Financial Performance & Fleet Data - Q1 2025 net income attributable to Tsakos Energy Navigation Limited was $37711000, compared to $54034000 in Q1 2024[45,47] - Adjusted EBITDA for Q1 2025 was $99291000, slightly lower than $100538000 in Q1 2024[47] - Fleet utilization was 972% in Q1 2025, compared to 913% in Q1 2024[46] - Average TCE per ship per day was $30741 in Q1 2025, down from $33403 in Q1 2024[46] Fleet Composition & Strategy - The company has been actively renewing its fleet, contracting or acquiring 30 vessels since January 1, 2023, with an average age of 06 years and a total DWT of 37 million[25] - Simultaneously, 14 vessels were sold, averaging 173 years old with a total DWT of 12 million[25] - As of June 12, 2025, 46% of the vessels in the water have market exposure (spot + TC P/S), while 83% are in secured revenue contracts (TC + TC P/S)[14] Market Dynamics & Outlook - World oil demand reached a record 1028 million barrels per day in 2024, with growth expected to be around 074 million barrels per day in 2025[32] - The global GDP is expected to grow by 33% in 2024 and 28% in 2025[32] - The total NB orderbook is 808 tankers over the next three years, versus 2585 vessels aged over 15 years[38] Dividends & Valuation - The company aims for semi-annual dividend distributions, with a total dividend payment of $150 per common share in 2024 versus $100 for 2023 operations[31] - A dividend of $060 per common share is to be paid in July 2025[31] - The company has paid $591 million in common stock dividend payments since 2002, averaging approximately $25 million per year, with an average yield of 525%[31]

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]