Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential [1] - The popularity of insurance companies in the Philippines has influenced investment strategies, leading to diversification beyond traditional savings [1] - The trend of investing in blue-chip companies has evolved, with a broader portfolio now including various industries and market capitalizations [1] Investment Strategies - The focus on banking, telecommunications, and retail sectors in the Philippines indicates a strategic approach to capitalizing on stable industries [1] - The entry into the US market has been marked by a gradual learning process, utilizing existing trading accounts to gain insights before establishing independent accounts [1] - The use of analytical platforms like Seeking Alpha has enhanced the understanding of market dynamics, allowing for comparative analysis between the US and Philippine markets [1] Market Engagement - The diversification of investments across different sectors, including banks, hotels, shipping, and logistics, reflects a comprehensive investment strategy aimed at balancing risk and return [1] - The shift towards holding stocks for retirement alongside trading for profits demonstrates a dual approach to investment, catering to both long-term and short-term financial goals [1]

[Financial Performance](index=1&type=section&id=Financial%20Performance) [Nine Months 2024 Performance (Ended Sep 30, 2024)](index=1&type=section&id=Nine%20Months%202024%20Performance%20(Ended%20Sep%2030%2C%202024)) TEN Ltd. reported **$157.0 million** net income on **$615.8 million** gross revenues for the first nine months of 2024 Nine Months 2024 Key Financial Metrics | Metric | Nine Months 2024 | | :--- | :--- | | Gross Revenues | $615.8 million | | Operating Income | $236.1 million | | Net Income | $157.0 million | | Earnings Per Share (EPS) | $4.62 | | Adjusted EBITDA | $314.1 million | - Fleet utilization was **92.2%** due to scheduled dry-docking and repositioning voyages, with an average Time Charter Equivalent (TCE) of **$33,390** per ship per day[4](index=4&type=chunk)[7](index=7&type=chunk) - Vessel operating expenses per ship per day decreased by **3.3%** to **$9,306**, driven by efficient management and a modern fleet[8](index=8&type=chunk) - Cash reserves remained strong at **$385.9 million** as of September 30, 2024, even after dividend payments, growth capital, and vessel lease repurchases[11](index=11&type=chunk) [Third Quarter 2024 Performance (Ended Sep 30, 2024)](index=2&type=section&id=Third%20Quarter%202024%20Performance%20(Ended%20Sep%2030%2C%202024)) In Q3 2024, TEN generated over **$200 million** in revenue, achieving **$26.5 million** net income Third Quarter Financial Performance Comparison | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Revenue | >$200 million | $186.7 million | | Operating Income | $56.9 million | $53.0 million | | Net Income | $26.5 million | $31.2 million | | Earnings Per Share (EPS) | $0.67 | $0.83 | | Adjusted EBITDA | $100.1 million | $91.6 million | - Fleet utilization reached **92.8%** for the quarter, with average TCE per ship per day increasing **3.8%** year-over-year to **$32,539**[16](index=16&type=chunk) - Daily vessel operating expenses dropped **10%** year-over-year to **$9,188** compared to Q3 2023[17](index=17&type=chunk) [Shareholder Returns](index=3&type=section&id=Shareholder%20Returns) [Dividend Distribution](index=3&type=section&id=Dividend%20Distribution) TEN declared a **$0.90** per common share dividend, increasing the total 2024 dividend to **$1.50** per share Dividend Declaration Details | Dividend Details | Information | | :--- | :--- | | Dividend per Share | $0.90 | | Total 2024 Dividend | $1.50 | | Increase vs. 2023 | 50% | | Record Date | December 16, 2024 | | Payment Date | December 20, 2024 | - Since its NYSE listing, TEN has maintained uninterrupted dividend distributions for common and preferred shares, totaling **$870 million**[18](index=18&type=chunk) [Corporate Strategy and Fleet Development](index=3&type=section&id=Corporate%20Strategy%20and%20Fleet%20Development) [Strategy & Market Outlook](index=3&type=section&id=Strategy%20%26%20Market%20Outlook) Management maintains a positive tanker market outlook, focusing on long-term contracts and strategic asset divestment - The tanker market outlook is promising due to new vessel supply at a **30-year low**, increasing global energy demand, and longer ton-miles from geopolitical events[19](index=19&type=chunk) - The company's strategy focuses on its industrial shipping model, offering environmentally friendly vessels for **long-term contracts** to major energy clients[20](index=20&type=chunk) - TEN plans to explore divestment opportunities for earlier generation vessels to monetize their full value in the current strong market[23](index=23&type=chunk) [Fleet Growth and Modernization](index=4&type=section&id=Fleet%20Growth%20and%20Modernization) TEN is actively growing and modernizing its fleet, with **21** vessels contracted or acquired in 2024 - The company is undergoing dynamic fleet growth and renewal, with **21 vessels** contracted or acquired in 2024[1](index=1&type=chunk)[21](index=21&type=chunk) - The current diversified energy fleet comprises **74 vessels**, including crude, product, and LNG carriers, totaling **8.9 million dwt**[26](index=26&type=chunk) Newbuilding Program Details | | Type | Expected Delivery | | :--- | :--- | :--- | | 3 | DP2 Shuttle Tanker | Q2 2025 - Q3 2026 | | 2 | Suezmax – Scrubber Fitted | Q2 2025 - Q4 2025 | | 2 | MR – Scrubber Fitted | Q1 2026 | | 5 | Panamax LR1 – Scrubber Fitted | Q2 2027 - Q3 2028 | [Appendix: Financial Statements and Data](index=6&type=section&id=Appendix%3A%20Financial%20Statements%20and%20Data) [Selected Consolidated Financial and Other Data](index=6&type=section&id=Selected%20Consolidated%20Financial%20and%20Other%20Data) This section provides unaudited consolidated financial data for the three and nine months ended September 30, 2024 Consolidated Statement of Operations (Nine Months Ended Sep 30) | Statement of Operations (Nine Months Ended Sep 30) | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Voyage revenues | $615,801 | $669,325 | | Operating income | $236,145 | $334,720 | | Net income attributable to Tsakos Energy Navigation | $156,959 | $268,420 | | Earnings per share, basic | $4.62 | $8.19 | Consolidated Balance Sheet Data (in thousands) | Balance Sheet Data (in thousands) | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash | $385,901 | $376,694 | | Vessels, net | $2,948,547 | $2,600,021 | | Total assets | $3,713,403 | $3,364,090 | | Debt and other financial liabilities, net | $1,778,816 | $1,562,657 | | Stockholders' equity | $1,748,369 | $1,652,647 | Fleet Operational Data (Nine Months Ended Sep 30) | Fleet Data (Nine Months Ended Sep 30) | 2024 | 2023 | | :--- | :--- | :--- | | Average number of vessels | 61.8 | 59.4 | | Utilization | 92.2% | 95.6% | [Non-GAAP Measures Reconciliation](index=7&type=section&id=Non-GAAP%20Measures%20Reconciliation) This section reconciles Net Income to Adjusted EBITDA, showing **$314.1 million** for the nine months ended September 30, 2024 Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Reconciliation to Adjusted EBITDA (in thousands) | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | | Net income attributable to TEN | $156,959 | $268,420 | | Depreciation and amortization | $118,356 | $106,701 | | Interest Expense | $87,407 | $72,893 | | Gain on sale of vessels | ($48,662) | ($81,198) | | **Adjusted EBITDA** | **$314,060** | **$366,816** |

[Management's Discussion and Analysis](index=2&type=section&id=Management%27s%20Discussion%20and%20Analysis) [Results of Operations](index=2&type=section&id=Results%20of%20operations) Softer tanker market rates in H1 2024 led to decreased voyage revenues and net income, though Q2 net income rose from vessel sales [Voyage Revenues](index=2&type=section&id=Voyage%20revenues) Voyage revenues decreased in Q2 and H1 2024 due to softer tanker market rates and lower fleet utilization, impacting average daily TCE rates Voyage Revenue Breakdown ($ million) | Revenue Source | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Time charter-fixed rate | $86.8 | $68.0 | $163.2 | $130.8 | | Time charter-variable rate | $53.4 | $63.0 | $104.1 | $120.9 | | Voyage charter-spot market | $66.9 | $77.7 | $129.2 | $196.4 | | **Total Voyage Revenue** | **$214.1** | **$221.5** | **$415.6** | **$482.7** | - The decrease in voyage revenue was attributed to softer market rates in the tanker industry compared to 2023, despite the market remaining on solid ground due to high oil demand and geopolitical tensions[4](index=4&type=chunk) - Fleet utilization decreased to **92.4%** in Q2 2024 from **94.2%** in Q2 2023, mainly due to vessel repositioning and the scheduled dry-docking of three vessels[5](index=5&type=chunk) Average Daily TCE Rate Comparison ($) | Period | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | **Q2 (Three Months)** | $34,235 | $38,353 | -10.7% | | **H1 (Six Months)** | $33,830 | $40,182 | -15.8% | [Voyage Expenses](index=4&type=section&id=Voyage%20expenses) Voyage expenses rose in Q2 2024 due to higher bunker and port costs, including EU ETS charges, but decreased in H1 2024 due to lower commissions Voyage Expenses Breakdown ($ million) | Expense Category | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Bunker expenses | $24.1 | $23.9 | $50.9 | $49.9 | | Port and other expenses | $9.9 | $6.9 | $17.6 | $16.4 | | Commissions | $7.4 | $8.1 | $14.9 | $18.5 | | **Total** | **$41.4** | **$38.9** | **$83.4** | **$84.8** | - The increase in Q2 port expenses was significantly impacted by the new EU ETS regulation, contributing **$2.6 million** to the total[14](index=14&type=chunk) - For the first half of 2024, the impact of EUAs on port and other expenses amounted to **$5.2 million**[15](index=15&type=chunk) [Vessel Operating Expenses](index=5&type=section&id=Vessel%20operating%20expenses) Vessel operating expenses increased in Q2 and H1 2024 due to higher repairs and crew costs from fleet expansion and dry-dockings, despite improved daily efficiency Vessel Operating Expenses Breakdown ($ million) | Expense Category | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Crew expenses | $26.7 | $25.9 | $53.5 | $51.6 | | Repairs and maintenance | $8.6 | $6.6 | $16.0 | $14.2 | | Insurances | $6.3 | $5.5 | $11.7 | $10.8 | | **Total** | **$49.6** | **$46.7** | **$98.3** | **$94.9** | - The increase in repairs and maintenance was attributed to the scheduled dry-docking of several vessels and routine repairs during Q2 and H1 2024[18](index=18&type=chunk) - Average daily operating expenses per vessel decreased by **1.5%** to **$9,347** in Q2 2024, mainly due to a rise in earnings capacity days from fleet expansion[20](index=20&type=chunk) [Depreciation and Amortization](index=6&type=section&id=Depreciation%20and%20amortization) Depreciation and amortization expenses increased in Q2 and H1 2024, primarily due to higher depreciation charges from newbuild and second-hand vessel additions Depreciation and Amortization Expense ($ million) | Period | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | **Q2 (Three Months)** | $39.5 | $35.2 | +12.2% | | **H1 (Six Months)** | $77.0 | $70.4 | +9.4% | - The increase in depreciation was due to the delivery of newbuild aframax tankers (Chios DF, Ithaki DF) and the acquisition of several second-hand vessels in the first half of 2024[22](index=22&type=chunk) [Gain on Sale of Vessels](index=6&type=section&id=Gain%20on%20sale%20of%20vessels) The company realized a **$48.7 million** net gain from five vessel sales in H1 2024, lower than the **$81.2 million** gain from eight sales in H1 2023 - In H1 2024, the company sold the suezmax tankers Eurochampion 2004 and Euronike, the aframax tankers Izumo Princess and Nippon Princess, and the LNG carrier Neo Energy for net proceeds of **$228.4 million**, resulting in a net gain of **$48.7 million**[25](index=25&type=chunk) - In H1 2023, the company sold eight handymax and handysize tankers for net proceeds of **$165.9 million**, realizing a gain of **$81.2 million**[25](index=25&type=chunk) [Impairment](index=6&type=section&id=Impairment) No impairment charge was required for vessels or right-of-use assets as of June 30, 2024, as vessel values increased and cash flow tests were positive - The company reviews all vessels for impairment at each quarter-end. As of June 30, 2024, vessel values had increased compared to the prior year[26](index=26&type=chunk) - Cash flow tests indicated no impairment charge was required for any vessel intended to be held and used at June 30, 2024 and 2023[26](index=26&type=chunk) [General and Administrative Expenses](index=6&type=section&id=General%20and%20administrative%20expenses) General and administrative expenses significantly decreased in Q2 and H1 2024, primarily due to the absence of a management incentive award granted in 2023 G&A Expenses Comparison ($ million) | Period | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | **Q2 (Three Months)** | $7.9 | $12.3 | -35.8% | | **H1 (Six Months)** | $15.2 | $19.5 | -21.9% | - No incentive award was granted in H1 2024, compared to a **$5.0 million** award granted to the management company in H1 2023[30](index=30&type=chunk) - Daily overhead per vessel decreased to **$1,392** in Q2 2024 from **$2,337** in Q2 2023, and to **$1,358** for H1 2024 from **$1,793** in H1 2023[31](index=31&type=chunk) [Operating Income](index=7&type=section&id=Operating%20income) Operating income increased in Q2 2024 due to vessel sales gains but decreased in H1 2024, reflecting a weaker tanker market and lower gains Operating Income Comparison ($ million) | Period | 2024 | 2023 | | :--- | :--- | :--- | | **Q2 (Three Months)** | $103.0 | $82.6 | | **H1 (Six Months)** | $179.2 | $281.7 | - The increase in Q2 operating income was mainly attributed to gains on the sale of four vessels[32](index=32&type=chunk) - The decrease in H1 operating income was mainly attributed to the weakening market and a **$32.5 million** reduction in gains on sale of vessels compared to H1 2023[32](index=32&type=chunk) [Interest and Finance Costs](index=7&type=section&id=Interest%20and%20finance%20costs) Net interest and finance costs increased in Q2 and H1 2024 due to higher average interest rates on outstanding debt and new hedging agreements Net Interest and Finance Costs ($ million) | Period | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | **Q2 (Three Months)** | $30.1 | $24.3 | +23.5% | | **H1 (Six Months)** | $55.2 | $48.9 | +13.0% | - The average interest rate paid on outstanding debt increased to **7.09%** for Q2 2024 from **6.62%** in Q2 2023, and to **7.2%** for H1 2024 from **6.5%** in H1 2023[34](index=34&type=chunk)[35](index=35&type=chunk) - In H1 2024, the company entered into eight bunker agreements and three CO2 emission agreements to hedge its exposure to price fluctuations[39](index=39&type=chunk) [Interest Income](index=8&type=section&id=Interest%20income) Interest income increased in Q2 and H1 2024, driven by higher cash reserves and prevailing interest rates Interest Income Comparison ($ million) | Period | 2024 | 2023 | | :--- | :--- | :--- | | **Q2 (Three Months)** | $4.7 | $4.1 | | **H1 (Six Months)** | $7.9 | $6.9 | [Non-controlling Interest](index=8&type=section&id=Non-controlling%20interest) Net income attributable to non-controlling interests was **$1.2 million** in Q2 2024 and **$1.6 million** in H1 2024, reflecting a 49% stake in Mare Success S.A - The non-controlling interest relates to a **49%** stake in Mare Success S.A., which owns four vessels[43](index=43&type=chunk) Net Income Attributable to Non-controlling Interest ($ million) | Period | 2024 | 2023 | | :--- | :--- | :--- | | **Q2 (Three Months)** | $1.2 | $1.1* | | **H1 (Six Months)** | $1.6 | $2.4** | [Net Income Attributable to Tsakos Energy Navigation Limited](index=8&type=section&id=Net%20income%20attributable%20to%20Tsakos%20Energy%20Navigation%20Limited) Net income attributable to the company increased in Q2 2024 but significantly decreased in H1 2024 due to weaker market conditions Net Income and EPS Attributable to Common Stockholders | Period | Net Income ($M) 2024 | EPS 2024 | Net Income ($M) 2023 | EPS 2023 | | :--- | :--- | :--- | :--- | :--- | | **Q2 (Three Months)** | $69.6 | $2.36 | $48.7 | $1.65 | | **H1 (Six Months)** | $116.9 | $3.96 | $216.6 | $7.34 | [Liquidity and Capital Resources](index=9&type=section&id=Liquidity%20and%20capital%20resources) The company maintained strong liquidity with **$377.3 million** cash, but H1 2024 operating cash flow decreased, while debt increased to **$1.79 billion** for fleet expansion - Non-restricted cash balances were **$377.3 million** as of June 30, 2024, compared to **$372.0 million** as of December 31, 2023[48](index=48&type=chunk) - Net cash provided by operating activities decreased to **$160.2 million** in H1 2024 from **$258.5 million** in H1 2023, primarily due to lower TCE rates[51](index=51&type=chunk) - Net cash used in investing activities was **$356.5 million** in H1 2024, mainly for vessel acquisitions (**$442.4 million**), partially offset by proceeds from vessel sales (**$228.4 million**)[53](index=53&type=chunk) - Net cash provided by financing activities was **$201.5 million** in H1 2024, including **$331.9 million** in new loan drawdowns and **$13.5 million** in dividend payments[57](index=57&type=chunk) - Total debt outstanding increased to **$1.79 billion** at June 30, 2024, from **$1.57 billion** at December 31, 2023. The debt-to-capital ratio was **50.6%**[58](index=58&type=chunk) [Inflation](index=10&type=section&id=Inflation) Inflationary pressures moderately impacted operating costs and management fees in H1 2024, significantly increasing floating-rate financing costs due to higher interest rates - Global inflationary pressures have resulted in higher prevailing interest rates, significantly increasing interest payable under floating rate financing agreements[62](index=62&type=chunk) - Inflation has had a moderate impact on operating expenses, dry-docking expenses, corporate overhead, and management fees, which increased in the first half of 2024[62](index=62&type=chunk) [Consolidated Financial Statements](index=12&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=12&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$3.77 billion** due to vessel acquisitions, while total liabilities rose to **$2.02 billion** from increased long-term debt Consolidated Balance Sheet Highlights (in thousands of U.S. Dollars) | Account | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $577,236 | $509,336 | | **Vessels' Net Book Value** | $2,930,160 | $2,600,021 | | **Total Assets** | **$3,769,051** | **$3,364,090** | | **Total Current Liabilities** | $436,350 | $323,202 | | **Long-Term Debt, net** | $1,531,911 | $1,370,683 | | **Total Liabilities** | $2,017,591 | $1,711,443 | | **Total Stockholders' Equity** | $1,751,460 | $1,652,647 | [Consolidated Statements of Comprehensive Income](index=14&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Net income increased in Q2 2024 due to vessel sales gains but significantly decreased in H1 2024, reflecting lower voyage revenues and reduced gains Consolidated Income Statement Highlights (in thousands of U.S. Dollars) | Account | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | **Voyage Revenues** | $214,055 | $221,454 | $415,644 | $482,667 | | **Operating Income** | $102,950 | $82,562 | $179,197 | $281,715 | | **Gain on sale of vessels** | $32,495 | $0 | $48,662 | $81,198 | | **Net Income** | $77,588 | $62,112 | $132,009 | $239,575 | | **Net Income Attributable to Common Stockholders** | $69,636 | $48,712 | $116,922 | $216,594 | | **Earnings Per Share (basic and diluted)** | $2.36 | $1.65 | $3.96 | $7.34 | [Consolidated Statements of Cash Flows](index=20&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) H1 2024 saw decreased operating cash flow, substantial cash used in investing for vessel acquisitions, and cash provided by financing from new debt Consolidated Cash Flow Summary - H1 (in thousands of U.S. Dollars) | Cash Flow Category | 2024 | 2023 | | :--- | :--- | :--- | | **Net Cash provided by Operating Activities** | $160,222 | $258,502 | | **Net Cash (used in) provided by Investing Activities** | ($356,512) | $37,025 | | **Net Cash provided by (used in) Financing Activities** | $201,517 | ($70,872) | | **Net increase in cash** | $5,227 | $224,655 | | **Cash and cash equivalents at end of period** | $381,921 | $534,094 | [Notes to Interim Condensed Consolidated Financial Statements](index=21&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [Note 2: Transactions with Related Parties](index=22&type=section&id=Note%202%3A%20Transactions%20with%20Related%20Parties) The company engages in significant related-party transactions for management and technical services, with H1 2024 management fees at **$10.1 million** and no incentive award - The company has a Management Agreement with Tsakos Energy Management Limited for overall executive and commercial management, with fees charged per vessel[77](index=77&type=chunk) - Management fees charged by the Management Company totaled **$10.1 million** for H1 2024, compared to **$10.0 million** in H1 2023[78](index=78&type=chunk) - No incentive award was granted in H1 2024, whereas a **$5.0 million** award was granted in H1 2023[79](index=79&type=chunk) [Note 5: Vessels](index=25&type=section&id=Note%205%3A%20Vessels) In H1 2024, the company expanded its fleet with newbuilds and acquisitions totaling **$506.6 million**, while selling five vessels for a **$48.7 million** gain, with no impairment required - In H1 2024, the company took delivery of newbuild aframax tankers Chios DF and Ithaki DF for **$156.6 million** and acquired five second-hand vessels for **$350.0 million**[106](index=106&type=chunk) - The company sold five vessels in H1 2024, realizing a total net gain of **$48.7 million**[108](index=108&type=chunk) - The impairment review as of June 30, 2024, did not indicate an impairment charge for any vessel[109](index=109&type=chunk) [Note 7: Long-term Debt and Other Financial Liabilities](index=26&type=section&id=Note%207%3A%20Long-term%20debt%20and%20other%20financial%20liabilities) Total outstanding loans reached **$1.64 billion** as of June 30, 2024, with new loans of **$348.5 million** secured in H1 2024 at a **7.17%** weighted-average interest rate Long-Term Debt (in thousands of U.S. Dollars) | Description | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Loans | $1,636,430 | $1,411,779 | | **Total long-term debt, net** | **$1,386,482** | **$1,220,749** | - In March 2024, the company signed a new five-year loan for **$245.0 million** to finance five vessel acquisitions and a new seven-year loan for **$103.5 million** for a newbuild DP2 shuttle tanker[112](index=112&type=chunk)[113](index=113&type=chunk) - The company was compliant with all financial covenants in its thirty-two loan agreements as of June 30, 2024[120](index=120&type=chunk) [Note 9: Stockholders' Equity](index=29&type=section&id=Note%209%3A%20Stockholders%27%20Equity) In H1 2024, the company distributed **$8.0 million** in Series F and **$5.5 million** in Series E preferred dividends, and declared a **$0.60** per common share dividend - Paid dividends of **$8.0 million** on Series F Preferred Shares and **$5.5 million** on Series E Preferred Shares in H1 2024[134](index=134&type=chunk)[135](index=135&type=chunk) - Declared a semi-annual dividend of **$0.60** per common share (**$17.7 million** total) on March 27, 2024, which was paid on July 18, 2024[135](index=135&type=chunk) [Note 12: Commitments and Contingencies](index=30&type=section&id=Note%2012%3A%20Commitments%20and%20Contingencies) As of June 30, 2024, the company had **$722.1 million** in capital commitments for ten new vessels and **$1.36 billion** in future time charter revenues, with an SEC investigation terminated - The company has ten vessels under construction with remaining contractual payments of **$722.1 million** as of June 30, 2024[139](index=139&type=chunk)[140](index=140&type=chunk) - Future minimum revenues expected from non-cancelable time charters total **$1.358 billion**[143](index=143&type=chunk) - In June 2024, the SEC informed the company that it had terminated its investigation regarding potential non-compliance with the FCPA[142](index=142&type=chunk) [Note 15: Subsequent Events](index=33&type=section&id=Note%2015%3A%20Subsequent%20Events) Subsequent events include granting **625,000** restricted shares, signing contracts for two new LR1 tankers, and declaring a **$0.90** per common share dividend - On July 24, 2024, **625,000** restricted common shares were granted to directors, officers, and employees[156](index=156&type=chunk) - On August 27, 2024, the company signed shipbuilding contracts for two new LR1 tankers[156](index=156&type=chunk) - On September 11, 2024, the company declared its second semi-annual dividend of **$0.90** per common share[156](index=156&type=chunk)

Tsakos Energy Navigation (NYSE: TEN ) currently operates a fleet of 62 vessels with an additional 12 vessels under construction. I was originally attracted to the company due to its exposure to Suezmax and Aframax vessels, and I have He is the leader of the investment group European Small Cap Ideas which offers exclusive access to actionable research on appealing Europe-focused investment opportunities not found elsewhere. The a focus is on highquality ideas in the small-cap space, with emphasis on capital ...

Global Oil Demand Strong Favorable Business Outlook (Investor Presentation) Source: Investor Presentation As these two gigantic countries have decades of urbanization ahead, they are likely to greatly increase their consumption of oil per capita and thus remain the main growth drivers of oil consumption. In addition, the crises in Ukraine and the Middle East/Red Sea have caused disruptions in global oil routes and hence the demand for voyages of oil and refined products is likely to remain above-average for ...

Please note that no action is required by existing shareholders regarding these ticker symbol changes. The Company's common shares, Series E Preferred Shares, and Series F Preferred Shares will continue to be listed on the NYSE, and the applicable CUSIPs will remain unchanged. ABOUT FORWARD-LOOKING STATEMENTS Investor Relations / Media Capital Link, Inc. Nicolas Bornozis Markella Kara +212 661 7566 ten@capitallink.com ATHENS, Greece, July 01, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd. (the "Company"), a leading div ...

ABOUT TSAKOS ENERGY NAVIGATION ABOUT FORWARD-LOOKING STATEMENTS For further information, please contact: Investor Relations / Media Capital Link, Inc. Nicolas Bornozis Markella Kara +212 661 7566 ten@capitallink.com ATHENS, Greece, June 21, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd. ("TEN") (NYSE: TNP) (the "Company"), a leading crude, product, and LNG tanker operator, announced today that the Company's General Annual Meeting of Shareholders was duly held in Athens on June 14, 2024 pursuant to a Notice of Annual Me ...

Tsakos Energy Navigation Limited (NYSE:TNP) Q1 2024 Earnings Call Transcript June 20, 2024 10:00 AM ET Company Participants Nicolas Bornozis - IR Advisor Takis Arapoglou - Chairman Nikolas Tsakos - Founder and CEO George Saroglou - Chief Operating Officer Paul Durham - Chief Financial Officer Conference Call Participants Climent Molins - Value Investor's Edge Operator Thank you for standing by, ladies and gentlemen, and welcome to Tsakos Energy Navigation Conference Call on the First Quarter 2024 Financial ...

Dividend doubles from amount paid at same time last year Tanker market fundamentals remain solid Green initiative on target - Six Dual-Fuel LNG vessels fully operational ATHENS, Greece, June 20, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd (TEN) (NYSE: TNP) (the "Company") today reported results (unaudited) for the quarter ended March 31, 2024. The first quarter of 2024 has been the springboard for TEN's green drive with a series of vessel renewals and future growth initiatives. During this time, the fleet averaged al ...

ATHENS, Greece, June 14, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd. (the "Company"), a leading diversified crude, product and LNG tanker operator, is pleased to announce an upcoming change in its ticker symbol. Effective Monday, July 1, 2024, the Company's common shares will transition from "TNP" to "TEN" on the New York Stock Exchange ("NYSE"). The Company will continue to be listed on the NYSE under the name "Tsakos Energy Navigation Limited." In conjunction with this change, the ticker symbols for the Company's ...