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Tsakos Energy Navigation (TNP) investor relations material
Tsakos Energy Navigation Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary10 Sep, 2025
Executive summary
Achieved net income of $64.5 million for H1 2025 and $26.8 million for Q2 2025, with adjusted EBITDA of $193.2 million for H1 and $93.9 million for Q2, maintaining high fleet utilization at 96.9%.
Continued active fleet renewal, selling 17 older vessels and acquiring/contracting 33 modern, energy-efficient ships since 2023, reducing average fleet age to 10.2 years.
Secured $3.7 billion in minimum contracted revenue, equating to over $120 per share, and maintained a diversified fleet with a leading position in shuttle tankers and dual-fuel LNG-powered Aframax tankers.
Paid $0.60 per share dividend in July 2025, with another payment planned for November, and over $900 million distributed since 2002.
Ordered three new VLCCs with scrubbers and an option for a fourth, focusing on fleet modernization and environmental compliance.
Financial highlights
H1 2025 gross revenues were $390.4 million, down from $415.6 million in the prior year, with Q2 2025 revenues at $193.3 million.
Operating income for H1 2025 was $111 million; Q2 2025 was $50 million.
Net income margin for H1 2025 was 16.5%, and adjusted EBITDA margin was 49.5%.
Cash balance at June 30, 2025 was $287.2 million.
Voyage and charter hire expenses declined significantly due to reduced spot market exposure.
Outlook and guidance
Management expects continued strong market fundamentals for at least the next 18 months, driven by robust global oil demand, low newbuilding orderbook, and a large aging global fleet.
Ongoing fleet expansion with a focus on specialized vessels and long-term contracts.
Plans to announce the next dividend in November, with expectations for a healthy payout.
Exploring strategic options to enhance shareholder value, including potential specialized vessel spin-offs, but no imminent restructuring.
VLCC newbuild rationale vs. secondhand buys
Update on specialized vessel spin-off plans
Geopolitical impact on tanker market strategy
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Next Tsakos Energy Navigation earnings date
Q3 202525 Nov, 2025
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Frequently asked questions
Tsakos Energy Navigation Limited (TEN) is a provider of seaborne transportation services for crude oil, petroleum products, and liquefied natural gas (LNG) worldwide. The company's fleet includes modern crude, oil, and product tankers, LNG carriers, and shuttle tankers, making it one of the largest ice-class tanker operators globally. Tsakos Energy Navigation offers its services under long, medium, and short-term charters to national, major, and independent oil companies, as well as refiners. The company is headquartered in Athens, Greece, and its shares are listed on the New York Stock Exchange.
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