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]

Core Viewpoint - The increase in global oil supply and sanctions have led to a surge in demand for "unaffected" tankers, resulting in the highest tanker earnings since the peak of the COVID-19 pandemic [1] Group 1: Oil Tanker Earnings - The daily rental rate for tankers transporting 2 million barrels of crude oil from the Middle East to China has risen by 40% to $125,000, marking the highest level since April 2020 [1] - The Baltic Exchange reports that this increase is driven by the need for alternative sources due to recent U.S. sanctions on two major Russian oil companies [1] Group 2: Market Dynamics - Lars Barstad, CEO of Frontline, noted that sanctioned crude oil transportation is hindered, leading to longer waiting times for vessels [1] - There has been an increase in shipping volume from the Atlantic Basin to Asia, contributing to a rise in ton-miles [1] - More OPEC crude oil is entering the market, further influencing tanker demand [1] Group 3: Related Stocks - Relevant stocks in the tanker industry include Frontline, Teekay, Teekay Tankers, CMB.Tech, Scorpio Tankers, DHT Holdings, Tsakos Energy Navigation, Navios Maritime Holdings, International Seaways, Nordic American Tankers, and SFL Corp [1]

Core Points - TEN Ltd. announced a quarterly cash dividend of approximately $0.59375 per share for its Series F Preferred Shares [1] - The dividend is for the period from July 30, 2025, to October 29, 2025 [2] - Payment will be made on October 30, 2025, to holders of record as of October 27, 2025 [3] - This marks the 29th dividend payment since the Series F Preferred Shares began trading on the NYSE [3] Company Overview - TEN Ltd. was founded in 1993 and has been a public company for 32 years, making it one of the first established public shipping companies [5] - 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) [5] - As of the date of the press release, there are 6,747,147 Series F Preferred Shares outstanding [4]

Core Viewpoint - Tsakos Energy Navigation Limited (TEN) reported strong second-quarter 2025 results, with earnings and revenues exceeding expectations, raising questions about the stock's investment potential [1]. Group 1: Q2 & 1H25 Performance - In Q2 2025, TEN's earnings per share were 67 cents, beating the Zacks Consensus Estimate by 8 cents, but down 46.8% year-over-year [2][9]. - Total revenues for Q2 reached $161.4 million, surpassing the Zacks Consensus Estimate of $156.9 million, although this represented a 24.6% decline year-over-year due to reduced spot contracts [2][9]. - Vessel operating expenses increased by 6% year-over-year in Q2, primarily due to larger vessel sizes, upgrades, and inflation, impacting profitability [3]. Group 2: Fleet and Financial Health - TEN's fleet utilization improved to 96.9% in the first half of 2025, supported by more vessels under term contracts and fewer in dry-dockings [6][9]. - The company's balance sheet remains robust, with a fleet market value of $3.8 billion against $1.8 billion in debt, indicating strong cash reserves [6]. Group 3: Year-to-Date Price Performance - Despite challenges such as tariff issues and inflation, TEN shares have increased in double digits year-to-date, outperforming the Zacks Transportation - Shipping industry, but lagging behind peers Euroseas and Global Ship Lease [7]. Group 4: Valuation and Earnings Estimates - TEN is considered undervalued, trading at a forward price/sales ratio of 0.87, significantly lower than the industry average of 2.18, with a Value Score of A [11]. - However, earnings estimates for 2025 and 2026 have declined due to headwinds like falling spot contracts and rising operating costs [14]. Group 5: Strategic Outlook - The company is pursuing a strategy to expand its fleet by divesting older vessels and acquiring new ones under long-term contracts, which is viewed positively [15]. - Nonetheless, challenges such as declining spot rates, high interest expenses, and geopolitical tensions affecting trade flows are significant concerns [16].

Group 1 - The company is responsible for the development of transcript-related projects [1] - The company publishes thousands of quarterly earnings calls per quarter [1] - The company is continuing to grow and expand its coverage [1]

Financial Performance - Tsakos Energy (TEN) reported quarterly earnings of $0.67 per share, exceeding the Zacks Consensus Estimate of $0.59 per share, but down from $1.26 per share a year ago, indicating an earnings surprise of +13.56% [1] - The company posted revenues of $161.39 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.88%, but down from $172.65 million year-over-year [2] - Over the last four quarters, Tsakos has surpassed consensus EPS estimates three times and topped consensus revenue estimates only once [2] Stock Performance - Tsakos shares have increased approximately 29.4% since the beginning of the year, significantly outperforming the S&P 500's gain of 10.7% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call and future earnings expectations [3][4] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.67 on revenues of $165.86 million, and for the current fiscal year, it is $3.65 on revenues of $671.7 million [7] - The estimate revisions trend for Tsakos was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Transportation - Shipping industry, to which Tsakos belongs, is currently ranked in the bottom 26% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Financial Data and Key Metrics Changes - The company reported a net income of $64.5 million or $1.70 per share for the first half of 2025, compared to a net income of $49 million in the same period of 2024 [23][22] - Adjusted EBITDA for the first six months of 2025 was $193.2 million, reflecting a strong operational performance despite a slight decrease in gross revenues to $390 million from $415 million in the first half of 2024 [23][19] - The net debt-to-capital ratio stood at 43.6%, with total debt net of cash at $1.4 billion [23][22] Business Line Data and Key Metrics Changes - The company secured charters increased by about 14% while spot contracts declined by about 27% in the first half of 2025 [18] - Fleet utilization increased from 91.9% in the first half of 2024 to 96.9% in the first half of 2025, indicating improved operational efficiency [19] - The fleet generated $193 million of gross revenues in Q2 2025, averaging $30,767 per vessel per day, a slight increase from the previous year [24][25] Market Data and Key Metrics Changes - The tanker market remains healthy, with energy majors continuing to approach the company for tanker charter business [10] - The company has a total fleet contracted revenue backlog of approximately $3.7 billion, equating to more than $120 per share [10][11] - The company is one of the largest transporters of energy globally, with a pro forma fleet of 82 vessels [10] Company Strategy and Development Direction - The company is focusing on renewing its fleet by selling older vessels and replacing them with new, environmentally friendly ships [4][7] - The strategy includes increasing the number of VLCCs in the fleet to fill a previously identified gap [4][10] - The company aims to maintain a competitive edge by building vessels at top shipyards and ensuring a young, modern fleet [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker market, anticipating solid results in the near future due to increasing global demand [46][47] - The company is navigating challenges posed by sanctions and geopolitical events, which have positively affected the tanker market [8][17] - Management highlighted the importance of maintaining a strong balance sheet and cash reserves to support future growth [16][22] Other Important Information - The company has sold 17 older vessels and replaced them with 33 modern vessels, significantly increasing deadweight capacity [16] - The company is currently one of the largest owners of dual-fuel LNG-powered Aframax tankers, with six vessels in operation [17] - The company plans to announce its next dividend in November, with expectations of a healthy payout [9][35] Q&A Session Summary Question: Discussion on new build orders for VLCCs - The company decided to proceed with new builds due to the strong second-hand market and the need for environmentally friendly vessels [30] Question: Clarification on exercising options for VLCC new builds - The company has exercised the option for additional vessels and is in the process of renewing existing VLs with increased rates [33] Question: Preview of second half dividend - It is too early to provide specifics, but the company is looking at a healthy market for potential dividends [35] Question: Comments on potential restructuring - The company is not restructuring but is exploring ways to enhance shareholder value [37] Question: Direction of OpEx and G&A for the second half - The company aims to maintain operating expenses under control despite inflation pressures [40]

Financial Data and Key Metrics Changes - The company reported a net income of $64.5 million or $1.70 per share for the first half of 2025, compared to a net income of $49 million in the same period of 2024 [23][22] - Adjusted EBITDA for the first six months of 2025 was $193.2 million, reflecting a strong operational performance [23] - The total fleet contracted revenue backlog is approximately $3.7 billion, equating to more than $120 per share [10] Business Line Data and Key Metrics Changes - The company secured charters increased by about 14% while spot contracts declined by about 27% in the first half of 2025 [18] - Fleet utilization increased from 91.9% in the first half of 2024 to 96.9% in the first half of 2025 [19] - The fleet generated $390 million of gross revenues during the first half of 2025, averaging $30,754 per ship per day [19] Market Data and Key Metrics Changes - The tanker market remains healthy, with energy majors continuing to approach the company for tanker charter business [10] - The company has a pro forma fleet of 82 vessels, indicating growth and resilience in the face of market challenges [10] Company Strategy and Development Direction - The company is focusing on renewing its fleet by selling older vessels and replacing them with new, environmentally friendly ships [4][7] - The strategy includes increasing the number of VLCCs in the fleet to fill a previously identified gap [4][12] - The company aims to maintain a competitive edge by building vessels at top shipyards and ensuring a young, modern fleet [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker market, anticipating solid results in the near future due to increasing global demand [46][47] - The company is navigating challenges such as sanctions and geopolitical events, which have positively affected the tanker market [17] - Management highlighted the importance of maintaining a strong balance sheet and cash reserves to support future growth [16] Other Important Information - The company has sold 17 older vessels and replaced them with 33 modern vessels, significantly increasing deadweight capacity [16] - The company is one of the largest owners of dual-fuel LNG-powered Aframax tankers, indicating a commitment to greener operations [17] Q&A Session Summary Question: Can you talk about the new build orders for the VLCCs? - The company is building new vessels in Korea and Japan, focusing on environmentally friendly designs and maintaining competitive operating expenses [30][31] Question: Have you exercised the option for the VLCC new builds? - Yes, the company has opted for the option and is in the process of renewing existing VLs with increased base rates and profit-sharing arrangements [33] Question: Can you preview the second half dividend? - It is early to provide specifics, but the company expects to declare a healthy dividend based on market conditions [35] Question: Any progress on restructuring the company? - The company is not restructuring but is exploring ways to enhance shareholder value and improve market perception [37][38] Question: Direction of OpEx and G&A over the second half of the year? - The company is focused on maintaining operational efficiency and controlling expenses despite inflationary pressures [40]

Financial Data and Key Metrics Changes - Tsakos Energy Navigation reported a net income of $64.5 million for the first half of 2025, equating to $1.70 per share, compared to a net income of $26.8 million or $0.67 per share for the second quarter of 2025 [22][24] - Adjusted EBITDA for the first half of 2025 was $193.2 million, while for the second quarter it was approximately $94 million [22][24] - The company generated $390 million in gross revenues during the first half of 2025, averaging $30,754 per ship per day, compared to $415 million in the first half of 2024 [18][19] Business Line Data and Key Metrics Changes - The company secured charters increased by about 14% in the first half of 2025, while spot contracts declined by about 27% [17] - Fleet utilization increased from 91.9% in the first half of 2024 to 96.9% in the first half of 2025 [18] - The fleet generated $193 million of gross revenues in the second quarter of 2025, equating to $30,767 per vessel per day [23] Market Data and Key Metrics Changes - The tanker market remains healthy, with energy majors continuing to approach the company for tanker charter business [10] - The company has a total fleet contracted revenue backlog of approximately $3.7 billion, equating to more than $120 per share [10] - The company is one of the largest transporters of energy globally, with a pro forma fleet of 82 vessels [10] Company Strategy and Development Direction - The company is focusing on renewing its fleet by selling older vessels and replacing them with new, environmentally friendly ships [4][7] - Tsakos Energy Navigation has ordered three new VLCCs with scrubbers and has an option for one more, aiming to fill a gap in its fleet [4][10] - The company emphasizes maintaining a young fleet and has divested 17 older vessels while acquiring 33 modern vessels with a significantly higher deadweight capacity [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the energy market, anticipating solid results in the near future [45] - The company is navigating a challenging environment with sanctions and tariffs but remains confident in its operational model [8][9] - Management noted that the market does not fully appreciate the company's contracted revenue, indicating potential for stock value appreciation [49] Other Important Information - The company has a solid balance sheet with a fair market value of the fleet at $3.8 billion against $1.8 billion in debt, leading to a net debt-to-cap ratio of around 42% [15] - The company paid its first dividend in July 2025 and plans to announce the next dividend in November [9][49] Q&A Session Summary Question: Can you talk about the new build orders for the VLCCs? - The company is always looking for good quality vessels in the open market but decided to proceed with new builds due to favorable conditions and the need for environmentally friendly vessels [28][30] Question: Have you exercised the option for the VLCC new builds? - Yes, the company opted for the option and secured an additional option for more vessels, indicating a strong market for VLCCs [32] Question: Can you preview the second half dividend? - It is early to provide specifics, but the company expects to declare a healthy dividend based on market conditions [34] Question: Any progress on restructuring the company? - The company is not restructuring but is exploring ways to enhance shareholder value and efficiency [36][38] Question: What is the direction of OpEx and G&A for the second half of the year? - The company is focused on maintaining operating expenses under control despite inflation, aiming to keep them competitive [40]