Tsakos Energy Navigation Ltd
F:TK41

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Tsakos Energy Navigation Ltd
F:TK41
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Price: 45.92 EUR 2.87% Market Closed
Market Cap: €1.4B

Tsakos Energy Navigation Ltd
Investor Relations

Tsakos Energy Navigation Ltd. engages in the provision of seaborne crude oil and petroleum product transportation services. The company is headquartered in Athens, Attiki. The company went IPO on 2002-03-05. The firm operates through the maritime transportation of liquid energy-related products segment. The firm's fleet consists of 70 vessels, constituting a mix of crude tankers, product tankers, and liquefied natural gas (LNG) carriers, totaling more than 7 million dwt. The company includes VLCC, Aframax, Panamax, handysize, handymax tankers, LNG carrier, and DP2 shuttle tankers, which allows the Company to serve its customers' international petroleum product and crude oil transportation needs.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Sep 10, 2026
AI Summary
Q2 2026

Record results: First-half revenue reached $551 million, net income was $228 million and EPS was $7.12, all sharply above the prior-year period.

Strong outlook: Management expects the second half of 2026 to be stronger, with full-year revenue expected to exceed $1 billion and profit-sharing income expected to increase significantly.

Market support: Tanker rates are being boosted by Middle East disruptions, the closure of the Strait of Hormuz, sanctions and trade inefficiencies, although management emphasized the serious safety risks to crews.

Charter demand: Major oil companies are showing unusually strong demand for younger vessels, allowing TEN to secure longer employment at high rates while retaining spot and profit-sharing exposure.

Shareholder returns: TEN paid $1.60 per share in dividends during 2026 and expects to announce a higher regular semiannual dividend after its November strategy meeting.

Fleet value: The company has delivered 7 of 26 newbuildings, with the program valued at least 30% above its original cost, while 19 vessels remain to be delivered.

Balance sheet: Fleet fair value was approximately $4.9 billion against $2 billion of debt, with net debt to capital of around 44.5%.

Capital allocation: Management is considering redeeming its $120 million, 9.25% perpetual preferred stock and may eventually explore an internal investment structure for a portion of the long-term-chartered fleet, but neither is an immediate priority.

Key Financials
First-half gross revenue
$551 million
Second-quarter gross revenue
$298 million
First-half net income
$228 million
Second-quarter net income
$139.3 million
First-half earnings per share
$7.12
Second-quarter earnings per share
$4.40
First-half adjusted EBITDA
$324 million
Second-quarter adjusted EBITDA
$170.4 million
Fleet utilization
96.5%
First-half time charter equivalent rate
$43,503 per day
First-half profit-sharing revenue
$71 million
Second-quarter profit-sharing revenue
$30.5 million
Cash
$466 million
Fleet fair market value
approximately $4.9 billion
Debt
$2 billion
Net debt to capital
around 44.5%
Dividends paid in 2026
$1.60 per share
Newbuilding program
26 vessels; approximately $3.1 billion cost
Asset sale proceeds
$100 million
Perpetual preferred stock
$120 million at 9.25%
Forward committed earnings
approximately $3.5 billion
Other Earnings Calls

Management

Mr. Nikolas P. Tsakos Ph.D.
Founder, CEO & Executive Director
No Bio Available
Mr. Michael Gordon Jolliffe
Co-Founder & Vice Chairman
No Bio Available
Mr. George V. Saroglou
COO, President & Executive Director
No Bio Available
Mr. Paul Durham
Co-CFO & Chief Accounting Officer
No Bio Available
Harrys Kosmatos
Corporate Development Officer & Co-CFO
No Bio Available
Mr. Vasileios Papageorgiou
Chief Marine Officer
No Bio Available

Contacts

Address
ATTIKI
Athens
367 Syngrou Ave., Ktirio Macedonia, P. Faliro
Contacts
+302109407710
www.tenn.gr