Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
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 | 83,720,866 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 187,777 | $ 289,676 |
Restricted cash | 9,996 | 15,330 |
Accounts receivable, net | 38,252 | 45,461 |
Due from related parties (Note 2) | 6,730 | 4,169 |
Advances and other | 24,226 | 14,132 |
Vessels held for sale (Note 1(j)) | 68,410 | 67,255 |
Inventories | 18,756 | 14,410 |
Prepaid insurance and other | 1,842 | 1,765 |
Current portion of financial instruments - Fair value (Note 14) | 2,322 | 28 |
Total current assets | 358,311 | 452,226 |
INVESTMENTS | 1,000 | 1,000 |
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 14) | 5,166 | 126 |
FIXED ASSETS (Note 4) | ||
Advances for vessels under construction | 216,531 | 371,238 |
Vessels | 3,479,037 | 2,748,330 |
Accumulated depreciation | (801,976) | (695,044) |
Vessels' Net Book Value | 2,677,061 | 2,053,286 |
Total fixed assets | 2,893,592 | 2,424,524 |
DEFERRED CHARGES, net (Note 5) | 19,506 | 15,290 |
Total assets | 3,277,575 | 2,893,166 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt (Note 6) | 288,135 | 318,224 |
Payables | 52,511 | 33,264 |
Due to related parties (Note 2) | 5,892 | 1,740 |
Accrued liabilities | 34,707 | 29,363 |
Unearned revenue | 8,428 | 12,277 |
Current portion of financial instruments - Fair value (Note 14) | 3,613 | 5,706 |
Total current liabilities | 393,286 | 400,574 |
LONG-TERM DEBT, net of current portion (Note 6) | 1,465,720 | 1,074,339 |
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 14) | 1,119 | 3,181 |
STOCKHOLDERS' EQUITY | ||
Preferred shares, $ 1.00 par value; 15,000,000 shares authorized and 2,000,000 Series B Preferred Shares and 2,000,000 Series C preferred Shares issued and 3,400,000 Series D Preferred Shares issued and outstanding at December 31, 2016 and December 31, 2015 | 7,400 | 7,400 |
Common shares, $ 1.00 par value; 185,000,000 shares authorized at December 31, 2016 and December 31, 2015; 87,338,652 shares issued and 83,720,866 shares outstanding at December 31, 2016 and 87,338,652 shares issued and outstanding December 31, 2015 | 87,339 | 87,339 |
Additional paid-in capital | 752,001 | 752,001 |
Cost of treasury stock | (20,173) | 0 |
Accumulated other comprehensive loss | (4,313) | (10,727) |
Retained earnings | 582,889 | 567,464 |
Total Tsakos Energy Navigation Limited stockholders' equity | 1,405,143 | 1,403,477 |
Noncontrolling Interest | 12,307 | 11,595 |
Total stockholders' equity | 1,417,450 | 1,415,072 |
Total liabilities and stockholders' equity | $ 3,277,575 | $ 2,893,166 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 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 | 83,720,866 | 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 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
VOYAGE REVENUES: | $ 481,790 | $ 587,715 | $ 501,013 |
EXPENSES: | |||
Voyage expenses | 106,403 | 131,878 | 154,143 |
Vessel operating expenses | 146,546 | 142,117 | 146,902 |
Depreciation and amortization | 113,420 | 105,931 | 102,891 |
General and administrative expenses | 25,611 | 21,787 | 21,029 |
Gain on sale of vessels | 0 | (2,078) | 0 |
Total expenses | 391,980 | 399,635 | 424,965 |
Operating income | 89,810 | 188,080 | 76,048 |
OTHER INCOME/ (EXPENSES): | |||
Interest and finance costs, net (Note 7) | (35,873) | (30,019) | (43,074) |
Interest income | 623 | 234 | 498 |
Other, net | 1,935 | 128 | 246 |
Total other expenses, net | (33,315) | (29,657) | (42,330) |
Net income | 56,495 | 158,423 | 33,718 |
Less: Net income attributable to the noncontrolling interest | (712) | (206) | (191) |
Net income attributable to Tsakos Energy Navigation Limited | 55,783 | 158,217 | 33,527 |
Effect of preferred dividends | (15,875) | (13,437) | (8,438) |
Net income attributable to common stockholders of Tsakos Energy Navigation Limited | $ 39,908 | $ 144,780 | $ 25,089 |
Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common stockholders | $ 0.47 | $ 1.69 | $ 0.32 |
Weighted average number of shares, basic and diluted | 84,905,078 | 85,827,597 | 79,114,401 |
STATEMENTS OF CONSOLIDATED OTHE
STATEMENTS OF CONSOLIDATED OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
STATEMENTS OF CONSOLIDATED OTHER COMPREHENSIVE INCOME [Abstract] | |||
Net income | $ 56,495 | $ 158,423 | $ 33,718 |
Unrealized gains/(losses) from hedging financial instruments | |||
Unrealized gain/(loss) on interest rate swaps, net | 6,414 | (437) | (3,655) |
Amortization of deferred loss on the de-designated financial instruments | 0 | 0 | 154 |
Comprehensive income | 62,909 | 157,986 | 30,217 |
Less: comprehensive income attributable to the noncontrolling interest | (712) | (206) | (191) |
Comprehensive income attributable to Tsakos Energy Navigation Limited | $ 62,197 | $ 157,780 | $ 30,026 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Shares | Common Shares | Additional Paid-in Capital | Treasury stock | Retained Earnings | Accumulated Other Comprehensive Loss | Tsakos Energy Navigation Limited | Noncontrolling Interest | Dividends paid ($0.15 per common share for the year ended December 31, 2014, $0.06 per common share for the year ended December 31, 2015 and $0.08 and $0.05 per common share for the year ended December 31, 2016) | Dividends paid ($0.15 per common share for the year ended December 31, 2014, $0.06 per common share for the year ended December 31, 2015 and $0.08 and $0.05 per common share for the year ended December 31, 2016)Retained Earnings | Dividends paid ($0.15 per common share for the year ended December 31, 2014, $0.06 per common share for the year ended December 31, 2015 and $0.08 and $0.05 per common share for the year ended December 31, 2016)Tsakos Energy Navigation Limited | Dividends declared ($0.06 per common share for the year ended December 31, 2014) | Dividends declared ($0.06 per common share for the year ended December 31, 2014)Retained Earnings | Dividends declared ($0.06 per common share for the year ended December 31, 2014)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 | Issuance of common shares | Issuance of common sharesCommon Shares | Issuance of common sharesAdditional Paid-in Capital | Issuance of common sharesTsakos Energy Navigation Limited |
BALANCE, at Dec. 31, 2013 | $ 997,663 | $ 4,000 | $ 57,969 | $ 500,737 | $ 0 | $ 430,548 | $ (6,789) | $ 986,465 | $ 11,198 | |||||||||||||||||||||
Treasury stock shares, number of shares at Dec. 31, 2013 | 0 | |||||||||||||||||||||||||||||
Net income | 33,718 | 33,527 | 33,527 | 191 | ||||||||||||||||||||||||||
Issuance of shares | $ 169,276 | $ 25,645 | $ 143,631 | $ 169,276 | ||||||||||||||||||||||||||
Issuance of common stock under distribution agency agreement | 7,124 | 1,078 | 6,046 | 7,124 | ||||||||||||||||||||||||||
Issuance of 20,000 shares of restricted share units | 20 | (20) | ||||||||||||||||||||||||||||
Cash dividends | $ (12,623) | $ (12,623) | $ (12,623) | $ (5,083) | $ (5,083) | $ (5,083) | ||||||||||||||||||||||||
Dividends paid on preferred shares | $ (4,000) | $ (4,000) | $ (4,000) | $ (4,804) | $ (4,804) | $ (4,804) | ||||||||||||||||||||||||
Other comprehensive income/(loss) | (3,501) | (3,501) | (3,501) | |||||||||||||||||||||||||||
Amortization of restricted share units | 142 | 142 | 142 | |||||||||||||||||||||||||||
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 | 158,423 | 158,217 | 158,217 | 206 | ||||||||||||||||||||||||||
Issuance of shares | $ 81,784 | $ 3,400 | $ 78,384 | $ 81,784 | $ 25,708 | $ 2,627 | $ 23,081 | $ 25,708 | ||||||||||||||||||||||
Cash dividends | (15,563) | (15,563) | (15,563) | |||||||||||||||||||||||||||
Dividends paid on preferred shares | (4,000) | (4,000) | (4,000) | (4,437) | (4,437) | (4,437) | (4,318) | $ (4,318) | (4,318) | |||||||||||||||||||||
Other comprehensive income/(loss) | (437) | (437) | (437) | |||||||||||||||||||||||||||
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 | 56,495 | 55,783 | 55,783 | 712 | ||||||||||||||||||||||||||
Purchases of Treasury stock, shares | 3,705,286 | |||||||||||||||||||||||||||||
Purchases of Treasury stock, value | (20,683) | $ (20,683) | (20,683) | |||||||||||||||||||||||||||
Shares granted to non-executive directors, shares | (87,500) | |||||||||||||||||||||||||||||
Shares granted to non-executive directors, value | 510 | $ 510 | 510 | |||||||||||||||||||||||||||
Cash dividends | $ (24,483) | $ (24,483) | $ (24,483) | |||||||||||||||||||||||||||
Dividends paid on preferred shares | $ (4,000) | $ (4,000) | $ (4,000) | $ (4,437) | $ (4,437) | $ (4,437) | $ (7,438) | $ (7,438) | $ (7,438) | |||||||||||||||||||||
Other comprehensive income/(loss) | 6,414 | 6,414 | 6,414 | |||||||||||||||||||||||||||
BALANCE, at Dec. 31, 2016 | $ 1,417,450 | $ 7,400 | $ 87,339 | $ 752,001 | $ (20,173) | $ 582,889 | $ (4,313) | $ 1,405,143 | $ 12,307 | |||||||||||||||||||||
Treasury stock shares, number of shares at Dec. 31, 2016 | 3,617,786 |
CONSOLIDATED STATEMENTS OF STO7
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Nov. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY [Abstract] | ||||
Restricted shares, number of shares issued | 20,000 | |||
Cash dividends paid, per share | $ 0.05 | $ 0.08 | $ 0.06 | $ 0.15 |
Issuance of common shares | 2,626,357 | 25,645,000 | ||
Common stock - dividend declared | $ 0.06 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||
Net income | $ 56,495 | $ 158,423 | $ 33,718 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation | 107,089 | 99,571 | 97,938 |
Amortization of deferred dry-docking costs | 6,331 | 6,360 | 4,953 |
Amortization of loan fees | 1,742 | 1,268 | 1,245 |
Stock compensation expense | 510 | 0 | 142 |
Change in fair value of derivative instruments | (5,232) | (8,908) | 4,984 |
Gain on sale of vessels | 0 | (2,078) | 0 |
Gain on extinguishment of debt, net | 0 | (3,208) | 0 |
Payments for dry-docking | (11,606) | (8,368) | (6,055) |
(Increase)/Decrease in: | |||
Receivables, net | (5,448) | (9,191) | (15,948) |
Inventories | (4,346) | 1,531 | 3,719 |
Prepaid insurance and other | (75) | 638 | (49) |
Increase/(Decrease) in: | |||
Payables | 23,399 | (8,184) | (16,061) |
Accrued liabilities | 5,344 | 4,175 | 2,502 |
Unearned revenue | (3,849) | 2,380 | (4,117) |
Net Cash provided by Operating Activities | 170,354 | 234,409 | 106,971 |
Cash Flows from Investing Activities: | |||
Advances for vessels under construction and acquisitions | (109,557) | (156,581) | (130,436) |
Vessel acquisitions and/or improvements | (466,518) | (60,934) | (123,871) |
Proceeds from sale of vessels | 0 | 42,761 | 0 |
Net Cash used in Investing Activities | (576,075) | (174,754) | (254,307) |
Cash Flows from Financing Activities: | |||
Proceeds from long-term debt | 777,536 | 227,437 | 158,533 |
Financing costs | (6,420) | (2,543) | (2,998) |
Payments of long-term debt | (411,587) | (242,367) | (120,495) |
(Increase)/Decrease in restricted cash | 5,334 | (2,996) | (2,807) |
Proceeds from stock issuance program, net | 0 | 0 | 176,400 |
Proceeds from preferred stock issuance, net | 0 | 81,784 | 0 |
Repurchase of Common Shares | (20,683) | 0 | 0 |
Cash dividends | (40,358) | (33,401) | (21,427) |
Net Cash provided by Financing Activities | 303,822 | 27,914 | 187,206 |
Net (decrease)/increase in cash and cash equivalents | (101,899) | 87,569 | 39,870 |
Cash and cash equivalents at beginning of period | 289,676 | 202,107 | 162,237 |
Cash and cash equivalents at end of period | 187,777 | 289,676 | 202,107 |
Interest paid | |||
Cash paid for interest, net of amounts capitalized | $ 35,339 | $ 29,564 | $ 34,390 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies (a) Basis of presentation and description of business: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of Tsakos Energy Navigation Limited (the “Holding Company”), and its wholly-owned and majority-owned subsidiaries (collectively, the “Company”). As at December 31, 2016 and 2015, the Holding Company consolidated one (two in 2014) variable interest entity (“VIE”) for which it is deemed to be the primary beneficiary, i.e. it has a controlling financial interest in this entity. A VIE is an entity that in general does not have equity investors with voting rights or that has equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and absorbs a majority of an entity’s expected losses, receives a majority of an entity’s expected residual returns, or both. All intercompany balances and transactions have been eliminated upon consolidation. The Company follows the provisions of Accounting Standard Codification (ASC) 220, “Comprehensive Income,” which requires separate presentation of certain transactions, which are recorded directly as components of stockholders’ equity. The Company presents Other Comprehensive Income in a separate statement according to ASU 2011-05. The Company owns and operates a fleet of crude oil and product carriers and two LNG carriers providing worldwide marine transportation services under long, medium or short-term charters. As from January 1, 2015, the Company has reclassified certain categories within the Consolidated statement of comprehensive income in order to be consistent and comparable to other reporting entities within the peer group of tanker companies. Prior year data has been adjusted accordingly. Specifically, “Commissions” in the consolidated statements of comprehensive income of 2014 has been reclassified as “Voyage expenses”. Similarly, Amortization of deferred dry-docking costs is included within Depreciation and amortization, amounts relating to Management fees, Stock compensation expense and Management incentive award are included in General and administrative expenses, and Foreign currency losses/(gains) are included in vessel operating expenses. (b) Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and expenses, reported in the consolidated financial statements and the accompanying notes. Although actual results could differ from those estimates, management does not believe that such differences would be material. (c) Comprehensive income: The statement of comprehensive income presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. Reclassification adjustments are presented out of accumulated other comprehensive (loss) on the face of the statement in which the components of other comprehensive income are presented or in the notes to the financial statements. The Company follows the provisions of ASC 220 “Comprehensive Income”, and presents items of net income, items of other comprehensive income (“OCI”) and total comprehensive income in two separate and consecutive statements. (d) Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company’s vessels operate in international shipping markets in which the U.S. Dollar is utilized to transact most business. The accounting books of the Company are also maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. Dollars at the year-end exchange rates. Resulting gains or losses are reflected within Operating expenses in the accompanying Consolidated Statements of Comprehensive Income. (e) Cash and Cash Equivalents: The Company classifies highly liquid investments such as time deposits and certificates of deposit and their equivalents with original maturities of three months or less as cash and cash equivalents. Cash deposits with certain banks that may only be used for special purposes (including loan repayments) are classified as Restricted cash. (f) Accounts Receivable, Net: Accounts receivable, net at each balance sheet date includes estimated recoveries from charterers for hire, freight and demurrage billings and revenue earned but not yet billed, net of an allowance for doubtful accounts (nil as of December 31, 2016 and 2015). The Company’s management at each balance sheet date reviews all outstanding invoices and provides allowances for receivables deemed uncollectible primarily based on the aging of such balances and any amounts in dispute. (g) Inventories: Inventories consist of bunkers, lubricants, victualling and stores and are stated at the lower of cost or market value. The cost is determined primarily by the first-in, first-out method. (h) Fixed Assets: Fixed assets consist of vessels. Vessels are stated at cost, less accumulated depreciation. The cost of vessels includes the contract price and pre-delivery costs incurred during the construction and delivery of new buildings, including capitalized interest, and expenses incurred upon acquisition of second-hand vessels. Subsequent expenditures for conversions and major improvements are capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise they are charged to expense as incurred. Expenditures for routine repairs and maintenance are expensed as incurred. Depreciation is provided on the straight-line method based on the estimated remaining economic useful lives of the vessels, less an estimated residual value based on a scrap price. (i) Impairment of Vessels: The Company reviews vessels for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel may not be recoverable, such as during severe disruptions in global economic and market conditions. When such indicators are present, a vessel to be held and used is tested for recoverability by comparing the estimate of future undiscounted net operating cash flows expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount. Net operating cash flows are determined by applying various assumptions regarding the use or possible disposition of each vessel, future revenues net of commissions, operating expenses, scheduled dry-dockings, expected off-hire and scrap values, and taking into account historical revenue data and published forecasts on future world economic growth and inflation. Should the carrying value of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the excess of the carrying amount over the fair market value of the asset. The Company determines the fair value of its vessels based on management estimates and assumptions and by making use of available market data and taking into consideration third party valuations. The review of the carrying amounts in connection with the estimated recoverable amount for certain of the Company’s vessels as of December 31, 2016, December 31, 2015 and December 31, 2014 did not indicate an impairment charge. (j) Reporting Assets held for sale: It is the Company’s policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end of their useful life. Long-lived assets are classified as held for sale when all applicable criteria enumerated under ASC 360 “Property, Plant, and Equipment” are met and are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. At December 31, 2015, the Company considered that the suezmaxes Eurochampion 2004 and Euronike met the criteria to be classified as held for sale. At December 31, 2016, the Company decided to extend the period that the vessels are classified as held for sale beyond a financial year, as the sale of vessels is considered highly probable and the vessels are available for immediate sale in their present condition. (k) Accounting for Special Survey and Dry-docking Costs: The Company follows the deferral method of accounting for dry-docking and special survey costs whereby actual costs incurred are reported in Deferred Charges and are amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due (approximately every five years during the first fifteen years of vessels’ life and every two and a half years within the remaining useful life of the vessels). Until December 31, 2013, for vessels older than ten years, the Company estimated that the next dry-docking would be due in two and a half years. However, according to Classification Society regulations, vessels can defer dry-docking costs for five years during their first fifteen years of life, instead of ten years as previously estimated. This change in estimate does not have a material effect in the years ended December 31, 2016 and 2015, and is not expected to have a material effect in the following years. Costs relating to routine repairs and maintenance are expensed as incurred. The unamortized portion of special survey and dry-docking costs for a vessel that is sold is included as part of the carrying amount of the vessel in determining the gain on sale of the vessel. (l) Loan Costs: Costs incurred for obtaining new loans or refinancing existing loans are capitalized and included in deferred charges and amortized over the term of the respective loan, using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced as debt extinguishments is expensed in the period the repayment or extinguishment is made. Up to December 31, 2015, these costs were included in deferred charges. 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. 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. (m) Accounting for Revenue and Expenses: Voyage revenues are generated from freight billings and time charter hire. Time charter revenue, including bare-boat hire, is recorded over the term of the charter as the service is provided. Revenues from voyage charters on the spot market or under contract of affreightment are recognized ratably from when a vessel becomes available for loading (discharge of the previous charterer’s cargo) to when the next charterer’s cargo is discharged, provided an agreed non-cancelable charter between the Company and the charterer is in existence, the charter rate is fixed or determinable and collectability is reasonably assured. Revenue under voyage charters will not be recognized until a charter has been agreed even if the vessel has discharged its previous cargo and is proceeding to an anticipated port of loading. Revenues from variable hire arrangements are recognized to the extent the variable amounts earned beyond an agreed fixed minimum hire are determinable at the reporting date and all other revenue recognition criteria are met. Revenue from hire arrangements with an escalation clause is recognized on a straight-line basis over the charter term unless another systematic and rational basis is more representative of the time pattern in which the vessel is employed. Vessel voyage and operating expenses and charter hire expense are expensed when incurred. Unearned revenue represents cash received prior to the year end for which related service has not been provided, primarily relating to charter hire paid in advance to be earned over the applicable charter period. The operating revenues and voyage expenses of vessels operating under a tanker pool are pooled and are allocated to the pool participants on a time charter equivalent basis, according to an agreed formula. Voyage revenues for 2016, 2015 and 2014 included revenues derived from significant charterers as follows (in percentages of total voyage revenues): Charterer 2016 2015 2014 A 13% 14% 19% B 13% 10% 13% C 9% 9% 9% D 7% 8% 5% (n) Segment Reporting: The Company does not evaluate the operating results by type of vessel or by type of charter or by type of cargo. Although operating results may be identified by type of vessel, management, including the chief operating decision maker, reviews operating results primarily by revenue per day and operating results of the fleet. The Company operates two liquefied natural gas (LNG) carriers which meets the quantitative thresholds used to determine reportable segments. The chief operating decision maker does not review the operating results of these vessels separately, or make any decisions about resources to be allocated to these vessels or assess their performance separately; therefore, the LNG carriers do not constitute a separate reportable segment. The Company’s vessels operate on many trade routes throughout the world and, therefore, the provision of geographic information is considered impracticable by management. For the above reasons, the Company has determined that it operates in one reportable segment, the worldwide maritime transportation of liquid energy related products. (o) Derivative Financial Instruments: The Company regularly enters into interest rate swap contracts to manage its exposure to fluctuations of interest rates associated with its specific borrowings. Also, the Company enters into bunker swap contracts and put or call options to manage its exposure to fluctuations of bunker prices associated with the consumption of bunkers by its vessels. Interest rate and bunker price differentials paid or received under the swap agreements are recognized as part of Interest and finance costs, net. On the inception of a put or call option on bunkers an asset or liability is recognized. The subsequent changes in its the fair value, and realized payments or receipts upon exercise of the options are recognized in the Statement of Comprehensive Income as part of the interest and finance costs, net. All derivatives are recognized in the consolidated financial statements at their fair value. On the inception date of the derivative contract, the Company evaluates the derivative as an accounting hedge of the variability of cash flow to be paid of a forecasted transaction (“cash flow” hedge). Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge are recorded in other comprehensive income/(loss) until earnings are affected by the forecasted transaction. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in earnings in the period in which those fair value changes occur. Realized gains or losses on early termination of undesignated derivative instruments are also classified in earnings in the period of termination of the respective derivative instrument. The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges of the variable cash flows of a forecasted transaction to a specific forecasted transaction. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flow of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively. In accordance with ASC 815 “Derivatives and Hedging,” the Company may prospectively discontinue the hedge accounting for an existing hedge if the applicable criteria are no longer met, the derivative instrument expires, is sold, terminated or exercised or if the Company removes the designation of the respective cash flow hedge. In those circumstances, the net gain or loss remains in accumulated other comprehensive income and is reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings, unless the forecasted transaction is no longer probable in which case the net gain or loss is reclassified into earnings immediately. (p) Fair Value Measurements: The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” which defines, and provides guidance as to the measurement of fair value. ASC 820 applies when assets or liabilities in the financial statements are to be measured at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (Note 14). Upon issuance of guidance on the fair value option in 2007, the Company elected not to report the then existing financial assets or liabilities at fair value that were not already reported as such. (q) Accounting for Leases: Leases of assets under which substantially all the risks and rewards of ownership are effectively retained by the lessor are classified as operating leases. Lease payments under an operating lease are recognized as an expense on a straight-line method over the lease term. The Company held no operating leases at December 31, 2016. (r) Stock Based Compensation: The Company has a share based incentive plan that covers directors and officers of the Company and employees of the related companies. Awards granted are valued at fair value and compensation cost is recognized on a straight line basis, net of estimated forfeitures, over the requisite service period of each award. The fair value of restricted stock issued to crew members, directors and officers of the Company at the grant date is equal to the closing stock price on that date and is amortized over the applicable vesting period using the straight-line method. The fair value of restricted stock issued to non-employees is equal to the closing stock price at the grant date adjusted by the closing stock price at each reporting date and is amortized over the applicable performance period (Note 8). Recent Accounting Pronouncements adopted: a) Going Concern: In August 2014, FASB issued ASU No. 2014-15 – “Presentation of Financial Statements - Going Concern”. ASU 2014-15 provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The Company has adopted the provisions of ASU 2014-05 on December 31, 2016. b) Consolidation: In February 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-02-Consolidation. The amendments in this ASU affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. On 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) Debt Issuance costs: In April 2015, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) 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 (section l above). . d) Business Combinations: In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 eliminates the requirement that an acquirer in a business combination account for measurement-period adjustment during the period in which it determines the amount of the adjustment. The guidance is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, it is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted. On January 1, 2016, the Company adopted ASU No. 2015-16 Business Combination (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. Recent Accounting Pronouncements not yet adopted a) Inventory (subsequent to the adoption of ASU 2015-11, Simplifying the Measurement of Inventory): In July 2015, the FASB issued ASU No. 2015-11 –Inventory. ASU 2015-11 is part of FASB Simplification Initiative. Current guidance requires an entity to measure inventory at the lower of cost or market. Market could be the replacement cost, net realizable value or net realizable value less an approximately normal profit margin. Under this Update, the entities will be required to measure inventory at the lower of cost or net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendments under the Update more closely align measurement of inventory in US GAAP with the measurement of inventory in IFRS. For public entities, the amendments of this Update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments of this Update should be applied prospectively with early application permitted. The Company does not expect the adoption of this ASU to have a material impact on Company's results of operations, financial position or cash flows. b) Financial Instruments: 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. c) Leases: In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. The Company is analyzing the impact of the adoption of this guidance on the Company's consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. d) Revenue from Contracts with Customers: In May and April 2016, the FASB issued two Updates with respect to Topic 606: ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” and ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” The amendments in these Updates do not change the core principle of the guidance in Topic 606, which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1) Identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in Update 2016-10 simply clarify the following two aspects of Topic 606: (1) identifying performance obligations and (2) licensing implementation guidance. The amendments in Update 2016-12 similarly affect only certain narrow aspects of Topic 606; namely, (1) “Assessing the Collectibility Criterion in Paragraph 606-10-25-1(e) and Accounting for Contracts That Do Not Meet the Criteria for Step 1 (Applying Paragraph 606-10-25-7),” (2) “Presentation of Sales Taxes and Other Similar Taxes Collected from Customers,” (3) “Noncash Consideration,” (4) “Contract Modifications at Transition,” (5) “Completed Contracts at Transition,” and (6) “Technical Correction.” The amendments in these Updates also affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in these Updates are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” has deferred the effective date of Update 2014-09 for public business entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted. The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). The Company will adopt the standard in the first quarter of 2018 and preliminarily expect to use the modified retrospective method. However, the Company is in the process of reviewing its historical contracts to quantify the impact that the adoption of the standard will have on specific performance obligations. e) Financial Instruments – Credit Losses: In June 2016, the FASB issued ASU No. 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. The Company is in the process of assessing the impact of the amendment of this Update on the Company's consolidated financial position and performance. f) Statement of Cash Flows: 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. g) Statement of Cash Flows (Topic 230) - Restricted Cash: In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230) - Restricted Cash which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU 2016-18 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. h) Compensation — Stock Compensation: In March 2016, the Financial Accounting Standards Board (“FASB”) issued Acc |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 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: 2016 2015 2014 Tsakos Shipping and Trading S.A. (commissions)………………… 5,989 7,550 6,189 Tsakos Energy Management Limited (management fees)………… 16,935 16,032 15,840 Tsakos Columbia Shipmanagement S.A…………………………... 2,136 2,234 2,091 Argosy Insurance Company Limited………………………………. 9,036 9,386 9,529 AirMania Travel S.A………………………….…………………… 4,866 4,298 4,797 Total expenses with related parties 38,962 39,500 38,446 Balances due from and due to related parties are as follows: December 31, 2016 2015 Due from related parties Tsakos Columbia Shipmanagement S.A............. 6,730 4,169 Total due from related parties 6,730 4,169 Due to related parties Tsakos Energy Management Limited.................. 417 61 Tsakos Shipping and Trading S.A....................... 759 982 Argosy Insurance Company Limited................... 4,285 410 AirMania Travel S.A. .......................................... 431 287 Total due to related parties 5,892 1,740 There was also, at December 31, 2016, an amount of $552 ($776 at December 31, 2015) due to Tsakos Shipping and Trading S.A. and $24 ($124 at December 31, 2015) due to Argosy Insurance Company Limited, included in accrued liabilities, which relate to services rendered by these related parties, but 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 12 month Euribor, if both parties agree. In 2016 and 2015, the monthly fees for operating conventional vessels were $27.5, and $20.4 for vessels chartered out on a bare-boat basis, $35.8 for the LNG carriers, and $35.0 for the DP2 shuttle tankers. From the above fees, a third party manager is paid $25.8 for the LNG carriers, $13.9 for each of the suezmax Eurochampion 2004 , the aframax Maria Princess and the VLCC Ulysses and $14.2 for the aframax Sapporo Princess . In addition to the Management fee, the Management Agreement provides for an incentive award to the Management Company, which is at the absolute discretion of the Holding Company’s Board of Directors. In 2016 and 2015, an award of $2,575 and $1,142 was granted to the Management Company respectively and is included in the General and Administrative expenses in the accompanying Consolidated Statement of Comprehensive income. In addition, a special award of $425 was paid to the Management Company in relation to capital raising offerings in 2015. In 2014, awards totaling $860 was made relating to two equity offerings in the year, of which $460 was paid in 2015. These awards relating to offerings have been included as a deduction of additional paid in capital in the accompanying 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 December 31, 2016, to pay the Management Company an amount of approximately $166,281 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 December 31, 2016, are: Year Amount 2017…………………………………………………………………………………………... 20,165 2018………………………………………………………………………………………....... 20,386 2019………………………………………………………………………………………....... 20,457 2020………………………………………………………………………………………....... 20,457 2021……………………………………………………………………………………........... 20,457 2022 to 2026………………………………………………………………………………….. 91,148 193,070 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 in 2016, 2015 and 2014. These fees in total amounted to $3,016, $3,346 and $2,224 for 2016, 2015 and 2014, 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 technical 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 the Company’s 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 (TMPI), 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. However, as of December 31, 2016, TCM has made advances to TMPI as a manning agent amounting to $5.5 million, included in Advances and other. (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 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. In 2015, the handysize tanker Delphi and the suezmax tanker Triathlon were sold to client companies of Tsakos Shipping. For this service, Tsakos Shipping charged a brokerage commission of $215 which was 0.5% of the sale price of the vessels. 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 2016 and 2015, no such fee was charged. In 2014, $200 in aggregate was charged for supervision fees on the DP2 suezmax shuttle tankers Rio 2016 and Brasil 2014 and $605 in total, as a brokerage commission of 0.5% on the purchase of the suezmax tankers Eurovision and Euro . In November, 2015, the Company chartered the VLCC Millenium to a client company of Tsakos Shipping for a daily rate of $15 for a period of approximately three years. Certain members of the Tsakos family are involved in the decision-making processes of Tsakos Shipping and of the Management Company, and are also shareholders of the Holding Company. During 2016 and 2015, a ship brokerage company affiliated with a non executive member of the Board of Directors, received $0.2 million and $0.3 million gross in commissions for brokerage services provided to the Company in relation to the charter of vessels owned by three of the Company's subsidiaries. All such arrangements were performed in the ordinary course of the Company's business and at terms standard to industry practice. In 2016, the same company earned $0.3 million in commission relating the acquisition of the VLCC Ulysses . (d) Argosy Insurance Company Limited (“Argosy”): The Company places its hull and machinery insurance, increased value insurance, war risk insurance 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. |
Long-term Investments
Long-term Investments | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Investments [Abstract] | |
Long-term Investments | 3. Long-term Investments At December 31, 2016, 2015 and 2014, the Company held 125,000 common shares at a total cost of $1,000 in a private U.S. company which undertakes research into synthetic genomic processes which may have a beneficial environmental impact within the energy and maritime industries. Management has determined that there has been no impairment to the cost of this investment since its acquisition in 2007. A Director of the Company is a former officer and currently a shareholder and a consultant of this company. No income was received from this investment during 2016, 2015 and 2014. |
Vessels
Vessels | 12 Months Ended |
Dec. 31, 2016 | |
Vessels [Abstract] | |
Vessels | 4. Vessels Acquisitions During 2016, the Company acquired the suezmax tanker Decathlon for $64,992 from a third-party, the newbuild aframaxes Elias Tsakos, Thomas Zafiras, Leontios H and Parthenon for $223,291 in total, the two newbuild panamaxes Sunray and Sunrise for $101,584 in total, the newbuild VLCC Ulysses for $100,189 and the newbuild LNG Maria Energy for $239,029. On November 5, 2015, the Company acquired the suezmax tanker Pentathlon for $57,926 from a third-party. Sales There were no vessel sales in 2016. On July 16, 2015 and July 17, 2015, the Company sold the handysize tanker Delphi and the suezmax tanker Triathlon , for net proceeds of $42,761 in total, realizing a total net gain of $2,078. The capital gains from the sale of vessels are separately reflected in the accompanying 2015 Consolidated Statement of Comprehensive Income. There were no sales of vessels in 2014. Impairment As of December 31, 2016, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels. This review did not indicate an impairment charge of the carrying value of the Company’s vessels. As of December 31, 2015 and 2014 there were no impairment charges. |
Deferred Charges
Deferred Charges | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Charges [Abstract] | |
Deferred Charges | 5. Deferred Charges Deferred charges, consisting of dry-docking and special survey costs, net of accumulated amortization, amounted to $19,506 and $15,290, at December 31, 2016 and 2015, respectively. Amortization of deferred dry-docking costs is included in Depreciation and amortization in the accompanying Consolidated Statements of Comprehensive income. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 6. Long –Term Debt Facility 2016 2015 (a) Credit Facilities………….............................................................. 344,564 538,208 (b) Term Bank Loans………….......................................................... 1,421,479 861,886 Total ………….................................................................................... 1,766,043 1,400,094 Less deferred finance costs, net…………........................................... (12,188) (7,531) Total long-term debt…………............................................................ 1,753,855 1,392,563 Less current portion of debt…………................................................. (291,111) (319,560) Add deferred finance costs, current portion…………........................ 2,976 1,336 Total long term portion, net of current portion and deferred finance costs ................................…………..................................... 1,465,720 1,074,339 (a) Credit facilities As at December 31, 2016, the Company had four open reducing revolving credit facilities, all of which are reduced in semi-annual installments, and one open facility which has both a reducing revolving credit component and a term bank loan component, with balloon payments due at maturity between June 2017 and April 2019. At December 31, 2016, there was no available unused amount. Interest is payable at a rate based on LIBOR plus a margin. At December 31, 2016, interest on these facilities ranged from 1.64% to 5.19%. (b) Term bank loans Term loan balances outstanding at December 31, 2016, amounted to $1,421,479. These bank loans are payable in U.S. Dollars in quarterly or semi-annual installments with balloon payments mainly due at maturity between July 2017 and October 2026. Interest rates on the outstanding loans as at December 31, 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 twelve-year loan for $76,400 signed on June 17, 2016. The loan consists of two facilities amounting to $22,920 and $53,480 respectively. The first ten-year facility is repayable by twenty consecutive semi-annual installments of $573, commencing six months after the delivery of the vessel, plus a balloon of $11,460 payable with the twentieth semi-annual installment. The second twelve-year facility is repayable by twenty-four consecutive semi-annual installments of $2,228, commencing six months after the initial drawdown. 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, Andromeda and Arion . 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 and the third drawn of $10,156 was made on October 6, 2016 for the vessel Arion . The loan is repayable in ten semi-annual installments of $2,547, commencing six months after drawdown date, plus a balloon of $7,634 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 I and the LNG carrier Maria Energy . The first drawdown of $18,895 was made on June 23, 2016 for the vessel Hercules I . The second drawdown of $76,400 was made on July 1, 2016 for the vessel Ulysses and the third drawn of $155,904 was made on October 5, 2016 for the vessel 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 in twenty four semi-annual installments. On September 29, 2016, the Company signed a new term bank loan for $60,000 relating to the refinancing of one of its credit facilities, which was approaching maturity, relating to the vessels Millennium, Euronike and Eurochampion 2004. The loan was drawn on September 30, 2016, and on the same date the Company repaid the outstanding loan amounting to $68,008. The loan consists of two tranches, the first one is repayable in four semi-annual installments of $2,500 plus a balloon of $6,000 payable together with the last installment and the second one in ten semi-annual installments of $3,100, plus a balloon of $13,000 payable together with the last installment. On November 29, 2016, the Company signed a new term bank loan for $18,125 relating to the refinancing of the two 2003-built LR1s, Maya and Inca . The loan is repayable in eight semi-annual installments of $1,812, plus a balloon of $3,625 at the maturity date. On December 22, 2016, the Company signed a supplemental agreement on the loan agreement dated August 9, 2012 for $17,173 top-up tranche to the existing loan for the financing of the shuttle tanker Brasil 2014 . The top-up tranche was drawn down on December 28, 2016 and is repayable in nine equal semi-annual installments of $1,018, plus a balloon payment of $8,014 payable together with the last installment. On December 29, 2016, the Company signed a supplemental agreement on the loan agreement dated January 31, 2012 for $16,100 top-up tranche to the existing loan for the financing of the shuttle tanker Rio 2016 .The top-up tranche was drawn down on December 30, 2016 and is repayable in nine equal semi-annual installments of $767, plus a balloon payment of $9,197 payable together with the last installment. At December 31, 2016, interest on these term bank loans ranged from 2.37% to 4.21%. The weighted-average interest rates on the above executed loans for the applicable periods were: Year ended December 31, 2016…………………………………………………………………….. 2.71% Year ended December 31, 2015…………………………………………………………………….. 2.30% Year ended December 31, 2014…………………………………………………………………….. 2.23% Loan movements for credit facilities and term loans throughout 2016: Loan Origination Date Original Amount Balance at January 1, 2016 New Loans Repaid Balance at December 31, 2016 Credit facility¹……….. 2004 179,384 80,690 - 10,555 70,135 10-year term loan……. 2004 71,250 22,657 - 22,657 - Credit facility………... 2005 220,000 46,570 - 15,650 30,920 Credit facility………... 2005 220,000 47,127 - 47,127 - Credit facility………... 2006 275,000 72,810 - 72,810 - Credit facility………... 2006 371,010 191,010 - 20,000 171,010 Credit facility………... 2006 70,000 22,500 - 22,500 - Credit facility¹...……... 2007 120,000 77,500 - 5,000 72,500 10-year term loan…..... 2007 88,350 49,710 - 5,520 44,190 10-year term loan......... 2009 38,600 22,344 - 2,234 20,110 8-year term loan……... 2009 40,000 24,016 - 2,664 21,352 12 year term loan……. 2009 40,000 26,250 - 2,500 23,750 10-year term loan…..... 2010 39,000 24,700 - 2,600 22,100 7-year term loan…....... 2010 70,000 46,800 - 4,640 42,160 10-year term loan…..... 2010 43,924 27,835 - 3,218 24,617 9-year term loan…....... 2010 42,100 29,100 - 2,600 26,500 10-year term loan…..... 2011 48,000 33,600 - 3,200 30,400 9-year term loan…....... 2011 48,650 35,677 - 3,243 32,434 8-year term loan…....... 2011 73,600 61,333 17,173 4,906 73,600 8-year term loan…....... 2012 73,600 62,100 16,100 4,600 73,600 7-year term loan…....... 2013 18,000 15,195 - 1,620 13,575 7-year term loan…....... 2014 42,000 39,200 - 2,800 36,400 6-year term loan…....... 2014 193,239 51,220 117,806 1,200 167,826 6-year term loan…....... 2014 39,000 36,400 - 2,600 33,800 7-year term loan…....... 2014 40,400 5,172 11,426 - 16,598 6-year term loan…....... 2014 78,744 15,516 16,598 - 32,114 6-year term loan…....... 2014 39,954 5,172 11,426 - 16,598 19-month term loan….. 2014 52,195 52,195 - 52,195 - 5-year term loan…....... 2015 35,190 16,423 18,767 - 35,190 7-year term loan…....... 2015 35,190 11,730 23,460 - 35,190 7-year term loan…....... 2015 39,900 39,900 - 3,627 36,273 5-year term loan…....... 2015 82,775 51,625 31,150 5,173 77,602 6-year term loan…....... 2015 46,217 46,217 - 4,622 41,595 8-year term loan…....... 2015 73,500 9,800 29,400 - 39,200 7-year term loan…....... 2015 44,800 - 44,800 1,600 43,200 12-year term loan…..... 2016 309,824 - 251,199 - 251,199 2&5-year term loan²…. 2016 60,000 - 60,000 - 60,000 5-year term loan…....... 2016 33,104 - 33,104 924 32,180 4-year term loan…....... 2016 81,125 - 18,125 - 18,125 Total….......….......….. 1,400,094 700,534 334,585 1,766,043 1 This credit facility includes a fixed interest rate portion amounting to $21,577 as at December 31, 2016. 2 The Company contemplates selling two of its vessels (Eurochampion 2004 and Euronike) secured under this term loan facility within 2017 and accordingly, an amount of approximately $44,000 is classified under current portion of long-term debt. The above revolving credit facilities and term bank loans are secured by first priority mortgages on all vessels owned by our subsidiaries, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant ship-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 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 $108,139 at December 31, 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 $5,750. Two loan agreements require a monthly pro rata transfer to retention account of any principal due but unpaid. As at December 31, 2016, the Company and its wholly owned subsidiaries had thirty-four loan agreements, totaling $1,766,043. The Company fulfilled its requirements in respect of the financial covenants of all the agreements in relation to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirement in certain of its loan agreements in respect of which an amount of $2,414 has been reclassified within current liabilities at December 31, 2016. Two of these loans met the requirements immediately after December 31, 2016, and the remaining five loans are expected to be cured by February 2018. 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 December 31, 2016 and December 31, 2015, the Company’s working capital (non-restricted net current assets), amounted to a $(47,947) deficit and $34,984 surplus respectively. The annual principal payments required to be made after December 31, 2016, are as follows: Period/Year Amount 2017……………………………………………………………………………………………… 291,111 2018……………………………………………………………………………………………… 348,426 2019……………………………………………………………………………………………… 228,458 2020……………………………………………………………………………………………… 206,061 2021……………………………………………………………………………………………… 258,304 2022 and thereafter……………………………………………………………………………….. 433,683 1,766,043 |
Interest and Finance Costs, net
Interest and Finance Costs, net | 12 Months Ended |
Dec. 31, 2016 | |
Interest and Finance Costs, net [Abstract] | |
Interest and Finance Costs, net | 7. Interest and Finance Costs, net 2016 2015 2014 Interest expense 41,451 32,065 33,389 Less: Interest capitalized (4,015) (3,430) (2,384) Interest expense, net 37,436 28,635 31,005 Interest swap cash settlements non-hedging 1,086 2,201 3,231 Bunkers swap and call options cash settlements (128) 7,427 997 Bunker call options premium 266 1,414 1,199 Amortization of loan fees 1,742 1,268 1,245 Bank charges 143 137 240 Finance project costs expensed — 1,261 — Amortization of deferred loss on de-designated financial instruments — — 154 Change in fair value of non-hedging financial instruments (4,672) (9,116) 5,003 Net gain on the prepayment of a loan — (3,208) — Net total 35,873 30,019 43,074 At December 31, 2016, the Company was committed to nine floating-to-fixed interest rate swaps with major financial institutions covering notional amounts aggregating to $346,667, maturing from May 2018 through January 2023, on which it pays fixed rates averaging 2.44% and receives floating rates based on the six-month London interbank offered rate (“LIBOR”) (Note 14). At December 31, 2016, all interest rate swap agreements were designated and qualified as cash flow hedges, in order to hedge the Company’s exposure to interest rate fluctuations. The fair values of such financial instruments as of December 31, 2016 and 2015, in aggregate amounted to $1,030 (negative) and $7,847 (negative), respectively. The net amount of cash flow hedge losses at December 31, 2016, that is estimated to be reclassified into earnings within the next twelve months is $2,808. At December 31, 2015, the Company held one interest rate swap that did not meet hedge accounting criteria. As such, the changes in its fair value during the 2015 have been included in Change in fair value of non-hedging financial instruments, and amounted to a gain of $2,178. This interest rate swap expired on April 10, 2016. At December 31, 2016 and 2015, the Company held five and twelve, respectively, call option agreements in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels. The value of the call options at December 31, 2016 and 2015 was $1,307 (positive) and $154 (positive), respectively. The changes in their fair value during 2016 and 2015 amounting to $1,153 (positive) and $154 (positive) respectively have been included in Change in fair value of non-hedging financial instruments in the above table. During 2016, the Company entered into three bunker swap agreements in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by vessel Ulysses . The fair values of these financial instruments as of December 31, 2016, were $2,479 (positive). During 2015, as part of its refinancing program, the Company repaid $46,488 to a lender for debt approaching maturity relating to the vessels Socrates and Selecao . The outstanding balance of the loan facility at the repayment date was $49,800, leaving a total net gain of $3,208, which is included within Interest and finance costs, net in the above table. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity On December 8, 2015, the Company announced the resumption of the stock repurchase program for open market purchases for its common and/ or its preferred shares, which program was previously authorized by its Board of Directors. The Company had available up to $20.0 million from its previously authorized program and, on July 14, 2016, the Company announced the Board’s authorization of up to an additional $20 million in common and/or preferred share repurchases. As of December 31, 2016, the Company has acquired as treasury stock, 3,705,286 shares for a total amount of $20,683. 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 April 22, 2015, the Company completed an offering of 3,400,000 of its 8.75% Series D Cumulative Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $81,784, net of underwriter’s discount and other expenses. Dividends on the Series D Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 28th day of February, May, August and November of each year, commencing August 28, 2015, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 8.75% per annum of the stated liquidation preference. At any time on or after April 29, 2020, the Series D Preferred Shares may be redeemed, in whole or in part, out of amounts available thereof, at a redemption price of $25.00 per share plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. The Series D preferred shares are not convertible into common shares and are not redeemable at the option of the holder. On July 30, 2015, the Company issued 2,626,357 common shares at a value of $9.7881 per share so as to partially finance the acquisition of two resale contracts for the construction of VLCC tankers for delivery in 2016 and 2017. On May 30, 2014, at the annual general meeting of shareholders, the shareholders approved the amendment of the Company’s Memorandum of Association in order to increase the authorized share capital from $100,000 consisting of 85 million common shares of a par value of $1.00 each and 15 million preferred shares of a par value of $1.00 each, to $200,000, consisting of 185 million common shares of a par value of $1.00 each and 15 million preferred shares of a par value of $1.00 each. On April 29, 2014, the Company completed an offering of 11,000,000 common shares, at a price of $7.30 per share, for net proceeds of $75,821. On May 22, 2014, the underwriters exercised their option to purchase 1,650,000 additional shares at the same price for net proceeds of $11,503. On February 5, 2014, the Company completed an offering of 12,995,000 common shares, including 1,695,000 common shares issued upon the exercise in full by the underwriters of their option to purchase additional shares, at a price of $6.65 per share, for net proceeds of $81,952. In 2014, the Company sold 1,077,847 common shares for proceeds, net of commissions, of $7,124 under a distribution agency agreement entered into in August 2013. This agreement provides for the offer and sale from time to time of up to 4,000,000 common shares of the Company, par value $1.00 per share, at market prices. Under the Company’s share-based incentive plan, 20,000 restricted share units (RSUs) were granted and vested in 2014, at a fair value of $7.08 per share. There were no RSUs outstanding at the beginning or end of 2014. The total fair value of shares vested during the year ended December 31, 2014 was $142. Total compensation expense recognized in 2014 amounted to $142. As at December 31, 2015, under the existing share-based incentive plan approved by the shareholders, a further 868,950 RSUs or other share-based awards may be issued in the future. During 2016, the Company granted 87,500 restricted share units to non-executive directors out of the repurchased treasury stock, which vested immediately. No (RSUs) were granted in 2015. |
Accumulated other comprehensive
Accumulated other comprehensive loss | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated other comprehensive loss [Abstract] | |
Accumulated other comprehensive loss | 9. Accumulated other comprehensive loss In 2016, Accumulated other comprehensive loss decreased to $4,313 ($10,727 in 2015) due to unrealized gains from hedging financial instruments of $6,414 (loss of $437 in 2015 and $3,501 in 2014 including $154 related to amortization of deferred loss on de-designated financial instruments ). |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings per Common Share [Abstract] | |
Earnings per Common Share | 10. Earnings per Common Share The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the year. The computation of diluted earnings per share assumes the foregoing and the exercise of all granted RSUs (Note 8) using the treasury stock method. Numerator 2016 2015 2014 Net income attributable to Tsakos Energy Navigation Limited………………………... $ 55,783 $ 158,217 $ 33,527 Preferred share dividends, Series B………. (4,000) (4,000) (4,000) Preferred share dividends, Series C………. (4,437) (4,437) (4,438) Preferred share dividends, Series D………. (7,438) (5,000) - Net income attributable to common share holders…………………………………….. 39,908 144,780 25,089 Denominator Weighted average common shares outstanding………………………………… 84,905,078 85,827,597 79,114,401 Basic and diluted earnings per common share $ 0.47 $ 1.69 $ 0.32 For 2016, 2015 and 2014 there were no non-vested RSUs. |
Noncontrolling Interest in Subs
Noncontrolling Interest in Subsidiary | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest in Subsidiary [Abstract] | |
Noncontrolling Interest in Subsidiary | 11. Noncontrolling Interest in Subsidiary In August 2006, the Company signed an agreement with Polaris Oil Shipping Inc. (Polaris), an affiliate of one of the Company’s major charterers, following which Polaris acquired 49% of Mare Success S.A., a previously wholly-owned subsidiary of the Holding Company. Mare Success S.A. is the holding-company of two Panamanian registered companies which own respectively the vessels Maya and Inca . The agreement became effective on November 30, 2006. Mare Success S.A. is fully consolidated in the accompanying financial statements. In the fourth quarter of 2013, Mare Success increased its paid-in capital by $20,408 of which $10,408 being the 51%, was contributed by the Company and $10,000 being the 49%, by Polaris. After the recapitalization, the shareholding of Mare Success S.A. remained at 51% for the Company and 49% for Polaris. There have been no transactions between Polaris and the Company since the incorporation of Mare Success S.A., whereas approximately 7.4% of the Company’s 2016 revenue (5.5% in 2015) was generated by the charterer affiliated to Polaris. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 12. Income Taxes Under the laws of the countries of the Company’s subsidiaries’ incorporation and/or vessels’ registration (Greece, Liberia, Marshall Islands, Panama, Bahamas, Cyprus , Malta), the companies are subject to registration and tonnage taxes, which have been included in the Vessel operating expenses. The Company is not expected to be subject to United States Federal income tax on its gross income from the international operations of ships. In general, foreign persons operating ships to and from the United States are subject to United States Federal income tax of 4% of their United States source gross transportation income, which equals 50% of their gross income from transportation to or from the United States. The Company believes that it is exempt from United States Federal income tax on its United States source gross transportation income, as each vessel-operating subsidiary is organized in a foreign country that grants an equivalent exemption to corporations organized in the United States, and derives income from the international operation of ships and satisfies the stock ownership test as defined by the Internal Revenue Code and related regulations as a result of the Company’s stock being primarily and regularly traded on an established securities market in the United States. Under the regulations, a Company’s stock is considered to be regularly traded on an established securities market if (i) one or more classes of its stock representing 50% or more of its outstanding shares, by voting power and value, is listed on the market and is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year; and (ii) the aggregate number of shares of stock traded during the taxable year is at least 10% of the average number of shares of the stock outstanding during the taxable year. Other requirements such as the substantiation and reporting requirements under the regulations also must be satisfied to qualify for the exemption from United States Federal income tax. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies As at December 31, 2016, the Company had under construction five aframax tankers, one shuttle tanker and one VLCC tanker. The total contracted amount remaining to be paid for the seven vessels under construction plus the extra costs agreed as at December 31, 2016, were $274,288 due within the 2017. At December 31, 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 December 31, 2016, before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows: Year Amount 2017……………………………………………………………………………………………… 294,564 2018……………………………………………………………………………………………… 205,540 2019……………………………………………………………………………………………… 157,045 2020……………………………………………………………………………………………… 157,475 2021 to 2028…………………………………………………………………………………….. 495,415 Minimum charter payments……………………………………………………………………... 1,310,039 These amounts do not assume any off-hire. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments [Abstract] | |
Financial Instruments | 14. 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 6 and 7. (b) Concentration of credit risk: Financial Instruments 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 counterparties 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. 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 $21,260 as compared to its carrying amount of $21,577 (Note 6). 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 December 31, 2016 and 2015 are as follows: 2016 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets/(liabilities) Cash and cash equivalents………………... 187,777 187,777 289,676 289,676 Restricted cash……………..…………….. 9,996 9,966 15,330 15,330 Investments……………..………………… 1,000 1,000 1,000 1,000 Debt……………..……………..………… (1,766,043) (1,765,726) (1,400,094) (1,399,447) Tabular Disclosure of Derivatives Location Derivatives are recorded in the balance sheet on a net basis by counterparty when a legal right of setoff exists. The following tables present information with respect to the fair values of derivatives reflected in the 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 Statement of Comprehensive Income or in the Balance Sheet, as a component of Accumulated other comprehensive (loss). Asset Derivatives Liability Derivatives December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 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 1.0 - 3,613 4,666 Financial instruments—Fair Value, net of current portion 3,701 - 1,119 3,181 Subtotal 3,702 - 4,732 7,847 Asset Derivatives Liability Derivatives December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives not designated as hedging instruments Interest rate swaps Current portion of financial instruments—Fair value - - - 1,040 Bunker swaps Current portion of financial instruments—Fair value 1,014 - - - Bunker swaps Financial instruments—Fair Value, net of current portion 1,465 - - - Bunker call options Current portion of financial instruments—Fair value 1,307 28 - - Bunker call options Financial instruments—Fair Value, net of current portion - 126 - - Subtotal 3,786 154 - 1,040 Total derivatives 7,488 154 4,732 8,887 Derivatives designated as Hedging Instruments-Net effect on the Statements of Comprehensive Income Amount Derivative Gain/(Loss) Recognized in Accumulated Other Comprehensive Income on Derivative (Effective Portion) 2016 2015 2014 Interest rate swaps 3,015 (5,446) (7,042) Total 3,015 (5,446) (7,042) Amount Derivative Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Location 2016 2015 2014 Interest rate swaps Depreciation expense (156) (154) (154) Interest rate swaps Interest and finance costs, net (3,243) (2,996) (3,388) Total (3,399) (3,150) (3,542) The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other comprehensive Loss as of December 31, 2016 and 2015 was $4,314 and $10,727 respectively. Derivatives not designated as Hedging Instruments – Net effect on the Statement of Comprehensive Income Amount Derivative Net Realized and Unrealized Gain(Loss) Recognized on Statement of Comprehensive Income / (Loss) Location 2016 2015 2014 Interest rate swaps Interest and finance costs, net (47) (24) (1,272) Bunker swaps Interest and finance costs, net 2,586 (1,206) (10,402) Bunker put options Interest and finance costs, net - 564 1,244 Bunker call options Interest and finance costs, net 909 (1,260) - Total 3,448 (1,926) (10,430) The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of December 31, 2016 and 2015 using Level 2 inputs (significant other observable inputs): Recurring measurements: December 31, 2016 December 31, 2015 Interest rate swaps (1,030) (8,887) Bunker swaps 2,479 - Bunker call options 1,307 154 2,756 (8,733) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events a) On January 17, 2017, the Company drew down the amount of $42.6 million to finance the delivery of the VLCC tanker Hercules I on January 19, 2017. On the same date, the Company partially prepaid $0.6 million of the pre-delivery financing of the vessel. b) On January 30, 2017, the Company paid a dividend of $0.50 per share for its 8.00% Series B Preferred Shares. c) On January 30, 2017, the Company paid a dividend of $0.55469 per share for its 8.875% Series C Preferred Shares. d) On February 6, 2017, the Company started a $40.0 million at-the-market program to sell common and preferred shares. As at March 31, 2017, the Company raised $0.6 million from the sale of 24,803 preferred shares and $2.5 million from the sale of 550,000 common shares e) On February 7, 2017, the Company drew down the amount of $23.3 million to finance the delivery of the aframax tanker Marathon TS on February 10, 2017 f) On February 28, 2017, the Company paid a dividend of $0.54687 per share for its 8.75% Series D Preferred Shares. g) On March 8, 2017, the Company drew down the amount of $34.3 million to finance the delivery of the shuttle tanker Lisboa on March 10, 2017. h) On March 17, 2017, the Company declared a dividend of $0.05 per common share payable on April 28, 2017 to shareholders of record as of April 25, 2017. |
Significant Accounting Polici24
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Basis of presentation and description of business: | (a) Basis of presentation and description of business: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of Tsakos Energy Navigation Limited (the “Holding Company”), and its wholly-owned and majority-owned subsidiaries (collectively, the “Company”). As at December 31, 2016 and 2015, the Holding Company consolidated one (two in 2014) variable interest entity (“VIE”) for which it is deemed to be the primary beneficiary, i.e. it has a controlling financial interest in this entity. A VIE is an entity that in general does not have equity investors with voting rights or that has equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and absorbs a majority of an entity’s expected losses, receives a majority of an entity’s expected residual returns, or both. All intercompany balances and transactions have been eliminated upon consolidation. The Company follows the provisions of Accounting Standard Codification (ASC) 220, “Comprehensive Income,” which requires separate presentation of certain transactions, which are recorded directly as components of stockholders’ equity. The Company presents Other Comprehensive Income in a separate statement according to ASU 2011-05. The Company owns and operates a fleet of crude oil and product carriers and two LNG carriers providing worldwide marine transportation services under long, medium or short-term charters. As from January 1, 2015, the Company has reclassified certain categories within the Consolidated statement of comprehensive income in order to be consistent and comparable to other reporting entities within the peer group of tanker companies. Prior year data has been adjusted accordingly. Specifically, “Commissions” in the consolidated statements of comprehensive income of 2014 has been reclassified as “Voyage expenses”. Similarly, Amortization of deferred dry-docking costs is included within Depreciation and amortization, amounts relating to Management fees, Stock compensation expense and Management incentive award are included in General and administrative expenses, and Foreign currency losses/(gains) are included in vessel operating expenses. |
Use of Estimates: | (b) Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and expenses, reported in the consolidated financial statements and the accompanying notes. Although actual results could differ from those estimates, management does not believe that such differences would be material. |
Comprehensive income: | (c) Comprehensive income: The statement of comprehensive income presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. Reclassification adjustments are presented out of accumulated other comprehensive (loss) on the face of the statement in which the components of other comprehensive income are presented or in the notes to the financial statements. The Company follows the provisions of ASC 220 “Comprehensive Income”, and presents items of net income, items of other comprehensive income (“OCI”) and total comprehensive income in two separate and consecutive statements. |
Foreign Currency Translation: | (d) Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company’s vessels operate in international shipping markets in which the U.S. Dollar is utilized to transact most business. The accounting books of the Company are also maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. Dollars at the year-end exchange rates. Resulting gains or losses are reflected within Operating expenses in the accompanying Consolidated Statements of Comprehensive Income. |
Cash and Cash Equivalents: | (e) Cash and Cash Equivalents: The Company classifies highly liquid investments such as time deposits and certificates of deposit and their equivalents with original maturities of three months or less as cash and cash equivalents. Cash deposits with certain banks that may only be used for special purposes (including loan repayments) are classified as Restricted cash. |
Accounts Receivable, Net: | (f) Accounts Receivable, Net: Accounts receivable, net at each balance sheet date includes estimated recoveries from charterers for hire, freight and demurrage billings and revenue earned but not yet billed, net of an allowance for doubtful accounts (nil as of December 31, 2016 and 2015). The Company’s management at each balance sheet date reviews all outstanding invoices and provides allowances for receivables deemed uncollectible primarily based on the aging of such balances and any amounts in dispute. |
Inventories: | (g) Inventories: Inventories consist of bunkers, lubricants, victualling and stores and are stated at the lower of cost or market value. The cost is determined primarily by the first-in, first-out method. |
Fixed Assets: | (h) Fixed Assets: Fixed assets consist of vessels. Vessels are stated at cost, less accumulated depreciation. The cost of vessels includes the contract price and pre-delivery costs incurred during the construction and delivery of new buildings, including capitalized interest, and expenses incurred upon acquisition of second-hand vessels. Subsequent expenditures for conversions and major improvements are capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise they are charged to expense as incurred. Expenditures for routine repairs and maintenance are expensed as incurred. Depreciation is provided on the straight-line method based on the estimated remaining economic useful lives of the vessels, less an estimated residual value based on a scrap price. |
Impairment of Vessels: | (i) Impairment of Vessels: The Company reviews vessels for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel may not be recoverable, such as during severe disruptions in global economic and market conditions. When such indicators are present, a vessel to be held and used is tested for recoverability by comparing the estimate of future undiscounted net operating cash flows expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount. Net operating cash flows are determined by applying various assumptions regarding the use or possible disposition of each vessel, future revenues net of commissions, operating expenses, scheduled dry-dockings, expected off-hire and scrap values, and taking into account historical revenue data and published forecasts on future world economic growth and inflation. Should the carrying value of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the excess of the carrying amount over the fair market value of the asset. The Company determines the fair value of its vessels based on management estimates and assumptions and by making use of available market data and taking into consideration third party valuations. The review of the carrying amounts in connection with the estimated recoverable amount for certain of the Company’s vessels as of December 31, 2016, December 31, 2015 and December 31, 2014 did not indicate an impairment charge. |
Reporting Assets held for sale: | (j) Reporting Assets held for sale: It is the Company’s policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end of their useful life. Long-lived assets are classified as held for sale when all applicable criteria enumerated under ASC 360 “Property, Plant, and Equipment” are met and are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. At December 31, 2015, the Company considered that the suezmaxes Eurochampion 2004 and Euronike met the criteria to be classified as held for sale. At December 31, 2016, the Company decided to extend the period that the vessels are classified as held for sale beyond a financial year, as the sale of vessels is considered highly probable and the vessels are available for immediate sale in their present condition. |
Accounting for Special Survey and Dry-docking Costs: | (k) Accounting for Special Survey and Dry-docking Costs: The Company follows the deferral method of accounting for dry-docking and special survey costs whereby actual costs incurred are reported in Deferred Charges and are amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due (approximately every five years during the first fifteen years of vessels’ life and every two and a half years within the remaining useful life of the vessels). Until December 31, 2013, for vessels older than ten years, the Company estimated that the next dry-docking would be due in two and a half years. However, according to Classification Society regulations, vessels can defer dry-docking costs for five years during their first fifteen years of life, instead of ten years as previously estimated. This change in estimate does not have a material effect in the years ended December 31, 2016 and 2015, and is not expected to have a material effect in the following years. Costs relating to routine repairs and maintenance are expensed as incurred. The unamortized portion of special survey and dry-docking costs for a vessel that is sold is included as part of the carrying amount of the vessel in determining the gain on sale of the vessel. |
Loan Costs: | (l) Loan Costs: Costs incurred for obtaining new loans or refinancing existing loans are capitalized and included in deferred charges and amortized over the term of the respective loan, using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced as debt extinguishments is expensed in the period the repayment or extinguishment is made. Up to December 31, 2015, these costs were included in deferred charges. 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. 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. |
Accounting for Revenue and Expenses: | (m) Accounting for Revenue and Expenses: Voyage revenues are generated from freight billings and time charter hire. Time charter revenue, including bare-boat hire, is recorded over the term of the charter as the service is provided. Revenues from voyage charters on the spot market or under contract of affreightment are recognized ratably from when a vessel becomes available for loading (discharge of the previous charterer’s cargo) to when the next charterer’s cargo is discharged, provided an agreed non-cancelable charter between the Company and the charterer is in existence, the charter rate is fixed or determinable and collectability is reasonably assured. Revenue under voyage charters will not be recognized until a charter has been agreed even if the vessel has discharged its previous cargo and is proceeding to an anticipated port of loading. Revenues from variable hire arrangements are recognized to the extent the variable amounts earned beyond an agreed fixed minimum hire are determinable at the reporting date and all other revenue recognition criteria are met. Revenue from hire arrangements with an escalation clause is recognized on a straight-line basis over the charter term unless another systematic and rational basis is more representative of the time pattern in which the vessel is employed. Vessel voyage and operating expenses and charter hire expense are expensed when incurred. Unearned revenue represents cash received prior to the year end for which related service has not been provided, primarily relating to charter hire paid in advance to be earned over the applicable charter period. The operating revenues and voyage expenses of vessels operating under a tanker pool are pooled and are allocated to the pool participants on a time charter equivalent basis, according to an agreed formula. Voyage revenues for 2016, 2015 and 2014 included revenues derived from significant charterers as follows (in percentages of total voyage revenues): Charterer 2016 2015 2014 A 13% 14% 19% B 13% 10% 13% C 9% 9% 9% D 7% 8% 5% |
Segment Reporting: | (n) Segment Reporting: The Company does not evaluate the operating results by type of vessel or by type of charter or by type of cargo. Although operating results may be identified by type of vessel, management, including the chief operating decision maker, reviews operating results primarily by revenue per day and operating results of the fleet. The Company operates two liquefied natural gas (LNG) carriers which meets the quantitative thresholds used to determine reportable segments. The chief operating decision maker does not review the operating results of these vessels separately, or make any decisions about resources to be allocated to these vessels or assess their performance separately; therefore, the LNG carriers do not constitute a separate reportable segment. The Company’s vessels operate on many trade routes throughout the world and, therefore, the provision of geographic information is considered impracticable by management. For the above reasons, the Company has determined that it operates in one reportable segment, the worldwide maritime transportation of liquid energy related products. |
Derivative Financial Instruments: | (o) Derivative Financial Instruments: The Company regularly enters into interest rate swap contracts to manage its exposure to fluctuations of interest rates associated with its specific borrowings. Also, the Company enters into bunker swap contracts and put or call options to manage its exposure to fluctuations of bunker prices associated with the consumption of bunkers by its vessels. Interest rate and bunker price differentials paid or received under the swap agreements are recognized as part of Interest and finance costs, net. On the inception of a put or call option on bunkers an asset or liability is recognized. The subsequent changes in its the fair value, and realized payments or receipts upon exercise of the options are recognized in the Statement of Comprehensive Income as part of the interest and finance costs, net. All derivatives are recognized in the consolidated financial statements at their fair value. On the inception date of the derivative contract, the Company evaluates the derivative as an accounting hedge of the variability of cash flow to be paid of a forecasted transaction (“cash flow” hedge). Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge are recorded in other comprehensive income/(loss) until earnings are affected by the forecasted transaction. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in earnings in the period in which those fair value changes occur. Realized gains or losses on early termination of undesignated derivative instruments are also classified in earnings in the period of termination of the respective derivative instrument. The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges of the variable cash flows of a forecasted transaction to a specific forecasted transaction. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flow of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively. In accordance with ASC 815 “Derivatives and Hedging,” the Company may prospectively discontinue the hedge accounting for an existing hedge if the applicable criteria are no longer met, the derivative instrument expires, is sold, terminated or exercised or if the Company removes the designation of the respective cash flow hedge. In those circumstances, the net gain or loss remains in accumulated other comprehensive income and is reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings, unless the forecasted transaction is no longer probable in which case the net gain or loss is reclassified into earnings immediately. |
Fair Value Measurements: | (p) Fair Value Measurements: The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” which defines, and provides guidance as to the measurement of fair value. ASC 820 applies when assets or liabilities in the financial statements are to be measured at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (Note 14). Upon issuance of guidance on the fair value option in 2007, the Company elected not to report the then existing financial assets or liabilities at fair value that were not already reported as such. |
Accounting for Leases: | (q) Accounting for Leases: Leases of assets under which substantially all the risks and rewards of ownership are effectively retained by the lessor are classified as operating leases. Lease payments under an operating lease are recognized as an expense on a straight-line method over the lease term. The Company held no operating leases at December 31, 2016. |
Stock Based Compensation: | (r) Stock Based Compensation: The Company has a share based incentive plan that covers directors and officers of the Company and employees of the related companies. Awards granted are valued at fair value and compensation cost is recognized on a straight line basis, net of estimated forfeitures, over the requisite service period of each award. The fair value of restricted stock issued to crew members, directors and officers of the Company at the grant date is equal to the closing stock price on that date and is amortized over the applicable vesting period using the straight-line method. The fair value of restricted stock issued to non-employees is equal to the closing stock price at the grant date adjusted by the closing stock price at each reporting date and is amortized over the applicable performance period (Note 8). |
Recent Accounting Pronouncements adopted: | a) Going Concern: In August 2014, FASB issued ASU No. 2014-15 – “Presentation of Financial Statements - Going Concern”. ASU 2014-15 provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The Company has adopted the provisions of ASU 2014-05 on December 31, 2016. b) Consolidation: In February 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-02-Consolidation. The amendments in this ASU affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. On 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) Debt Issuance costs : In April 2015, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) 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 (section l above). d) Business Combinations: In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 eliminates the requirement that an acquirer in a business combination account for measurement-period adjustment during the period in which it determines the amount of the adjustment. The guidance is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, it is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted. On January 1, 2016, the Company adopted ASU No. 2015-16 Business Combination (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. |
Recent Accounting Pronouncements not yet adopted: | a) Inventory (subsequent to the adoption of ASU 2015-11, Simplifying the Measurement of Inventory): In July 2015, the FASB issued ASU No. 2015-11 –Inventory. ASU 2015-11 is part of FASB Simplification Initiative. Current guidance requires an entity to measure inventory at the lower of cost or market. Market could be the replacement cost, net realizable value or net realizable value less an approximately normal profit margin. Under this Update, the entities will be required to measure inventory at the lower of cost or net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendments under the Update more closely align measurement of inventory in US GAAP with the measurement of inventory in IFRS. For public entities, the amendments of this Update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments of this Update should be applied prospectively with early application permitted. The Company does not expect the adoption of this ASU to have a material impact on Company's results of operations, financial position or cash flows. b) Financial Instruments : 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. c) Leases: In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. The Company is analyzing the impact of the adoption of this guidance on the Company's consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. d) Revenue from Contracts with Customers: In May and April 2016, the FASB issued two Updates with respect to Topic 606: ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” and ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” The amendments in these Updates do not change the core principle of the guidance in Topic 606, which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1) Identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in Update 2016-10 simply clarify the following two aspects of Topic 606: (1) identifying performance obligations and (2) licensing implementation guidance. The amendments in Update 2016-12 similarly affect only certain narrow aspects of Topic 606; namely, (1) “Assessing the Collectibility Criterion in Paragraph 606-10-25-1(e) and Accounting for Contracts That Do Not Meet the Criteria for Step 1 (Applying Paragraph 606-10-25-7),” (2) “Presentation of Sales Taxes and Other Similar Taxes Collected from Customers,” (3) “Noncash Consideration,” (4) “Contract Modifications at Transition,” (5) “Completed Contracts at Transition,” and (6) “Technical Correction.” The amendments in these Updates also affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in these Updates are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” has deferred the effective date of Update 2014-09 for public business entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted. The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). The Company will adopt the standard in the first quarter of 2018 and preliminarily expect to use the modified retrospective method. However, the Company is in the process of reviewing its historical contracts to quantify the impact that the adoption of the standard will have on specific performance obligations. e) Financial Instruments – Credit Losses : In June 2016, the FASB issued ASU No. 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. The Company is in the process of assessing the impact of the amendment of this Update on the Company's consolidated financial position and performance. f) Statement of Cash Flows : 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. g) Statement of Cash Flows (Topic 230) - Restricted Cash : In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230) - Restricted Cash which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU 2016-18 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 h) Compensation — Stock Compensation : n March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU" or "Update") No. 2016-09- Compensation-Stock Compensation – Improvements to Employee Share-Based Payment Accounting (Topic 718) which involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new standard, all excess income tax benefits and deficiencies are to be recognized as income tax expense or benefit in the income statement and the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity should also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Excess Tax benefits should be classified along with other income tax cash flows as an operating activity. In regards to forfeitures, the entity may make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period, however early adoption is permitted. The adoption of this ASU is not expected to have a material effect on the Company’s Consolidated Financial Statements and accompanying notes. |
Significant Accounting Polici25
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Schedule of Revenue Percentage by Major Customer | Charterer 2016 2015 2014 A 13% 14% 19% B 13% 10% 13% C 9% 9% 9% D 7% 8% 5% |
Transactions with Related Par26
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Transactions with Related Parties [Abstract] | |
Related Party Transactions Disclosure | 2016 2015 2014 Tsakos Shipping and Trading S.A. (commissions) 5,989 7,550 6,189 Tsakos Energy Management Limited (management fees) 16,935 16,032 15,840 Tsakos Columbia Shipmanagement S.A. 2,136 2,234 2,091 Argosy Insurance Company Limited 9,036 9,386 9,529 AirMania Travel S.A. 4,866 4,298 4,797 Total expenses with related parties 38,962 39,500 38,446 |
Related Party Transactions Balances | December 31, 2016 2015 Due from related parties Tsakos Columbia Shipmanagement S.A. 6,730 4,169 Total due from related parties 6,730 4,169 Due to related parties Tsakos Energy Management Limited 417 61 Tsakos Shipping and Trading S.A. 759 982 Argosy Insurance Company Limited 4,285 410 AirMania Travel S.A. 431 287 Total due to related parties 5,892 1,740 |
Related Party - Future Management Fees | Year Amount 2017 20,165 2018 20,386 2019 20,457 2020 20,457 2021 20,457 2022 to 2026 91,148 193,070 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt [Abstract] | |
Debt Disclosure | Facility 2016 2015 (a) Credit Facilities 344,564 538,208 (b) Term Bank Loans 1,421,479 861,886 Total 1,766,043 1,400,094 Less deferred finance costs, net (12,188) (7,531) Total long-term debt 1,753,855 1,392,563 Less current portion of debt (291,111) (319,560) Add deferred finance costs, current portion 2,976 1,336 Total long term portion, net of current portion and deferred finance costs 1,465,720 1,074,339 |
Schedule of Weighted-Average Interest Rate | Year ended December 31, 2016 2.71% Year ended December 31, 2015 2.30% Year ended December 31, 2014 2.23% |
Schedule of Debt | Loan Origination Original Balance at New Repaid Balance at Credit facility ¹ 2004 179,384 80,690 — 10,555 70,135 10-year term loan 2004 71,250 22,657 — 22,657 — Credit facility 2005 220,000 46,570 — 15,650 30,920 Credit facility 2005 220,000 47,127 — 47,127 — Credit facility 2006 275,000 72,810 — 72,810 — Credit facility 2006 371,010 191,010 — 20,000 171,010 Credit facility 2006 70,000 22,500 — 22,500 — Credit facility¹ 2007 120,000 77,500 — 5,000 72,500 10-year term loan 2007 88,350 49,710 — 5,520 44,190 10-year term loan 2009 38,600 22,344 — 2,234 20,110 8-year term loan 2009 40,000 24,016 — 2,664 21,352 12 year term loan 2009 40,000 26,250 — 2,500 23,750 10-year term loan 2010 39,000 24,700 — 2,600 22,100 7-year term loan 2010 70,000 46,800 — 4,640 42,160 10-year term loan 2010 43,924 27,835 — 3,218 24,617 9-year term loan 2010 42,100 29,100 — 2,600 26,500 10-year term loan 2011 48,000 33,600 — 3,200 30,400 9-year term loan 2011 48,650 35,677 — 3,243 32,434 8-year term loan 2011 73,600 61,333 17,173 4,906 73,600 8-year term loan 2012 73,600 62,100 16,100 4,600 73,600 7-year term loan 2013 18,000 15,195 — 1,620 13,575 7-year term loan 2014 42,000 39,200 — 2,800 36,400 6-year term loan 2014 193,239 51,220 117,806 1,200 167,826 6-year term loan 2014 39,000 36,400 — 2,600 33,800 7-year term loan 2014 40,400 5,172 11,426 — 16,598 6-year term loan 2014 78,744 15,516 16,598 — 32,114 6-year term loan 2014 39,954 5,172 11,426 — 16,598 19-month term loan 2014 52,195 52,195 — 52,195 — 5-year term loan 2015 35,190 16,423 18,767 — 35,190 7-year term loan 2015 35,190 11,730 23,460 — 35,190 7-year term loan 2015 39,900 39,900 — 3,627 36,273 5-year term loan 2015 82,775 51,625 31,150 5,173 77,602 6-year term loan 2015 46,217 46,217 — 4,622 41,595 8-year term loan 2015 73,500 9,800 29,400 — 39,200 7-year term loan 2015 44,800 — 44,800 1,600 43,200 12-year term loan 2016 309,824 — 251,199 — 251,199 2&5-year term loan² 2016 60,000 — 60,000 — 60,000 5-year term loan 2016 33,104 — 33,104 924 32,180 4-year term loan 2016 18,125 — 18,125 — 18,125 Total 1,400,094 700,534 334,585 1,766,043 This credit facility includes a fixed interest rate portion amounting to $21,577 as at December 31, 2016. The Company contemplates selling two of its vessels ( Eurochampion 2004 and Euronike) secured under this term loan facility within 2017 and accordingly, an amount of approximately $44,000 is classified under current portion of long-term debt. |
Debt Principal Payments | Period/Year Amount 2017 291,111 2018 348,426 2019 228,458 2020 206,061 2021 258,304 2022 and thereafter 433,683 1,766,043 |
Interest and Finance Costs, n28
Interest and Finance Costs, net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Interest and Finance Costs, net [Abstract] | |
Interest and Finance Costs, net | 2016 2015 2014 Interest expense 41,451 32,065 33,389 Less: Interest capitalized (4,015) (3,430) (2,384) Interest expense, net 37,436 28,635 31,005 Interest swap cash settlements non-hedging 1,086 2,201 3,231 Bunkers swap and call options cash settlements (128) 7,427 997 Bunker call options premium 266 1,414 1,199 Amortization of loan fees 1,742 1,268 1,245 Bank charges 143 137 240 Finance project costs expensed — 1,261 — Amortization of deferred loss on de-designated financial instruments — — 154 Change in fair value of non-hedging financial instruments (4,672) (9,116) 5,003 Net gain on the prepayment of a loan — (3,208) — Net total 35,873 30,019 43,074 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings per Common Share [Abstract] | |
Earnings per Common Share | 2016 2015 2014 Net income attributable to Tsakos Energy Navigation Limited $ 55,783 $ 158,217 $ 33,527 Preferred share dividends, Series B (4,000) (4,000) (4,000) Preferred share dividends, Series C (4,437) (4,437) (4,438) Preferred share dividends, Series D (7,438) (5,000) - Net income attributable to common share holders 39,908 144,780 25,089 Denominator Weighted average common shares outstanding 84,905,078 85,827,597 79,114,401 Basic and diluted earnings per common share $ 0.47 $ 1.69 $ 0.32 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Charters-out [Abstract] | |
Minimum Future Charter Revenue | Year Amount 2017 294,564 2018 205,540 2019 157,045 2020 157,475 2021 to 2028 495,415 Minimum charter payments 1,310,039 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments | 2016 2015 Carrying Fair Value Carrying Fair Value Financial assets/(liabilities) Cash and cash equivalents 187,777 187,777 289,676 289,676 Restricted cash 9,996 9,966 15,330 15,330 Investments 1,000 1,000 1,000 1,000 Debt (1,766,043) (1,765,726) (1,400,094) (1,399,447) |
Schedule of Derivative Instruments - Statements of Financial Position Location | Asset Derivatives Liability Derivatives December 31, December 31, December 31, 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 1.0 — 3,613 4,666 Financial instruments—Fair Value, net of current portion 3,701 — 1,119 3,181 Subtotal 3,702 — 4,732 7,847 Asset Derivatives Liability Derivatives December 31, December 31, December 31, December 31, Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives not designated as hedging instruments Interest rate swaps Current portion of financial instruments—Fair value — — — 1,040 Bunker swaps Current portion of financial instruments—Fair value 1,014 — — — Bunker swaps Financial instruments—Fair Value, net of current portion 1,465 — — Bunker call options Current portion of financial instruments—Fair value 1,307 28 — — Bunker call options Financial instruments—Fair Value, net of current portion — 126 — — Subtotal 3,786 154 — 1,040 Total derivatives 7,488 154 4,732 8,887 |
Schedule of Cash Flow Hedges - Gain (Loss) Recognized In Accumulated Other Comprehensive Loss on Derivative (Effective Portion) | Gain/(Loss) Recognized in Comprehensive (Effective Portion) Derivative Amount 2016 2015 2014 Interest rate swaps 3,015 (5,446) (7,042 ) Total 3,015 (5,446) (7,042 ) |
Schedule of Cash Flow Hedges - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | Loss Reclassified from Location Derivative Amount 2016 2015 2014 Interest rate swaps Depreciation expense (156) (154) (154 ) Interest rate swaps Interest and finance costs, net (3,243) (2,996) (3,388 ) Total (3,399) (3,150) (3,542 ) |
Schedule of Derivatives Not Designated As Hedging Instruments - Net Realized and Unrealized Gain (Loss) Recognized on Statement Of Operations | Net Realized and Unrealized Gain Derivative Amount 2016 2015 2014 Interest rate swaps Interest and finance costs, net (47) (24) (1,272) Bunker swaps Interest and finance costs, net 2,586 (1,206) (10,402) Bunker put options Interest and finance costs, net — 564 1,244 Bunker call options Interest and finance costs, net 909 (1,260) — Total 3,448 (1,926) (10,430) |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | Recurring measurements: December 31, December 31, Interest rate swaps (1,030) (8,887) Bunker swaps 2,479 — Bunker call options . 1,307 154 2,756 (8,733) |
Significant Accounting Polici32
Significant Accounting Policies (Table) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Charterer A | |||
Major customer percentage | 13.00% | 14.00% | 19.00% |
Charterer B | |||
Major customer percentage | 13.00% | 10.00% | 13.00% |
Charterer C | |||
Major customer percentage | 9.00% | 9.00% | 9.00% |
Charterer D | |||
Major customer percentage | 7.00% | 8.00% | 5.00% |
Significant Accounting Polici33
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for doubtful accounts receivable | $ 0 | $ 0 | ||
Vessels depreciation method | straight-line basis | |||
Vessel impairment charge | $ 0 | 0 | $ 0 | |
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 | |||
Vessels older than ten years | ||||
Vessels dry-dock period | 2 years 6 months | |||
First 15 years of vessel's life | ||||
Vessels dry-dock period | 5 years | |||
Remaining useful life of the vessels | ||||
Vessels dry-dock period | 2 years 6 months |
Transactions with Related Par34
Transactions with Related Parties - Statement of Income (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Total expenses with related parties | $ 38,962 | $ 39,500 | $ 38,446 |
Tsakos Shipping and Trading S.A. | |||
Related Party Transaction [Line Items] | |||
Tsakos Shipping and Trading S.A. (commissions) | 5,989 | 7,550 | 6,189 |
Tsakos Energy Management Limited | |||
Related Party Transaction [Line Items] | |||
Tsakos Energy Management Limited (management fees) | 16,935 | 16,032 | 15,840 |
Tsakos Columbia Shipmanagement S.A. | |||
Related Party Transaction [Line Items] | |||
Tsakos Columbia Shipmanagement S.A. | 2,136 | 2,234 | 2,091 |
Argosy Insurance Company Limited | |||
Related Party Transaction [Line Items] | |||
Argosy Insurance Company Limited | 9,036 | 9,386 | 9,529 |
AirMania Travel S.A. | |||
Related Party Transaction [Line Items] | |||
AirMania Travel S.A. | $ 4,866 | $ 4,298 | $ 4,797 |
Transactions with Related Par35
Transactions with Related Parties - Balance Sheet (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Due from related parties | $ 6,730 | $ 4,169 |
Due to related parties | 5,892 | 1,740 |
Tsakos Columbia Shipmanagement S.A. | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 6,730 | 4,169 |
Tsakos Energy Management Limited | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 417 | 61 |
Tsakos Shipping and Trading S.A. | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 759 | 982 |
Argosy Insurance Company Limited | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 4,285 | 410 |
AirMania Travel S.A. | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 431 | $ 287 |
Transactions with Related Par36
Transactions with Related Parties - Management Fees (Table) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Related Party Transaction [Line Items] | |
2,017 | $ 20,165 |
2,018 | 20,386 |
2,019 | 20,457 |
2,020 | 20,457 |
2,021 | 20,457 |
2022 to 2026 | 91,148 |
Total | $ 193,070 |
Transactions with Related Par37
Transactions with Related Parties - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Tsakos Shipping and Trading S.A. | ||
Related Party Transaction [Line Items] | ||
Accrued liabilities | $ 552 | $ 776 |
Argosy Insurance Company Limited | ||
Related Party Transaction [Line Items] | ||
Accrued liabilities | $ 24 | $ 124 |
Transactions with Related Par38
Transactions with Related Parties - Tsakos Energy Management Limited (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | |||
Management incentive award | $ 2,575,000 | $ 1,142,000 | |
Supervisory services per month, per vessel | 20,400 | 20,400 | $ 20,400 |
Supervisory services | 3,016,000 | 3,346,000 | 2,224,000 |
Operating conventional vessels | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 27,500 | 27,500 | |
Chartered out on a 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 | $ 166,281,000 | ||
Tsakos Energy Management Limited | Two equity offerings | |||
Related Party Transaction [Line Items] | |||
Special award paid | $ 460,000 | ||
Special award declared | $ 860,000 | ||
Third Party Manager | LNG Carriers | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 25,800 | ||
Third Party Manager | Suezmax Eurochampion 2004 | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 13,900 | ||
Third Party Manager | Aframax Maria Princess | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 13,900 | ||
Third Party Manager | VLCC Ulysses | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 13,900 | ||
Third Party Manager | Aframax Sapporo Princess | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | $ 14,200 |
Transactions with Related Par39
Transactions with Related Parties - Tsakos Columbia Shipmanagement S.A. (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Advances and other | $ 24,226 | $ 14,132 |
TCM Tsakos Maritime Philippines | Tsakos Columbia Shipmanagement S.A. (TCM) | ||
Related Party Transaction [Line Items] | ||
Ownership percentage | 25.00% | |
Advances and other | $ 5,500 |
Transactions with Related Par40
Transactions with Related Parties - Tsakos Shipping and Trading S.A. (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
VLCC Millennium | |||
Related Party Transaction [Line Items] | |||
Charter hire daily rate | $ 15,000 | ||
Time charter contract period | 3 years | ||
Tsakos Shipping and Trading S.A. | |||
Related Party Transaction [Line Items] | |||
Chartering commission | 1.25% | ||
Payment for the cost of design and supervision services for new buildings | $ 0 | $ 0 | |
Tsakos Shipping and Trading S.A. | Potential charge | |||
Related Party Transaction [Line Items] | |||
Payment for the cost of design and supervision services for each new building | 200,000 | ||
Tsakos Shipping and Trading S.A. | Handysize tanker Delphi and suezmax tanker Triathlon | |||
Related Party Transaction [Line Items] | |||
Brokerage commission amount | $ 215,000 | ||
Brokerage commission | 0.50% | ||
Tsakos Shipping and Trading S.A. | Euro and Eurovision | |||
Related Party Transaction [Line Items] | |||
Brokerage commission amount | $ 605,000 | ||
Brokerage commission | 0.50% | ||
Tsakos Shipping and Trading S.A. | DP2 suezmax shuttle tankers Rio 2016 and Brasil 2014 | |||
Related Party Transaction [Line Items] | |||
Payment for the cost of design and supervision services for new buildings | $ 200,000 | ||
Company affiliated with a non executive member of the Board of Directors | |||
Related Party Transaction [Line Items] | |||
Brokerage commission revenue | 200,000 | $ 300,000 | |
Company affiliated with a non executive member of the Board of Directors | VLCC Ulysses | |||
Related Party Transaction [Line Items] | |||
Brokerage commission revenue | $ 300,000 |
Long-term Investments (Details)
Long-term Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Long-term Investments [Abstract] | |||
Common shares held | 125,000 | 125,000 | 125,000 |
Long term investments | $ 1,000 | $ 1,000 | $ 1,000 |
Vessels - Acquisitions and Sale
Vessels - Acquisitions and Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment [Line Items] | |||
Net proceeds from sale of vessel | $ 0 | $ 42,761 | $ 0 |
Gain/(loss) on sale of vessels | 0 | $ 2,078 | $ 0 |
Suezmax tanker Decathlon | |||
Property Plant And Equipment [Line Items] | |||
Acquisition of newly constructed vessels | 64,992 | ||
Aframaxes Elias Tsakos, Thomas Zafiras, Leontios H and Parthenon | |||
Property Plant And Equipment [Line Items] | |||
Acquisition of newly constructed vessels | 223,291 | ||
Panamaxes Sunray and Sunrise | |||
Property Plant And Equipment [Line Items] | |||
Acquisition of newly constructed vessels | 101,584 | ||
VLCC Ulysses | |||
Property Plant And Equipment [Line Items] | |||
Acquisition of newly constructed vessels | 100,189 | ||
LNG Maria Energy | |||
Property Plant And Equipment [Line Items] | |||
Acquisition of newly constructed vessels | $ 239,029 | ||
Handysize tanker Delphi | |||
Property Plant And Equipment [Line Items] | |||
Date of vessel disposal | Jul. 16, 2015 | ||
Suezmax tanker Pentathlon | |||
Property Plant And Equipment [Line Items] | |||
Date of vessel acquisition | Nov. 5, 2015 | ||
Acquisition of newly constructed vessels | $ 57,926 | ||
Suezmax tanker Triathlon | |||
Property Plant And Equipment [Line Items] | |||
Date of vessel disposal | Jul. 17, 2015 | ||
Handysize tanker Delphi and suezmax tanker Triathlon | |||
Property Plant And Equipment [Line Items] | |||
Net proceeds from sale of vessel | $ 42,761 | ||
Gain/(loss) on sale of vessels | $ 2,078 |
Vessels - Impairment (Details)
Vessels - Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Vessels [Line Items] | |||
Vessel impairment charge | $ 0 | $ 0 | $ 0 |
Deferred Charges (Details)
Deferred Charges (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Charges [Abstract] | ||
Deferred charges consisted of dry-docking and special survey costs | $ 19,506 | $ 15,290 |
Long-Term Debt (Table) (Details
Long-Term Debt (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
(a) Credit Facilities | $ 344,564 | $ 538,208 |
(b) Term Bank Loans | 1,421,479 | 861,886 |
Total | 1,766,043 | 1,400,094 |
Less deferred finance costs, net | (12,188) | (7,531) |
Total long-term debt | 1,753,855 | 1,392,563 |
Less current portion of debt | (291,111) | (319,560) |
Add deferred finance costs, current portion | 2,976 | 1,336 |
Total long term portion, net of current portion and deferred finance costs | $ 1,465,720 | $ 1,074,339 |
Long-Term Debt - Weighted-Avera
Long-Term Debt - Weighted-Average Interest Rates (Table) (Details) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | |||
Weighted average interest rates on the executed loans | 2.71% | 2.30% | 2.23% |
Long-Term Debt - Loan Movements
Long-Term Debt - Loan Movements (Table) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |
Balance at January 1, 2015 | $ 1,400,094 |
New Loans | 700,534 |
Repaid | 334,585 |
Balance at December 31, 2015 | $ 1,766,043 |
Credit facility | |
Debt Instrument [Line Items] | |
Origination Date | 2,004 |
Original Amount | $ 179,384 |
Balance at January 1, 2015 | 80,690 |
New Loans | 0 |
Repaid | 10,555 |
Balance at December 31, 2015 | $ 70,135 |
10-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,004 |
Original Amount | $ 71,250 |
Balance at January 1, 2015 | 22,657 |
New Loans | 0 |
Repaid | 22,657 |
Balance at December 31, 2015 | $ 0 |
Credit facility | |
Debt Instrument [Line Items] | |
Origination Date | 2,005 |
Original Amount | $ 220,000 |
Balance at January 1, 2015 | 46,570 |
New Loans | 0 |
Repaid | 15,650 |
Balance at December 31, 2015 | $ 30,920 |
Credit facility | |
Debt Instrument [Line Items] | |
Origination Date | 2,005 |
Original Amount | $ 220,000 |
Balance at January 1, 2015 | 47,127 |
New Loans | 0 |
Repaid | 47,127 |
Balance at December 31, 2015 | $ 0 |
Credit facility | |
Debt Instrument [Line Items] | |
Origination Date | 2,006 |
Original Amount | $ 275,000 |
Balance at January 1, 2015 | 72,810 |
New Loans | 0 |
Repaid | 72,810 |
Balance at December 31, 2015 | $ 0 |
Credit facility | |
Debt Instrument [Line Items] | |
Origination Date | 2,006 |
Original Amount | $ 371,010 |
Balance at January 1, 2015 | 191,010 |
New Loans | 0 |
Repaid | 20,000 |
Balance at December 31, 2015 | $ 171,010 |
Credit facility | |
Debt Instrument [Line Items] | |
Origination Date | 2,006 |
Original Amount | $ 70,000 |
Balance at January 1, 2015 | 22,500 |
New Loans | 0 |
Repaid | 22,500 |
Balance at December 31, 2015 | $ 0 |
Credit facility | |
Debt Instrument [Line Items] | |
Origination Date | 2,007 |
Original Amount | $ 120,000 |
Balance at January 1, 2015 | 77,500 |
New Loans | 0 |
Repaid | 5,000 |
Balance at December 31, 2015 | $ 72,500 |
10-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,007 |
Original Amount | $ 88,350 |
Balance at January 1, 2015 | 49,710 |
New Loans | 0 |
Repaid | 5,520 |
Balance at December 31, 2015 | $ 44,190 |
10-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,009 |
Original Amount | $ 38,600 |
Balance at January 1, 2015 | 22,344 |
New Loans | 0 |
Repaid | 2,234 |
Balance at December 31, 2015 | $ 20,110 |
8-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,009 |
Original Amount | $ 40,000 |
Balance at January 1, 2015 | 24,016 |
New Loans | 0 |
Repaid | 2,664 |
Balance at December 31, 2015 | $ 21,352 |
12 year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,009 |
Original Amount | $ 40,000 |
Balance at January 1, 2015 | 26,250 |
New Loans | 0 |
Repaid | 2,500 |
Balance at December 31, 2015 | $ 23,750 |
10-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,010 |
Original Amount | $ 39,000 |
Balance at January 1, 2015 | 24,700 |
New Loans | 0 |
Repaid | 2,600 |
Balance at December 31, 2015 | $ 22,100 |
7-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,010 |
Original Amount | $ 70,000 |
Balance at January 1, 2015 | 46,800 |
New Loans | 0 |
Repaid | 4,640 |
Balance at December 31, 2015 | $ 42,160 |
10-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,010 |
Original Amount | $ 43,924 |
Balance at January 1, 2015 | 27,835 |
New Loans | 0 |
Repaid | 3,218 |
Balance at December 31, 2015 | $ 24,617 |
9-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,010 |
Original Amount | $ 42,100 |
Balance at January 1, 2015 | 29,100 |
New Loans | 0 |
Repaid | 2,600 |
Balance at December 31, 2015 | $ 26,500 |
10-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,011 |
Original Amount | $ 48,000 |
Balance at January 1, 2015 | 33,600 |
New Loans | 0 |
Repaid | 3,200 |
Balance at December 31, 2015 | $ 30,400 |
9-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,011 |
Original Amount | $ 48,650 |
Balance at January 1, 2015 | 35,677 |
New Loans | 0 |
Repaid | 3,243 |
Balance at December 31, 2015 | $ 32,434 |
8-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,011 |
Original Amount | $ 73,600 |
Balance at January 1, 2015 | 61,333 |
New Loans | 17,173 |
Repaid | 4,906 |
Balance at December 31, 2015 | $ 73,600 |
8-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,012 |
Original Amount | $ 73,600 |
Balance at January 1, 2015 | 62,100 |
New Loans | 16,100 |
Repaid | 4,600 |
Balance at December 31, 2015 | $ 73,600 |
7-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,013 |
Original Amount | $ 18,000 |
Balance at January 1, 2015 | 15,195 |
New Loans | 0 |
Repaid | 1,620 |
Balance at December 31, 2015 | $ 13,575 |
7-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,014 |
Original Amount | $ 42,000 |
Balance at January 1, 2015 | 39,200 |
New Loans | 0 |
Repaid | 2,800 |
Balance at December 31, 2015 | $ 36,400 |
6-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,014 |
Original Amount | $ 193,239 |
Balance at January 1, 2015 | 51,220 |
New Loans | 117,806 |
Repaid | 1,200 |
Balance at December 31, 2015 | $ 167,826 |
6-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,014 |
Original Amount | $ 39,000 |
Balance at January 1, 2015 | 36,400 |
New Loans | 0 |
Repaid | 2,600 |
Balance at December 31, 2015 | $ 33,800 |
7-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,014 |
Original Amount | $ 40,400 |
Balance at January 1, 2015 | 5,172 |
New Loans | 11,426 |
Repaid | 0 |
Balance at December 31, 2015 | $ 16,598 |
6-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,014 |
Original Amount | $ 78,744 |
Balance at January 1, 2015 | 15,516 |
New Loans | 16,598 |
Repaid | 0 |
Balance at December 31, 2015 | $ 32,114 |
6-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,014 |
Original Amount | $ 39,954 |
Balance at January 1, 2015 | 5,172 |
New Loans | 11,426 |
Repaid | 0 |
Balance at December 31, 2015 | $ 16,598 |
19-month term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,014 |
Original Amount | $ 52,195 |
Balance at January 1, 2015 | 52,195 |
New Loans | 0 |
Repaid | 52,195 |
Balance at December 31, 2015 | $ 0 |
5-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,015 |
Original Amount | $ 35,190 |
Balance at January 1, 2015 | 16,423 |
New Loans | 18,767 |
Repaid | 0 |
Balance at December 31, 2015 | $ 35,190 |
7-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,015 |
Original Amount | $ 35,190 |
Balance at January 1, 2015 | 11,730 |
New Loans | 23,460 |
Repaid | 0 |
Balance at December 31, 2015 | $ 35,190 |
7-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,015 |
Original Amount | $ 39,900 |
Balance at January 1, 2015 | 39,900 |
New Loans | 0 |
Repaid | 3,627 |
Balance at December 31, 2015 | $ 36,273 |
5-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,015 |
Original Amount | $ 82,775 |
Balance at January 1, 2015 | 51,625 |
New Loans | 31,150 |
Repaid | 5,173 |
Balance at December 31, 2015 | $ 77,602 |
6-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,015 |
Original Amount | $ 46,217 |
Balance at January 1, 2015 | 46,217 |
New Loans | 0 |
Repaid | 4,622 |
Balance at December 31, 2015 | $ 41,595 |
8-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,015 |
Original Amount | $ 73,500 |
Balance at January 1, 2015 | 9,800 |
New Loans | 29,400 |
Repaid | 0 |
Balance at December 31, 2015 | $ 39,200 |
7-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,015 |
Original Amount | $ 44,800 |
Balance at January 1, 2015 | 0 |
New Loans | 44,800 |
Repaid | 1,600 |
Balance at December 31, 2015 | $ 43,200 |
12-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,016 |
Original Amount | $ 309,824 |
Balance at January 1, 2015 | 0 |
New Loans | 251,199 |
Repaid | 0 |
Balance at December 31, 2015 | $ 251,199 |
2&5-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,016 |
Original Amount | $ 60,000 |
Balance at January 1, 2015 | 0 |
New Loans | 60,000 |
Repaid | 0 |
Balance at December 31, 2015 | $ 60,000 |
5-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,016 |
Original Amount | $ 33,104 |
Balance at January 1, 2015 | 0 |
New Loans | 33,104 |
Repaid | 924 |
Balance at December 31, 2015 | $ 32,180 |
4-year term loan | |
Debt Instrument [Line Items] | |
Origination Date | 2,016 |
Original Amount | $ 18,125 |
Balance at January 1, 2015 | 0 |
New Loans | 18,125 |
Repaid | 0 |
Balance at December 31, 2015 | $ 18,125 |
Long-Term Debt - Principal Paym
Long-Term Debt - Principal Payments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Principal Payments [Abstract] | ||
2,017 | $ 291,111 | |
2,018 | 348,426 | |
2,019 | 228,458 | |
2,020 | 206,061 | |
2,021 | 258,304 | |
2022 and thereafter | 433,683 | |
Total | $ 1,766,043 | $ 1,400,094 |
Long-Term Debt - Credit Facilit
Long-Term Debt - Credit Facilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 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 January 2016 and April 2019 | 1 |
Unused amount | $ 0 |
Line Of Credit Facility Interest Rate Description | six-month LIBOR |
Credit facility with outstanding balance $70,135 as at December 31, 2016 | |
Line Of Credit Facility [Line Items] | |
Fixed interest rate portion | $ 21,577 |
Credit facility with outstanding balance $72,500 as at December 31, 2016 | |
Line Of Credit Facility [Line Items] | |
Fixed interest rate portion | $ 21,557 |
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 | 1.64% |
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 | Jun. 30, 2017 |
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 | 9 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||
May 12, 2016USD ($) | May 05, 2016USD ($) | Jun. 02, 2016USD ($) | May 31, 2016USD ($) | Jul. 01, 2016USD ($) | Jun. 23, 2016USD ($) | Jun. 17, 2016USD ($) | Sep. 08, 2016USD ($) | Oct. 06, 2016USD ($) | Oct. 05, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 29, 2016USD ($) | Nov. 29, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 30, 2016USD ($) | Dec. 29, 2016USD ($) | Dec. 28, 2016USD ($) | Dec. 22, 2016USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||
Term loan balances, with balloon payments due at maturity between July 2017 and October 2026 | $ 1,421,479 | $ 861,886 | |||||||||||||||||
Current portion of long-term debt | 288,135 | $ 318,224 | |||||||||||||||||
2&5-year term loan | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Face Amount | $ 60,000 | ||||||||||||||||||
VLCC Ulysses | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Face Amount | $ 77,000 | ||||||||||||||||||
Duration of term bank loan | 5 years | ||||||||||||||||||
Amount drawn down | $ 77,000 | $ 76,400 | |||||||||||||||||
Repayments Of Debt | $ 77,000 | ||||||||||||||||||
Handysize vessels, Amphitrite, Andromeda and Arion | |||||||||||||||||||
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 periodic payment amount | $ 2,547 | ||||||||||||||||||
Debt balloon payment | $ 7,634 | ||||||||||||||||||
Amphitrite | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount drawn down | $ 12,010 | ||||||||||||||||||
Andromeda | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount drawn down | $ 10,938 | ||||||||||||||||||
Arion | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount drawn down | $ 10,156 | ||||||||||||||||||
Millenium, Euronike and Eurochampion 2004 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Face Amount | $ 60,000 | ||||||||||||||||||
Amount drawn down | $ 60,000 | ||||||||||||||||||
Number of loan tranches | 2 | ||||||||||||||||||
Repayments Of Debt | $ 68,008 | ||||||||||||||||||
Two 2003-built LR1s, Maya and Inca | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Face Amount | $ 18,125 | ||||||||||||||||||
Number of repayment installments | 8 | ||||||||||||||||||
Debt periodic payment | semi-annual | ||||||||||||||||||
Debt periodic payment amount | $ 1,812 | ||||||||||||||||||
Debt balloon payment | $ 3,625 | ||||||||||||||||||
Shuttle tanker Brasil 2014 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Face Amount | $ 17,173 | ||||||||||||||||||
Amount drawn down | $ 17,173 | ||||||||||||||||||
Number of repayment installments | 9 | ||||||||||||||||||
Debt periodic payment | semi-annual | ||||||||||||||||||
Debt periodic payment amount | $ 1,018 | ||||||||||||||||||
Debt balloon payment | $ 8,014 | ||||||||||||||||||
Shuttle tanker Rio 2016 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Face Amount | $ 16,100 | ||||||||||||||||||
Amount drawn down | $ 16,100 | ||||||||||||||||||
Number of repayment installments | 9 | ||||||||||||||||||
Debt periodic payment | semi-annual | ||||||||||||||||||
Debt periodic payment amount | $ 767 | ||||||||||||||||||
Debt balloon payment | $ 9,197 | ||||||||||||||||||
VLCC Hercules I | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount drawn down | $ 18,895 | ||||||||||||||||||
LNG Maria Energy | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount drawn down | $ 155,904 | ||||||||||||||||||
Eurochampion 2004 and Euronike | 2&5-year term loan | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Face Amount | $ 60,000 | ||||||||||||||||||
Current portion of long-term debt | $ 44,000 | ||||||||||||||||||
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 | 2.37% | ||||||||||||||||||
Debt Instrument Maturity Date | Jul. 31, 2017 | ||||||||||||||||||
All Company's term bank loans | Maximum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.21% | ||||||||||||||||||
Debt Instrument Maturity Date | Oct. 31, 2026 | ||||||||||||||||||
Commercial and non-commercial facility | Two VLCC vessels, Ulysses and Hercules I and the 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 | ||||||||||||||||||
Two facilities new loan | VLCC Ulysses | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Face Amount | $ 76,400 | ||||||||||||||||||
Duration of term bank loan | 12 years | ||||||||||||||||||
First ten-year facility | VLCC Ulysses | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Face Amount | $ 22,920 | ||||||||||||||||||
Duration of term bank loan | 10 years | ||||||||||||||||||
Number of repayment installments | 20 | ||||||||||||||||||
Debt periodic payment | semi-annual | ||||||||||||||||||
Debt periodic payment amount | $ 573 | ||||||||||||||||||
Debt balloon payment | 11,460 | ||||||||||||||||||
Second twelve-year facility | VLCC Ulysses | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Face Amount | $ 53,480 | ||||||||||||||||||
Duration of term bank loan | 12 years | ||||||||||||||||||
Number of repayment installments | 24 | ||||||||||||||||||
Debt periodic payment | semi-annual | ||||||||||||||||||
Debt periodic payment amount | $ 2,228 | ||||||||||||||||||
First Tranch | Millenium, Euronike and Eurochampion 2004 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of repayment installments | 4 | ||||||||||||||||||
Debt periodic payment | semi-annual | ||||||||||||||||||
Debt periodic payment amount | $ 2,500 | ||||||||||||||||||
Debt balloon payment | $ 6,000 | ||||||||||||||||||
Second Tranch | Millenium, Euronike and Eurochampion 2004 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of repayment installments | 10 | ||||||||||||||||||
Debt periodic payment | semi-annual | ||||||||||||||||||
Debt periodic payment amount | $ 3,100 | ||||||||||||||||||
Debt balloon payment | $ 13,000 |
Long-Term Debt - Covenants (Det
Long-Term Debt - Covenants (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 $108,139 at December 31, 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 $5,750. Two loan agreements require a monthly pro rata transfer to retention account of any principal due but unpaid. | |||
Debt Instrument Covenant Compliance | As at December 31, 2016, the Company and its wholly owned subsidiaries had thirty-four loan agreements, totaling $1,766,043. The Company fulfilled its requirements in respect of the financial covenants of all the agreements in relation to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirement in certain of its loan agreements in respect of which an amount of $2,414 has been reclassified within current liabilities at December 31, 2016. Two of these loans met the requirements immediately after December 31, 2016, and the remaining five loans are expected to be cured by February 2018. | |||
Cash and cash equivalents | $ 187,777 | $ 289,676 | $ 202,107 | $ 162,237 |
Working capital | (47,947) | 34,984 | ||
Debt Instrument Carrying Amount | 1,766,043 | 1,400,094 | ||
Reclassification Of Long Term Debt | 2,414 | |||
Minimum liquidity requirement | ||||
Debt Instrument [Line Items] | ||||
Cash and cash equivalents | 108,139 | $ 74,110 | ||
Three loan agreements | ||||
Debt Instrument [Line Items] | ||||
Held in deposit account | $ 5,750 |
Interest and Finance Costs, n52
Interest and Finance Costs, net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest and Finance Costs, net [Abstract] | |||
Interest expense | $ 41,451 | $ 32,065 | $ 33,389 |
Less: Interest capitalized | (4,015) | (3,430) | (2,384) |
Interest expense, net | 37,436 | 28,635 | 31,005 |
Interest swap cash settlements non-hedging | 1,086 | 2,201 | 3,231 |
Bunkers swap and call options cash settlements | (128) | 7,427 | 997 |
Bunker call options premium | 266 | 1,414 | 1,199 |
Amortization of loan fees | 1,742 | 1,268 | 1,245 |
Bank charges | 143 | 137 | 240 |
Finance project costs expensed | 0 | 1,261 | 0 |
Amortization of deferred loss on de-designated financial instruments | 0 | 0 | 154 |
Change in fair value of non-hedging financial instruments | (4,672) | (9,116) | 5,003 |
Net gain on the prepayment of a loan | 0 | (3,208) | 0 |
Net total | $ 35,873 | $ 30,019 | $ 43,074 |
Interest and Finance Costs, n53
Interest and Finance Costs, net (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Derivatives Fair Value [Line Items] | |||
Number of floating-to-fixed interest rate swaps | 9 | ||
Notional amount of floating-to-fixed interest rate swaps | $ 346,667 | ||
Fixed interest rate | 2.44% | ||
Floating rate basis | six-month LIBOR | ||
Change in fair value of non-hedging financial instruments | $ 4,672 | $ 9,116 | $ (5,003) |
Number of bunker swap agreements entered into | 3 | ||
Fair value of bunker swap agreement | $ 2,479 | ||
Number of bunker call option agreements held | 5 | 12 | |
Fair value of bunker call option agreements | $ 1,307 | $ 154 | |
Outstanding balance of the loan facility | 1,766,043 | 1,400,094 | |
Extinguishment of Debt, Gain (Loss), Net of Tax | $ 0 | 3,208 | $ 0 |
Vessels Socrates and Selecao | |||
Derivatives Fair Value [Line Items] | |||
Repayments Of Debt | 46,488 | ||
Outstanding balance of the loan facility | 49,800 | ||
Extinguishment of Debt, Gain (Loss), Net of Tax | 3,208 | ||
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] | |||
Fair value of hedging interest rate swaps | $ (1,030) | $ (7,847) | |
Net amount of cash flow hedge losses to be reclassified into earnings within 12 months | 2,808 | ||
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 | $ 2,178 | ||
Not Designated As Hedging Instrument | Bunker Call Option | |||
Derivatives Fair Value [Line Items] | |||
Change in fair value of non-hedging financial instruments | $ 1,153 | $ 154 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 4 Months Ended | 5 Months Ended | 12 Months Ended | |||||||
Feb. 05, 2014 | Apr. 22, 2015 | Apr. 29, 2014 | May 22, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 13, 2016 | Jul. 30, 2015 | Jun. 01, 2014 | May 30, 2014 | |
Authorized share capital | $ 200,000 | $ 100,000 | |||||||||
Common Stock - shares authorized | 185,000,000 | 185,000,000 | 185,000,000 | 85,000,000 | |||||||
Preferred Shares - shares authorized | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | |||||||
Preferred Shares - par value | $ 1 | $ 1 | $ 1 | $ 1 | |||||||
Common shares offered | 12,995,000 | 11,000,000 | 2,626,357 | 25,645,000 | |||||||
Net proceeds from offering | $ 81,952 | $ 75,821 | $ 169,276 | ||||||||
Common shares - par value | $ 1 | $ 1 | $ 1 | $ 1 | |||||||
Common shares issued, price per share | $ 6.65 | $ 7.30 | $ 9.7881 | ||||||||
Net proceeds from issuance of preferred shares | $ 0 | $ 81,784 | $ 0 | ||||||||
Aggregate number of shares repurchased during the period | 3,705,286 | ||||||||||
Aggregate price of shares repurchased during the period | $ 20,683 | ||||||||||
Underwriters over-allotment option | |||||||||||
Common shares offered | 1,695,000 | 1,650,000 | |||||||||
Net proceeds from offering | $ 11,503 | ||||||||||
8.75% Series D Preferred Shares | |||||||||||
Preferred Shares - shares issued | 3,400,000 | 3,400,000 | 3,400,000 | ||||||||
Preferred Shares - par value | $ 1 | ||||||||||
Liquidation preference, per share | $ 25 | ||||||||||
Net proceeds from issuance of preferred shares | $ 81,784 | ||||||||||
Preferred stock dividend rate percentage | 8.75% | ||||||||||
Preferred Stock, Redemption Date | Apr. 29, 2020 | ||||||||||
Redemption price | $ 25 | ||||||||||
Common Stock | Distribution Agency Agreement | |||||||||||
Common shares offered | 1,077,847 | ||||||||||
Net proceeds from offering | $ 7,124 | ||||||||||
Maximum number of shares issuable under distribution agency agreement | 4,000,000 | ||||||||||
Common shares - par value | $ 1 | ||||||||||
Open market purchases for its common and/ or its preferred shares | |||||||||||
Stock repurchase program | $ 40,000 | $ 20,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders' Equity [Abstract] | |||
RSUs issued | 87,500 | 0 | 20,000 |
RSUs vested | 87,500 | 20,000 | |
Fair value per share (weighted average) | $ 7.08 | ||
Fair value of shares vested | $ 142 | ||
Number of RSUs issuable under incentive plan | 868,950 | ||
Stock compensation expense | $ 510 | $ 0 | $ 142 |
Accumulated other comprehensi56
Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated other comprehensive loss [Abstract] | |||
Accumulated other comprehensive loss | $ (4,313) | $ (10,727) | |
Total unrealized (losses)/gains from hedging financial instruments | 6,414 | (437) | $ (3,501) |
Losses reclassified to income | $ 0 | $ 0 | $ (154) |
Earnings per Common Share (Ta57
Earnings per Common Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator | |||
Net income attributable to Tsakos Energy Navigation Limited | $ 55,783 | $ 158,217 | $ 33,527 |
Preferred share dividends, Series B | (4,000) | (4,000) | (4,000) |
Preferred share dividends, Series C | (4,437) | (4,437) | (4,438) |
Preferred share dividends Series D | (7,438) | (5,000) | 0 |
Net income attributable to common share holders | $ 39,908 | $ 144,780 | $ 25,089 |
Denominator | |||
Weighted average common shares outstanding | 84,905,078 | 85,827,597 | 79,114,401 |
Basic and diluted earnings per common share | $ 0.47 | $ 1.69 | $ 0.32 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - shares | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Earnings per Common Share [Abstract] | |||
Balance of Non-Vested RSUs | 0 | 0 | 0 |
Noncontrolling Interest in Su59
Noncontrolling Interest in Subsidiary (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noncontrolling Interest [Line Items] | ||||
Capital contribution to subsidiary | $ 20,408 | |||
Capital contribution to subsidiary by Tsakos Energy Navigation Limited | 10,408 | |||
Percentage of ownership in Mare Success S.A. by Tsakos Energy Navigation Ltd | 51.00% | |||
Capital contribution to subsidiary by Polaris Oil Shipping Inc. | $ 0 | $ 0 | $ 0 | 10,000 |
Percentage of revenue generated by single charterer | 7.40% | 5.50% | ||
Polaris Oil Shipping Inc. (Polaris) | ||||
Noncontrolling Interest [Line Items] | ||||
Percentage of ownership in Mare Success S.A. by Polaris Oil Shipping Inc. | 49.00% | |||
Capital contribution to subsidiary by Polaris Oil Shipping Inc. | $ 10,000 |
Commitments and Contingencies60
Commitments and Contingencies (Table) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Charters-out [Abstract] | |
2,017 | $ 294,564 |
2,018 | 205,540 |
2,019 | 157,045 |
2,020 | 157,475 |
2021 to 2028 | 495,415 |
Minimum charter payments | $ 1,310,039 |
Commitments and Contingencies61
Commitments and Contingencies (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Prepaid amount which will be used against the contract price of future newbuildings | $ 1,650,000 |
Purchase obligations | |
Payable amounts in 2017 | $ 274,288 |
Aframax tankers | |
Long-term Purchase Commitment [Line Items] | |
Number of vessels under construction | 5 |
Shuttle tanker | |
Long-term Purchase Commitment [Line Items] | |
Number of vessels under construction | 1 |
VLCC tankers | |
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 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financial Instruments [Abstract] | ||||
Cash and cash equivalents - Carrying Amount | $ 187,777 | $ 289,676 | $ 202,107 | $ 162,237 |
Restricted cash - Carrying Amount | 9,996 | 15,330 | ||
Investments - Carrying Amount | 1,000 | 1,000 | $ 1,000 | |
Debt - Carrying amount | (1,766,043) | (1,400,094) | ||
Cash and cash equivalents - Fair Value | 187,777 | 289,676 | ||
Restricted cash - Fair value | 9,996 | 15,330 | ||
Investments - Fair Value | 1,000 | 1,000 | ||
Debt - Fair Value | $ (1,765,726) | $ (1,399,447) |
Financial Instruments - Balance
Financial Instruments - Balance Sheet Location (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liabilities, Noncurrent | $ 1,119 | $ 3,181 |
Designated As Hedging Instrument | ||
Derivatives designated as hedging instruments | ||
Subtotal - Assets | 3,702 | 0 |
Subtotal - Liabilities | 4,732 | 7,847 |
Not Designated As Hedging Instrument | ||
Derivatives not designated as hedging instruments | ||
Subtotal - Assets | 3,786 | 154 |
Subtotal - Liabilities | 0 | 1,040 |
Total derivatives - Assets | 7,488 | 154 |
Total derivatives - Liabilites | 4,732 | 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 | 1 | 0 |
Derivative Liability, Current | 3,613 | 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 Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset, Current | 1,014 | 0 |
Derivative Liability, Current | 0 | 0 |
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 | 1,307 | 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 | 3,701 | 0 |
Derivative Liabilities, Noncurrent | 1,119 | 3,181 |
FINANCIAL INSTRUMENTS-FAIR VALUE, net of current portion | Not Designated As Hedging Instrument | Bunker Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset, Noncurrent | 1,465 | 0 |
Derivative Liabilities, Noncurrent | 0 | 0 |
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 | 0 | 126 |
Derivative Liabilities, Noncurrent | $ 0 | $ 0 |
Financial Instruments - Derivat
Financial Instruments - Derivatives Designated as Hedging Instruments - Gain/ (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative (Effective Portion) (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments Gain/Loss [Line Items] | |||
Total | $ 6,414 | $ (437) | $ (3,501) |
Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) | |||
Derivative Instruments Gain/Loss [Line Items] | |||
Interest rate swaps | 3,015 | (5,446) | (7,042) |
Total | $ 3,015 | $ (5,446) | $ (7,042) |
Financial Instruments - Deriv65
Financial Instruments - Derivatives Designated As Hedging Instruments - Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative | |||
Total | $ (3,399) | $ (3,150) | $ (3,542) |
Depreciation expense | |||
Derivative | |||
Interest rate swaps | (156) | (154) | (154) |
Interest and finance costs, net | |||
Derivative | |||
Interest rate swaps | $ (3,243) | $ (2,996) | $ (3,388) |
Financial Instruments - Deriv66
Financial Instruments - Derivatives Not Designated as Hedging Instruments - Net Effect on the Statement of Comprehensive Income / (loss) (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative | |||
Total | $ 3,448 | $ (1,926) | $ (10,430) |
Interest and finance costs, net | |||
Derivative | |||
Interest rate swaps | (47) | (24) | (1,272) |
Bunker swaps | 2,586 | (1,206) | (10,402) |
Bunker put options | 0 | 564 | 1,244 |
Bunker call options | $ 909 | $ (1,260) | $ 0 |
Financial Instruments - Fair 67
Financial Instruments - Fair Value of Assets and Liabilities Measured on Recurring Basis (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bunker call options | $ 1,307 | $ 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 | (1,030) | (8,887) |
Bunker swaps | 2,479 | 0 |
Bunker call options | 1,307 | 154 |
Total | $ 2,756 | $ (8,733) |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Present value of future cash flows of one bank loan | $ 1,765,726 | $ 1,399,447 |
Accumulated loss from derivatives designated as Hedging Instruments | 4,314 | $ 10,727 |
Credit facility | ||
Present value of future cash flows of one bank loan | 21,260 | |
Carrying amount | $ 21,577 |
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 | 12 Months Ended | |||||||||
Feb. 07, 2017 | Jan. 30, 2017 | Jan. 17, 2017 | Feb. 05, 2014 | Mar. 08, 2017 | Feb. 28, 2017 | Mar. 31, 2017 | Mar. 17, 2017 | Apr. 22, 2015 | Apr. 29, 2014 | May 22, 2014 | Jun. 23, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 06, 2017 | |
Subsequent Event [Line Items] | ||||||||||||||||
Common stock - dividend declared | $ 0.06 | |||||||||||||||
Proceeds from stock issuance program, net | $ 81,952 | $ 75,821 | $ 169,276 | |||||||||||||
Proceeds from preferred stock issuance, net | $ 0 | $ 81,784 | $ 0 | |||||||||||||
Shares sold | 12,995,000 | 11,000,000 | 2,626,357 | 25,645,000 | ||||||||||||
Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Common stock - dividend declared | $ 0.05 | |||||||||||||||
Dividends per share declared - payment date | Apr. 28, 2017 | |||||||||||||||
Dividends per share declared - record date | Apr. 25, 2017 | |||||||||||||||
Stock sale at-the-market program | $ 40,000 | |||||||||||||||
Preferred Stock | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Proceeds from preferred stock issuance, net | $ 600 | |||||||||||||||
Shares sold | 24,803 | |||||||||||||||
Common Stock | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Proceeds from stock issuance program, net | $ 2,500 | |||||||||||||||
Shares sold | 550,000 | |||||||||||||||
VLCC Hercules I | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Amount drawn down | $ 18,895 | |||||||||||||||
VLCC Hercules I | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Amount drawn down | $ 42,600 | |||||||||||||||
Delivery date | Jan. 19, 2017 | |||||||||||||||
Repayments Of Debt | $ 600 | |||||||||||||||
Aframax tanker Marathon TS | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Amount drawn down | $ 23,300 | |||||||||||||||
Delivery date | Feb. 10, 2017 | |||||||||||||||
Shuttle tanker Lisboa | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Amount drawn down | $ 34,300 | |||||||||||||||
Delivery date | Mar. 10, 2017 | |||||||||||||||
8.875% Series C Preferred Shares | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Preferred stock dividend rate percentage | 8.875% | |||||||||||||||
8.875% Series C Preferred Shares | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Preferred stock - dividend paid | $ 0.55469 | |||||||||||||||
8% Series B Preferred Shares | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Preferred stock dividend rate percentage | 8.00% | |||||||||||||||
8% Series B Preferred Shares | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Preferred stock - dividend paid | $ 0.5 | |||||||||||||||
8.75% Series D Preferred Shares | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Preferred stock dividend rate percentage | 8.75% | |||||||||||||||
Proceeds from preferred stock issuance, net | $ 81,784 | |||||||||||||||
8.75% Series D Preferred Shares | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Preferred stock - dividend paid | $ 0.54687 |