including various types of tankers, totaling 10.1 million deadweight tons (dwt) [5] Dividend Announcement - The Board of Directors declared a quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares [1] - This dividend is for the period from February 28, 2025, to May 27, 2025, and will be paid on May 28, 2025, to holders of record as of May 22, 2025 [2][3] - This marks the 33rd dividend on the Series E Preferred Shares since their trading commenced on the New York Stock Exchange [3] Share Information - As of the date of the press release, there are 4,745,947 Series E Preferred Shares outstanding [4]

Core Viewpoint - TEN, Ltd. has announced the delivery of two DP2 suezmax shuttle tankers, "Athens 04" and "Paris 24", marking a significant expansion in the Brazilian offshore market with a secured revenue backlog of $3.7 billion from its fleet of 82 vessels [1][3]. Group 1: Company Expansion and Revenue - The delivery of "Athens 04" and the upcoming "Paris 24" is part of TEN's second phase expansion in the Brazilian offshore sector, which has been established since 2013 [1]. - The total gross revenues from the contracts for these two vessels are expected to be around $300 million, excluding any optional periods [1]. - With the addition of these vessels, TEN's minimum gross revenues are projected to reach $3.7 billion, reinforcing its position as one of the largest shuttle tanker owners globally [2][3]. Group 2: Fleet Composition and Future Plans - TEN's current fleet consists of 82 vessels, including twelve DP2 shuttle tankers, with additional vessels under construction, totaling 10.1 million deadweight tonnage (dwt) [6][7]. - The company has a newbuilding program that includes several shuttle tankers and scrubber-fitted vessels, indicating a commitment to modernizing and expanding its fleet [5][7]. - The strategic focus on high-end tonnage in the demanding tanker market is expected to enhance TEN's competitive edge, particularly in Brazil [3].

在中国，跨国零部件公司将本土化战略提到了一个新的高度。 "往年这个零部件展馆总会空几个展位，但是今年却'座无虚席'。"一位连续多年参加车展的跨国零部件 企业内部人士向第一财经记者表示，今年该企业的展馆面积也是往年的两倍以上，目的是变得更引人注 目，以及展示更多的最新产品来吸引客户。 不仅于此，采埃孚集团CEO柯皓哲在接受第一财经采访时，甚至兴奋地用中文脱口而出"中国很好"；天 纳克CEO 吉姆·沃斯（Jim Voss）也明确表示，"当我们考虑投入的时候，中国一定是最优先考虑的市 场"；由雷诺和吉利合资成立的动力总成供应商浩思动力，首次参加线下展会就选择了上海车展。 作为传统跨国零部件企业，往往隐身在车企背后。但随着华为、地平线、宁德时代等中国供应商品牌的 崛起，背靠中国这片创新沃土与广袤的消费市场，借用2025上海车展这个平台，越来越多传统跨国零部 件公司愿意去发出属于自己的"声音"——从幕后走向了台前。 市场竞争蔓延至跨国零部件 从参展规模来看，今年上海车展汽车科技及供应链展区展出面积约10万平方米，参展企业规模和数量较 上届呈显著增长，占据了今年整个展会面积的近1/3。 在这场主角是汽车的展会上，零部件公 ...

Company Overview - TEN, Ltd. is a well-established public shipping company founded in 1993, celebrating 32 years as a public entity in 2025 [3] - The company operates a diversified energy fleet consisting of 82 vessels, including various types of tankers and carriers, totaling 10.1 million deadweight tonnage (dwt) [3] Financial Reporting - TEN has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission (SEC) [1] - The annual report is accessible on TEN's Investor Relations website under the SEC Filings section [1] Shareholder Information - Shareholders can request a hard copy of the annual report free of charge by contacting Capital Link [2]

[Forward-Looking Information](index=4&type=section&id=FORWARD-LOOKING%20INFORMATION) This report contains forward-looking statements about future operations, financial results, business strategy, and market trends, based on current estimates and assumptions, not guarantees of future performance - This report contains forward-looking statements regarding future operations, financial results, business strategy, and market trends, based on current estimates and assumptions, not guarantees of future performance[14](index=14&type=chunk) - Key factors influencing actual results include **charter rates**, **vessel values**, **oil supply and demand**, geopolitical events, environmental regulations, financing availability, and interest rate fluctuations[15](index=15&type=chunk)[16](index=16&type=chunk) - The company explicitly states it has no obligation to update or revise any forward-looking statements[17](index=17&type=chunk) [PART I](index=6&type=section&id=PART%20I) [Item 3. Key Information](index=6&type=section&id=Item%203.%20Key%20Information) This section presents the company's financial capitalization as of December 31, 2024, and outlines significant risks across industry, business operations, management, and securities, including the cyclical tanker market, oil dependence, regulatory burdens, and financial leverage [Capitalization](index=6&type=section&id=Capitalization) Consolidated Capitalization as of December 31, 2024 | Metric | Amount (in thousands of U.S. Dollars) | | :--- | :--- | | **Cash & Equivalents** | | | Cash and cash equivalents | $343,373 | | Restricted cash | $4,939 | | **Total cash** | **$348,312** | | **Capitalization** | | | Long-term secured debt obligations | $1,747,094 | | Total stockholders' equity | $1,767,197 | | **Total capitalization** | **$3,514,291** | [Risk Factors](index=7&type=section&id=Risk%20Factors) The company faces diverse risks across industry, business, management, securities, and tax, including the cyclical tanker market, dependence on charterers, operational hazards, regulatory compliance, key personnel reliance, share price volatility, and potential tax law changes or PFIC classification - **Industry Risks:** The tanker industry is cyclical, leading to **volatile charter rates**, with geopolitical events, protectionist trade measures, and oil supply/demand changes significantly impacting revenues and earnings[29](index=29&type=chunk)[33](index=33&type=chunk)[37](index=37&type=chunk) - **Business Risks:** Dependence on charterers' commitments, potential loan covenant breaches from declining vessel values, risks from newbuilding contracts, **fuel price volatility**, operational hazards, cybersecurity threats, and **high financial leverage** are key concerns[28](index=28&type=chunk)[75](index=75&type=chunk)[77](index=77&type=chunk) - **Regulatory & Environmental Risks:** Extensive environmental, health, and safety laws (e.g., MARPOL, EU ETS) necessitate significant expenditures, while increasing ESG scrutiny from investors and lenders may impose additional costs and risks[62](index=62&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) - **Management & Shareholder Risks:** Dependence on Tsakos Energy Management and Tsakos Shipping, significant influence from the Tsakos family's share ownership, and anti-takeover provisions in bylaws could deter beneficial acquisitions[30](index=30&type=chunk)[116](index=116&type=chunk)[118](index=118&type=chunk) - **Tax Risks:** Changes in international tax laws (e.g., OECD global minimum tax, Bermuda's Corporate Income Tax Act 2023) could impact financial results, alongside the risk of PFIC classification leading to unfavorable U.S. tax treatment for U.S. investors[145](index=145&type=chunk)[148](index=148&type=chunk)[152](index=152&type=chunk) [Item 4. Information on the Company](index=33&type=section&id=Item%204.%20Information%20on%20the%20Company) Tsakos Energy Navigation Limited provides international seaborne crude oil and petroleum product transportation, operating a modern, diversified fleet of 61 vessels as of April 4, 2025, with a strategy focused on long-term charters, operational efficiency through the Tsakos Group, and compliance with extensive regulations [Business Overview and Fleet](index=33&type=section&id=Business%20Overview%20and%20Fleet) - As of April 4, 2025, the company operated **61 vessels**, comprising 55 conventional tankers, 2 LNG carriers, and 4 DP2 suezmax shuttle tankers, with a total capacity of approximately **7.5 million dwt**[156](index=156&type=chunk) Operating Fleet Composition as of April 4, 2025 | Vessel Type | Number of Vessels | | :--- | :--- | | VLCC | 3 | | Suezmax | 12 | | Aframax | 25 | | Aframax LR2 | 2 | | Panamax LR1 | 9 | | Handysize MR1 | 4 | | LNG carrier | 2 | | Shuttle DP2 | 4 | | **Total** | **61** | - The fleet is relatively modern with an **average age of 10.4 years** as of April 4, 2025, and a significant newbuilding program of **21 vessels** under construction, scheduled for delivery between 2025 and 2028[159](index=159&type=chunk)[89](index=89&type=chunk)[166](index=166&type=chunk) - The company's strategy emphasizes a modern, diversified fleet, revenue stability through long and medium-term charters, serving high-quality clientele, and leveraging its relationship with Tsakos Shipping & Trading S.A. (TST) for operational efficiency[160](index=160&type=chunk)[162](index=162&type=chunk) [Fleet Deployment and Management](index=39&type=section&id=Fleet%20Deployment%20and%20Management) Fleet Employment Basis (% of Operating Days) | Employment Basis | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Time Charter—fixed rate | 55% | 46% | 37% | | Time Charter—variable rate and pool | 27% | 30% | 36% | | Period employment coa at variable rates | 2% | 1% | 2% | | Spot Voyage | 16% | 23% | 25% | - As of April 4, 2025, **82% of the fleet** was employed at fixed rates (including time charters with profit sharing), aiming for stable income while retaining flexibility for favorable market trends[167](index=167&type=chunk) - Tsakos Energy Management executes operations, subcontracting technical management to Tsakos Shipping and Trading S.A. (TST) for day-to-day vessel operations, maintenance, and crewing, with some vessels managed by third parties[171](index=171&type=chunk)[174](index=174&type=chunk)[186](index=186&type=chunk) [Regulation](index=44&type=section&id=Regulation) - The company's operations are significantly impacted by extensive international, national, and local regulations, primarily from the **International Maritime Organization (IMO)**, the U.S., and the EU[194](index=194&type=chunk) - Key IMO regulations include **MARPOL Annex VI**, mandating a **global 0.5% sulfur cap** on marine fuels, and setting GHG emission standards via the **Energy Efficiency Existing Ship Index (EEXI)** and **Carbon Intensity Indicator (CII)**[204](index=204&type=chunk)[206](index=206&type=chunk) - In the U.S., the company is subject to the **Oil Pollution Act of 1990 (OPA 90)**, establishing strict liability for oil spills, and the **Clean Water Act (CWA)**, regulating ballast water and other discharges[221](index=221&type=chunk)[230](index=230&type=chunk) - The EU has implemented its **Monitoring, Reporting, and Verification (MRV)** system for CO2 emissions and included maritime transport in the **EU Emissions Trading System (ETS)** from January 1, 2024, requiring companies to surrender allowances[251](index=251&type=chunk)[257](index=257&type=chunk) [Item 5. Operating and Financial Review and Prospects](index=66&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) In 2024, geopolitical events positively impacted the healthy tanker market, despite softer rates, leading to a **9.6% decrease in voyage revenues to $804.1 million** and **net income falling to $176.2 million**, while the company continued fleet expansion and maintained strong liquidity with **$307.7 million net cash from operations** [Results of Operations - 2024 vs 2023](index=66&type=section&id=Results%20of%20Operations%20-%202024%20vs%202023) Key Financial Performance (2024 vs. 2023) | Metric | 2024 (million U.S. Dollars) | 2023 (million U.S. Dollars) | | :--- | :--- | :--- | | Voyage Revenues | $804.1 | $889.6 | | Operating Income | $278.6 | $391.5 | | Net Income (attributable to company) | $176.2 | $300.2 | | Earnings Per Share (basic & diluted) | $5.03 | $9.04 | Key Operational Metrics (2024 vs. 2023) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Average number of vessels | 61.8 | 59.5 | | Fleet Utilization | 92.5% | 96.3% | | Average TCE per vessel per day | $32,550 | $36,822 | - The decrease in voyage revenue stemmed from **softer market charter rates** and lower fleet utilization due to a higher number of vessels undergoing scheduled dry-docking (fifteen in 2024 versus eight in 2023)[381](index=381&type=chunk) - Operating expenses increased slightly by **1.6% to $198.0 million** due to dry-docking, while general and administrative expenses rose **36.3% to $45.4 million**, largely from an **$8.1 million stock compensation expense** absent in 2023[322](index=322&type=chunk)[323](index=323&type=chunk) - The company recorded a **net gain of $48.7 million on vessel sales** in 2024 from five vessels, compared to an **$81.2 million gain** from eight vessels in 2023, with no impairment charge in 2024 versus a **$26.4 million impairment** in 2023[405](index=405&type=chunk)[325](index=325&type=chunk) [Liquidity and Capital Resources](index=84&type=section&id=Liquidity%20and%20Capital%20Resources) - Net cash provided by operating activities was **$307.7 million in 2024**, a decrease from **$395.3 million in 2023**, primarily due to lower market rates[428](index=428&type=chunk) - Net cash used in investing activities totaled **$441.6 million in 2024**, primarily for vessel acquisitions and newbuilding payments (**$645.3 million**), partially offset by **$228.4 million** from vessel sales[431](index=431&type=chunk) - Net cash provided by financing activities was **$105.5 million in 2024**, with **$410.6 million** drawn in new loans, **$226.1 million** of debt repaid, and **$71.8 million** in dividend payments to shareholders[434](index=434&type=chunk)[436](index=436&type=chunk)[437](index=437&type=chunk) - Total debt outstanding increased to **$1.76 billion** at year-end 2024 from **$1.57 billion** at year-end 2023, resulting in a **debt-to-capital ratio of 49.9%** at December 31, 2024[435](index=435&type=chunk)[446](index=446&type=chunk) [Critical Accounting Estimates](index=71&type=section&id=Critical%20Accounting%20Estimates) - Vessel impairment is a critical accounting estimate, with reviews conducted when indicators are present, comparing future undiscounted net operating cash flows to the vessel's carrying amount[349](index=349&type=chunk) - Future cash flow projections rely on subjective assumptions for revenues (using 10-year historical averages for unfixed days), operating expenses, dry-docking costs, and scrap values, which may differ from actual results[350](index=350&type=chunk) - As of December 31, 2024, the fleet's market value was **$3.9 billion**, exceeding its **$3.0 billion carrying value**, and despite one LNG carrier having a carrying value (**$194.5 million**) higher than its market value (**$169.0 million**), no impairment was recorded due to expected cash flows exceeding carrying value[360](index=360&type=chunk) [Item 6. Directors, Senior Management and Employees](index=91&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) This section outlines the company's leadership, board structure, and compensation, noting a nine-member board with a majority of independent directors, key committees, executive compensation managed by Tsakos Energy Management, and the adoption of a new equity incentive plan in 2024 - The company is led by Founder and CEO Nikolas P. Tsakos and Chairman Efstratios Georgios (Takis) Arapoglou, with a **nine-member board** where a majority are independent under NYSE standards[453](index=453&type=chunk)[467](index=467&type=chunk)[468](index=468&type=chunk) - The Board operates with four key committees: Audit; Corporate Governance, Nominating and Compensation; Business Development and Capital Markets; and Operational, Safety and Environmental (OSE)[476](index=476&type=chunk) - In 2024, aggregate cash compensation for all board members was **$685,000**, with executive officers compensated by the management company, not directly by TEN, except for equity awards[485](index=485&type=chunk)[488](index=488&type=chunk) - A new equity incentive plan (the "2024 Plan") was adopted, allowing grants of up to **1,000,000 common shares**, with **625,000 restricted common shares** granted in July 2024, leading to an **$8.1 million stock-based compensation expense** for the year[493](index=493&type=chunk)[496](index=496&type=chunk) [Item 7. Major Shareholders and Related Party Transactions](index=99&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) The company conducts significant related-party transactions with Tsakos family-affiliated entities, including management fees, commissions, insurance premiums, and travel services, while Tsakos Group entities beneficially owned approximately **27.1% of outstanding common shares** as of April 4, 2025 Charges by Related Parties (in thousands of U.S. dollars) | Party | Service | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Tsakos Shipping and Trading S.A. | Commissions & Special Charges | $13,047 | $13,077 | | Tsakos Energy Management Limited | Management Fees | $19,880 | $19,503 | | Argosy Insurance Company Limited | Insurance Premiums | $16,727 | $14,420 | | AirMania Travel S.A. | Travel Services | $7,027 | $6,589 | - As of April 4, 2025, Tsakos Group-affiliated entities, including the Tsakos Holdings Foundation, beneficially owned **8,166,208 common shares**, representing approximately **27.1% of the outstanding shares**[116](index=116&type=chunk)[513](index=513&type=chunk) - The management agreement with Tsakos Energy Management has a ten-year annually renewing term, including a change of control provision that could result in an estimated **$166.7 million termination payment** as of December 31, 2024[505](index=505&type=chunk) [Item 8. Financial Information](index=103&type=section&id=Item%208.%20Financial%20Information) This section confirms financial statements in Item 18, notes no significant post-balance sheet changes, and outlines the company's intent to pay semi-annual common share dividends, subject to board discretion and covenants, with cumulative quarterly dividends on Series E and F Preferred Shares at fixed-to-floating rates - The company intends to pay semi-annual cash dividends on common shares, subject to board discretion and various financial and legal constraints[519](index=519&type=chunk) - Dividends on Series E Preferred Shares are fixed at **9.25% per annum** until May 28, 2027, then switch to a floating rate[520](index=520&type=chunk) - Dividends on Series F Preferred Shares are fixed at **9.50% per annum** until July 30, 2028, then switch to a floating rate[521](index=521&type=chunk) - Dividend payment ability depends on subsidiary earnings and cash flow, and is restricted by certain bank loan covenants[525](index=525&type=chunk)[526](index=526&type=chunk) [Item 10. Additional Information](index=105&type=section&id=Item%2010.%20Additional%20Information) This section details share capital, Bermuda corporate governance, and tax considerations, including **60 million authorized common shares** and **25 million preferred shares**, Bermuda law's impact on shareholder rights, anti-takeover provisions, and the company's Section 883 U.S. tax exemption alongside potential PFIC risks for U.S. shareholders [Share Capital](index=105&type=section&id=Share%20Capital) - Authorized share capital comprises **60,000,000 common shares** ($5.00 par value) and **25,000,000 preferred shares** ($1.00 par value)[532](index=532&type=chunk) Shares Outstanding as of April 4, 2025 | Share Class | Shares Outstanding | | :--- | :--- | | Common Shares | 30,127,603 | | Series E Preferred Shares | 4,745,947 | | Series F Preferred Shares | 6,747,147 | [Bermuda Law and Corporate Governance](index=106&type=section&id=Bermuda%20Law%20and%20Corporate%20Governance) - The company is an exempted company under Bermuda's Companies Act 1981, with governance differing from U.S. corporate law[537](index=537&type=chunk) - The company's bye-laws contain anti-takeover provisions, including a classified board and super-majority voting for certain business combinations with "interested persons" (owners of **15% or more**)[553](index=553&type=chunk)[554](index=554&type=chunk)[555](index=555&type=chunk) - Preferred shareholders possess limited voting rights, primarily triggered by **six quarterly dividends in arrears**, allowing them to elect one director to the board[540](index=540&type=chunk) [Tax Considerations](index=112&type=section&id=Tax%20Considerations) - The company believes it is exempt from U.S. federal income tax on U.S.-source shipping income under **Section 883** of the Internal Revenue Code by satisfying the "Publicly-Traded Test"[576](index=576&type=chunk)[579](index=579&type=chunk) - If the Section 883 exemption is unavailable, U.S.-source shipping income would be subject to a **4% tax** on a gross basis[588](index=588&type=chunk) - There is a risk of PFIC classification, leading to adverse U.S. federal income tax consequences for U.S. shareholders, though the company does not believe it was a PFIC in 2024[601](index=601&type=chunk)[603](index=603&type=chunk) - Bermuda's Corporate Income Tax Act 2023, effective January 1, 2025, is expected to apply, but the company anticipates no material tax liabilities due to its holding company status and exclusion of subsidiary dividend income[566](index=566&type=chunk)[567](index=567&type=chunk) [Item 11. Quantitative and Qualitative Disclosures About Market Risk](index=124&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rate fluctuations, bunker price volatility, and foreign exchange rate changes, with a **0.25 percentage-point interest rate increase potentially raising annual payments by $4.4 million**, managed through derivative contracts, and Euro-denominated expenses representing **24.3% of total costs in 2024** - The company faces interest rate risk on variable-rate debt, with a **0.25 percentage-point increase** estimated to raise annual interest payments by **$4.4 million** based on December 31, 2024 debt levels[628](index=628&type=chunk) - To manage risk, the company utilizes derivative contracts, including a floating-to-fixed interest rate swap with a **$54.0 million notional amount** at year-end 2024, and bunker and EUAs swap agreements to hedge against price fluctuations[628](index=628&type=chunk)[633](index=633&type=chunk)[634](index=634&type=chunk) - The company has foreign exchange risk, with approximately **24.3% of 2024 vessel, voyage, and overhead expenditures** denominated in Euros, where a **1% change in the Euro/U.S. dollar rate** would impact vessel operating expenses by about **0.3%**[635](index=635&type=chunk) [PART II](index=125&type=section&id=PART%20II) [Item 15. Controls and Procedures](index=125&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures and internal control over financial reporting were effective as of December 31, 2024, a conclusion attested by Ernst & Young (Hellas) - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2024[641](index=641&type=chunk) - Management's assessment determined that the company's internal control over financial reporting was effective as of December 31, 2024, based on the COSO 2013 framework[645](index=645&type=chunk)[646](index=646&type=chunk) - Ernst & Young (Hellas), the independent registered public accounting firm, issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting[647](index=647&type=chunk)[687](index=687&type=chunk) [Item 16. Various Governance and Disclosure Items](index=127&type=section&id=Item%2016.%20Various%20Governance%20and%20Disclosure%20Items) This section details corporate governance and disclosure, including three "audit committee financial experts," a code of ethics, **€724,500 in 2024 audit fees** to Ernst & Young (Hellas), and a cybersecurity risk management strategy with no material impact from cyber threats to date - The Board of Directors has identified **three members** as "audit committee financial experts": Nicholas Tommasino, Efstratios Arapoglou, and Dennis Petropoulos[649](index=649&type=chunk) - The company has adopted a code of ethics, an insider trading policy, and a cybersecurity risk management program[650](index=650&type=chunk)[665](index=665&type=chunk)[666](index=666&type=chunk) Principal Accountant Fees (Ernst & Young (Hellas)) | Fee Type | 2024 | 2023 | | :--- | :--- | :--- | | Audit Fees | €724,500 | €693,000 | | Audit-Related Fees | €0 | €0 | | Tax Fees | €0 | €0 | | All Other Fees | €0 | €0 | - The company's cybersecurity governance involves the IT department, Management, and Audit Committee oversight, with no material impact from cyber threats to date[669](index=669&type=chunk)[670](index=670&type=chunk) [Item 18. Financial Statements](index=129&type=section&id=Item%2018.%20Financial%20Statements) [Consolidated Financial Statements](index=133&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements present the company's financial position, operations, and cash flows for the three years ended December 31, 2024, showing **total assets growing to $3.71 billion** and **total stockholders' equity increasing to $1.77 billion** in 2024 Consolidated Balance Sheet Data (in thousands of U.S. Dollars) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $451,803 | $509,336 | | Vessels' Net Book Value | $2,919,783 | $2,600,021 | | **Total Assets** | **$3,706,522** | **$3,364,090** | | Total Current Liabilities | $408,519 | $323,202 | | Long-Term Debt & Other Financial Liabilities | $1,495,342 | $1,370,683 | | **Total Liabilities** | **$1,939,325** | **$1,711,443** | | **Total Stockholders' Equity** | **$1,767,197** | **$1,652,647** | Consolidated Statement of Comprehensive Income Data (in thousands of U.S. Dollars) | Account | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Voyage Revenues | $804,061 | $889,566 | $860,400 | | Total Expenses | $525,503 | $498,067 | $604,047 | | Operating Income | $278,558 | $391,499 | $256,353 | | Net Income | $181,630 | $305,084 | $208,466 | | Net Income attributable to TEN | $176,231 | $300,182 | $204,234 | Consolidated Statement of Cash Flows Data (in thousands of U.S. Dollars) | Account | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | $307,684 | $395,279 | $288,529 | | Net Cash used in Investing Activities | ($441,606) | ($137,441) | ($301,814) | | Net Cash from (used in) Financing Activities | $105,540 | ($190,583) | $195,527 | | **Net Change in Cash** | **($28,382)** | **$67,255** | **$182,242** | [Notes to Consolidated Financial Statements](index=143&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies, including revenue recognition, vessel impairment, and derivatives, alongside related-party transactions, debt covenants, lease obligations, and new vessel commitments, noting the 2024 adoption of an equity incentive plan with an **$8.1 million stock-based compensation expense** and no impairment charge in 2024 - The company's revenue recognition policy differentiates between voyage charters (recognized loading-to-discharge under ASC 606) and time/bareboat charters (accounted for as operating leases under ASC 842)[741](index=741&type=chunk)[744](index=744&type=chunk) - As of December 31, 2024, the company had commitments for **twelve vessels under construction** with remaining payments totaling **$725.7 million**, scheduled between 2025 and 2028[869](index=869&type=chunk) - The company's loan agreements include financial covenants such as maintaining **minimum liquidity ($80.9 million at December 31, 2024)**, a maximum consolidated leverage ratio, and minimum hull value to loan ratios, with the company in compliance as of year-end[832](index=832&type=chunk)[833](index=833&type=chunk) - In 2024, the company adopted the 2024 Equity Incentive Plan, granting **625,000 restricted shares** and recognizing an **$8.1 million stock-based compensation expense**[846](index=846&type=chunk)[847](index=847&type=chunk) - The company recognized a new liability of **$12.9 million** for European Union Allowances (EUAs) to be surrendered by September 2025 under the EU Emissions Trading System (ETS)[756](index=756&type=chunk)