Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2016shares | |
Document And Entity Information [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | TSAKOS ENERGY NAVIGATION LTD |
Entity Central Index Key | 1,166,663 |
Trading Symbol | TNP |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Well Known Seasoned Issuer | No |
Entity Common Stock Shares Outstanding | 84,154,576 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 253,927 | $ 289,676 |
Restricted cash | 8,552 | 15,330 |
Accounts receivable, net | 36,307 | 45,461 |
Due from related companies (Note 2) | 7,725 | 4,169 |
Advances and other | 15,500 | 14,132 |
Vessels held for sale (Note 3) | 68,403 | 67,255 |
Inventories | 15,204 | 14,410 |
Prepaid insurance and other | 2,464 | 1,765 |
Current portion of financial instruments-Fair value (Note 11) | 649 | 28 |
Total current assets | 408,731 | 452,226 |
INVESTMENTS | 1,000 | 1,000 |
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11) | 515 | 126 |
FIXED ASSETS (Note 3) | ||
Advances for vessels under construction | 406,227 | 371,238 |
Vessels | 2,969,375 | 2,748,330 |
Accumulated depreciation | (745,079) | (695,044) |
Vessels' Net Book Value | 2,224,296 | 2,053,286 |
Total fixed assets | 2,630,523 | 2,424,524 |
DEFERRED CHARGES, net (Note 4) | 16,984 | 15,290 |
Total assets | 3,057,753 | 2,893,166 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt (Note 5) | 309,829 | 318,224 |
Payables | 39,626 | 33,264 |
Due to related companies (Note 2) | 3,644 | 1,740 |
Dividends payable | 6,704 | 0 |
Accrued liabilities | 29,526 | 29,363 |
Unearned revenue | 6,794 | 12,277 |
Current portion of financial instruments - Fair value (Note 11) | 4,109 | 5,706 |
Total current liabilities | 400,232 | 400,574 |
LONG-TERM DEBT, net of current portion (Note 5) | 1,237,144 | 1,074,339 |
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11) | 6,421 | 3,181 |
STOCKHOLDERS' EQUITY (Note 7): | ||
Preferred shares, $ 1.00 par value; 15,000,000 shares authorized and 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares issued and 3,400,000 Series D Preferred Shares issued and outstanding at June 30, 2016 and December 31, 2015 | 7,400 | 7,400 |
Common shares, $ 1.00 par value; 185,000,000 shares authorized at June 30, 2016 and December 31, 2015; 87,338,652 shares issued and 84,154,576 shares outstanding at June 30, 2016 and 87,338,652 shares issued and outstanding at December 31, 2015 | 87,339 | 87,339 |
Additional paid-in capital | 752,001 | 752,001 |
Cost of treasury stock | (18,057) | 0 |
Accumulated other comprehensive loss | (13,975) | (10,727) |
Retained earnings | 587,767 | 567,464 |
Total Tsakos Energy Navigation Limited stockholders' equity | 1,402,475 | 1,403,477 |
Non-controlling Interest | 11,481 | 11,595 |
Total stockholders' equity | 1,413,956 | 1,415,072 |
Total liabilities and stockholders' equity | $ 3,057,753 | $ 2,893,166 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Preferred Shares - par value | $ 1 | $ 1 |
Preferred Shares - shares authorized | 15,000,000 | 15,000,000 |
Common Stock - par value | $ 1 | $ 1 |
Common Stock - shares authorized | 185,000,000 | 185,000,000 |
Common Stock - shares issued | 87,338,652 | 87,338,652 |
Common Stock - shares outstanding | 84,154,576 | 87,338,652 |
8% Series B Preferred Shares | ||
Preferred Shares - shares issued | 2,000,000 | 2,000,000 |
Preferred Shares - shares outstanding | 2,000,000 | 2,000,000 |
8.875% Series C Preferred Shares | ||
Preferred Shares - shares issued | 2,000,000 | 2,000,000 |
Preferred Shares - shares outstanding | 2,000,000 | 2,000,000 |
8.75% Series D Preferred Shares | ||
Preferred Shares - shares issued | 3,400,000 | 3,400,000 |
Preferred Shares - shares outstanding | 3,400,000 | 3,400,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
VOYAGE REVENUES: | $ 119,851 | $ 154,020 | $ 241,942 | $ 302,887 |
EXPENSES: | ||||
Voyage expenses | 25,020 | 35,248 | 47,473 | 69,798 |
Vessel operating expenses | 36,198 | 37,144 | 71,096 | 73,124 |
Depreciation and amortization | 26,875 | 27,155 | 53,043 | 53,243 |
General and administrative expenses | 7,456 | 5,302 | 12,889 | 11,856 |
Total expenses | 95,549 | 104,849 | 184,501 | 208,021 |
Operating income | 24,302 | 49,171 | 57,441 | 94,866 |
OTHER INCOME (EXPENSES): | ||||
Interest and finance costs, net (Note 6) | (8,012) | (7,940) | (15,959) | (16,427) |
Interest income | 149 | 65 | 261 | 118 |
Other, net | (29) | 0 | (18) | (3) |
Total other expenses, net | (7,892) | (7,875) | (15,716) | (16,312) |
Net income | 16,410 | 41,296 | 41,725 | 78,554 |
Less: Net loss/(income) attributable to the non-controlling interest | 4 | (10) | 114 | 12 |
Net income attributable to Tsakos Energy Navigation Limited | 16,414 | 41,286 | 41,839 | 78,566 |
Effect of preferred dividends | (3,969) | (3,390) | (7,938) | (5,500) |
Net income attributable to common stockholders of Tsakos Energy Navigation Limited | $ 12,445 | $ 37,896 | $ 33,901 | $ 73,066 |
Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common shareholders (Note 9) | $ 0.15 | $ 0.45 | $ 0.39 | $ 0.86 |
Weighted average number of shares, basic and diluted (Note 9) | 85,510,215 | 84,712,295 | 86,071,582 | 84,712,295 |
STATEMENT OF CONSOLIDATED OTHER
STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME [Abstract] | ||||
Net income | $ 16,410 | $ 41,296 | $ 41,725 | $ 78,554 |
Unrealized gains/(losses) from hedging financial instruments | ||||
Unrealized (loss)/gain on interest rate swaps, net | (691) | 1,347 | (3,248) | (1,044) |
Comprehensive income | 15,719 | 42,643 | 38,477 | 77,510 |
Less: comprehensive loss/(income) attributable to the non-controlling interest | 4 | (10) | 114 | 12 |
Comprehensive income attributable to Tsakos Energy Navigation Limited | $ 15,723 | $ 42,633 | $ 38,591 | $ 77,522 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Preferred Shares | Common Shares | Additional Paid-in Capital | Treasury stock | Retained Earnings | Accumulated Other Comprehensive Loss | Tsakos Energy Navigation Limited | Non-controlling Interest | Dividends declared ($0.06 per share for the six months ended June 30, 2015 and $0.08 per share for the six months ended June 30, 2016) | Dividends declared ($0.06 per share for the six months ended June 30, 2015 and $0.08 per share for the six months ended June 30, 2016)Retained Earnings | Dividends declared ($0.06 per share for the six months ended June 30, 2015 and $0.08 per share for the six months ended June 30, 2016)Tsakos Energy Navigation Limited | Dividends paid ($0.06 per share for the six months ended June 30, 2015 and $0.08 per share for the six months ended June 30, 2016) | Dividends paid ($0.06 per share for the six months ended June 30, 2015 and $0.08 per share for the six months ended June 30, 2016)Retained Earnings | Dividends paid ($0.06 per share for the six months ended June 30, 2015 and $0.08 per share for the six months ended June 30, 2016)Tsakos Energy Navigation Limited | 8% Series B Preferred Shares | 8% Series B Preferred SharesRetained Earnings | 8% Series B Preferred SharesTsakos Energy Navigation Limited | 8.875% Series C Preferred Shares | 8.875% Series C Preferred SharesRetained Earnings | 8.875% Series C Preferred SharesTsakos Energy Navigation Limited | 8.75% Series D Preferred Shares | 8.75% Series D Preferred SharesPreferred Shares | 8.75% Series D Preferred SharesAdditional Paid-in Capital | 8.75% Series D Preferred SharesRetained Earnings | 8.75% Series D Preferred SharesTsakos Energy Navigation Limited |
BALANCE, at Dec. 31, 2014 | $ 1,177,912 | $ 4,000 | $ 84,712 | $ 650,536 | $ 0 | $ 437,565 | $ (10,290) | $ 1,166,523 | $ 11,389 | |||||||||||||||||
Treasury stock shares, number of shares at Dec. 31, 2014 | 0 | |||||||||||||||||||||||||
Net income/(loss) | 78,554 | 78,566 | 78,566 | (12) | ||||||||||||||||||||||
Issuance of shares | $ 81,798 | $ 3,400 | $ 78,398 | $ 81,798 | ||||||||||||||||||||||
Common dividends | $ (5,084) | $ (5,084) | $ (5,084) | $ (5,084) | $ (5,084) | $ (5,084) | ||||||||||||||||||||
Dividends paid on preferred shares | $ (2,000) | $ (2,000) | $ (2,000) | $ (2,219) | $ (2,219) | $ (2,219) | ||||||||||||||||||||
Other comprehensive loss | (1,044) | (1,044) | (1,044) | |||||||||||||||||||||||
Treasury stock shares, number of shares at Jun. 30, 2015 | 0 | |||||||||||||||||||||||||
BALANCE, at Jun. 30, 2015 | 1,322,833 | 7,400 | 84,712 | 728,934 | $ 0 | 501,744 | (11,334) | 1,311,456 | 11,377 | |||||||||||||||||
BALANCE, at Dec. 31, 2015 | 1,415,072 | 7,400 | 87,339 | 752,001 | $ 0 | 567,464 | (10,727) | 1,403,477 | 11,595 | |||||||||||||||||
Treasury stock shares, number of shares at Dec. 31, 2015 | 0 | |||||||||||||||||||||||||
Net income/(loss) | 41,725 | 41,839 | 41,839 | (114) | ||||||||||||||||||||||
Purchases of Treasury stock, shares | 3,271,576 | |||||||||||||||||||||||||
Purchases of Treasury stock, value | (18,567) | $ (18,567) | (18,567) | |||||||||||||||||||||||
Shares granted to non-executive directors, shares | (87,500) | |||||||||||||||||||||||||
Shares granted to non-executive directors, value | 510 | $ 510 | 510 | |||||||||||||||||||||||
Common dividends | $ (6,704) | $ (6,704) | $ (6,704) | $ (6,894) | $ (6,894) | $ (6,894) | ||||||||||||||||||||
Dividends paid on preferred shares | $ (2,000) | $ (2,000) | $ (2,000) | $ (2,219) | $ (2,219) | $ (2,219) | $ (3,719) | $ (3,719) | $ (3,719) | |||||||||||||||||
Other comprehensive loss | (3,248) | (3,248) | (3,248) | |||||||||||||||||||||||
Treasury stock shares, number of shares at Jun. 30, 2016 | 3,184,076 | |||||||||||||||||||||||||
BALANCE, at Jun. 30, 2016 | $ 1,413,956 | $ 7,400 | $ 87,339 | $ 752,001 | $ (18,057) | $ 587,767 | $ (13,975) | $ 1,402,475 | $ 11,481 |
CONSOLIDATED STATEMENTS OF STO7
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parentheticals) - $ / shares | 2 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | |
Feb. 19, 2015 | Apr. 07, 2016 | May 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Aug. 10, 2016 | Sep. 09, 2016 | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY [Abstract] | |||||||
Common dividends declared, per share | $ 0.08 | $ 0.08 | $ 0.06 | $ 0.08 | |||
Common dividends paid, per share | $ 0.06 | $ 0.08 | $ 0.08 | $ 0.06 | $ 0.08 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities: | ||
Net income | $ 41,725 | $ 78,554 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 50,112 | 49,675 |
Amortization of deferred dry-docking costs | 2,931 | 3,568 |
Amortization of loan fees | 676 | 580 |
Stock compensation expense | 510 | 0 |
Change in fair value of derivative instruments | (2,692) | (5,266) |
Payments for dry-docking | (5,683) | (2,867) |
(Increase) Decrease in: | ||
Accounts receivables | 4,230 | (26,389) |
Inventories | (794) | (3,172) |
Prepaid insurance and other | (699) | 947 |
Increase (Decrease) in: | ||
Payables | 8,266 | (2,545) |
Accrued liabilities | 163 | 8,545 |
Unearned revenue | (5,483) | (4,111) |
Net Cash provided by Operating Activities | 93,262 | 97,519 |
Cash Flows from Investing Activities: | ||
Advances for vessels under construction and acquisitions | (35,011) | (74,805) |
Vessel acquisitions and/or improvements | (221,113) | (1,845) |
Net Cash used in Investing Activities | (256,124) | (76,650) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term debt | 273,576 | 49,958 |
Financing costs | (3,957) | (827) |
Payments of long-term debt | (115,885) | (63,869) |
Decrease in restricted cash | 6,778 | 3,278 |
Proceeds from stock issuance program, net | 0 | 81,798 |
Repurchase of Common Shares | (18,567) | 0 |
Cash dividends | (14,832) | (14,387) |
Net Cash provided by Financing Activities | 127,113 | 55,951 |
Net (decrease) / increase in cash and cash equivalents | (35,749) | 76,820 |
Cash and cash equivalents at beginning of period | 289,676 | 202,107 |
Cash and cash equivalents at end of period | $ 253,927 | $ 278,927 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation [Abstract] | |
Basis of presentation | 1. Basis of Presentation The accompanying unaudited consolidated financial statements of Tsakos Energy Navigation Limited (the “Holding Company”) and subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 6-K and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The consolidated balance sheet as of December 31, 2015 , has been derived from the audited financial statements included in the Company’s annual report on Form 20-F filed with the Securities and Exchange Commission on April 5, 2016 (“Annual Report”), but does not include all of the footnotes required by US.GAAP for complete financial statements. A discussion of the Company’s significant accounting policies can be found in Note 1 of the Company’s consolidated financial statements included in the Annual Report. There have been no material changes to these policies in the six-month period ended June 30, 2016, except for as discussed below: (a) Debt issuance costs : In April 2015, Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03 -- Interest – Imputation of Interest to simplify the presentation of debt issuance costs. Previous guidance generally required entities to capitalize costs paid to third parties that are directly related to issuing debt and that otherwise wouldn't be incurred and present those amounts separately as deferred charges (i.e., assets). However, the discount or premium resulting from the difference between the net proceeds received upon debt issuance and the amount payable at maturity is presented as a direct deduction from or an addition to the face amount of the debt. The new guidance simplifies financial reporting by eliminating the different presentation requirements for debt issuance costs and debt discounts or premiums. Upon adoption, an entity must apply the new guidance retrospectively to all prior periods presented in the financial statements. On January 1, 2016, the Company adopted ASU No. 2015-03 -- Interest – Imputation of Interest effective for the financial statements for the fiscal year ending December 31, 2016 and interim periods within this fiscal year and thus presents deferred financing costs, net of accumulated amortization, as a reduction of long-term debt and capital lease obligation. In order to conform with the current period presentation, the Company has reduced Deferred charges, net by $7,531 and has decreased the amount of the related current and non-current obligations by $1,336 and $6,195, respectively on the consolidated balance sheet as of December 31, 2015 (see Notes 5 and 6). This reclassification has no impact on the Company's results of operations, cash flows and net assets for any period. (b) O n January 1, 2016, the Company adopted ASU No. 2015-02 Consolidation (Topic 810), Amendments to the Consolidation Analysis effective for the fiscal year ending December 31, 2016 and interim periods within this fiscal year. The adoption of this guidance had no impact on the Company's results of operations, cash flows and net assets for any period. (c) O n January 1, 2016, the Company adopted ASU No. 2015-16 Business Combination s (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments effective for the fiscal year ending December 31, 2016 and interim periods within this fiscal year. The adoption of this guidance had no impact on the Company's results of operations, cash flows and net assets for any period. New accounting pronouncements In January 2016, the FASB issued ASU No. 2016-01— Financial Instruments – Overall (Subtopic 825-10) which includes the requirement for all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). This update is effective for all entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is not permitted. The Company has not yet determined what impact, if any, the adoption of the new standard will have on its consolidated financial position, results of operations or cash flows. In March 2016, the FASB issued ASU No. 2016-07— Investments—Equity Method and Joint Ventures (Topic 323) to simplify the accounting for equity method investments which eliminates the requirement in Topic 323 that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. This update is effective for all entities for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company believes that the implementation of this update will not have any material impact on its consolidated financial statements and has not elected early adoption. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which clarifies the guidance in ASU 2014-09 and has the same effective date as the original standard. On August 12, 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers , which amends ASU No. 2014-09 (issued by the FASB on May 28, 2014), outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities with reporting periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The Company is currently evaluating the impact, if any, of the adoption of this new standard. In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting which is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. This standard is effective for public entities with annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. The Company believes that the implementation of this update will not have any material impact on its consolidated financial statements and has not elected early adoption. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing which is intended to clarify how an entity should evaluate the nature of its promise in granting a license of Intellectual Property (“ IP ”) , which will determine whether it recognizes revenue over time or at a point in time. This standard is effective for public entities with annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The Company believes that the implementation of this update will not have any material impact on its consolidated financial statements and has not elected early adoption. In June 2016, the FASB issued ASU 2016-13– Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For public entities, the amendments of this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted. Management is in the process of assessing the impact of the amendment of this Update on the Company's consolidated financial position and performance. In August 2016, the FASB issued ASU No. 2016-15- Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments which addresses the following eight specific cash flow issues with the objective of reducing the existing diversity in practice: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period, however early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2016 | |
Transactions with Related Parties [Abstract] | |
Transactions with Related Parties | 2. Transactions with Related Parties The following amounts were charged by related parties for services rendered: Three months ended Six months ended June 30, 2016 2015 2016 2015 Tsakos Shipping and Trading S.A. (commissions) 1,486 1,919 2,997 3,786 Tsakos Energy Management Limited (management fees) 4,080 4,040 8,109 8,081 Tsakos Columbia Shipmanagement S.A. 498 565 969 1,115 Argosy Insurance Company Limited 2,119 2,405 4,401 4,801 AirMania Travel S.A. 1,313 1,241 2,305 2,282 Total expenses with related parties 9,496 10,170 18,781 20,065 Balances due from and due to related parties are as follows: June 30, December 31, Due from related parties Tsakos Columbia Shipmanagement S.A. 7,725 4,169 Total due from related parties 7,725 4,169 Due to related parties Tsakos Energy Management Limited 282 61 Tsakos Shipping and Trading S.A. 834 982 Argosy Insurance Company Limited 2,035 410 AirMania Travel S.A. 493 287 Total due to related parties 3,644 1,740 A t June 30, 2016, an amount of $961 ($776 at December 31, 2015) due to Tsakos Shipping and Trading S.A. and an amount of $12 ($124 at December 31, 2015) due to Argosy Insurance Limited, is included in accrued liabilities which relates to services rendered by these related parties not yet invoiced. (a) Tsakos Energy Management Limited (the “Management Company”): The Holding Company has a Management Agreement (“Management Agreement”) with the Management Company, a Liberian corporation, to provide overall executive and commercial management of its affairs for a monthly fee. Per the Management Agreement of March 8, 2007, effective from January 1, 2008, there is a prorated adjustment if at the beginning of each year the Euro has appreciated by 10% or more against the U.S. Dollar since January 1, 2007. In addition, there is an increase each year by a percentage figure reflecting the 12 month Euribor, if both parties agree. In the first six months of 2016 and 2015 , monthly fees for operating vessels are $27.5 and $20.4 for vessels chartered in and on a bare-boat basis, respectively $35.8 for the LNG carrier and $35.0 for the DP2 shuttle tankers. From the above fees, the amount of $25.8, $12.0 and $13.9 per vessel is payable to a third party manager for the LNG carrier, Neo Energy and the suezmax tanker Eurochampion 2004 and the VLCC tanker Ulysses. The amount of $13.9 per month was payable to a third party manager for the VLCC Millennium until November 5, 2015 , when the vessel entered into a bare-boat charter. In addition to the Management fee, the Management A greement provides for an incentive award to the Management Company, which is at the absolute discretion of the Holding Company’s Board of Directors. In the first six months of 2016, an award of $1,280 was accounted for as payable to the Management Company and is included in General and Administrative expenses in the accompanying Consolidated Statement of Comprehensive Income. In the first six months of 2015, an incentive award of $1,142 was granted. In addition, a special award of $425 was paid to the Management Company in relation to capital raising offerings during the first six months of 2015. This award was included as a deduction of additional paid in capital in the 2015 Financial Statements. The Holding Company and the Management Company have certain officers and directors in common. The President, who is also the Chief Executive Officer and a Director of the Holding Company, is also the sole stockholder of the Management Company. The Management Company may unilaterally terminate its Management Agreement with the Holding Company at any time upon one year’s notice. In addition, if even one director was elected to the Holding Company’s Board of Directors without having been recommended by the existing Board, the Management Company would have the right to terminate the Management Agreement on ten days’ notice, and the Holding Company would be obligated as at June 30, 2016 to pay the Management Company an amount of approximately $173,652 calculated in accordance with the terms of the Management Agreement. Under the terms of the Management Agreement between the Holding Company and the Management Company, the Holding Company may terminate the Management Agreement only under specific circumstances, without the prior approval of the Holding Company’s Board of Directors. Estimated future management fees payable over the next ten years under the Management Agreement, exclusive of any incentive awards and based on existing vessels and known vessels scheduled for future delivery, as at June 30, 2016 , are: Period/Year Amount July to December 2016 10,044 2017 20,690 2018 20,917 2019 20,989 2020 20,989 2021 to 2026 114,530 208,159 Management fees for vessels are included in the accompanying Consolidated Statements of Comprehensive Income. Also, under the terms of the Management Agreement, the Management Company provides supervisory services for the construction of new vessels for a monthly fee of $20.4. These fees in total amounted to $1,806, and $1,550 during the six months ended June 30, 2016 and 2015, respectively and are either accounted for as part of construction costs for delivered vessels or are included in Advances for vessels under construction. (b) Tsakos Columbia Shipmanagement S.A. (“TCM”): The Management Company appointed TCM to provide technical management to the Company’s vessels from July 1, 2010. TCM is owned jointly and in equal part by related party interests and by a private German group. TCM, at the consent of the Holding Company, may subcontract all or part of the technical management of any vessel to an alternative unrelated technical manager. Effective July 1, 2010, the Management Company, at its own expense, pays t echnical management fees to TCM and the Company bears and pays directly to TCM most of its operating expenses, including repairs and maintenance, provisioning and crewing of the Company’s vessels, as well as certain charges which are capitalized or deferred, including reimbursement of the costs of TCM personnel sent overseas to supervise repairs and perform inspections on Company vessels. The Company also pays to TCM , certain fees to cover expenses relating to internal control procedures and information technology services which are borne by TCM on behalf of the Company. TCM has a 25% share in a manning agency, located in the Philippines, named TCM Tsakos Maritime Philippines, which provides crew to certain of the Company’s vessels. The Company has no control or ownership directly in TCM Tsakos Maritime Philippines, nor had any direct transactions to date with the agency. (c) Tsakos Shipping and Trading S.A. (“Tsakos Shipping”): Tsakos Shipping provides chartering services for the Company’s vessels by communicating with third party brokers to solicit research and propose charters. For this service, the Company pays to Tsakos Shipping a chartering commission of approximately 1.25% on all freights, hires and demurrages. Such commissions are included in Voyage expenses in the accompanying Consolidated Statements of Comprehensive Income. Tsakos Shipping also provides sale and purchase of vessels brokerage service. For this service, Tsakos Shipping may charge brokerage commissions. In the first half of 2016 and 2015 , there were no such char ges. Tsakos Shipping may also charge a fee of $200 (or such other sum as may be agreed) on delivery of each new-building vessel in payment for the cost of design and supervision of the new-building by Tsakos Shipping. In the first half of 2016 no such fee was charged. In November, 2015, the Company chartered the VLCC Millennium to a client company of Tsakos Shipping for a period of approximately three years. Certain members of the Tsakos family are involved in the decision-making processes of Tsakos Shippin g and of the Management Company and are also shareholders and directors of the Holding Company. (d) Argosy Insurance Company Limited (“Argosy”): The Company places its hull and machinery insurance, increased value insurance and war risk and certain other insurance through Argosy, a captive insurance company affiliated with Tsakos Shipping. (e) AirMania Travel S.A. (“AirMania”): Apart from third-party agents, the Company also uses an affiliated company, AirMania, for travel services. |
Vessels
Vessels | 6 Months Ended |
Jun. 30, 2016 | |
Vessels [Abstract] | |
Vessels | 3. Vessels Acquisitions On May 16, 2016 and on June 27, 2016, the Company took delivery of the VLCC Ulysses and the aframax tanker Elias Tsakos, for $99,820 and $55,163, respectively. During the first six months of 2015, there were no vessel acquisitions. Held for sale At June 30, 2016, and December 31, 2015, the suezmax tankers Eurochampion 2004 and Euronike were classified as held for sale. |
Deferred Charges
Deferred Charges | 6 Months Ended |
Jun. 30, 2016 | |
Deferred Charges [Abstract] | |
Deferred Charges | 4. Deferred Charges Deferred charges consisting of dry-docking and special survey costs, net of accumulated amortization, amounted to $16,984 and $15,290, at June 30, 2016 and December 31, 2015, respectively. Amortization of deferred dry-docking costs was $2,931 during the first six months of 2016 and $3,568 during the first six months of 2015 and is included in depreciation and amortization of deferred dry-docking costs in the accompanying Consolidated Statements of Comprehensive Income. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 5. Long-Term Debt Facility June 30, 2016 December 31, 2015 (a) Credit Facilities 452,483 538,208 (b) Term Bank Loans 1,105,303 861,886 Total 1,557,786 1,400,094 Less deferred finance costs, net (10,813) (7,531) Total long-term debt 1,546,973 1,392,563 Less current portion of debt (311,456) (319,560) Add deferred finance costs, current portion 1,627 1,336 Total long-term portion, net of current portion and deferred finance costs 1,237,144 1,074,339 (a) Credit facilities As at June 30, 2016, the Company had four open reducing revolving credit facilities, all of which are reduced in semi-annual installments and two open facilities which have both a reducing revolving credit component and a term bank loan component, with balloon payments due at maturity between September 2016 and April 2019. At June 30, 2016 , there is no available unused amount. Interest is payable at a rate based on LIBOR plus a spread. At June 30, 2016, the interest rates on these facilities ranged from 1.32% to 5.19%. (b) Term bank loans Term loan balances outstanding at June 30, 2016 , amounted to $1,105,303. These bank loans are payable in U.S. Dollars in quarterly or semi-annual installments, with balloon payments due at maturity between October 2016 and June 2026. Interest rates on the outstanding loans as at June 30, 2016, are based on LIBOR plus a spread. On May 5, 2016, the Company signed a new five-year bank loan for $77,000 relating to the pre- delivery financing of the VLCC Ulysses , with drawdown date May 12, 2016. The loan was prepaid on July 1, 2016 and the vessel was financed by a new loan signed on June 17, 2016. On May 31, 2016, the Company signed a new five-year term bank loan for $33,104 related to the debt maturity of the three handysize vessels, Amphitrite , Arion and Andromeda . The first drawdown of $12,010 was made on June 2, 2016 for the vessel Amphitrite . The second drawdown of $10,938 was made on September 8, 2016 for the vessel Andromeda with the third drawn for Arion vessel to be scheduled for October 2016. The loan is repayable in ten semi-annual installments, commencing six months after drawdown date plus a balloon of $7,639 in total payable together with the last installment. On June 17, 2016, the Company signed a new twelve-year term bank loan for $309,824 relating to the pre and post delivery financing of the two VLCC vessels, Ulysses and Hercules and the LNG carrier Maria Energy. The loan consists of the commercial facility repayable into twenty semi-annual installments with a balloon to be paid with the final repayment installment and the non-commercial facility repayable into twenty four semi-annual installments. At June 30, 2016, interest rates on these term bank loans ranged from 2.13% to 4.20%. The weighted-average interest rates on the above executed loans for the applicable periods were: Three months ended June 30, 2016 2.52 % Three months ended June 30, 2015 2.26 % Six months ended June 30, 2016 2.57% Six months ended June 30, 2015 2.24 % The above revolving credit facilities and term bank loans are secured by first priority mortgages on all vessels, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant vessel-owning subsidiaries. The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends in an amount more than 50% of cumulative net income (as defined in the related agree ments), sell vessels and assets and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidity, not legally restricted, of $79,030 at June 30, 2016 and $74,110 at December 31, 2015, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Three loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $3,250 and two other loan agreements a monthly pro rata transfer to a retention account of any principal due but unpaid. As at Jun e 30, 2016 , the Company and its wholly and majority owned subsidiaries were compliant with financial covenants in its loan agreements, relating to the leverage ratio and the value-to-lo an requirements in all but one of the thirty-seven loans, which had a shortfall of $9 2 5, remedied on August 4, 2016 upon settlement of the next repayment installment . The lender has not requested early repayment. The Company’s liquidity requirements relate primarily to servicing its debt, funding the equity portion of investments in vessels and funding expected capital expenditure on dry-dockings and working capital. As of June 30, 2016, the Company’s working capital (non-restricted net current assets), amounted to $1,574 ($34,984 at December 31, 2015). The annual principal payments required to be made after June 30, 2016, are as follows: Period/Year Amount July to December 2016 209,146 2017 221,678 2018 307,371 2019 199,418 2020 171,996 2021 and thereafter 448,177 1,557,786 |
Interest and Finance Costs, net
Interest and Finance Costs, net | 6 Months Ended |
Jun. 30, 2016 | |
Interest and Finance Costs, net [Abstract] | |
Interest and Finance Costs, net | 6. Interest and Finance Costs, net Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Interest expense 9,277 7,937 18,195 15,665 Less: Interest capitalized (1,084) (719) (2,355) (1,347) Interest expense, net 8,193 7,218 15,840 14,318 Interest swap cash settlements non-hedging 1,086 1,134 1,086 1,134 Bunkers swap cash settlements — 1,634 266 4,617 Amortization of loan fees 343 286 676 580 Bank charges 80 32 141 70 Finance project costs expensed — 402 — 1,261 Change in fair value of non-hedging financial instruments (1,690) (2,766) (2,050) (5,553 ) Net total 8,012 7,940 15,959 16,427 At June 30, 2016, the Company was committed to six floating-to-fixed interest rate swaps with major financial institutions covering notional amounts aggregating to $251,080, maturing from May 2018 through January 2023 , on which it pays fixed rates averaging 2.64% and receives floating rates based on the six-month London interbank offered rate (“LIBOR”) (Note 11). At June 30, 2016 and December 2015, the Company held six interest rate swap agreements, designated and qualifying as cash flow hedges, in order to hedge its exposure to interest rate fluctuations associated with its debt covering notional amounts aggregating to $251,080 and $239,549, respectively. The fair value of such financial instruments as of June 30, 2016 and December 31, 2015 , in aggregate amounted to $10,530 (negative) and $7,847 (negative), respectively. The net amount of cash flow hedge losses at June 30, 2016 , that is estimated to be reclassified into earnings within the next twelve months to June 30, 2017 is $3,518. At December 31, 2015, the Company held one interest rate swap that did not meet hedge accounting criteria and expired on April 10, 2016. As such, the changes in its fair values during the first half of 2016 and 2015 have been included in change in fair value of non-hedging financial instruments in the table above, and amounted to a gain of $1,040 and $1,241, respectively. At June 30, 2016 and December 31, 2015, the Company held fourteen and twelve call option agreements, respectively, in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels. The fair value of these financial instruments as at June 30, 2016 and December 31, 2015 , was $1,164 (positive) and $154 (positive), respectively. The changes in their fair values during the first half of 2016 and 2015 amounting to $1,010 (positive) and $5,907 (positive) respectively have been included in change in fair value of non-hedging financial instruments in the table above as such agreements do not meet the hedging criteria. In the first quarter of 2016, the Company entered into two call option agreements. The premium paid for the call options was $266. At June 30, 2015, the Company held three bunker put option agreements in order to reduce the losses of the bunker swap agreements previously entered into. The value of those put options at June 30, 2015 , was $534 (positive). The change in their fair value in the first half of 2015 was $1,909 (negative). In the first half of 2015 the Company entered into two call option agreements for the same reasons as for the put options. The premium paid for the call option was $314 and it equals their fair market value at June 30, 2015. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity On December 8, 2015, the Company announced the resumption of the previously authorized by its Board of Directors stock repurchase program for open market purchases for its common and/ or its preferred shares. The Company had available up to $20.0 million from its previously authorized program. The program started on January 11, 2016. As of June 30, 2016, the Company has acquired as treasury stock, 3,271,576 shares for a total amount of $18,567. On April 8, 2016, under the Company’s share-based plan the Company granted 87,500 restricted share units to non-executive directors out of the repurchased treasury stock, which vested immediately. A related amount of $0.5 million was accounted for as stock compensation expense within General and Administrative expenses in the accompanying Financial Statements. On January 29, 2016 and May 2, 2016, the Company paid dividends of $0.50 per share, $2,000 in total, for its 8.00% Series B Preferred Shares and $0.555469 per share, $2,219 in total, on its 8.875% Series C Preferred Shares. During the six month period ended June 30, 2015 , the Company paid two dividends of $0.50 per share each or $2,000 in total, on its 8.00% Series B Preferred Shares and two dividends of $0.55469 per share each or $2,219 in total, on its 8.875% Series C Preferred Shares. On February 29, 2016 and May 31, 2016, the Company paid dividends of $0.546875 per share, $3,719 in total, for its Series D Preferred Shares. On April 7, 2016, the Company paid dividends $0.08 per share of common stock outstanding, which was declared on February 16, 2016. On February 19, 2015, the Company paid dividends of $0.06 per share of common stock outstanding, which were declared in November 2014. On May 31, 2016, the Company declared a dividend of $0.08 per share of common stock outstanding, which was paid on August 10, 2016 to shareholders of record as of August 3, 2016. |
Accumulated other comprehensive
Accumulated other comprehensive loss | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated other comprehensive loss [Abstract] | |
Accumulated other comprehensive loss | 8. Accumulated other comprehensive loss In the first half of 2016, Accumulated other comprehensive loss increased with unrealized losses of $3,248, which resulted from changes in fair value of financial instruments. In the first half of 2015, Accumulated other comprehensive loss increased with unrealized losses of $1,044, which resulted from changes in fair value of financial instruments. |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings per Common Share [Abstract] | |
Earnings per Common Share | 9. Earnings per Common Share The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period. Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Numerator Net income attributable to Tsakos Energy Navigation Limited 16,414 41,286 41,839 78,566 Preferred share dividends Series B (1,000 ) (1,000 ) (2,000) (2,000) Preferred share dividends Series C (1,109 ) (1,109 ) (2,219) (2,219) Preferred share dividends Series D (1,8 60 ) (1,281 ) (3,719) (1,281 ) Net income attributable to common stockholders $ 12,44 5 $ 37,896 $ 33,901 $ 73,066 Denominator Weighted average common shares outstanding 85,510,215 84,712,295 86,071,582 84,712,295 Basic and diluted income per common share $ 0.15 $ 0.45 $ 0.39 $ 0.86 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies As at June 30, 2016, the Company had under construction eight aframax tankers, two LR1 product tankers, one shuttle tanker, one VLCC tanker and one LNG carrier. The total contracted amount remaining to be paid for the thirteen vessels under construction, plus the extra costs agreed as at June 30, 2016 was $573,413 from July to December 2016, $347,819, and $225,594 in 2017. At June 30, 2016, there is a prepaid amount of $1,650 under an old shipbuilding contract which was terminated in 2014, which will be used against the contract price of future new buildings currently being discussed between the Company and the shipyard. In the ordinary course of the shipping business, various claims and losses may arise from disputes with charterers, agents and other suppliers relating to the operations of the Company’s vessels. Management believes that all such matters are either adequately covered by insurance or are not expected to have a material adverse effect on the Company’s results from operations or financial condition. Charters-out The future minimum revenues of vessels in operation at June 30, 2016, before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows: Period/Year Amount July to December 2016 123,892 2017 264,377 2018 190,109 2019 156,680 2020 to 2030 650,816 Minimum charter payments 1,385,874 These amounts do not assume any off-hire. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Financial Instruments [Abstract] | |
Financial Instruments | 11. Financial Instruments (a) Interest rate risk: The Company is subject to interest rate risk associated with changing interest rates with respect to its variable interest rate term loans and credit facilities as described in Notes 5 and 6. (b) Concentration of credit risk: Financial i nstruments that are subject to credit risks consist principally of cash, trade accounts receivable, investments, and derivatives. The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. The Company limits the exposure of non-performance by counterparties to derivative instruments by diversifying among counterp arties with high credit ratings and performing periodic evaluations of the relative credit standing of the counterparties. (c) Fair value: The carrying amounts reflected in the accompanying Consolidated Balance Sheet of cash and cash equivalents, restricted cash, trade receivables and accounts payable approximate their respective fair values due to the short maturity of these instruments , as at June 30, 2016 and December 31, 2015. The fair value of long-term bank loans with variable interest rates approximate the recorded values, generally due to their variable interest rates. The present value of the future cash flows of the portion of one long-term bank loan with a fixed interest rate is estimated to be approximately $26,608 as compared to its carrying amount of $26,855 , as at June 30, 2016. The Company performs relevant enquiries on a periodic basis to assess the recoverability of the long-term investment and estimates that the amount presented on the accompanying Balance sheet approximates the amount that is expected to be received by the Company in the event of sale of that investment. The fair values of the one long-term bank loan with a fixed interest rate, the interest rate swap agreements, and bunker swap agreements, put option agreements and call option agreements discussed in Note 6 above are determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined. The estimated fair values of the Company’s financial instruments, other than derivatives at June 30, 2016 and December 31, 2015, are as follows: Carrying Fair Value Carrying Fair Value Financial assets/(liabilities) Cash and cash equivalents 253,927 253,927 289,676 289,676 Restricted cash 8,552 8,552 15,330 15,330 Investments 1,000 1,000 1,000 1,000 Debt (1,557,786) (1,557,539) (1,400,094 ) (1,399,447) Tabular Disclosure of Derivatives Location Derivatives are recorded in the consolidated balance sheet on a net basis by counterparty when a legal right of set-off exists. The following tables present information with respect to the fair values of derivatives reflected in the consolidated balance sheet on a gross basis by transaction. The tables also present information with respect to gains and losses on derivative positions reflected in the consolidated statement of comprehensive income or in the consolidated balance sheet, as a component of Accumulated other comprehensive loss. Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives June 30, December 31, June 30, December 31, Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value — — 4,109 4,666 Financial instruments - Fair value, net of current portion — — 6,421 3,181 Subtotal — — 10,530 7,847 Derivatives not designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value — — — 1,040 Bunker call options Current portion of financial instruments- Fair value 649 28 — — Financial instruments - Fair value, net of current portion 515 126 — — Subtotal 1,164 154 — 1,040 Total derivatives 1,164 154 10,530 8,887 Derivatives designated as Hedging Instruments-Net effect on the Statement of Comprehensive Income/(Loss) Gain (Loss) Recognized in Accumulated Derivative Amount Amount 2016 2015 2016 2015 Interest rate swaps (1,422) 193 (4,945) (3,010 ) Total (1,422) 193 (4,945) (3,010 ) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Derivative Location Amount Amount 2016 2015 2016 2015 Interest rate swaps Depreciation expense (39) (38) (77) (77) Interest rate swaps Interest and finance costs, net (692) (1,116) (1,620) (1,888) Total (731) (1,154) (1,697) (1,965) Derivatives Not Designated as Hedging Instruments–Net effect on the Statement of Comprehensive Income/(Loss) Gain (Loss) Recognized on Derivative Derivative Location Amount Amount 2016 2015 2016 2015 Interest rate swaps Interest and finance costs, net 1,073 171 1,040 106 Bunker swaps Interest and finance costs, net — 867 — 524 Bunker put options Interest and finance costs, net 617 (1,039) 744 (830) Total 1,690 (1) 1,784 (200) The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Loss as of June 30, 2016 and December 31, 2015 was $13,975 and $10,727 respectively. The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of June 30, 2016 and December 31, 2015 using level 2 inputs (significant other observable inputs): Recurring measurements June 30, 2016 December 31, 2015 Interest rate swaps (10,530) (8,887 ) Bunker call options 1,164 154 (9,366) (8,733 ) The fair value of vessels held for sale measured on a non-recurring basis as of June 30, 2016 , using level 2 inputs (significant other observable inputs) is $68,403. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events (a) On July 1, 2016, the Company repaid the amount of $77,000 for the pre-delivery financing of the VLCC tanker Ulysses and drew down the amount of $76,400 from another lender. (b) On July 22, 2016, the Company drew down $5,172 for the pre-delivery financing of one of the aframax tankers under construction, under a loan agreed in June 2014. (c) On August 1, 2016, the Company paid dividends of $0.50 and $0.55469 per share for its 8.00% Series B and its 8.875% Series C Preferred Shares respectively. (d) On August 9, 2016, the Company drew down $23,049 for the financing of the aframax tanker Thomas Zafiras , which was delivered on August 12, 2016. (e) On August 10, 2016, the Company paid a dividend of $0.08 per share of common share outstanding which was declared on May 31, 2016. (f) On August 16, 2016, the Company drew down $14,076 for the financing of the shuttle tanker Sunray , which was delivered on August 19, 2016. (g) On August 29, 2016, the Company paid a dividend of $0.546875 per share for its Series D Preferred Shares. (h) On September 8, 2016, the Company drew down $10,938 for the refinancing of the handysize tanker Andromeda and on the same date repaid the outstanding balance of the loan amounting to $10,938. (i) On September 9, 2016, the Company declared a dividend of $0.08 per common share to be paid on November 10, 2016. (j) On September 16, 2016, the Company drew down $5,122 for the pre-delivery financing of one of the aframax tankers under construction, under a loan agreed in June 2014. (k) On September 22, 2016, the Company drew down $14,076 for the financing of the shuttle tanker Sunrise , which was delivered on September 27, 2016. (l) On October 3, 2016, the Company repaid $68,008 to a lender for debt approaching maturity relating to the vessels Millennium, Eurochampion 2004, Euronike and on the same date, drew down the amount of $60,000 from another lender. (m) On October 5, 2016, the Company drew down the amount of $155,904 for the financing of the LNG carrier Maria Energy and repaid the amount of $52,195 of the pre-delivery financing of the same vessel to another lender. The vessel was delivered on October 19, 2016. (n) On October 6, 2016, the Company drew down $10,156 for the refinancing of the handysize tanker Arion and on the same date repaid the outstanding balance of the loan amounting to $10,156. (o) On October 7, 2016, the Company drew down $23,049 for the financing of the aframax tanker Leontios H, which was delivered on October 12, 2016. (p) On October 27, 2016, the Company drew down $6,254 for the pre-deliver y financing of the aframax tanker Bergen. (q) On October 31, 2016, the Company paid cash dividends of $0.50 per share for its 8.00% Series B Preferred Shares and $0.55469 per share for its 8.875% Series C Preferred Shares which were declared on October 11, 2016. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation [Abstract] | |
Debt issuance costs: | (a) Debt issuance costs : In April 2015, Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03 -- Interest – Imputation of Interest to simplify the presentation of debt issuance costs. Previous guidance generally required entities to capitalize costs paid to third parties that are directly related to issuing debt and that otherwise wouldn't be incurred and present those amounts separately as deferred charges (i.e., assets). However, the discount or premium resulting from the difference between the net proceeds received upon debt issuance and the amount payable at maturity is presented as a direct deduction from or an addition to the face amount of the debt. The new guidance simplifies financial reporting by eliminating the different presentation requirements for debt issuance costs and debt discounts or premiums. Upon adoption, an entity must apply the new guidance retrospectively to all prior periods presented in the financial statements. On January 1, 2016, the Company adopted ASU No. 2015-03 -- Interest – Imputation of Interest effective for the financial statements for the fiscal year ending December 31, 2016 and interim periods within this fiscal year and thus presents deferred financing costs, net of accumulated amortization, as a reduction of long-term debt and capital lease obligation. In order to conform with the current period presentation, the Company has reduced Deferred charges, net by $7,531 and has decreased the amount of the related current and non-current obligations by $1,336 and $6,195, respectively on the consolidated balance sheet as of December 31, 2015 (see Notes 5 and 6). This reclassification has no impact on the Company's results of operations, cash flows and net assets for any period. |
Consolidation | (b) O n January 1, 2016, the Company adopted ASU No. 2015-02 Consolidation (Topic 810), Amendments to the Consolidation Analysis effective for the fiscal year ending December 31, 2016 and interim periods within this fiscal year. The adoption of this guidance had no impact on the Company's results of operations, cash flows and net assets for any period. (c) O n January 1, 2016, the Company adopted ASU No. 2015-16 Business Combination s (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments effective for the fiscal year ending December 31, 2016 and interim periods within this fiscal year. The adoption of this guidance had no impact on the Company's results of operations, cash flows and net assets for any period. |
New Accounting Pronouncements | New accounting pronouncements In January 2016, the FASB issued ASU No. 2016-01— Financial Instruments – Overall (Subtopic 825-10) which includes the requirement for all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). This update is effective for all entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is not permitted. The Company has not yet determined what impact, if any, the adoption of the new standard will have on its consolidated financial position, results of operations or cash flows. In March 2016, the FASB issued ASU No. 2016-07— Investments—Equity Method and Joint Ventures (Topic 323) to simplify the accounting for equity method investments which eliminates the requirement in Topic 323 that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. This update is effective for all entities for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company believes that the implementation of this update will not have any material impact on its consolidated financial statements and has not elected early adoption. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which clarifies the guidance in ASU 2014-09 and has the same effective date as the original standard. On August 12, 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers , which amends ASU No. 2014-09 (issued by the FASB on May 28, 2014), outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities with reporting periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The Company is currently evaluating the impact, if any, of the adoption of this new standard. In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting which is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. This standard is effective for public entities with annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. The Company believes that the implementation of this update will not have any material impact on its consolidated financial statements and has not elected early adoption. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing which is intended to clarify how an entity should evaluate the nature of its promise in granting a license of Intellectual Property (“ IP ”) , which will determine whether it recognizes revenue over time or at a point in time. This standard is effective for public entities with annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The Company believes that the implementation of this update will not have any material impact on its consolidated financial statements and has not elected early adoption. In June 2016, the FASB issued ASU 2016-13– Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For public entities, the amendments of this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted. Management is in the process of assessing the impact of the amendment of this Update on the Company's consolidated financial position and performance. In August 2016, the FASB issued ASU No. 2016-15- Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments which addresses the following eight specific cash flow issues with the objective of reducing the existing diversity in practice: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period, however early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures. |
Transactions with Related Par22
Transactions with Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Transactions with Related Parties [Abstract] | |
Related Party Transactions Disclosure | Three months ended Six months ended June 30, 2016 2015 2016 2015 Tsakos Shipping and Trading S.A. (commissions) 1,486 1,919 2,997 3,786 Tsakos Energy Management Limited (management fees) 4,080 4,040 8,109 8,081 Tsakos Columbia Shipmanagement S.A. 498 565 969 1,115 Argosy Insurance Company Limited 2,119 2,405 4,401 4,801 AirMania Travel S.A. 1,313 1,241 2,305 2,282 Total expenses with related parties 9,496 10,170 18,781 20,065 |
Related Party Transactions Balances | June 30, December 31, Due from related parties Tsakos Columbia Shipmanagement S.A. 7,725 4,169 Total due from related parties 7,725 4,169 Due to related parties Tsakos Energy Management Limited 282 61 Tsakos Shipping and Trading S.A. 834 982 Argosy Insurance Company Limited 2,035 410 AirMania Travel S.A. 493 287 Total due to related parties 3,644 1,740 |
Related Party - Future Management Fees | Period/Year Amount July to December 2016 10,044 2017 20,690 2018 20,917 2019 20,989 2020 20,989 2021 to 2026 114,530 208,159 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Long-Term Debt [Abstract] | |
Debt Disclosure | Facility June 30, 2016 December 31, 2015 (a) Credit Facilities 452,483 538,208 (b) Term Bank Loans 1,105,303 861,886 Total 1,557,786 1,400,094 Less deferred finance costs, net (10,813) (7,531) Total long-term debt 1,546,973 1,392,563 Less current portion of debt (311,456) (319,560) Add deferred finance costs, current portion 1,627 1,336 Total long-term portion, net of current portion and deferred finance costs 1,237,144 1,074,339 |
Schedule of Weighted-Average Interest Rate | Three months ended June 30, 2016 2.52 % Three months ended June 30, 2015 2.26 % Six months ended June 30, 2016 2.57% Six months ended June 30, 2015 2.24 % |
Debt Principal Payments | Period/Year Amount July to December 2016 209,146 2017 221,678 2018 307,371 2019 199,418 2020 171,996 2021 and thereafter 448,177 1,557,786 |
Interest and Finance Costs, n24
Interest and Finance Costs, net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Interest and Finance Costs, net [Abstract] | |
Interest and Finance Costs, net | Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Interest expense 9,277 7,937 18,195 15,665 Less: Interest capitalized (1,084) (719) (2,355) (1,347) Interest expense, net 8,193 7,218 15,840 14,318 Interest swap cash settlements non-hedging 1,086 1,134 1,086 1,134 Bunkers swap cash settlements — 1,634 266 4,617 Amortization of loan fees 343 286 676 580 Bank charges 80 32 141 70 Finance project costs expensed — 402 — 1,261 Change in fair value of non-hedging financial instruments (1,690) (2,766) (2,050) (5,553 ) Net total 8,012 7,940 15,959 16,427 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings per Common Share [Abstract] | |
Earnings per Common Share | Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Numerator Net income attributable to Tsakos Energy Navigation Limited 16,414 41,286 41,839 78,566 Preferred share dividends Series B (1,000 ) (1,000 ) (2,000) (2,000) Preferred share dividends Series C (1,109 ) (1,109 ) (2,219) (2,219) Preferred share dividends Series D (1,8 60 ) (1,281 ) (3,719) (1,281 ) Net income attributable to common stockholders $ 12,44 5 $ 37,896 $ 33,901 $ 73,066 Denominator Weighted average common shares outstanding 85,510,215 84,712,295 86,071,582 84,712,295 Basic and diluted income per common share $ 0.15 $ 0.45 $ 0.39 $ 0.86 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Charters-out [Abstract] | |
Minimum Future Charter Revenue | Period/Year Amount July to December 2016 123,892 2017 264,377 2018 190,109 2019 156,680 2020 to 2030 650,816 Minimum charter payments 1,385,874 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Financial Instruments [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments | Carrying Fair Value Carrying Fair Value Financial assets/(liabilities) Cash and cash equivalents 253,927 253,927 289,676 289,676 Restricted cash 8,552 8,552 15,330 15,330 Investments 1,000 1,000 1,000 1,000 Debt (1,557,786) (1,557,539) (1,400,094 ) (1,399,447) |
Schedule of Derivative Instruments - Statements of Financial Position Location | Asset Derivatives Liability Derivatives June 30, December 31, June 30, December 31, Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value — — 4,109 4,666 Financial instruments - Fair value, net of current portion — — 6,421 3,181 Subtotal — — 10,530 7,847 Derivatives not designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value — — — 1,040 Bunker call options Current portion of financial instruments- Fair value 649 28 — — Financial instruments - Fair value, net of current portion 515 126 — — Subtotal 1,164 154 — 1,040 Total derivatives 1,164 154 10,530 8,887 |
Schedule of Cash Flow Hedges - Gain (Loss) Recognized In Accumulated Other Comprehensive Loss on Derivative (Effective Portion) | Gain (Loss) Recognized in Accumulated Derivative Amount Amount 2016 2015 2016 2015 Interest rate swaps (1,422) 193 (4,945) (3,010 ) Total (1,422) 193 (4,945) (3,010 ) |
Schedule of Cash Flow Hedges - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Derivative Location Amount Amount 2016 2015 2016 2015 Interest rate swaps Depreciation expense (39) (38) (77) (77) Interest rate swaps Interest and finance costs, net (692) (1,116) (1,620) (1,888) Total (731) (1,154) (1,697) (1,965) |
Schedule of Derivatives Not Designated As Hedging Instruments - Net Realized and Unrealized Gain (Loss) Recognized on Statement Of Operations | Gain (Loss) Recognized on Derivative Derivative Location Amount Amount 2016 2015 2016 2015 Interest rate swaps Interest and finance costs, net 1,073 171 1,040 106 Bunker swaps Interest and finance costs, net — 867 — 524 Bunker put options Interest and finance costs, net 617 (1,039) 744 (830) Total 1,690 (1) 1,784 (200) |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | Recurring measurements June 30, 2016 December 31, 2015 Interest rate swaps (10,530) (8,887 ) Bunker call options 1,164 154 (9,366) (8,733 ) |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Current Portion of Long-Term Debt, net | $ 1,336 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Long-Term Debt, net | 6,195 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Deferred charges, net | $ 7,531 |
Transactions with Related Par29
Transactions with Related Parties - Statement of Income (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Related Party Transaction [Line Items] | ||||
Total expenses with related parties | $ 9,496 | $ 10,170 | $ 18,781 | $ 20,065 |
Tsakos Shipping and Trading S.A. | ||||
Related Party Transaction [Line Items] | ||||
Tsakos Shipping and Trading S.A. (commissions) | 1,486 | 1,919 | 2,997 | 3,786 |
Tsakos Energy Management Limited | ||||
Related Party Transaction [Line Items] | ||||
Tsakos Energy Management Limited (management fees) | 4,080 | 4,040 | 8,109 | 8,081 |
Tsakos Columbia Shipmanagement S.A. | ||||
Related Party Transaction [Line Items] | ||||
Tsakos Columbia Shipmanagement S.A. | 498 | 565 | 969 | 1,115 |
Argosy Insurance Company Limited | ||||
Related Party Transaction [Line Items] | ||||
Argosy Insurance Company Limited | 2,119 | 2,405 | 4,401 | 4,801 |
AirMania Travel S.A. | ||||
Related Party Transaction [Line Items] | ||||
AirMania Travel S.A. | $ 1,313 | $ 1,241 | $ 2,305 | $ 2,282 |
Transactions with Related Par30
Transactions with Related Parties - Balance Sheet (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Due from related parties | $ 7,725 | $ 4,169 |
Due to related parties | 3,644 | 1,740 |
Tsakos Columbia Shipmanagement S.A. | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 7,725 | 4,169 |
Tsakos Energy Management Limited | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 282 | 61 |
Tsakos Shipping and Trading S.A. | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 834 | 982 |
Argosy Insurance Company Limited | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 2,035 | 410 |
AirMania Travel S.A. | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 493 | $ 287 |
Transactions with Related Par31
Transactions with Related Parties - Management Fees (Table) (Details) - Tsakos Energy Management Limited $ in Thousands | Jun. 30, 2016USD ($) |
Related Party Transaction [Line Items] | |
July to December 2016 | $ 10,044 |
2,017 | 20,690 |
2,018 | 20,917 |
2,019 | 20,989 |
2,020 | 20,989 |
2021 to 2026 | 114,530 |
Total | $ 208,159 |
Transactions with Related Par32
Transactions with Related Parties - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Tsakos Shipping and Trading S.A. | ||
Related Party Transaction [Line Items] | ||
Accrued liabilities | $ 961 | $ 776 |
Argosy Insurance Limited | ||
Related Party Transaction [Line Items] | ||
Accrued liabilities | $ 12 | $ 124 |
Transactions with Related Par33
Transactions with Related Parties - Tsakos Energy Management Limited (Details) | 6 Months Ended | 10 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Nov. 04, 2015USD ($) | |
Related Party Transaction [Line Items] | |||
Management incentive award | $ 1,280,000 | $ 1,142,000 | |
Operating vessels | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 27,500 | 27,500 | |
Chartered in or on bare-boat basis | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 20,400 | 20,400 | |
LNG Carriers | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 35,800 | 35,800 | |
DP2 Shuttle Tankers | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | $ 35,000 | 35,000 | |
Tsakos Energy Management Limited | |||
Related Party Transaction [Line Items] | |||
Euro appreciated against dollar percentage | 10.00% | ||
Yearly increase basis | 12 month Euribor | ||
Special award paid | 425,000 | ||
Years required for cancellation written notice for agreement | 1 | ||
Days required for cancellation written notice for agreement | 10 | ||
Compensation to Management company after contract termination with Directors | $ 173,652,000 | ||
Supervisory services per month, per vessel | 20,400 | 20,400 | |
Supervisory services | 1,806,000 | 1,550,000 | |
Third Party Manager | LNG Carriers | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 25,800 | 25,800 | |
Third Party Manager | Suezmax Eurochampion 2004 | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 12,000 | 12,000 | |
Third Party Manager | VLCC tanker Ulysses | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | $ 13,900 | $ 13,900 | |
Third Party Manager | VLCC Millennium | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | $ 13,900 |
Transactions with Related Par34
Transactions with Related Parties - Tsakos Columbia Shipmanagement S.A. (Details) | Jun. 30, 2016 |
TCM Tsakos Maritime Philippines | Tsakos Columbia Shipmanagement S.A. (TCM) | |
Related Party Transaction [Line Items] | |
Ownership percentage | 25.00% |
Transactions with Related Par35
Transactions with Related Parties - Tsakos Shipping and Trading S.A. (Details) - Tsakos Shipping and Trading S.A. - USD ($) $ in Thousands | 6 Months Ended | 8 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Related Party Transaction [Line Items] | ||
Chartering commission | 1.25% | |
Charge fee | $ 200 | |
VLCC Millennium | ||
Related Party Transaction [Line Items] | ||
Time charter contract period | 3 years |
Vessels (Details)
Vessels (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
VLCC Ulysses | |
Property Plant And Equipment [Line Items] | |
Date of vessel acquisition | May 16, 2016 |
Acquisition of newly constructed vessels | $ 99,820 |
Aframax Tanker Elias Tsakos | |
Property Plant And Equipment [Line Items] | |
Date of vessel acquisition | Jun. 27, 2016 |
Acquisition of newly constructed vessels | $ 55,163 |
Deferred Charges (Details)
Deferred Charges (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Deferred Charges [Abstract] | |||
Deferred charges consisted of dry-docking and special survey costs | $ 16,984 | $ 15,290 | |
Amortization of deferred dry-docking costs | $ 2,931 | $ 3,568 |
Long-Term Debt (Table) (Details
Long-Term Debt (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Credit Facilities | $ 452,483 | $ 538,208 |
Term Bank Loans | 1,105,303 | 861,886 |
Total | 1,557,786 | 1,400,094 |
Less deferred finance costs, net | (10,813) | (7,531) |
Total long-term debt | 1,546,973 | 1,392,563 |
Less current portion of debt | (311,456) | (319,560) |
Add deferred finance costs, current portion | 1,627 | 1,336 |
Total long-term portion, net of current portion and deferred finance costs | $ 1,237,144 | $ 1,074,339 |
Long-Term Debt - Weighted-Avera
Long-Term Debt - Weighted-Average Interest Rates (Table) (Details) | Jun. 30, 2016 | Jun. 30, 2015 |
Three Months Ended | ||
Line Of Credit Facility [Line Items] | ||
Weighted average interest rates on the executed loans | 2.52% | 2.26% |
Six Months Ended | ||
Line Of Credit Facility [Line Items] | ||
Weighted average interest rates on the executed loans | 2.57% | 2.24% |
Long-Term Debt - Principal Paym
Long-Term Debt - Principal Payments (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Principal Payments [Abstract] | ||
July to December 2016 | $ 209,146 | |
2,017 | 221,678 | |
2,018 | 307,371 | |
2,019 | 199,418 | |
2,020 | 171,996 | |
2021 and thereafter | 448,177 | |
Total | $ 1,557,786 | $ 1,400,094 |
Long-Term Debt - Credit Facilit
Long-Term Debt - Credit Facilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Line Of Credit Facility [Line Items] | |
Number of credit facilities with reducing revolving credit component and term bank loan component, with balloon payments due at maturity between September 2016 and April 2019 | 2 |
Unused amount | $ 0 |
Line Of Credit Facility Interest Rate Description | six-month LIBOR |
Revolving Credit Facility | |
Line Of Credit Facility [Line Items] | |
Number of open reducing credit facilities | 4 |
Reducing revolving credit facilities periodic payment | semi-annual |
Line Of Credit Facility Interest Rate Description | LIBOR |
Revolving Credit Facility | Minimum | |
Line Of Credit Facility [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 1.32% |
Revolving Credit Facility | Maximum | |
Line Of Credit Facility [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.19% |
Revolving Credit Facility with term bank loan component | Minimum | |
Line Of Credit Facility [Line Items] | |
Maturity date | Sep. 30, 2016 |
Revolving Credit Facility with term bank loan component | Maximum | |
Line Of Credit Facility [Line Items] | |
Maturity date | Apr. 30, 2019 |
Long-Term Debt - Term Bank Loan
Long-Term Debt - Term Bank Loans (Details) $ in Thousands | 4 Months Ended | 5 Months Ended | 6 Months Ended | 8 Months Ended | ||||
May 05, 2016USD ($) | Jun. 02, 2016USD ($) | May 31, 2016USD ($) | Jul. 01, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 17, 2016USD ($) | Sep. 08, 2016USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||||
Term loan balances, with balloon payments due at maturity between October 2016 and June 2026 | $ 1,105,303 | $ 861,886 | ||||||
VLCC Ulysses | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Face Amount | $ 77,000 | |||||||
Duration of term bank loan | 5 years | |||||||
Amount drawn down | $ 76,400 | |||||||
Repayments Of Debt | $ 77,000 | |||||||
Handysize vessels, Amphitrite, Arion and Andromeda | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Face Amount | $ 33,104 | |||||||
Duration of term bank loan | 5 years | |||||||
Number of repayment installments | 10 | |||||||
Debt periodic payment | semi-annual | |||||||
Debt balloon payment | $ 7,639 | |||||||
Amphitrite | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount drawn down | $ 12,010 | |||||||
Andromeda | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount drawn down | $ 10,938 | |||||||
Repayments Of Debt | $ 10,938 | |||||||
All Company's term bank loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt periodic payment | quarterly or semi-annual | |||||||
Variable rate basis | LIBOR | |||||||
All Company's term bank loans | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.13% | |||||||
Debt Instrument Maturity Date | Oct. 31, 2016 | |||||||
All Company's term bank loans | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |||||||
Debt Instrument Maturity Date | Jun. 30, 2026 | |||||||
Commercial and non-commercial facility | Two VLCC vessels, Ulysses and Hercules and one LNG carrier Maria Energy | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Face Amount | $ 309,824 | |||||||
Duration of term bank loan | 12 years | |||||||
Commercial Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of repayment installments | 20 | |||||||
Debt periodic payment | semi-annual | |||||||
Non-commercial facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of repayment installments | 24 | |||||||
Debt periodic payment | semi-annual |
Long-Term Debt - Covenants (Det
Long-Term Debt - Covenants (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Debt Instrument Covenant Description | The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends in an amount more than 50% of cumulative net income (as defined in the related agreements), sell vessels and assets, and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidity, not legally restricted, of $79,030 at June 30, 2016 and $74,110 at December 31, 2015, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Three loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $3,250 and two other loan agreements a monthly pro rata transfer to a retention account of any principal due but unpaid. | |||
Debt Instrument Covenant Compliance | As at June 30, 2016, the Company and its wholly and majority owned subsidiaries were compliant with financial covenants in its loan agreements , relating to the leverage ratio and the value-to-loan requirements in all but one of the thirty-seven loans, which had a shortfall of $925, remedied on August 4, 2016 upon settlement of the next repayment installment. | |||
Cash and cash equivalents | $ 253,927 | $ 289,676 | $ 278,927 | $ 202,107 |
Minimum liquidity requirement | ||||
Debt Instrument [Line Items] | ||||
Cash and cash equivalents | 79,030 | 74,110 | ||
Working capital | 1,574 | $ 34,984 | ||
Three loan agreements | ||||
Debt Instrument [Line Items] | ||||
Held in deposit account | 3,250 | |||
One Loan | ||||
Debt Instrument [Line Items] | ||||
Value to loan covenant shortfall | $ 925 |
Interest and Finance Costs, n44
Interest and Finance Costs, net (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest and Finance Costs, net [Abstract] | ||||
Interest expense | $ 9,277 | $ 7,937 | $ 18,195 | $ 15,665 |
Less: Interest capitalized | (1,084) | (719) | (2,355) | (1,347) |
Interest expense, net | 8,193 | 7,218 | 15,840 | 14,318 |
Interest swap cash settlements non-hedging | 1,086 | 1,134 | 1,086 | 1,134 |
Bunkers swap cash settlements | 0 | 1,634 | 266 | 4,617 |
Amortization of loan fees | 343 | 286 | 676 | 580 |
Bank charges | 80 | 32 | 141 | 70 |
Finance project costs expensed | 0 | 402 | 0 | 1,261 |
Change in fair value of non-hedging financial instruments | (1,690) | (2,766) | (2,050) | (5,553) |
Net total | $ 8,012 | $ 7,940 | $ 15,959 | $ 16,427 |
Interest and Finance Costs, n45
Interest and Finance Costs, net (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Derivatives Fair Value [Line Items] | |||||
Number of floating-to-fixed interest rate swaps | 6 | 6 | |||
Notional amount of floating-to-fixed interest rate swaps | $ 251,080 | $ 251,080 | |||
Fixed interest rate | 2.64% | 2.64% | |||
Floating rate basis | six-month LIBOR | ||||
Change in fair value of non-hedging financial instruments | $ 1,690 | $ 2,766 | $ 2,050 | $ 5,553 | |
Number of bunker put option agreements held | 3 | 3 | |||
Fair value of bunker put option agreements | $ 534 | $ 534 | |||
Number of bunker call option agreement entered into | 2 | 2 | |||
Bunker call options premium | $ 266 | $ 314 | |||
Number of bunker call option agreements held | 14 | 14 | 12 | ||
Fair value of remaining twelve bunker call option agreements | $ 1,164 | $ 1,164 | $ 154 | ||
First | |||||
Derivatives Fair Value [Line Items] | |||||
Maturity date | May 31, 2018 | ||||
Last | |||||
Derivatives Fair Value [Line Items] | |||||
Maturity date | Jan. 31, 2023 | ||||
Designated As Hedging Instrument | |||||
Derivatives Fair Value [Line Items] | |||||
Number of floating-to-fixed interest rate swaps | 6 | 6 | 6 | ||
Notional amount of floating-to-fixed interest rate swaps | $ 251,080 | $ 251,080 | $ 239,549 | ||
Fair value of hedging interest rate swaps | (10,530) | (10,530) | $ (7,847) | ||
Net amount of cash flow hedge losses to be reclassified into earnings within 12 months | $ 3,518 | 3,518 | |||
Not Designated As Hedging Instrument | |||||
Derivatives Fair Value [Line Items] | |||||
Number of floating-to-fixed interest rate swaps | 1 | ||||
Not Designated As Hedging Instrument | Interest Rate Swap | |||||
Derivatives Fair Value [Line Items] | |||||
Change in fair value of non-hedging financial instruments | 1,040 | 1,241 | |||
Not Designated As Hedging Instrument | Bunker Swap | |||||
Derivatives Fair Value [Line Items] | |||||
Change in fair value of non-hedging financial instruments | $ 1,010 | 5,907 | |||
Not Designated As Hedging Instrument | Bunker Put Option | |||||
Derivatives Fair Value [Line Items] | |||||
Change in fair value of non-hedging financial instruments | $ (1,909) |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 10 Months Ended | |||||||
Jan. 29, 2016 | Jan. 30, 2015 | Feb. 29, 2016 | Feb. 19, 2015 | Apr. 08, 2016 | Apr. 07, 2016 | May 02, 2016 | Apr. 30, 2015 | May 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Aug. 10, 2016 | Aug. 01, 2016 | Sep. 09, 2016 | Aug. 29, 2016 | Oct. 31, 2016 | |
Purchases of Treasury stock, value | $ 18,567 | |||||||||||||||
Restricted shares granted to non-executive directors | 87,500 | |||||||||||||||
Restricted shares vested to non-executive directors | 87,500 | |||||||||||||||
Stock compensation expense | $ 500 | $ 510 | $ 0 | |||||||||||||
Common stock - dividend declared | $ 0.08 | $ 0.08 | $ 0.06 | $ 0.08 | ||||||||||||
Common stock - dividend paid | $ 0.06 | $ 0.08 | $ 0.08 | $ 0.06 | $ 0.08 | |||||||||||
Dividends per share declared - payment date | Aug. 10, 2016 | Nov. 10, 2016 | ||||||||||||||
Dividends per share declared - record date | Aug. 3, 2016 | |||||||||||||||
8.75% Series D Preferred Shares | ||||||||||||||||
Preferred stock - dividend paid | $ 0.546875 | $ 0.546875 | $ 0.546875 | |||||||||||||
Dividends paid on preferred shares | $ 3,719 | |||||||||||||||
Preferred stock dividend rate percentage | 8.75% | |||||||||||||||
8% Series B Preferred Shares | ||||||||||||||||
Preferred stock - dividend paid | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | ||||||||||
Dividends paid on preferred shares | $ 2,000 | $ 2,000 | ||||||||||||||
Preferred stock dividend rate percentage | 8.00% | |||||||||||||||
8.875% Series C Preferred Shares | ||||||||||||||||
Preferred stock - dividend paid | $ 0.555469 | $ 0.555469 | $ 0.555469 | $ 0.555469 | $ 0.55469 | $ 0.55469 | ||||||||||
Dividends paid on preferred shares | $ 2,219 | $ 2,219 | ||||||||||||||
Preferred stock dividend rate percentage | 8.875% | |||||||||||||||
Open market purchases for its common and/ or its preferred shares | ||||||||||||||||
Stock repurchase program | $ 20,000 | |||||||||||||||
Purchases of Treasury stock, shares | 3,271,576 | |||||||||||||||
Purchases of Treasury stock, value | $ 18,567 |
Accumulated other comprehensi47
Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated other comprehensive loss [Abstract] | ||||
Total unrealized (losses)/gains from hedging financial instruments | $ 0 | $ 1,347 | $ (3,248) | $ (1,044) |
Earnings per Common Share (Ta48
Earnings per Common Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Numerator | ||||
Net income attributable to Tsakos Energy Navigation Limited | $ 16,414 | $ 41,286 | $ 41,839 | $ 78,566 |
Preferred share dividends Series B | (1,000) | (1,000) | (2,000) | (2,000) |
Preferred share dividends Series C | (1,109) | (1,109) | (2,219) | (2,219) |
Preferred share dividends Series D | (1,860) | (1,281) | (3,719) | (1,281) |
Net income attributable to common stockholders | $ 12,445 | $ 37,896 | $ 33,901 | $ 73,066 |
Denominator | ||||
Weighted average common shares outstanding | 85,510,215 | 84,712,295 | 86,071,582 | 84,712,295 |
Basic and diluted income per common share | $ 0.15 | $ 0.45 | $ 0.39 | $ 0.86 |
Commitments and Contingencies49
Commitments and Contingencies (Table) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Charters-out [Abstract] | |
July to December 2016 | $ 123,892 |
2,017 | 264,377 |
2,018 | 190,109 |
2,019 | 156,680 |
2020 to 2030 | 650,816 |
Minimum charter payments | $ 1,385,874 |
Commitments and Contingencies50
Commitments and Contingencies (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Prepaid amount which will be used against the contract price of future newbuildings | $ 1,650 |
Purchase obligations | |
Payable amounts from July to December 2016 | 347,819 |
Payable amounts in 2017 | 225,594 |
Total contractual purchase obligation | $ 573,413 |
Aframax tankers | |
Long-term Purchase Commitment [Line Items] | |
Number of vessels under construction | 8 |
LR1 product tankers | |
Long-term Purchase Commitment [Line Items] | |
Number of vessels under construction | 2 |
Shuttle tanker | |
Long-term Purchase Commitment [Line Items] | |
Number of vessels under construction | 1 |
VLCC tanker | |
Long-term Purchase Commitment [Line Items] | |
Number of vessels under construction | 1 |
LNG Carrier | |
Long-term Purchase Commitment [Line Items] | |
Number of vessels under construction | 1 |
Financial Instruments - Fair Va
Financial Instruments - Fair Values (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Financial Instruments [Abstract] | ||||
Cash and cash equivalents - Carrying Amount | $ 253,927 | $ 289,676 | $ 278,927 | $ 202,107 |
Restricted cash - Carrying Amount | 8,552 | 15,330 | ||
Investments - Carrying Amount | 1,000 | 1,000 | ||
Debt - Carrying amount | (1,557,786) | (1,400,094) | ||
Cash and cash equivalents - Fair Value | 253,927 | 289,676 | ||
Restricted cash - Fair value | 8,552 | 15,330 | ||
Investments - Fair Value | 1,000 | 1,000 | ||
Debt - Fair Value | $ (1,557,539) | $ (1,399,447) |
Financial Instruments - Balance
Financial Instruments - Balance Sheet Location (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liabilities, Noncurrent | $ 6,421 | $ 3,181 |
Designated As Hedging Instrument | ||
Derivatives designated as hedging instruments | ||
Subtotal - Assets | 0 | 0 |
Subtotal - Liabilities | 10,530 | 7,847 |
Not Designated As Hedging Instrument | ||
Derivatives not designated as hedging instruments | ||
Subtotal - Assets | 1,164 | 154 |
Subtotal - Liabilities | 0 | 1,040 |
Total derivatives - Assets | 1,164 | 154 |
Total derivatives - Liabilites | 10,530 | 8,887 |
Current portion of financial instruments-Fair Value | Designated As Hedging Instrument | Interest Rate Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset, Current | 0 | 0 |
Derivative Liability, Current | 4,109 | 4,666 |
Current portion of financial instruments-Fair Value | Not Designated As Hedging Instrument | Interest Rate Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset, Current | 0 | 0 |
Derivative Liability, Current | 0 | 1,040 |
Current portion of financial instruments-Fair Value | Not Designated As Hedging Instrument | Bunker Call Option | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset, Current | 649 | 28 |
Derivative Liability, Current | 0 | 0 |
FINANCIAL INSTRUMENTS-FAIR VALUE, net of current portion | Designated As Hedging Instrument | Interest Rate Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset, Noncurrent | 0 | 0 |
Derivative Liabilities, Noncurrent | 6,421 | 3,181 |
FINANCIAL INSTRUMENTS-FAIR VALUE, net of current portion | Not Designated As Hedging Instrument | Bunker Call Option | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset, Noncurrent | 515 | 126 |
Derivative Liabilities, Noncurrent | $ 0 | $ 0 |
Financial Instruments - Derivat
Financial Instruments - Derivatives Designated as Hedging Instruments - Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments Gain/Loss [Line Items] | ||||
Total | $ 0 | $ 1,347 | $ (3,248) | $ (1,044) |
Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) | ||||
Derivative Instruments Gain/Loss [Line Items] | ||||
Interest rate swaps | (1,422) | 193 | (4,945) | (3,010) |
Total | $ (1,422) | $ 193 | $ (4,945) | $ (3,010) |
Financial Instruments - Deriv54
Financial Instruments - Derivatives Designated As Hedging Instruments - Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative | ||||
Total | $ (731) | $ (1,154) | $ (1,697) | $ (1,965) |
Depreciation expense | ||||
Derivative | ||||
Interest rate swaps | (39) | (38) | (77) | (77) |
Interest and finance costs, net | ||||
Derivative | ||||
Interest rate swaps | $ (692) | $ (1,116) | $ (1,620) | $ (1,888) |
Financial Instruments - Deriv55
Financial Instruments - Derivatives Not Designated as Hedging Instruments - Net Effect on the Statement of Comprehensive Income / (loss) (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative | ||||
Total | $ 1,690 | $ (1) | $ 1,784 | $ (200) |
Interest and finance costs, net | ||||
Derivative | ||||
Interest rate swaps | 1,073 | 171 | 1,040 | 106 |
Bunker swaps | 0 | 867 | 0 | 524 |
Bunker put options | $ 617 | $ (1,039) | $ 744 | $ (830) |
Financial Instruments - Fair 56
Financial Instruments - Fair Value of Assets and Liabilities Measured on Recurring Basis (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bunker call options | $ 1,164 | $ 154 |
Recurring Basis | Significant Other Observable Inputs Assets / (Liabilities) (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | (10,530) | (8,887) |
Bunker call options | 1,164 | 154 |
Total | $ (9,366) | $ (8,733) |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Present value of future cash flows of one bank loan | $ 1,557,539 | $ 1,399,447 |
Accumulated loss from derivatives designated as Hedging Instruments | 13,975 | $ 10,727 |
Present value of long-term debt | ||
Present value of future cash flows of one bank loan | 26,608 | |
Carrying amount of long-term debt | ||
Carrying amount | 26,855 | |
Significant Other Observable Inputs Assets / (Liabilities) (Level 2) | ||
Fair value of vessels held for sale measured on a non-recurring basis | $ 68,403 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | |||||||||||||||||
Jan. 29, 2016 | Jan. 30, 2015 | Feb. 29, 2016 | Feb. 19, 2015 | Apr. 07, 2016 | May 02, 2016 | Apr. 30, 2015 | May 31, 2016 | Jul. 01, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Aug. 10, 2016 | Aug. 09, 2016 | Aug. 01, 2016 | Jul. 22, 2016 | Sep. 09, 2016 | Sep. 08, 2016 | Aug. 29, 2016 | Aug. 16, 2016 | Oct. 07, 2016 | Oct. 06, 2016 | Oct. 05, 2016 | Oct. 03, 2016 | Sep. 22, 2016 | Sep. 16, 2016 | Oct. 31, 2016 | Oct. 27, 2016 | |
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Common stock - dividend paid | $ 0.06 | $ 0.08 | $ 0.08 | $ 0.06 | $ 0.08 | ||||||||||||||||||||||
Common stock - dividend declared | $ 0.08 | $ 0.08 | $ 0.06 | $ 0.08 | |||||||||||||||||||||||
Dividends per share declared - payment date | Aug. 10, 2016 | Nov. 10, 2016 | |||||||||||||||||||||||||
VLCC Ulysses | |||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Repayments Of Debt | $ 77,000 | ||||||||||||||||||||||||||
Amount drawn down | $ 76,400 | ||||||||||||||||||||||||||
Aframax tanker | |||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Amount drawn down | $ 5,172 | ||||||||||||||||||||||||||
Debt instrument origination date | June 2,014 | ||||||||||||||||||||||||||
Aframax Tanker Thomas Zafiras | |||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Amount drawn down | $ 23,049 | ||||||||||||||||||||||||||
Delivery date | Aug. 12, 2016 | ||||||||||||||||||||||||||
Shuttle tanker Sunray | |||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Amount drawn down | $ 14,076 | ||||||||||||||||||||||||||
Delivery date | Aug. 19, 2016 | ||||||||||||||||||||||||||
Handysize Tanker Andromeda | |||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Repayments Of Debt | $ 10,938 | ||||||||||||||||||||||||||
Amount drawn down | $ 10,938 | ||||||||||||||||||||||||||
Aframax tanker | |||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Amount drawn down | $ 5,122 | ||||||||||||||||||||||||||
Debt instrument origination date | June 2,014 | ||||||||||||||||||||||||||
Shuttle tanker Sunrise | |||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Amount drawn down | $ 14,076 | ||||||||||||||||||||||||||
Delivery date | Sep. 27, 2016 | ||||||||||||||||||||||||||
Millennium, Eurochampion 2004 and Euronike | |||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Repayments Of Debt | $ 68,008 | ||||||||||||||||||||||||||
Amount drawn down | $ 60,000 | ||||||||||||||||||||||||||
LNG carrier Maria Energy | |||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Repayments Of Debt | $ 52,195 | ||||||||||||||||||||||||||
Amount drawn down | $ 155,904 | ||||||||||||||||||||||||||
Delivery date | Oct. 19, 2016 | ||||||||||||||||||||||||||
Handysize Tanker Arion | |||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Repayments Of Debt | $ 10,156 | ||||||||||||||||||||||||||
Amount drawn down | $ 10,156 | ||||||||||||||||||||||||||
Aframax Tanker Leontios H | |||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Amount drawn down | $ 23,049 | ||||||||||||||||||||||||||
Delivery date | Oct. 12, 2016 | ||||||||||||||||||||||||||
Aframax Tanker Bergen | |||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Amount drawn down | $ 6,254 | ||||||||||||||||||||||||||
8% Series B Preferred Shares | |||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Preferred stock - dividend paid | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | |||||||||||||||||||||
Preferred stock dividend rate percentage | 8.00% | ||||||||||||||||||||||||||
8.875% Series C Preferred Shares | |||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Preferred stock - dividend paid | $ 0.555469 | $ 0.555469 | $ 0.555469 | $ 0.555469 | $ 0.55469 | $ 0.55469 | |||||||||||||||||||||
Preferred stock dividend rate percentage | 8.875% | ||||||||||||||||||||||||||
8.75% Series D Preferred Shares | |||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||
Preferred stock - dividend paid | $ 0.546875 | $ 0.546875 | $ 0.546875 | ||||||||||||||||||||||||
Preferred stock dividend rate percentage | 8.75% |