Financial Data and Key Metrics Changes - For the nine months of 2025, the company generated $577 million in gross revenues and an operating income of $171 million, which included $12.5 million of capital gains from the sale of four older vessels [22][29] - The net income for the third quarter of 2025 was reported at $38.3 million, translating to $1.05 in earnings per share [32] - Adjusted EBITDA for the nine months of 2025 was approximately $290 million, while cash at hand at the end of September 2025 stood at $264 million [29][32] Business Line Data and Key Metrics Changes - The fleet utilization increased from 92.2% to 96.2% during the nine months of 2025, with a time charter equivalent rate of $30,703 [24] - The fleet time charter equivalent per day for the third quarter of 2025 was $30,601, reflecting a focus on diminishing presence in the spot markets [30] - Operating expenses per ship per day averaged $9,797 for the nine months of 2025, and $9,904 for the third quarter [25][31] Market Data and Key Metrics Changes - The tanker markets have remained healthy, with a significant increase in demand for vessels, particularly in the crude sector and VLCCs [21] - The company has a backlog of approximately $4 billion in minimum fleet contracted revenue, indicating strong market demand [11][22] - The average age of sold vessels was 17.3 years, while the average age of newly acquired vessels is 0.6 years, indicating a strategic shift towards a younger fleet [18] Company Strategy and Development Direction - The company is focusing on a record 20 vessel new building program, with deliveries starting in Q1 2026 until Q4 2028, including three VLCCs to grow its market presence [5][6] - The strategy includes selling older tonnage to maintain a modern fleet and investing in eco-friendly, dual-fuel vessels [18] - The company aims to align dividend payments with audited results, having declared an additional $1 per share dividend [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market, noting a more than 50% increase in the spot market since September [8] - The geopolitical landscape has created nervousness in the market, which the company plans to leverage through its chartering strategy [36] - The company anticipates continued strong performance in the upcoming quarters, driven by a robust demand for tanker services [9][35] Other Important Information - The company has successfully navigated various crises over the years, turning challenges into growth opportunities [11] - The fair market value of the operating fleet is approximately $4 billion against $1.9 billion in debt, with a net debt to capital ratio of around 47% [18] Q&A Session Summary Question: Clarification on VLCC employment terms and plans for the Ulysses vessel - Management noted a significant increase in profit-sharing arrangements and a strong appetite for vessels, with further details to be provided later [38] Question: Plans for the Maria Energy vessel after its current contract - The vessel is chartered back-to-back with no downtime expected between contracts [40] Question: Expectations for MR new builds and potential long-term contracts - There is a strong appetite for new builds, with several major oil companies interested in long-term contracts [41] Question: Insights on fleet renewal and asset sales - The company is negotiating the sale of five first-generation vessels, potentially releasing close to $250 million in net cash for the new building program [49]

Financial Performance - For the three months ended September 30, 2025, voyage revenues were $186228 thousand, compared to $200158 thousand in 2024[43] - Net income attributable to Tsakos Energy Navigation Limited for the three months ended September 30, 2025, was $38341 thousand, compared to $26540 thousand in 2024[47] - Adjusted EBITDA for the three months ended September 30, 2025, was $95566 thousand, compared to $100084 thousand in 2024[47] - For the nine months ended September 30, 2025, voyage revenues reached $576588 thousand, versus $615801 thousand in 2024[43] - Net income attributable to Tsakos Energy Navigation Limited for the nine months ended September 30, 2025, was $102889 thousand, compared to $156959 thousand in 2024[47] - Adjusted EBITDA for the nine months ended September 30, 2025, was $288760 thousand, compared to $314060 thousand in 2024[47] Fleet and Operations - As of November 19, 2025, 37% of the vessels in the water have market exposure (Spot + TC P/S), while 89% are in secured revenue contracts (TC + TC P/S)[11] - The company has been renewing its fleet, contracting/acquiring 33 vessels since January 1, 2023, with an average age of 06 years and a total DWT of 47 million, while divesting 17 vessels with an average age of 173 years and a total DWT of 14 million[22] Market Outlook - World oil demand reached a record 1031 million barrels per day in 2024, with growth expected to be around 060 million barrels per day in 2025 and 077 million barrels per day in 2026[29] - The global NB orderbook is low at 144% as of October 2025, compared to the fleet over 15 years old[35]

Core Insights - TEN, Ltd reported gross revenues of $577 million and net income of $103 million for the first nine months of 2025, translating to $2.75 per share [2][3] - The company declared a dividend of $1.00 per common share, following a previous payment of $0.60 in July 2025 [2][12] - Fleet utilization improved to 96.2% in the first nine months of 2025, up from 92.2% in the same period of 2024, driven by better fleet employment [4][28] Financial Performance - Gross revenues for Q3 2025 reached $186.2 million, with operating income of $60.5 million after accounting for gains from vessel sales [7][27] - Net income for Q3 2025 increased to $38.3 million, or $1.05 per share, compared to $26.5 million and $0.67 per share in Q3 2024 [7][27] - Adjusted EBITDA for the first nine months of 2025 was $289 million, while Q3 2025 adjusted EBITDA stood at $95.6 million [3][8] Operational Metrics - Average Time Charter Equivalent (TCE) per vessel per day was $30,703 for the first nine months of 2025, with Q3 2025 TCE at $30,601 [4][8] - Total operating expenses per vessel per day were $9,797 for the first nine months of 2025, and $9,904 for Q3 2025 [4][8] - The fleet's average age at the end of the period was 10.1 years, with a total of 62 vessels in operation [28][20] Corporate Strategy and Developments - TEN is pursuing long-term contracts with oil majors, capitalizing on rising global oil demand and geopolitical tensions that have strengthened freight rates [14][15] - The company has a newbuilding program with 20 vessels under construction, including three VLCCs, to enhance its fleet [2][16] - Recent deliveries include the eco scrubber suezmax tanker Silia T, which entered a minimum three-year employment contract with a major US oil company [10][11] Cash Position and Debt - As of September 30, 2025, TEN's cash position was $264.3 million, following significant principal payments and capitalized expenses [6][28] - Total debt obligations at the end of the nine-month period were $1.9 billion, with interest and finance costs reduced by $15 million compared to the previous year [5][28]

Core Insights - The shipping industry has demonstrated significant market outperformance over the past decade, with Value Investor's Edge (VIE) achieving an internal rate of return (IRR) of 38.7% and cumulative returns exceeding 25 times [1][2] - VIE's long-only model portfolios have outperformed the S&P 500 by 75% in 2022 and produced an average annualized return of 43% over the past 8 years [1][2] Industry Analysis - The report outlines four reasons why the shipping industry is particularly attractive heading into 2026, indicating a positive outlook for the sector [2] - VIE specializes in deep value research within maritime shipping, offshore energy, and energy infrastructure, led by a team of 11 analysts and data experts [2] Company Performance - VIE has consistently delivered strong performance since its launch in 2015, with long-only models outperforming broad market indices [1][2] - The research community at VIE includes over 750 members, providing exclusive analytics, research reports, and earnings coverage [2]

Core Insights - Tenneco LLC has successfully listed its subsidiary, Tenneco Clean Air India Limited, on the BSE and NSE under the ticker "TENNIND" [1] - This listing is a significant milestone in Tenneco's transformation and highlights India's growing role in innovation and sustainable mobility [3] Company Overview - Tenneco India includes the Clean Air, Champion Ignition, Powertrain (Bearings and Sealings), and Monroe Ride Solutions (MRS) businesses, representing a substantial part of Tenneco's manufacturing and engineering in the region [4] - The operations serve leading OEMs in India and globally, focusing on emission reduction and improved fuel economy to meet stricter regulations, as well as enhancing ride comfort amid the trend of passenger vehicle premiumization [4] Leadership Statements - Jim Voss, CEO of Tenneco LLC, emphasized the importance of the team’s execution and its impact on Tenneco's position in a dynamic market, reinforcing the company's commitment to India [4] - Arvind Chandra, CEO of Tenneco India, noted that the public listing reflects the business's maturity and the company's dedication to innovation and performance [5] Strategic Implications - The listing aligns with Tenneco's long-term strategy to enhance agility, transparency, and sustained growth, while also investing in talent, R&D, and export capabilities from India [5]

Core Insights - The primary market is set for an active period with five IPOs scheduled between November 11 and 14, aiming to raise over Rs 10,000 crore, indicating strong fundraising activity [5][6] Mainboard IPOs - **PhysicsWallah**: An edtech company planning to launch a Rs 3,480 crore IPO on November 11, with shares priced between Rs 103–109. The funds will be used for technology infrastructure, new learning centers, and acquisitions [5][6] - **Tenneco Clean Air India**: A subsidiary of Tenneco Inc., this company is set to offer a Rs 3,600 crore IPO from November 12 to 14, entirely through an offer for sale. The shares are priced between Rs 378–397, with a grey market premium of about 24% [6] - **Emmvee Photovoltaic Power**: A solar panel manufacturer aiming to raise Rs 2,900 crore with bids accepted from November 11 to 13, priced in the Rs 206–217 band [3][6] SME IPOs - **Mahamaya Lifesciences**: A specialty pharmaceutical firm opening its issue on November 11, aiming to raise Rs 70.44 crore at a price band of Rs 108–114 [4][6] - **Workmates Core2Cloud Solution**: Specializing in cloud services and cybersecurity, this company plans to raise Rs 69.84 crore with shares priced between Rs 200–204, also opening on November 11 [4][6] Market Dynamics - The upcoming IPOs span various sectors including education, clean energy, automotive technology, and pharmaceuticals, reflecting a diverse investment landscape [4][5][6]

IPO Overview - The IPO size is Rs 3,600 crore, entirely an offer for sale (OFS) of 9.07 crore equity shares, with proceeds going to existing shareholders, primarily global promoters [1][14] - The price band is set at Rs 378–397 per share, with a minimum bid of 37 shares per lot, requiring an investment of Rs 14,689 at the upper end [2][14] - The grey market premium (GMP) is around Rs 95 per share, indicating a potential listing price of Rs 490–495 if market sentiment remains stable [4][14] Company Background - Tenneco Clean Air India is a subsidiary of Tenneco Inc, a US-based global automotive supplier, with promoters holding 97.25% of equity, which will reduce to 74.79% post-issue [5][14] - The company manufactures clean air and powertrain systems, including catalytic converters, diesel particulate filters, mufflers, and exhaust pipes, serving leading automotive OEMs [6][14] - It also designs shock absorbers, struts, and advanced suspension systems through its Advanced Ride Technologies division, contributing to compliance with emission norms like Bharat Stage VI [7][14] Manufacturing and Operations - Tenneco Clean Air India operates 12 manufacturing facilities across seven Indian states and one union territory, ensuring localized production for global customers [8][14] Financial Performance - In FY25, revenue decreased by 11% to Rs 4,931 crore, while profit after tax increased by 33% to Rs 553 crore, attributed to improved operational efficiency [9][14] - EBITDA was Rs 815 crore, with a margin of 16.7%, and the profit after tax margin improved to 11.3% [9][14] Market Positioning - The company is one of India's leading suppliers of emission control and powertrain solutions, benefiting from global R&D integration with its parent company, Tenneco [10][14] Use of Proceeds - As the IPO is a pure OFS, the company will not receive any funds, but listing on Indian exchanges will enhance brand visibility and provide liquidity [11][14] Valuation - At the upper end of the price band, the company commands a market capitalization of approximately Rs 16,000 crore [12][14]

Core Insights - The global shipping industry is experiencing a significant increase in crude tanker rates, particularly for Very Large Crude Carriers (VLCCs), with Suezmaxes and Aframaxes also performing well, while product tanker rates, especially LR2, are lagging behind [2] Group 1: Industry Overview - Value Investor's Edge specializes in in-depth equity research focused on the global shipping sector, providing actionable insights and real-time market analysis [1] - The research covers various segments of the shipping industry, including tankers, containerships, dry bulk, and LNG, aiming to uncover investment opportunities that may be overlooked by others [1] Group 2: Analyst Background - Climent Molins, an Associate Research Analyst at Value Investor's Edge, has a strong academic background in business administration and law, and has been contributing to the shipping sector analysis since 2020 [2]

Financial Results Announcement - TEN Ltd. will report its financial results for the third quarter and nine months ended September 30, 2025, prior to the market opening in New York on November 20, 2025 [1] - A conference call will be held on the same day at 10:00 am Eastern Time to review the results and management's outlook for the business [2] Conference Call Details - Participants should dial in 10 minutes before the scheduled time using the provided numbers: 877-405-1226 (US Toll-Free) or +1 201-689-7823 (International) [3] - An alternative "call me" option is available for faster connection to the conference call [4] Webcast Information - A live and archived webcast of the conference call, along with accompanying slides, will be available on the Company's website [5] Company Overview - TEN Ltd. was founded in 1993 and is one of the first established public shipping companies globally, celebrating 32 years as a public entity [5] - The Company's diversified energy fleet consists of 82 vessels, including various types of tankers and carriers, totaling approximately 11 million deadweight tonnage (dwt) [5]

Company Overview - Tsakos Energy Navigation ("TEN") is a well-established public shipping company, founded in 1993, celebrating 32 years as a public entity [7] - The company operates a diversified energy fleet consisting of 82 vessels, including various types of tankers and carriers, totaling approximately 11 million deadweight tonnage (dwt) [7] Philanthropic Contributions - Dr. Nikolas P. Tsakos, the Founder & CEO of TEN, was honored for his contributions to the maritime industry and philanthropy at the "Chrysanthemum Ball" Gala in New York [2][3] - The Tsakos family established the Maria Tsakos Public Benefit Foundation in 2010, which focuses on maritime research and education [4] - The Foundation has financed the education of over 500 students across Greece, South America, and West Africa, and opened the Tsakos Merchant Marine Academy in September 2024, the first non-state, non-profit merchant marine academy in Greece [5]