[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)

Financial Data and Key Metrics Changes - The company reported net income for 2024 at $176 million, equating to $5.03 per common share, with adjusted EBITDA at $400 million [39][42] - Gross revenues for 2024 reached $804 million, while operating income was $279 million after accounting for $49 million in capital gains from asset sales [38][39] - Average fleet utilization for the year settled at 92.5%, down from 96.3% in 2023, reflecting the impact of drydockings [38] Business Line Data and Key Metrics Changes - The fleet averaged approximately 62 vessels in 2024, an increase from 60 vessels in the fourth quarter of 2023 [37][42] - The company divested five older tankers and acquired nine vessels, including dual-fuel LNG Aframaxes, enhancing fleet quality [37][39] - The average TCE (Time Charter Equivalent) per ship per day for 2024 was $32,550, supported by long-term secured revenue contracts [39] Market Data and Key Metrics Changes - The company has doubled its medium to long-term receivables from $2 billion to $4 billion within the last two months due to new transactions [21] - The largest client is ExxonMobil, with 82% of revenues secured through long-term contracts with major energy companies [32][91] - The tanker market remains strong, with Aframaxes and Suezmax rates showing healthy increases [88][90] Company Strategy and Development Direction - The company is undergoing its largest growth phase in history, with 21 vessels on order, including nine DP2 shuttle tankers on long-term contracts with Petrobras [45] - The strategy focuses on maintaining ample liquidity to capitalize on growth opportunities without raising equity [11][19] - The company aims to continue its countercyclical investment approach, raising equity at market lows to fund growth projects [26] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the share price being half of what it was a year ago, despite significant growth in fleet size and revenue backlog [21][22] - The company anticipates continued strong performance due to a robust market environment and a focus on high-quality clients [88][91] - Management remains optimistic about future dividend growth, contingent on market conditions [77] Other Important Information - The company has maintained uninterrupted dividend payments since inception, with a semi-annual dividend of $0.60 planned for July 2025 [44][77] - The company has a strong cash position of just under $350 million, despite significant dividend payments and growth project expenditures [41] Q&A Session Summary Question: Regarding the shuttle tanker deal and crew provision by Transpetro - Management confirmed that Transpetro will provide crews under a bareboat charter and expressed confidence in their capacity to do so, with potential collaboration on crew training [54][56] Question: On asset sales and potential transactions - Management indicated that older vessels are being considered for sale, with expectations of net proceeds around $130 million from upcoming transactions [60] Question: About the appetite for additional tonnage and interest rate hedging - Management stated they are focused on the current 21 ordered vessels but are always looking for strategic opportunities [66] - They are actively exploring ways to hedge interest rate risks associated with financing [67] Question: Plans for the Maria Energy vessel and potential sale - The Maria Energy is fixed for long-term employment starting in May 2026, with management open to selling if advantageous [73] Question: Future dividend payments and potential increases - Management reiterated the current dividend level and expressed hope for increases based on market conditions [77][78] Question: Operating statistics and G&A expenses outlook for 2025 - Management expects a similar number of drydocks in 2025 and anticipates a drop in G&A expenses due to recent personnel incentives [82][84]

Tsakos Energy Navigation (TEN) Q4 2024 Earnings Call March 27, 2025 10:19 PM ET Company Participants Nicolas Bornozis - President & CEOEfstratios Georgios Arapoglou - Chairman of the BoardNikolas Tsakos - Founder, CEO & Executive DirectorGeorge Saroglou - COO, President & Executive DirectorHarrys Kosmatos - Co-CFO Conference Call Participants Poe Fratt - Equity Research Analyst - TransportationClement Mullins - Analyst Operator Good morning to all. Thank you for standing by, ladies and gentlemen, and welcom ...

Q4 & YE 2024 Earnings Presentation March 27, 2025 TEN, Ltd. This presentation may contain forward-looking statements that are not based on historical fact, including without limitation, statements containing the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ mate ...

Core Insights - TEN, Ltd. has reported significant growth in its fleet and financial performance, with a proforma fleet of 82 vessels and a minimum revenue backlog of $4.0 billion, indicating strong future cash flow visibility [20][22] - The company generated gross revenues of $804.1 million and net income of $176.2 million for the year 2024, translating to an annual EPS of $5.03 [4][8] - The adjusted EBITDA for 2024 reached approximately $400 million, reflecting the increased size of the fleet and efficient management [5][30] Financial Performance - For the twelve months of 2024, TEN's operating income was $278.6 million, after accounting for $48.7 million in capital gains from vessel sales [4][30] - In Q4 2024, the company reported gross revenues of $188.3 million and net income of $19.3 million, with an EPS of $0.42 [8][30] - Fleet utilization for 2024 was at 92.5%, with an average TCE per ship per day of $32,550 [4][29] Fleet Expansion and Strategy - TEN is expanding its fleet with 21 new vessels, resulting in a 36% growth in deadweight tonnage (dwt) [1][20] - The company has secured long-term contracts for nine DP2 shuttle tankers with Brazil's Transpetro, expected to generate $2.0 billion in revenues [2][13] - The ongoing fleet renewal includes the sale of older vessels, such as a 2009-built suezmax, generating $30 million in free cash [2][14] Market Outlook - The tanker market fundamentals remain strong, supported by geopolitical events and a favorable supply-demand balance [15][16] - TEN's strategy focuses on building vessels for long-term needs of blue-chip customers while exploring divestment opportunities for older tankers [17][19] - The company aims to maintain uninterrupted dividend payments, having distributed a total of $895 million since its NYSE listing in 2002 [2][12]

Core Viewpoint - TEN, Ltd has announced the construction of nine DP2 Suezmax Shuttle Tankers with expected gross revenues of approximately $2.0 billion, solidifying its position as one of the largest independent Shuttle tanker operators globally [1][2]. Group 1: Company Developments - The nine new vessels will be built at Samsung Heavy Industries in South Korea, with deliveries scheduled for 2027 and 2028 [1]. - TEN currently has a proforma fleet of 16 DP2 Suezmax Shuttle tankers, making it one of the world's largest Shuttle tanker owners [2]. - The charter for these vessels will be in the form of a bareboat, with the charterer assuming all operating and technical costs during the employment period [2]. Group 2: Historical Context and Growth - Over the years, TEN has strategically targeted opportunities to build modern vessels, enhancing its status as a diversified energy transporter [3]. - Significant past milestones include the acquisition of nine ice-strengthened vessels in 2007 and nine Aframax vessels contracted by Equinor in 2014, which established TEN as a major player in various tanker classes [3]. - In early 2024, TEN expanded its fleet by acquiring a five-vessel modern fleet from Norway's Viken Crude, becoming one of the largest operators of Dual-Fuel LNG vessels [3]. Group 3: Financial Stability and Future Outlook - The company's industrial approach to fleet employment has provided cash flow stability, visibility, and flexibility, allowing it to capitalize on opportunities while maintaining the ability to reward shareholders with healthy dividends [4]. - TEN is positioned as a preferred partner for the long-term needs of major oil companies, with ongoing construction of three Shuttle tankers and the new nine vessels enhancing its operational capacity [4]. Group 4: Company Overview - Founded in 1993, TEN is one of the first and most established public shipping companies, currently operating a diversified fleet of 83 vessels, including various types of tankers and carriers, totaling 10.2 million deadweight tonnage (dwt) [5].

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 [6] - The company's fleet consists of 74 vessels, including various types of tankers, totaling 8.9 million deadweight tonnage (dwt) [6] Earnings Announcement - TEN will report its earnings for the fourth quarter and the year ended December 31, 2024, prior to the market opening in New York on March 27, 2025 [1] - A conference call will be held on the same day at 11:00 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 specific toll-free and international numbers [3] - There is an option for participants to register for the call using a "call me" feature for a faster connection [4] - A live and archived webcast of the conference call will be available on the company's website, along with accompanying slides [5]

Company Overview - TEN Ltd. is a leading diversified operator in the crude, product, and LNG tanker sector, with a fleet of 74 vessels totaling 8.9 million deadweight tons (dwt) [4] - The company was founded in 1993 and is celebrating 32 years as a public company this year [4] Leadership and Contributions - Mr. D. John Stavropoulos, former Chairman of Tsakos Energy Navigation from 1994 to 2014, passed away at the age of 92 [1][3] - He had a distinguished 33-year career at The First National Bank of Chicago, serving as Executive Vice President and Chief Credit Officer [2] - Stavropoulos was a mentor and friend to Dr. Nikolaos P. Tsakos, the Founder & CEO of TEN, and his business acumen significantly influenced the company's direction [3] Industry Recognition - Mr. Stavropoulos was among the first in the U.S. to receive the Certified Financial Analyst designation and served on the Presidential Credit Standards Advisory Committee [2] - He also taught economics and finance at Northwestern University and was involved with the EMEA Alumni Advisory Board of the Kellogg School of Management [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 74 vessels, including various types of tankers, totaling 8.9 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 November 28, 2024, to February 27, 2025, and will be paid on February 28, 2025, to holders of record as of February 25, 2025 [2][3] - This marks the 32nd dividend payment 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]

Group 1 - TEN Ltd. announced a quarterly cash dividend of approximately $0.59375 per share for its Series F Cumulative Redeemable Perpetual Preferred Shares [1] - The dividend is for the period from October 30, 2024, to January 29, 2025, and will be paid on January 30, 2025, to holders of record as of January 27, 2025 [2][3] - This marks the 26th dividend payment on the Series F since their trading commenced on the New York Stock Exchange [3] Group 2 - As of the date of the press release, TEN has 6,747,147 Series F Preferred Shares outstanding [4] - TEN Ltd. was founded in 1993 and has been a public company for 31 years, operating a diversified energy fleet consisting of 74 vessels, totaling 8.9 million deadweight tons (dwt) [5]