Tsakos Energy Navigation Limited(US:TEN)2025-09-10 14:00Fleet & 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]