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

Fleet & Strategy - TEN Ltd has a diversified fleet with secured revenues and potential for market upside and "Greenship" growth[6] - As of September 8, 2025, 39% of vessels in the water have market exposure (Spot + TC P/S), while 87% are in secured revenue contracts (TC + TC P/S)[13] - Since January 1, 2023, the company has contracted/acquired 33 vessels with a total DWT of 47 million, and divested 17 vessels with a total DWT of 14 million[24] - The company's employment policy focuses on long-term relationships with known industrial concerns, providing cash flow sustainability and visibility[30] Financial Performance - For the six months ended June 30, 2025, voyage revenues were $39036 million, compared to $415644 million for the same period in 2024[45] - Net income attributable to common stockholders for the six months ended June 30, 2025, was $50531 million, compared to $116922 million for the same period in 2024[45] - Adjusted EBITDA for the six months ended June 30, 2025, was $193191 million, compared to $213978 million for the same period in 2024[48] - The company paid a total dividend of $150 per common share in 2024 ($060 in July and $090 in December), compared to $100 for 2023 operations[30] Market Outlook - World oil demand reached a record 1032 million barrels per day in 2024, with growth expected to be around 068 million barrels per day in 2025 and 070 million barrels per day in 2026[31] - The total newbuild orderbook is 147% of the current fleet over 15 years old[39] - As of August 2025, 29 vessels have been scrapped, totaling 23 million dwt[44]