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Tsakos Energy Navigation (TNP) investor relations material
Tsakos Energy Navigation Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Achieved net income of $103 million ($2.75 per share) for the nine months and $38.3 million ($1.05 per share) in Q3 2025, with strong cash position of $264.3 million at September end.
Announced a total dividend of $1.60 per share for 2025, including a $1.00 per share dividend for late 2025/early 2026 and $0.60 paid in July.
Secured $4 billion in future contracted revenue, providing stability and predictability.
Maintained high fleet utilization above 94%, with 61 vessels at period end and average fleet age of 10.1 years.
Continued dynamic fleet renewal and expansion, including 20 newbuildings and 33 vessel acquisitions since January 2023.
Financial highlights
Nine-month 2025 gross revenues reached $577 million, with Q3 revenues of $186.2 million.
Operating income was $171 million for the nine months and $60.5 million in Q3, both including capital gains from vessel sales.
Adjusted EBITDA was about $290 million for the nine months and $95.6 million in Q3.
Net cash provided by operating activities was $201.4 million for the nine months.
TCE per ship per day was $30,601 for Q3 and $30,703 for the nine months.
Outlook and guidance
Management expects continued strong market conditions, with spot rates over 50% higher than in September and robust global oil demand growth.
Aggressive newbuilding program of 20 vessels, including shuttle tankers and VLCCs, with deliveries from Q1 2026 to Q4 2028.
Focus on securing long-term contracts with oil majors to ensure cash flow and upside potential.
Reconcile newbuilding program count and types
What supports the increased common share dividend?
Address rising OpEx per day vs. declining TCE
Future asset sales and expected cash generation
MR newbuild employment strategy and duration
Spot rate impact on EPS with current fleet mix?
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Next Tsakos Energy Navigation earnings date
Q4 202523 Mar, 2026
Next Tsakos Energy Navigation earnings date
Q4 202523 Mar, 2026
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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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