Cover
Cover | 6 Months Ended |
Jun. 30, 2020 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2020 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2020 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | TSAKOS ENERGY NAVIGATION LIMITED |
Entity Central Index Key | 0001166663 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 244,497 | $ 184,835 |
Restricted cash | 12,055 | 12,935 |
Margin deposits (Note 12) | 5,617 | 0 |
Accounts receivable, net | 38,741 | 40,342 |
Capitalized voyage expenses | 895 | 505 |
Due from related companies (Note 2) | 22,711 | 20,113 |
Advances and other | 16,736 | 23,282 |
Vessels held for sale (Note 4) | 22,750 | 100,277 |
Inventories | 14,865 | 13,032 |
Prepaid insurance and other | 2,375 | 895 |
Current portion of financial instruments-Fair value (Note 7,12) | 1,486 | 798 |
Total current assets | 382,728 | 397,014 |
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 7,12) | 730 | 287 |
RIGHT OF USE ASSET UNDER OPERATING LEASES (Note 4) | 61,890 | 21,428 |
LONG TERM RECEIVABLE (Note 4) | 22,852 | 13,000 |
FIXED ASSETS (Note 4) | ||
Advances for vessels under construction | 63,671 | 61,475 |
Vessels | 3,597,877 | 3,610,590 |
Accumulated depreciation | (996,660) | (977,339) |
Vessels’ Net Book Value | 2,601,217 | 2,633,251 |
Total fixed assets | 2,664,888 | 2,694,726 |
DEFERRED CHARGES, net (Note 5) | 22,883 | 27,648 |
Total assets | 3,155,971 | 3,154,103 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt (Note 6) | 183,661 | 235,513 |
Payables | 33,336 | 36,611 |
Due to related companies (Note 2) | 7,277 | 7,702 |
Accrued liabilities | 41,552 | 50,873 |
Unearned revenue (Note 3) | 15,023 | 12,067 |
Current portion of obligations under operating lease (Note 4) | 18,283 | 7,534 |
Current portion of financial instruments - Fair value (Note 7,12) | 18,220 | 3,900 |
Total current liabilities | 317,352 | 354,200 |
LONG-TERM DEBT, net of current portion (Note 6) | 1,276,878 | 1,298,783 |
LONG-TERM OBLIGATIONS UNDER OPERATING LEASE (Note 4) | 43,607 | 13,894 |
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 7,12) | 38,663 | 14,907 |
STOCKHOLDERS’ EQUITY (Note 8): | ||
Preferred shares | 18,640 | 18,650 |
Common shares, $ 5.00 par value; 35,000,000 shares authorized at June 30, 2020 and December 31, 2019; 19,194,615 shares issued and 18,781,082 shares outstanding at June 30, 2020 and 19,015,721 shares issued and outstanding at December 31, 2019, respectively | 95,973 | 95,079 |
Additional paid-in capital | 994,597 | 992,020 |
Cost of treasury stock | (5,071) | 0 |
Accumulated other comprehensive loss | (42,673) | (18,353) |
Retained earnings | 390,537 | 364,000 |
Total Tsakos Energy Navigation Limited stockholders’ equity | 1,452,003 | 1,451,396 |
Non-controlling Interest | 27,468 | 20,923 |
Total stockholders’ equity | 1,479,471 | 1,472,319 |
Total liabilities and stockholders’ equity | $ 3,155,971 | $ 3,154,103 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares $ / shares in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Preferred Shares - par value | $ 1 | $ 1 |
Preferred Shares - shares authorized | 25,000,000 | 25,000,000 |
Common Stock - par value | $ 5 | $ 5 |
Common Stock - shares authorized | 35,000,000 | 35,000,000 |
Common Stock - shares issued | 19,194,615 | 19,015,721 |
Common Stock, Shares, Outstanding | 18,781,082 | 19,015,721 |
Series C Preferred Stock [Member] | ||
Preferred Shares - shares issued | 2,000,000 | 2,000,000 |
Preferred Shares - shares outstanding | 2,000,000 | 2,000,000 |
Series D Preferred Stock [Member] | ||
Preferred Shares - shares issued | 3,424,803 | 3,424,803 |
Preferred Shares - shares outstanding | 3,424,803 | 3,424,803 |
Series E Preferred Stock [Member] | ||
Preferred Shares - shares issued | 4,600,000 | 4,600,000 |
Preferred Shares - shares outstanding | 4,600,000 | 4,600,000 |
Series F Preferred Stock [Member] | ||
Preferred Shares - shares issued | 6,000,000 | 6,000,000 |
Preferred Shares - shares outstanding | 6,000,000 | 6,000,000 |
Series G Preferred Stock [Member] | ||
Preferred Shares - shares issued | 2,615,000 | 2,625,000 |
Preferred Shares - shares outstanding | 2,615,000 | 2,625,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
VOYAGE REVENUES (Note 3): | $ 190,770 | $ 144,020 | $ 369,669 | $ 291,064 |
EXPENSES: | ||||
Voyage expenses | 35,412 | 35,191 | 68,120 | 66,755 |
Charter hire expense | 5,421 | 2,698 | 10,561 | 5,367 |
Vessel operating expenses | 42,705 | 46,072 | 88,194 | 89,396 |
Depreciation and amortization | 34,503 | 34,260 | 69,331 | 69,543 |
General and administrative expenses | 7,665 | 6,797 | 15,269 | 13,233 |
Loss on sale of vessels (Note 4) | 4,688 | 0 | 3,050 | 0 |
Impairment charges (Note 4) | 13,450 | 0 | 13,450 | 0 |
Total expenses | 143,844 | 125,018 | 267,975 | 244,294 |
Operating income | 46,926 | 19,002 | 101,694 | 46,770 |
OTHER INCOME (EXPENSES): | ||||
Interest and finance costs, net (Note 7) | (13,881) | (21,262) | (47,474) | (38,855) |
Interest income | 120 | 1,773 | 511 | 2,547 |
Other, net | 108 | (2) | 517 | (31) |
Total other expenses, net | (13,653) | (19,491) | (46,446) | (36,339) |
Net income (loss) | 33,273 | (489) | 55,248 | 10,431 |
Less: Net (income) loss attributable to the non-controlling interest | (1,794) | 794 | (2,545) | 1,106 |
Net income attributable to Tsakos Energy Navigation Limited | 31,479 | 305 | 52,703 | 11,537 |
Effect of preferred dividends | (9,422) | (10,204) | (19,064) | (20,408) |
Undistributed income to Series G participants | (1,653) | 0 | (2,219) | 0 |
Deemed dividend on Series B Preferred Shares | 0 | (2,750) | 0 | (2,750) |
Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited | $ 20,404 | $ (12,649) | $ 31,420 | $ (11,621) |
Earnings (loss) per share, basic and diluted attributable to Tsakos Energy Navigation Limited common stockholders | $ 1.07 | $ (0.72) | $ 1.64 | $ (0.66) |
Weighted average number of shares, basic and diluted | 19,087,556 | 17,550,394 | 19,105,159 | 17,535,743 |
CONSOLIDATED STATEMENTS OF OTHE
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Net income | $ 33,273 | $ (489) | $ 55,248 | $ 10,431 |
Unrealized gain (loss) from hedging financial instruments | ||||
Unrealized loss on interest rate swaps, net (Note 9) | (2,052) | (5,839) | (24,320) | (9,490) |
Comprehensive income (loss) | 31,221 | (6,328) | 30,928 | 941 |
Less: comprehensive (income) loss attributable to the non-controlling interest | (1,794) | 794 | (2,545) | 1,106 |
Comprehensive income (loss) attributable to Tsakos Energy Navigation Limited | $ 29,427 | $ (5,534) | $ 28,383 | $ 2,047 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Retained Earnings [Member]Series B Preferred Stock [Member] | Retained Earnings [Member]Series C Preferred Stock [Member] | Retained Earnings [Member]Series D Preferred Stock [Member] | Retained Earnings [Member]Series E Preferred Stock [Member] | Retained Earnings [Member]Series F Preferred Stock [Member] | Retained Earnings [Member]Series G Preferred Stock [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Parent [Member]Series B Preferred Stock [Member] | Parent [Member]Series C Preferred Stock [Member] | Parent [Member]Series D Preferred Stock [Member] | Parent [Member]Series E Preferred Stock [Member] | Parent [Member]Series F Preferred Stock [Member] | Parent [Member]Series G Preferred Stock [Member] | Noncontrolling Interest [Member] | Total | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Series F Preferred Stock [Member] | Series G Preferred Stock [Member] |
Beginning balance, value at Dec. 31, 2018 | $ 18,025 | $ 87,605 | $ 996,833 | $ 0 | $ 400,933 | $ (8,660) | $ 1,494,736 | $ 12,041 | $ 1,506,777 | ||||||||||||||||||
Treasury stock, number of shares at Dec. 31, 2018 | 0 | ||||||||||||||||||||||||||
Net income | 11,537 | 11,537 | (1,106) | 10,431 | |||||||||||||||||||||||
Capital contribution from noncontrolling interest | 10,000 | 10,000 | |||||||||||||||||||||||||
Sale of Common Shares | 268 | 603 | $ 0 | 871 | 871 | ||||||||||||||||||||||
Cash dividends paid ($0.375 per common share) | (4,392) | (4,392) | (4,392) | ||||||||||||||||||||||||
Cash dividends declared ($0.50 per Series B preferred share) | (1,000) | (1,000) | (1,000) | ||||||||||||||||||||||||
Redemption of Series B Redeemable preferred shares | (2,000) | (45,250) | (2,750) | (50,000) | (50,000) | ||||||||||||||||||||||
Dividends, Preferred Stock | $ (2,000) | $ (2,218) | $ (3,746) | $ (5,319) | $ (7,125) | $ (2,000) | $ (2,218) | $ (3,746) | $ (5,319) | $ (7,125) | $ (2,000) | $ (2,218) | $ (3,746) | $ (5,319) | $ (7,125) | ||||||||||||
Other comprehensive loss | (9,490) | (9,490) | (9,490) | ||||||||||||||||||||||||
Ending balance, value at Jun. 30, 2019 | 16,025 | 87,873 | 952,186 | $ 0 | 383,920 | (18,150) | 1,421,854 | 20,935 | 1,442,789 | ||||||||||||||||||
Treasury Stock, Shares, Ending Balance at Jun. 30, 2019 | 0 | ||||||||||||||||||||||||||
Beginning balance, value at Dec. 31, 2019 | 18,650 | 95,079 | 992,020 | $ 0 | 364,000 | (18,353) | 1,451,396 | 20,923 | 1,472,319 | ||||||||||||||||||
Treasury stock, number of shares at Dec. 31, 2019 | 0 | ||||||||||||||||||||||||||
Net income | 52,703 | 52,703 | 2,545 | 55,248 | |||||||||||||||||||||||
Capital contribution from noncontrolling interest | 4,000 | 4,000 | |||||||||||||||||||||||||
Sale of Common Shares | 861 | 2,600 | 3,461 | 3,461 | |||||||||||||||||||||||
Purchase of Treasury Stock | $ (5,071) | (5,071) | (5,071) | ||||||||||||||||||||||||
Treasury Stock, Shares, Acquired | 413,533 | ||||||||||||||||||||||||||
Conversion of Series G Convertible Preferred Shares | (10) | 33 | (23) | ||||||||||||||||||||||||
Cash dividends paid ($0.375 per common share) | (7,102) | (7,102) | (7,102) | ||||||||||||||||||||||||
Dividends, Preferred Stock | $ (2,219) | $ (3,747) | $ (5,319) | $ (7,125) | $ (654) | $ (2,219) | $ (3,747) | $ (5,319) | $ (7,125) | $ (654) | $ (2,219) | $ (3,747) | $ (5,319) | $ (7,125) | $ (654) | ||||||||||||
Other comprehensive loss | (24,320) | (24,320) | (24,320) | ||||||||||||||||||||||||
Ending balance, value at Jun. 30, 2020 | $ 18,640 | $ 95,973 | $ 994,597 | $ (5,071) | $ 390,537 | $ (42,673) | $ 1,452,003 | $ 27,468 | $ 1,479,471 | ||||||||||||||||||
Treasury Stock, Shares, Ending Balance at Jun. 30, 2020 | 413,533 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) | 6 Months Ended |
Jun. 30, 2019$ / shares | |
Common stock - dividends paid | $ 0.25 |
Series B Preferred Stock [Member] | |
Preferred Stock - Cash dividends declared | $ 0.50 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows from Operating Activities: | ||
Net income | $ 55,248 | $ 10,431 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 64,230 | 64,337 |
Amortization of deferred dry-docking costs | 5,101 | 5,206 |
Amortization of loan fees | 1,867 | 2,140 |
Interest expense on long-term receivable, net | 1,948 | 0 |
Change in fair value of derivative instruments | 12,554 | (649) |
Loss on sale of vessel | 3,050 | 0 |
Impairment charges | 13,450 | 0 |
Payments for dry-docking | (1,533) | (4,742) |
(Increase) Decrease in: | ||
Accounts receivables | 5,549 | 3,555 |
Margin deposits | (5,617) | |
Inventories | (1,833) | 2,927 |
Prepaid insurance and other | (1,480) | (563) |
Capitalized voyage expenses | (390) | (105) |
Increase (Decrease) in: | ||
Payables | (3,700) | (2,801) |
Accrued liabilities | (9,321) | (113) |
Unearned revenue | 2,956 | 4,981 |
Net Cash provided by Operating Activities | 142,079 | 84,604 |
Cash Flows from Investing Activities: | ||
Advances for vessels under construction and acquisitions | (24,491) | (31,914) |
Vessel acquisitions and/or improvements | (32,931) | (930) |
Proceeds from sale of vessels | 73,525 | 0 |
Net Cash provided by (used in) Investing Activities | 16,103 | (32,844) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term debt | 101,978 | 204,416 |
Financing costs | (908) | (1,309) |
Payments of long-term debt | (176,694) | (268,878) |
Purchase of treasury stock, net | (5,071) | 0 |
Proceeds from stock issuance program, net | 3,461 | 871 |
Cash dividends | (26,166) | (24,800) |
Capital contribution from noncontrolling interest to subsidiary | 4,000 | 10,000 |
Net Cash used in Financing Activities | (99,400) | (79,700) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 58,782 | (27,940) |
Cash and cash equivalents and restricted cash at beginning of period | 197,770 | 220,526 |
Cash and cash equivalents and restricted cash at end of period | 256,552 | 192,586 |
Current Assets: | ||
Cash and cash equivalents | 244,497 | 182,929 |
Restricted cash | 12,055 | 9,657 |
Total Cash and cash equivalents and restricted cash | $ 256,552 | $ 192,586 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of Tsakos Energy Navigation Limited (the “Holding Company”) and subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 6-K and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. On July 1, 2020, the Company effected a 1-for-5 33.2 The consolidated balance sheet as of December 31, 2019, has been derived from the audited consolidated financial statements included in the Company’s annual report on Form 20-F filed with the SEC on April 14, 2020 (“Annual Report”), but does not include all of the footnotes required by U.S. GAAP for complete financial statements. Impact of COVID-19 on the Company’s Business The impact of the COVID-19 pandemic continues to unfold and it may continue to negatively affect the global economy and demand for oil which may have a negative effect on the Company’s business, financial performance and the results of its operations, including due to decreased demand for seaborne transportation of oil and oil products which began to develop in the third quarter of 2020 and any continued decline in demand for seaborne transportation of LNG, and in turn charter rates,the extent of which will depend largely on future developments. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods. Significant Accounting Policies Reporting Assets held for sale: If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a long-lived asset previously classified as held for sale, the asset shall be reclassified as held and used. A long-lived asset that is reclassified shall be measured individually at the lower of its carrying amount before the asset or disposal group was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset or disposal group been continuously classified as held and used and its fair value at the date of the subsequent decision not to sell. Expected credit losses: In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ("ASU 2019-04") to clarify certain accounting topics from previously issued ASUs, including ASU 2016-13. ASU 2019-04 addresses certain aspects of ASU 2016-13, including but not limited to, accrued interest receivable, loan recoveries, interest rate projections for variable-rate financial instruments and expected prepayments. ASU 2019-04 provides alternatives that allow entities to measure credit losses on accrued interest separate from credit losses on the principal portion of a loan, clarifies that entities should include expected recoveries in the measurement of credit losses, allows entities to consider future interest rates when measuring credit losses and elect to adjust effective interest rates used to discount expected cash flows for expected loan prepayments. In May 2019, the FASB issued ASU 2019-05, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”, the amendments of which provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. As of January 1, 2020, the Company adopted ASU 2016-13—Financial Instruments—Credit Losses (Topic 326) and respective amendments. The accounting standard amends the current financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses which will result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition approach as of January 1, 2020, which resulted in an immaterial adjustment in the opening balance of retained earnings. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded as an offset to trade accounts receivable and changes in such, if any, are classified as Bad debt provisions in the Consolidated Statements of Comprehensive Income (Loss). The adoption of ASC 326 primarily impacted trade receivables recorded on the Consolidated Balance Sheet. The Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. The Company assessed that any impairment of receivables arising from operating leases, i.e. time charters, should be accounted for in accordance with Topic 842, Leases, and not in accordance with Topic 326. Impairment of receivables arising from voyage charters, which are accounted for in accordance with Topic 606, Revenues from Contracts with Customers, are within the scope of Subtopic 326 and must therefore be assessed for expected credit losses. No additional allowance was warranted for the six-month period ended June 30, 2020. Fair value measurements: In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, New Accounting Pronouncements—Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848)”, which is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contracts, hedge accounting and other transactions affected by the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This ASU is effective for all entities beginning on March 12, 2020 through December 31, 2020. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Share ("EPS") calculations for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 2. Transactions with Related Parties (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, which may be adjusted per the Management Agreement of March 8, 2007, effective from January 1, 2008, at the beginning of each year, in accordance with the terms of the Management Agreement, if both parties agree. The monthly fees include fees which are paid to the technical managers on a monthly basis, including third-party managers for the LNG carriers Maria Energy, Neo Energy, Ulysses, Hercules I, Sapporo Princess Maria Princess Eurochampion 2004 5,076 for the second quarter of 2020 and $ 5,025 for the prior year second quarter. Charges for the first half of 2020 and 2019 amounted to $ 10,204 and $ 10,050 , respectively. 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. The amount of $ 1,500 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 is elected to the Holding Company without the recommendation of the existing Board of Directors, the Holding Company would be obligated to pay the Management Company an amount calculated in accordance with the terms of the Management Agreement. Under the terms of the Management Agreement between the Holding Company and the Management Company, the Holding Company may terminate the Management Agreement only under specific circumstances, without the prior approval of the Holding Company’s Board of Directors. Estimated future management fees payable over the next ten years under the Management Agreement, exclusive of any incentive awards and based on existing vessels and known vessels scheduled for future delivery, as at June 30, 2020, are $ 10,439 for the remainder of 2020, $ 21,008 for 2021, $ 21,194 for 2022, $ 20,711 for each of 2023 and 2024, and $ 107,988 from 2025 to 2030. Management fees for vessels are included in General and administrative expenses in the accompanying interim Consolidated Stateme nts of Compre 20.4 371 367 184 245 As of June 30, 2020, the amount due to the Management Company was $ 220 197 (b) Tsakos Columbia Shipmanagement S.A. (“TCM”): 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 Company vessels. TCM for services rendered charged $ 255 445 626 928 As of June 30, 2020, the amount due from TCM was $ 22,711 20,113 TCM has a 25 (c) Tsakos Shipping and Trading S.A. (“Tsakos Shipping”): 1.25 Silia T Didimon 245 200 500 Caribbean Voyager Mediterranean Voyager. 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 and directors of the Holding Company. Tsakos Shipping for services rendered charged $ 2,389 1,711 4,629 3,545 1,925 1,386 530 350 (d) Argosy Insurance Company Limited (“Argosy”) 2,472 2,459 4,727 4,751 4,887 18 210 18 (e) AirMania Travel S.A. (“AirMania”): 319 1,438 1,298 2,901 The amount due to AirMania as of June 30, 2020, was $ 245 420 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 3. Revenue from Contracts with Customers Voyage charters and contracts of affreightment: 81,232 54,563 151,043 114,408 Time and bareboat charters: 109,538 89,457 218,626 176,656 Unearned revenue: 15,023 12,067 |
Vessels
Vessels | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Vessels | 4. Vessels Sale and Leaseback On December 21, 2017, the Company entered into a five-year sale and leaseback agreement for each of the two suezmaxes, Eurochampion 2004 Euronike 32,600 6,500 five-year On January 9, 2020, the Company entered into a new five-year Archangel Alaska 30,535 5,900 Upon adoption of ASC 842, the Company as at January 9, 2020 and January 1, 2019 recognized on the interim consolidated balance sheet right-of-use assets of $ 47,231 Archangel Alaska 29,382 Eurochampion 2004 Euronike 47,231 29,382 three one-year option periods The incremental borrowing rate used to determine the right-of-use asset and the obligations under operating lease was 4.41 5.45 4.53 2.48 61,890 18,283 43,607 Vessels (Table) Year Lease Commitment July 1 to December 31, 2020 9,862 2021 19,694 2022 19,661 2023 10,656 2024 10,656 Minimum net lease payments 70,529 Less: present value discount (8,639) Total Obligations under operating lease (current and non-current portion) 61,890 The Company has subleased the vessels and has recognized sublease revenue, net of voyage expenses of $ 14,935 2,321 24,117 5,440 Vessels held for sale As of June 30, 2020, the Company reclassified the aframax tanker Izumo Princess Sakura Princess, At December 31, 2019, the Company considered that the suezmax tankers Archangel, Alaska, Silia T Izumo Princess Sales During the first half of 2020, the Company sold its suezmax tanker, Silia T , Didimon, $ 3,050 There were no vessel sales during the first half of 2019. Impairment As of June 30, 2020, the Company reviewed the carrying amount in connection with the estimated recoverable amount and probability of sale for each of its vessels and vessels under construction. This review indicated that such carrying amount was not fully recoverable for two of the Company’s vessels; Izumo Princess Sakura Princess Izumo Princess, 22,750 2,750 Izumo Princess, Sakura Princess 22,750 10,700 |
Deferred Charges
Deferred Charges | 6 Months Ended |
Jun. 30, 2020 | |
Deferred Charges | |
Deferred Charges | 5. Deferred Charges Deferred charges consisting of dry-docking and special survey costs, net of accumulated amortization, amounted to $ 22,883 27,648 5,101 5,206 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. Long-Term Debt Long-Term Debt (Table) Facility June 30, December 31, Term Bank Loans 1,469,835 1,544,551 Less deferred finance costs, net (9,296) (10,255) Total long-term debt 1,460,539 1,534,296 Less current portion of debt (186,363) (238,351 ) Add deferred finance costs, current portion 2,702 2,838 Total long-term portion, net of current portion and deferred finance costs 1,276,878 1,298,783 Term bank loans Term loan balances outstanding at June 30, 2020, amounted to $ 1,469,835 semi-annual LIBOR 1.91 to 3.96 . On January 9, 2020, the Company prepaid the amount of $ 26,815 Archangel Alaska. On February 3, 2020, the Company prepaid the amount of $ 10,660 Silia T On March 19, 2020, the Company signed a new ten-year loan agreement amounting to $ 16,800 Byzantion Bosporos 17,558 16,380 ten semi-annual 1,365 2,730 On March 20, 2020, the Company signed a four and a half-year amended agreement on the loan dated May 31, 2019, for $ 2,438 , Maya, Inca, Selini Salamina nine semi-annual 146 75 449 On March 25, 2020, the Company signed a new five-year loan agreement amounting to $ 40,000 Marathon TS 39,800 31,890 ten semi-annual 1,244 27,360 On April 3, 2020, the Company signed an amended agreement on the loan dated August 22, 2014, for a $ 3,789 Stavanger TS nine semi-annual 324 873 payable together with the last installment. On June 23, 2020, the Company prepaid the amount of $ 6,238 Didimon On July 15, 2020, the Company signed a new six-year loan agreement amounting to $ 37,500 Bergen TS 37,125 34,031 twelve semi-annual 1,326 21,213 On July 17, 2020, the Company signed a new two-year loan agreement amounting to $ 27,750 Hull 3157 13,875 On September 9, 2020, the Company signed a new five-year loan agreement amounting to $ 47,000 Andes Izumo Princess, Asahi Princess Aegeas 45,500 29,169 ten semi-annual 4,550 The weighted-average interest rates on the above executed loans for the applicable periods were: Long-Term Debt - Weighted-Average Interest Rates (Table) Three months ended June 30, 2020 3.20 Three months ended June 30, 2019 4.61 Six months ended June 30, 2020 3.51 Six months ended June 30, 2019 4.68 The above term bank loans are secured by first priority mortgages on all vessels, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant vessel-owning subsidiaries. The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends if an event of default has occurred, 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 $ 162,598 at June 30, 2020 and $ 104,979 3,700 As of June 30, 2020, the Company and its wholly and majority owned subsidiaries had thirty loan agreements, with an aggregate principal amount outstanding thereunder totaling $ 1,469,835 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. The annual principal payments required to be made after June 30, 2020, are as follows: Long-Term Debt - Principal Payments (Table) Period/Year Amount July to December 2020 88,293 2021 220,382 2022 173,504 2023 279,361 2024 269,503 2025 and thereafter 438,792 1,469,835 |
Interest and Finance Costs, net
Interest and Finance Costs, net | 6 Months Ended |
Jun. 30, 2020 | |
Interest And Finance Costs Net | |
Interest and Finance Costs, net | 7. Interest and Finance Costs, net Interest and Finance Costs, net (Table) Three months ended Six months ended 2020 2019 2020 2019 Interest expense 13,788 18,135 27,902 36,998 Less: Interest capitalized (268) (300) (565) (468) Interest expense, net 13,520 17,835 27,337 36,530 Bunkers swap, put and call options cash settlements 1,958 401 3,494 668 Bunker put options premium, net (429) — 1,246 — Amortization of loan fees 947 1,070 1,867 2,140 Bank charges 168 62 245 149 Discount of long-term receivables, net (131) — 1,948 — Change in fair value of non-hedging financial instruments (2,152) 1,894 11,337 (632) Net total 13,881 21,262 47,474 38,855 At June 30, 2020, the Company was committed to twelve 608,591 2.06 six-month LIBOR As of June 30, 2020, and December 31, 2019, eleven eight 40,439 14,832 9,244 As of June 30, 2020, and December 31, 2019, the Company held one 112 187 75 143 As of June 30, 2020, and December 31, 2019, the Company held one 5 147 142 99 As of June 30, 2020, and December 31, 2019, the Company held twenty-nine twenty-five 15,908 2,850 13,058 874 During the first half of 2020, the Company entered into six put option agreements in order to reduce the losses of the bunker swap agreements. The Company paid a total premium of $ 1,675 429 six 1,788 1,788 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Stockholders’ Equity | 8. Stockholders’ Equity During the first half of 2020, the Company issued 172,227 3,461 53,575 871 On May 15, 2020, the Company launched the stock repurchase program for open market purchases for its common and/or its preferred shares, which program was authorized by its Board of Directors on March 23, 2020. The Company has available up to $ 50 5.00 413,533 5,071 On June 22, 2020, the Company announced a one-for-five ( 1-for-5 On January 30, 2020 and April 30, 2020, the Company paid dividends of $ 0.55469 2,219 0.59375 7,125 On January 30, 2019 and April 30, 2019, the Company paid dividends of $ 0.50 2,000 0.55469 2,218 0.59375 7,125 On February 28, 2020, and May 29, 2020, the Company paid dividends of $ 0.54687 3,747 in total, on its 8.75% Series D Preferred Shares and $ 0.57812 5,319 0.54687 3,746 0.57812 5,319 As of June 30, 2020, the Company was in full compliance with all the covenants contained within the terms of its Series C Preferred Shares. There are no financial covenants in the Company’s other outstanding series of preferred shares. On June 26, 2020, the Company paid a dividend of $ 0.375 , of $ 7,102 654 in total, to Series G shareholders. On May 30, 2019, the Company paid a dividend of $ 0.25 per common share, $ 4,392 In the second quarter of 2020, Mare Success S.A, owned 51 8,163 4,163 51 4,000 49 51 49 Byzantion Bosporos Byzantion Bosporos In the second quarter of 2019, Mare Success S.A, owned 51 20,408 10,408 51 10,000 49 51 49 Selini Salamina Selini Salamina In September 2019, the Company entered into a share purchase agreement for the private placement of 3,500,000 1.00 10.00 10.00 33,984 0 The Series G Convertible Preferred Shares are convertible at any time, at the option of the holder, at a conversion price of $15.00 per share, representing a conversion rate of three and one-third common shares per Series G Convertible Preferred Share All or a portion of the Series G Convertible Preferred Shares will automatically convert into common shares at the conversion rate if the trading price of the Company’s common shares exceed certain levels between 130% 170% 9.99 The conversion price is subject to customary anti-dilution and other adjustments relating to the issuance of common shares as a dividend or the subdivision, combination, or reclassification of common shares into a greater or lesser number of common shares. The Company may also redeem in full or in part the Series G Convertible Preferred Shares prior to September 1, 2020, for cash, at the as-converted value of the Series G Convertible Preferred Shares, if the trading price of the common shares exceeds certain levels. The Series G Convertible Preferred Shares did not generate a beneficial conversion feature (BCF) upon issuance as the fair value of the Company’s common shares was lower than the conversion price. The Series G Convertible Preferred Shares did not meet the criteria for mandatorily redeemable financial instruments. Additionally, the Company determined that the nature of the Series G Convertible Preferred Shares was more akin to an equity instrument and that the economic characteristics and risks of the embedded conversion options were clearly and closely related to the Series G Convertible Preferred Shares. As such, the conversion options were not required to be bifurcated from the equity host under ASC 815, Derivatives and Hedging. The Company also determined that the redemption call option did meet the definition of a derivative, but that the value of the derivative was zero due to the expectations under which the call option would be exercised. On September 1, 2020 the redemption call option expired unexercised. On December 23, 2019 and January 15, 2020, 875,000 10,000 583,333 6,667 The holders of the Series G Convertible Preferred Shares generally do not have voting rights. However, without the affirmative vote or consent of the holders of at least two-thirds of the outstanding Series G Convertible Preferred Shares, voting as a single class, the Company may not adopt any amendment to its memorandum of association or bye-laws that materially or adversely alters or affects the preferences, powers or rights of the Series G Convertible Preferred Shares in any respect or any amendment to the Series G Convertible Preferred Shares Certificate of Designations. The Series G Convertible Preferred Shares rank pari passu On February 1, 2021 (the “Redemption Date”), subject to certain limitations, outstanding Series G Convertible Preferred Shares having a redemption price of up to $ 35,000 The redemption price at which the Series G Convertible Preferred Shares will be exchanged will be the higher of 95 On June 28, 2019, the Company declared the redemption of all of its 2,000,000 25.00 0.50 2,750 |
Accumulated other comprehensive
Accumulated other comprehensive loss | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Accumulated other comprehensive loss | 9. Accumulated other comprehensive loss In the first half of 2020 and 2019, accumulated other comprehensive loss increased with unrealized losses of $ 24,320 9,490 |
Earnings (loss) per Common Shar
Earnings (loss) per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings (loss) per Common Share | 10. Earnings (loss) per Common Share The Company calculates basic earnings (loss) per share in conformity with the two-class method required for companies with participating securities. The Company considered its Series G Convertible Preferred Shares to be participating securities as the holders are entitled to receive dividends on as-converted basis in the event that dividends are declared and paid on the Company’s common shares. The Company calculates diluted earnings (loss) per share using the most dilutive of the two-class method and the treasury stock method. Under the two-class method, basic earnings (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of common shares outstanding during the period, less shares subject to repurchase. Diluted earnings (loss) per share is computed by giving effect to all potentially dilutive common share equivalents outstanding for the period. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Any remaining earnings would be distributed to the holders of common stock and the holders of the Series G Convertible Preferred Shares on a pro-rata basis assuming conversion of all Series G Convertible Preferred Shares into common shares. This participating security does not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating security. The following table sets forth the computation of basic and diluted earnings (loss) per share: Earnings (Loss) per Common Share (Table) Three months ended Six months ended 2020 2019 2020 2019 Numerator Net income attributable to Tsakos Energy Navigation Limited 31,479 305 52,703 11,537 Preferred share dividends Series B — (1,000 ) — (2,000 ) Preferred share dividends Series C (1,109 ) (1,109 ) (2,219 ) (2,218 ) Preferred share dividends Series D (1,874 ) (1,874 ) (3,747 ) (3,746 ) Preferred share dividends Series E (2,659 ) (2,659 ) (5,319 ) (5,319 ) Preferred share dividends Series F (3,562 ) (3,562 ) (7,125 ) (7,125 ) Preferred share dividends, Convertible Series G (218) — (654) — Undistributed income to Series G participants... (1,653) — (2,219) — Deemed dividend on Series B Preferred shares — (2,750 ) — (2,750 ) Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited 20,404 (12,649 ) 31,420 (11,621 ) Denominator Weighted average number of shares, basic and diluted 19,087,556 17,550,394 19,105,159 17,535,743 Earnings (loss) per share, basic and diluted attributable to Tsakos Energy Navigation Limited $ 1.07 $ (0.72) $ 1.64 $ (0.66) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies As of June 30, 2020, the Company had three The total contracted amount plus extra costs agreed for the three vessels under construction as of June 30, 2020, was $ 330,183 269,244 134,705 134,539 In the ordinary course of the shipping business, various claims and losses may arise from disputes with charterers, agents and other suppliers relating to the operations of the Company’s vessels. Management believes that all such matters are either adequately covered by insurance or are not expected to have a material adverse effect on the Company’s results from operations or financial condition. Charters-out The future minimum revenues of vessels in operation at June 30, 2020, before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows: Commitments and Contingencies (Table) Period/Year Amount July 1 to December 31, 2020 155,650 2021 225,552 2022 143,931 2023 99,415 2024 to 2028 209,835 Minimum charter revenues 834,383 These amounts do not assume any off-hire. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 12. Financial Instruments (a) Interest rate risk: (b) Concentration of credit risk: (c) Fair value: The fair values of the interest rate swap agreements, bunker swap agreements and call option agreement and put option agreements discussed in Note 7 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 as of June 30, 2020 and December 31, 2019, are as follows: Financial Instruments - Fair Values (Table) Carrying Fair Value Carrying Fair Value Financial assets (liabilities) Cash and cash equivalents 244,497 244,497 184,835 184,835 Restricted cash 12,055 12,055 12,935 12,935 Margin deposits 5,617 5,617 — — Debt (1,469,835) (1,469,835) (1,544,551) (1,544,551) The Company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the obligation to return cash collateral. The amount of collateral to be posted is defined in the terms of respective master agreement executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded. As of June 30, 2020, the Company deposited cash collateral related to its derivative instruments under its collateral security arrangements of $5,617, which is recorded within margin deposits in the Consolidated Balance Sheets. No cash collateral was posted as of December 31, 2019. Tabular Disclosure of Derivatives Location Derivatives are recorded in the consolidated balance sheet on a net basis by counterparty when a legal right of set-off exists. The following tables present information with respect to the fair values of derivatives reflected in the consolidated balance sheet on a gross basis by transaction. The tables also present information with respect to gains and losses on derivative positions reflected in the Statement of comprehensive income (loss) or in the Balance sheet, as a component of Accumulated other comprehensive income (loss). Fair Value of Derivative Instruments Financial Instruments - Balance Sheet Location (Table) Asset Derivatives Liability Derivatives Derivative Balance Sheet Location June 30, December 31, June 30, December 31, Derivatives designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value — 131 10,445 3,024 Financial instruments - Fair value, net of current portion — 260 29,994 12,199 Subtotal — 391 40,439 15,223 Asset Derivatives Liability Derivatives Derivative Balance Sheet Location June 30, December 31, June 30, December 31, Derivatives not designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value — — 112 121 Interest rate swaps Financial instruments - Fair value, net of current portion — — — 66 Bunker swaps Current portion of financial instruments - Fair value — 520 7,451 755 Bunker swaps Financial instruments - Fair value, net of current portion — 27 8,457 2,642 Bunker put options Current portion of financial instruments - Fair value 1,481 — 213 — Bunker put options Financial instruments - Fair value, net of current portion 730 — 211 — Bunker call options Current portion of financial instruments-Fair value 5 147 — — Bunker call options Financial instruments-Fair value, net of current portion — — — — Subtotal 2,216 694 16,444 3,584 Total derivatives 2,216 1,085 56,883 18,807 Derivatives designated as Hedging Instruments-Net effect on the Consolidated Statements of Comprehensive Income (Loss) Financial Instruments - Derivatives Designated as Hedging Instruments - Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative (Effective Portion) (Table) Gain (Loss) Recognized in Accumulated Derivative Amount Amount 2020 2019 2020 2019 Interest rate swaps (3,927) (5,886) (25,934) (9,623) Total (3,927) (5,886) (25,934) (9,623) Financial Instruments - Derivatives Designated as Hedging Instruments - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (Table) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Derivative Location Amount Amount 2020 2019 2020 2019 Interest rate swaps Depreciation expense (47) (47) (94) (94) Interest rate swaps Interest and finance costs, net (1,828) — (1,520) (39) Total (1,875) (47) (1,614) (133) Derivatives not designated as Hedging Instruments–Net effect on the Consolidated Statement of Comprehensive Income (Loss) Financial Instruments - Derivatives Not Designated as Hedging Instruments - Net effect on the Statement of Comprehensive Income (Table) Gain (Loss) Recognized on Derivative Derivative Location Amount Amount 2020 2019 2020 2019 Interest rate swaps Interest and finance costs, net (1) (123) 75 (143) Bunker swaps Interest and finance costs, net 1,511 (1,626) (16,774) 874 Bunker put options Interest and finance costs, net (886) — 886 — Bunker call options Interest and finance costs, net (1) (545) (264) (765) Total 623 (2,294) 16,077 (34) The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Loss as of June 30, 2020 and December 31, 2019 was $ 42,673 18,353 The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of June 30, 2020 and December 31, 2019 using level 2 inputs (significant other observable inputs): Financial Instruments - Fair Value of Assets and Liabilities Measured on Recurring Basis (Table) Recurring measurements: June 30, December 31, Interest rate swaps (40,551) (15,019) Bunker swaps (15,908) (2,850) Bunker put options 1,787 — Bunker call options 5 147 (54,667) (17,722) |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events The Company evaluated subsequent events (other than those disclosed above), until the date these interim consolidated financial statements were available to be issued. (a) On July 1, 2020, the Company signed a shipbuilding contract for the construction of one DP2 Shuttle tanker from Daehan Shipbuilding Co, ltd. (b) On July 1, 2020, the Company drew down an amount of $ 6,979 for the fourth installment of the suezmax tanker under construction, Apollo Voyager. (c) On July 30, 2020, the Company paid dividends of $ 0.55469 and $ 0.59375 per share on its 8.875% Series C and its 9.50% Series F Preferred Shares, respectively. (d) On August 26, 2020, the Company drew down an amount of $ 6,733 for the fourth installment of the suezmax tanker under construction, Hull 8042. (e) 0.54687 per share on its 8.75% Series D Preferred Shares and $ 0.57812 per share on its 9.25% Series E Preferred Shares, respectively. (f) On September 16, 2020, the Company drew down an amount of $ 35,415 for the fifth installment of the suezmax tanker Apollo Voyager, which was delivered on September 21, 2020. (g) On September 30, 2020, the Company announced the redemption of all of its 2,000,000 Series C Preferred Shares on October 30, 2020 (h) Subsequent to June 30, 2020, the Company acquired as treasury shares, 377,001 common shares for a total amount of $ 3,270 pursuant to its share repurchase program. |
Vessels (Tables)
Vessels (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Vessels (Table) | Vessels (Table) Year Lease Commitment July 1 to December 31, 2020 9,862 2021 19,694 2022 19,661 2023 10,656 2024 10,656 Minimum net lease payments 70,529 Less: present value discount (8,639) Total Obligations under operating lease (current and non-current portion) 61,890 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt (Table) | Long-Term Debt (Table) Facility June 30, December 31, Term Bank Loans 1,469,835 1,544,551 Less deferred finance costs, net (9,296) (10,255) Total long-term debt 1,460,539 1,534,296 Less current portion of debt (186,363) (238,351 ) Add deferred finance costs, current portion 2,702 2,838 Total long-term portion, net of current portion and deferred finance costs 1,276,878 1,298,783 |
Long-Term Debt - Weighted-Average Interest Rates (Table) | Long-Term Debt - Weighted-Average Interest Rates (Table) Three months ended June 30, 2020 3.20 Three months ended June 30, 2019 4.61 Six months ended June 30, 2020 3.51 Six months ended June 30, 2019 4.68 |
Long-Term Debt - Principal Payments (Table) | Long-Term Debt - Principal Payments (Table) Period/Year Amount July to December 2020 88,293 2021 220,382 2022 173,504 2023 279,361 2024 269,503 2025 and thereafter 438,792 1,469,835 |
Interest and Finance Costs, n_2
Interest and Finance Costs, net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Interest And Finance Costs Net | |
Interest and Finance Costs, net (Table) | Interest and Finance Costs, net (Table) Three months ended Six months ended 2020 2019 2020 2019 Interest expense 13,788 18,135 27,902 36,998 Less: Interest capitalized (268) (300) (565) (468) Interest expense, net 13,520 17,835 27,337 36,530 Bunkers swap, put and call options cash settlements 1,958 401 3,494 668 Bunker put options premium, net (429) — 1,246 — Amortization of loan fees 947 1,070 1,867 2,140 Bank charges 168 62 245 149 Discount of long-term receivables, net (131) — 1,948 — Change in fair value of non-hedging financial instruments (2,152) 1,894 11,337 (632) Net total 13,881 21,262 47,474 38,855 |
Earnings (loss) per Common Sh_2
Earnings (loss) per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Common Share (Table) | The following table sets forth the computation of basic and diluted earnings (loss) per share: Earnings (Loss) per Common Share (Table) Three months ended Six months ended 2020 2019 2020 2019 Numerator Net income attributable to Tsakos Energy Navigation Limited 31,479 305 52,703 11,537 Preferred share dividends Series B — (1,000 ) — (2,000 ) Preferred share dividends Series C (1,109 ) (1,109 ) (2,219 ) (2,218 ) Preferred share dividends Series D (1,874 ) (1,874 ) (3,747 ) (3,746 ) Preferred share dividends Series E (2,659 ) (2,659 ) (5,319 ) (5,319 ) Preferred share dividends Series F (3,562 ) (3,562 ) (7,125 ) (7,125 ) Preferred share dividends, Convertible Series G (218) — (654) — Undistributed income to Series G participants... (1,653) — (2,219) — Deemed dividend on Series B Preferred shares — (2,750 ) — (2,750 ) Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited 20,404 (12,649 ) 31,420 (11,621 ) Denominator Weighted average number of shares, basic and diluted 19,087,556 17,550,394 19,105,159 17,535,743 Earnings (loss) per share, basic and diluted attributable to Tsakos Energy Navigation Limited $ 1.07 $ (0.72) $ 1.64 $ (0.66) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies (Table) | Commitments and Contingencies (Table) Period/Year Amount July 1 to December 31, 2020 155,650 2021 225,552 2022 143,931 2023 99,415 2024 to 2028 209,835 Minimum charter revenues 834,383 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments - Fair Values (Table) | Financial Instruments - Fair Values (Table) Carrying Fair Value Carrying Fair Value Financial assets (liabilities) Cash and cash equivalents 244,497 244,497 184,835 184,835 Restricted cash 12,055 12,055 12,935 12,935 Margin deposits 5,617 5,617 — — Debt (1,469,835) (1,469,835) (1,544,551) (1,544,551) |
Financial Instruments - Balance Sheet Location (Table) | Financial Instruments - Balance Sheet Location (Table) Asset Derivatives Liability Derivatives Derivative Balance Sheet Location June 30, December 31, June 30, December 31, Derivatives designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value — 131 10,445 3,024 Financial instruments - Fair value, net of current portion — 260 29,994 12,199 Subtotal — 391 40,439 15,223 Asset Derivatives Liability Derivatives Derivative Balance Sheet Location June 30, December 31, June 30, December 31, Derivatives not designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value — — 112 121 Interest rate swaps Financial instruments - Fair value, net of current portion — — — 66 Bunker swaps Current portion of financial instruments - Fair value — 520 7,451 755 Bunker swaps Financial instruments - Fair value, net of current portion — 27 8,457 2,642 Bunker put options Current portion of financial instruments - Fair value 1,481 — 213 — Bunker put options Financial instruments - Fair value, net of current portion 730 — 211 — Bunker call options Current portion of financial instruments-Fair value 5 147 — — Bunker call options Financial instruments-Fair value, net of current portion — — — — Subtotal 2,216 694 16,444 3,584 Total derivatives 2,216 1,085 56,883 18,807 |
Financial Instruments - Derivatives Designated as Hedging Instruments - Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative (Effective Portion) (Table) | Financial Instruments - Derivatives Designated as Hedging Instruments - Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative (Effective Portion) (Table) Gain (Loss) Recognized in Accumulated Derivative Amount Amount 2020 2019 2020 2019 Interest rate swaps (3,927) (5,886) (25,934) (9,623) Total (3,927) (5,886) (25,934) (9,623) |
Financial Instruments - Derivatives Designated as Hedging Instruments - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (Table) | Financial Instruments - Derivatives Designated as Hedging Instruments - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (Table) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Derivative Location Amount Amount 2020 2019 2020 2019 Interest rate swaps Depreciation expense (47) (47) (94) (94) Interest rate swaps Interest and finance costs, net (1,828) — (1,520) (39) Total (1,875) (47) (1,614) (133) |
Financial Instruments - Derivatives Not Designated as Hedging Instruments - Net effect on the Statement of Comprehensive Income (Table) | Financial Instruments - Derivatives Not Designated as Hedging Instruments - Net effect on the Statement of Comprehensive Income (Table) Gain (Loss) Recognized on Derivative Derivative Location Amount Amount 2020 2019 2020 2019 Interest rate swaps Interest and finance costs, net (1) (123) 75 (143) Bunker swaps Interest and finance costs, net 1,511 (1,626) (16,774) 874 Bunker put options Interest and finance costs, net (886) — 886 — Bunker call options Interest and finance costs, net (1) (545) (264) (765) Total 623 (2,294) 16,077 (34) |
Financial Instruments - Fair Value of Assets and Liabilities Measured on Recurring Basis (Table) | Financial Instruments - Fair Value of Assets and Liabilities Measured on Recurring Basis (Table) Recurring measurements: June 30, December 31, Interest rate swaps (40,551) (15,019) Bunker swaps (15,908) (2,850) Bunker put options 1,787 — Bunker call options 5 147 (54,667) (17,722) |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) | 6 Months Ended |
Jul. 01, 2020shares | |
Accounting Policies [Abstract] | |
Description of reverse stock split | 1-for-5 |
Changes in Capital Structure, Fractional shares | 33.2 |
Transactions with Related Par_2
Transactions with Related Parties (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||||
Management Fee Payable, Remainder of 2020 | $ 10,439,000 | $ 10,439,000 | |||
Management Fee Payable, 2021 | 21,008,000 | 21,008,000 | |||
Management Fee Payable, 2022 | 21,194,000 | 21,194,000 | |||
Management Fee Payable, 2023 | 20,711,000 | 20,711,000 | |||
Management Fee Payable, 2024 | 20,711,000 | 20,711,000 | |||
Management Fee Payable, 2025 to 2030 | 107,988,000 | 107,988,000 | |||
Due to related parties | 7,277,000 | 7,277,000 | $ 7,702,000 | ||
Due from related parties | 22,711,000 | 22,711,000 | 20,113,000 | ||
Tsakos Columbia Shipmanagement S A [Member] | |||||
Related Party Transaction [Line Items] | |||||
Special charges | 255,000 | $ 445,000 | 626,000 | $ 928,000 | |
Due from related parties | 22,711,000 | 22,711,000 | 20,113,000 | ||
Vessels chartered in or chartered out on a bare-boat basis [Member] | |||||
Related Party Transaction [Line Items] | |||||
Monthly Management Fees | 20,400 | ||||
Tsakos Energy Management Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Professional and Contract Services Expense | 5,076,000 | 5,025,000 | 10,204,000 | 10,050,000 | |
Incentive Distribution, Distribution | 1,500,000 | ||||
Management Fees Capitalized | 184,000 | 245,000 | 371,000 | 367,000 | |
Due to related parties | $ 220,000 | $ 220,000 | 197,000 | ||
TCM Tsakos Maritime Philippines [Member] | Tsakos Columbia Shipmanagement S A [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage | 25.00% | 25.00% | |||
Tsakos Shipping And Trading SA [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | $ 1,925,000 | $ 1,925,000 | 1,386,000 | ||
Chartering commission | 1.25% | ||||
Commissions In Connection With Delivery Of New Buildings | 2,389,000 | 1,711,000 | $ 4,629,000 | 3,545,000 | |
Accrued Liabilities for Commissions, Expense and Taxes | 530,000 | 530,000 | 350,000 | ||
Tsakos Shipping And Trading SA [Member] | Potential Charge [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payment for the cost of design and supervision services for newbuildings | 200,000 | ||||
Tsakos Shipping And Trading SA [Member] | Panamax Tanker Silia T and Handysize Didimon [Member] | |||||
Related Party Transaction [Line Items] | |||||
Brokerage commission amount | 245,000 | ||||
Tsakos Shipping And Trading SA [Member] | Caribbean Voyager and Mediterranean Voyager [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payment for the cost of design and supervision services for newbuildings | 500,000 | ||||
Argosy Insurance Company Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | 4,887,000 | 4,887,000 | 18,000 | ||
General Insurance Expense | 2,472,000 | 2,459,000 | 4,727,000 | 4,751,000 | |
Accrued Insurance, Current | 210,000 | 210,000 | 18,000 | ||
Air Mania Travel [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | 245,000 | 245,000 | $ 420,000 | ||
General Services Costs | $ 319,000 | $ 1,438,000 | $ 1,298,000 | $ 2,901,000 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Revenues | $ 190,770 | $ 144,020 | $ 369,669 | $ 291,064 | |
Unearned revenue | 15,023 | 15,023 | $ 12,067 | ||
Customer Contracts [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Revenues | 81,232 | 54,563 | 151,043 | 114,408 | |
Lease Agreements [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Revenues | $ 109,538 | $ 89,457 | $ 218,626 | $ 176,656 |
Vessels (Table) (Details)
Vessels (Table) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Property, Plant and Equipment [Abstract] | |
July 1 to December 31, 2020 | $ 9,862 |
2021 | 19,694 |
2022 | 19,661 |
2023 | 10,656 |
2024 | 10,656 |
Minimum net lease payments | 70,529 |
Less: present value discount | (8,639) |
Total Obligations under operating lease (current and non-current portion) | $ 61,890 |
Vessels (Details Narrative)
Vessels (Details Narrative) - USD ($) $ in Thousands | Jan. 09, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 21, 2017 | Dec. 31, 2019 | Jan. 01, 2019 |
Property, Plant and Equipment [Line Items] | ||||||||
Lease Incentive Receivable, Noncurrent | $ 22,852 | $ 22,852 | $ 13,000 | |||||
Operating lease right-of-use asset | 61,890 | 61,890 | 21,428 | |||||
Obligation under operating lease | 61,890 | 61,890 | ||||||
Current portion of obligation under operating lease | 18,283 | 18,283 | 7,534 | |||||
Non-current portion of obligation under operating lease | 43,607 | 43,607 | 13,894 | |||||
Sublease Income | 14,935 | $ 2,321 | 24,117 | $ 5,440 | ||||
Loss on Disposition of Property Plant Equipment | (4,688) | 0 | (3,050) | 0 | ||||
Property, Plant and Equipment, Gross | 3,597,877 | 3,597,877 | $ 3,610,590 | |||||
Asset Impairment Charges | $ 13,450 | $ 0 | $ 13,450 | $ 0 | ||||
Eurochampion 2004 [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 32,600 | |||||||
Lease Incentive Receivable, Noncurrent | 6,500 | |||||||
Euronike [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | 32,600 | |||||||
Lease Incentive Receivable, Noncurrent | $ 6,500 | |||||||
Eurochampion 2004 and Euronike [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Sale and leaseback terms | five-year | |||||||
Operating lease right-of-use asset | $ 29,382 | |||||||
Obligation under operating lease | $ 29,382 | |||||||
Sale and leaseback other information | three one-year option periods | |||||||
Incremental borrowing rate | 5.45% | 5.45% | ||||||
Weighted average remaining lease term | 2 years 5 months 23 days | 2 years 5 months 23 days | ||||||
Archangel and Alaska [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Sale and leaseback terms | five-year | |||||||
Operating lease right-of-use asset | $ 47,231 | |||||||
Obligation under operating lease | 47,231 | |||||||
Sale and leaseback other information | three one-year option periods | |||||||
Incremental borrowing rate | 4.41% | 4.41% | ||||||
Weighted average remaining lease term | 4 years 6 months 10 days | 4 years 6 months 10 days | ||||||
Archangel [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | 30,535 | |||||||
Lease Incentive Receivable, Noncurrent | 5,900 | |||||||
Alaska [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | 30,535 | |||||||
Lease Incentive Receivable, Noncurrent | $ 5,900 | |||||||
Silia T Vessel and Didimon Vessel [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Loss on Disposition of Property Plant Equipment | $ 3,050 | |||||||
Izumo Princess [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, Plant and Equipment, Gross | $ 22,750 | 22,750 | ||||||
Asset Impairment Charges | 2,750 | |||||||
Sakura Princess [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, Plant and Equipment, Gross | $ 22,750 | 22,750 | ||||||
Asset Impairment Charges | $ 10,700 |
Deferred Charges (Details Narra
Deferred Charges (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Deferred Charges | |||
Deferred charges of dry-docking and special survey costs | $ 22,883 | $ 27,648 | |
Amortization of deferred dry-docking costs | $ 5,101 | $ 5,206 |
Long-Term Debt (Table) (Details
Long-Term Debt (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Term Bank Loans | $ 1,469,835 | $ 1,544,551 |
Less deferred finance costs, net | (9,296) | (10,255) |
Total long-term debt | 1,460,539 | 1,534,296 |
Less current portion of debt | (186,363) | (238,351) |
Add deferred finance costs, current portion | 2,702 | 2,838 |
Total long-term portion, net of current portion and deferred finance costs | $ 1,276,878 | $ 1,298,783 |
Long-Term Debt - Weighted-Avera
Long-Term Debt - Weighted-Average Interest Rates (Table) (Details) | Jun. 30, 2020 | Jun. 30, 2019 |
Three months ended [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rates on the executed loans | 3.20% | 4.61% |
Six months ended [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rates on the executed loans | 3.51% | 4.68% |
Long-Term Debt - Principal Paym
Long-Term Debt - Principal Payments (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
July to December 2020 | $ 88,293 | |
2021 | 220,382 | |
2022 | 173,504 | |
2023 | 279,361 | |
2024 | 269,503 | |
2025 and thereafter | 438,792 | |
Total | $ 1,469,835 | $ 1,544,551 |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) $ in Thousands | Jan. 09, 2020USD ($) | Feb. 03, 2020USD ($) | Apr. 14, 2020USD ($) | Apr. 03, 2020USD ($) | Mar. 27, 2020USD ($) | Mar. 20, 2020USD ($) | Apr. 16, 2020USD ($) | Apr. 15, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 23, 2020USD ($) | Aug. 06, 2020USD ($) | Sep. 24, 2020USD ($) | Sep. 17, 2020USD ($) | Sep. 09, 2020USD ($) | Jul. 17, 2020USD ($) | Jul. 15, 2020USD ($) | Mar. 25, 2020USD ($) | Mar. 19, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument outstanding balances | $ 1,469,835 | $ 1,544,551 | ||||||||||||||||||
Cash and Cash Equivalents, at Carrying Value | 244,497 | 184,835 | $ 182,929 | |||||||||||||||||
Minimum liquidity requirement [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Cash and Cash Equivalents, at Carrying Value | 162,598 | $ 104,979 | ||||||||||||||||||
Two loan agreements [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Held in deposit account | $ 3,700 | |||||||||||||||||||
Archangel and Alaska [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Prepaid amount | $ 26,815 | |||||||||||||||||||
Silia T [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Prepaid amount | $ 10,660 | |||||||||||||||||||
Byzantion and Bosporos [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt periodic payment | semi-annual | |||||||||||||||||||
Prepaid amount | $ 17,558 | |||||||||||||||||||
Debt instrument face amount | $ 16,800 | |||||||||||||||||||
Amount drawn down | $ 16,380 | |||||||||||||||||||
Number of repayment installments | 10 | |||||||||||||||||||
Debt periodic payment amount | $ 1,365 | |||||||||||||||||||
Debt balloon payment | $ 2,730 | |||||||||||||||||||
Maya, Inca, Selini and Salamina [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt periodic payment | semi-annual | |||||||||||||||||||
Number of repayment installments | 9 | |||||||||||||||||||
Debt balloon payment | $ 449 | |||||||||||||||||||
Amount drawn down | $ 2,438 | |||||||||||||||||||
Increase of debt instrument | $ 2,438 | |||||||||||||||||||
Maya, Inca, Selini and Salamina [Member] | Commencing on May 29, 2020 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt periodic payment amount | 146 | |||||||||||||||||||
Maya, Inca, Selini and Salamina [Member] | Commencing on June 15, 2020 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt periodic payment amount | $ 75 | |||||||||||||||||||
Marathon TS [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt periodic payment | semi-annual | |||||||||||||||||||
Prepaid amount | $ 31,890 | |||||||||||||||||||
Debt instrument face amount | $ 40,000 | |||||||||||||||||||
Amount drawn down | $ 39,800 | |||||||||||||||||||
Number of repayment installments | 10 | |||||||||||||||||||
Debt periodic payment amount | $ 1,244 | |||||||||||||||||||
Debt balloon payment | $ 27,360 | |||||||||||||||||||
Stravanger TS [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt periodic payment | semi-annual | |||||||||||||||||||
Number of repayment installments | 9 | |||||||||||||||||||
Debt periodic payment amount | $ 324 | |||||||||||||||||||
Debt balloon payment | $ 873 | |||||||||||||||||||
Amount drawn down | $ 3,789 | |||||||||||||||||||
Increase of debt instrument | $ 3,789 | |||||||||||||||||||
Didimon [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Prepaid amount | $ 6,238 | |||||||||||||||||||
Bergen TS [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt periodic payment | semi-annual | |||||||||||||||||||
Prepaid amount | $ 34,031 | |||||||||||||||||||
Debt instrument face amount | $ 37,500 | |||||||||||||||||||
Amount drawn down | $ 37,125 | |||||||||||||||||||
Number of repayment installments | 12 | |||||||||||||||||||
Debt periodic payment amount | $ 1,326 | |||||||||||||||||||
Debt balloon payment | $ 21,213 | |||||||||||||||||||
LNG Carrier Hull 3157 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument face amount | $ 27,750 | |||||||||||||||||||
Amount drawn down | $ 13,875 | |||||||||||||||||||
Andes, Izumo Princess, Asahi Princess and Aegeas [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt periodic payment | semi-annual | |||||||||||||||||||
Prepaid amount | $ 29,169 | |||||||||||||||||||
Debt instrument face amount | $ 47,000 | |||||||||||||||||||
Amount drawn down | $ 45,500 | |||||||||||||||||||
Number of repayment installments | 10 | |||||||||||||||||||
Debt periodic payment amount | $ 4,550 | |||||||||||||||||||
All term loans [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt periodic payment | semi-annual | |||||||||||||||||||
Variable rate basis | LIBOR | |||||||||||||||||||
All term loans [Member] | Minimum [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.91% | |||||||||||||||||||
All term loans [Member] | Maximum [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.96% |
Interest and Finance Costs, n_3
Interest and Finance Costs, net (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest And Finance Costs Net | ||||
Interest expense | $ 13,788 | $ 18,135 | $ 27,902 | $ 36,998 |
Less: Interest capitalized | (268) | (300) | (565) | (468) |
Interest expense, net | 13,520 | 17,835 | 27,337 | 36,530 |
Bunkers swap, put and call options cash settlements | 1,958 | 401 | 3,494 | 668 |
Bunker put options premium, net | (429) | 0 | 1,246 | 0 |
Amortization of loan fees | 947 | 1,070 | 1,867 | 2,140 |
Bank charges | 168 | 62 | 245 | 149 |
Discount of long-term receivables, net | (131) | 0 | 1,948 | 0 |
Change in fair value of non-hedging financial instruments | (2,152) | 1,894 | 11,337 | (632) |
Net total | $ 13,881 | $ 21,262 | $ 47,474 | $ 38,855 |
Interest and Finance Costs, n_4
Interest and Finance Costs, net (Details Narrative) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Summary of Investment Holdings [Line Items] | |||||
Change in fair value of non-hedging financial instruments | $ (2,152) | $ 1,894 | $ 11,337 | $ (632) | |
Interest Rate Swap [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Number of floating-to-fixed interest rate swaps | 12 | 12 | |||
Notional amount of floating-to-fixed interest rate swaps | $ 608,591 | $ 608,591 | |||
Fixed interest rate | 2.06% | 2.06% | |||
Floating rate basis | six-month LIBOR | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Number of floating-to-fixed interest rate swaps | 11 | 11 | 8 | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 40,439 | $ 40,439 | $ 14,832 | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (9,244) | $ (9,244) | |||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Number of floating-to-fixed interest rate swaps | 1 | 1 | |||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 112 | $ 112 | 187 | ||
Change in fair value of non-hedging financial instruments | 75 | (143) | |||
Call Option [Member] | Not Designated as Hedging Instrument [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Change in fair value of non-hedging financial instruments | $ (142) | (99) | |||
Number of bunker call option agreements held | 1 | 1 | |||
Fair value of bunker put option agreements | $ 5 | $ 5 | $ 147 | ||
Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Change in fair value of non-hedging financial instruments | $ (13,058) | $ 874 | |||
Number of bunker swap agreements held | 29 | 29 | 25 | ||
Fair value liability of bunker swap agreement | $ 15,908 | $ 15,908 | $ 2,850 | ||
Put Option [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Change in fair value of non-hedging financial instruments | 1,788 | ||||
Fair value of bunker put option agreements | $ 1,788 | $ 1,788 | |||
Number of bunker put option agreements held | 6 | 6 | |||
Derivative, Cost of Hedge | $ 1,675 | ||||
Derivative, Cash Received on Hedge | $ 429 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | Jan. 15, 2020 | Jan. 30, 2020 | Jan. 30, 2019 | Feb. 28, 2020 | Feb. 28, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | May 29, 2020 | May 30, 2019 | May 29, 2019 | Jul. 01, 2020 | Jun. 30, 2020 | Jun. 26, 2020 | Jun. 30, 2019 | Jun. 28, 2019 | Sep. 30, 2019 | Dec. 23, 2019 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Proceeds from stock issuance program, net | $ 3,461,000 | $ 871,000 | ||||||||||||||||||
Preferred shares - par value | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||||||||
Treasury Stock, Value, Acquired, Par Value Method | $ 5,071,000 | |||||||||||||||||||
Stockholders' Equity, Reverse Stock Split | 1-for-5 | |||||||||||||||||||
Common stock - dividend paid | $ 0.375 | $ 0.25 | ||||||||||||||||||
Deemed dividend on Series B preferred shares | $ 0 | $ 2,750,000 | $ 0 | $ 2,750,000 | ||||||||||||||||
Minimum [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Preferred Stock Redemption Price Percentage of Principal Amount Redeemed | 95.00% | |||||||||||||||||||
Mare Success [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Increase in paid-in capital | $ 8,163,000 | $ 20,408,000 | ||||||||||||||||||
Tsakos [Member] | Mare Success [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Percentage of ownership in Mare Success S.A | 51.00% | 51.00% | 51.00% | 51.00% | ||||||||||||||||
Increase in paid-in capital | $ 4,163,000 | $ 10,408,000 | ||||||||||||||||||
Polaris Oil Shipping Inc. (Polaris) [Member] | Mare Success [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Percentage of ownership in Mare Success S.A | 49.00% | 49.00% | 49.00% | 49.00% | ||||||||||||||||
Increase in paid-in capital | $ 4,000,000 | $ 10,000,000 | ||||||||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Preferred stock - dividend paid | $ 0.55469 | $ 0.55469 | $ 0.55469 | $ 0.55469 | ||||||||||||||||
Dividends paid on preferred shares | $ 2,219,000 | 2,218,000 | ||||||||||||||||||
Preferred shares - shares issued | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||||||||||
Series F Preferred Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Preferred stock - dividend paid | $ 0.59375 | 0.59375 | $ 0.59375 | 0.59375 | ||||||||||||||||
Dividends paid on preferred shares | $ 7,125,000 | 7,125,000 | ||||||||||||||||||
Preferred shares - shares issued | 6,000,000 | 6,000,000 | 6,000,000 | |||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Preferred stock - dividend paid | $ 0.50 | $ 0.50 | $ 0.50 | |||||||||||||||||
Dividends paid on preferred shares | 2,000,000 | |||||||||||||||||||
Liquidation preference per share | $ 25 | |||||||||||||||||||
Series B redeemable preferred shares, shares | 2,000,000 | |||||||||||||||||||
Deemed dividend on Series B preferred shares | 2,750,000 | |||||||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Preferred stock - dividend paid | $ 0.54687 | $ 0.54687 | $ 0.54687 | $ 0.54687 | ||||||||||||||||
Dividends paid on preferred shares | $ 3,747,000 | 3,746,000 | ||||||||||||||||||
Preferred shares - shares issued | 3,424,803 | 3,424,803 | 3,424,803 | |||||||||||||||||
Series E Preferred Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Preferred stock - dividend paid | $ 0.57812 | $ 0.57812 | $ 0.57812 | $ 0.57812 | ||||||||||||||||
Dividends paid on preferred shares | $ 5,319,000 | 5,319,000 | ||||||||||||||||||
Preferred shares - shares issued | 4,600,000 | 4,600,000 | 4,600,000 | |||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Common stock - dividend paid | $ 0.25 | $ 0.375 | ||||||||||||||||||
Dividends paid on common shares | $ 7,102,000 | $ 4,392,000 | ||||||||||||||||||
Series G Preferred Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Dividends paid on preferred shares | $ 654,000 | |||||||||||||||||||
Preferred shares - shares issued | 2,615,000 | 2,615,000 | 2,625,000 | |||||||||||||||||
Preferred stock dividend rate percentage | 0.00% | |||||||||||||||||||
Convertible preferred stock, terms of conversion | at a conversion price of $15.00 per share, representing a conversion rate of three and one-third common shares per Series G Convertible Preferred Share | |||||||||||||||||||
Conversion of Stock, shares converted | 10,000 | 875,000 | ||||||||||||||||||
Series G Preferred Stock [Member] | Minimum [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Preferred Stock, Conversion Basis | 130% | |||||||||||||||||||
Series G Preferred Stock [Member] | Maximum [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Preferred Stock, Conversion Basis | 170% | |||||||||||||||||||
Preferred stock redemption amount | $ 35,000,000 | $ 35,000,000 | ||||||||||||||||||
Series G Preferred Stock [Member] | Tsakos [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Percentage of ownership in Mare Success S.A | 9.99% | 9.99% | ||||||||||||||||||
Reverse Stock Split [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Stockholders' Equity, Reverse Stock Split | 1-for-5 | |||||||||||||||||||
Shares Repurchase Program [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||||
Preferred shares - par value | $ 5 | $ 5 | ||||||||||||||||||
Shares Purchase Agreement [Member] | Series G Preferred Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Preferred shares - par value | $ 1 | |||||||||||||||||||
Preferred shares - shares issued | 3,500,000 | |||||||||||||||||||
Liquidation preference per share | $ 10 | |||||||||||||||||||
Share purchase price | $ 10 | |||||||||||||||||||
Net proceeds from issuance of preferred shares | $ 33,984,000 | |||||||||||||||||||
Common Stock [member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Shares issued | 172,227 | 53,575 | ||||||||||||||||||
Proceeds from stock issuance program, net | $ 3,461,000 | $ 871,000 | ||||||||||||||||||
Treasury Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Treasury Stock, Shares, Acquired | 413,533 | |||||||||||||||||||
Treasury Stock, Value, Acquired, Par Value Method | $ 5,071,000 | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Conversion of Stock, Shares Issued | 6,667 | 583,333 |
Accumulated other comprehensi_2
Accumulated other comprehensive loss (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Equity [Abstract] | ||||
Unrealized losses from changes in fair value of financial instruments | $ 2,052 | $ 5,839 | $ 24,320 | $ 9,490 |
Earnings (Loss) per Common Sh_3
Earnings (Loss) per Common Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Numerator | ||||
Net income attributable to Tsakos Energy Navigation Limited | $ 31,479 | $ 305 | $ 52,703 | $ 11,537 |
Preferred share dividends Series B | 0 | (1,000) | 0 | (2,000) |
Preferred share dividends Series C | (1,109) | (1,109) | (2,219) | (2,218) |
Preferred share dividends Series D | (1,874) | (1,874) | (3,747) | (3,746) |
Preferred share dividends Series E | (2,659) | (2,659) | (5,319) | (5,319) |
Preferred share dividends Series F | (3,562) | (3,562) | (7,125) | (7,125) |
Preferred share dividends, Convertible Series G | (218) | 0 | (654) | 0 |
Undistributed income to Series G participants... | (1,653) | 0 | (2,219) | 0 |
Deemed dividend on Series B Preferred shares | 0 | (2,750) | 0 | (2,750) |
Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited | $ 20,404 | $ (12,649) | $ 31,420 | $ (11,621) |
Denominator | ||||
Weighted average number of shares, basic and diluted | 19,087,556 | 17,550,394 | 19,105,159 | 17,535,743 |
Earnings (loss) per share, basic and diluted attributable to Tsakos Energy Navigation Limited | $ 1.07 | $ (0.72) | $ 1.64 | $ (0.66) |
Commitments and Contingencies_2
Commitments and Contingencies (Table) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
July 1 to December 31, 2020 | $ 155,650 |
2021 | 225,552 |
2022 | 143,931 |
2023 | 99,415 |
2024 to 2028 | 209,835 |
Minimum charter revenues | $ 834,383 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Narrative) $ in Thousands | Jun. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Number of vessels under construction | 3 |
Contractual purchase obligation | $ 330,183 |
Outstanding amount of contractual obligation | 269,244 |
Payable amounts in 2020 | 134,705 |
Payable amounts in 2021 | $ 134,539 |
Financial Instruments - Fair Va
Financial Instruments - Fair Values (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Fair Value Disclosures [Abstract] | |||
Cash and cash equivalents - Carrying Amount | $ 244,497 | $ 184,835 | $ 182,929 |
Cash and cash equivalents - Fair Value | 244,497 | 184,835 | |
Restricted cash - Carrying Amount | 12,055 | 12,935 | $ 9,657 |
Restricted cash - Fair value | 12,055 | 12,935 | |
Margin deposits - Carrying Amount | 5,617 | 0 | |
Margin deposits - Fair Value | 5,617 | 0 | |
Debt - Carrying amount | (1,469,835) | (1,544,551) | |
Debt - Fair Value | $ (1,469,835) | $ (1,544,551) |
Financial Instruments - Balance
Financial Instruments - Balance Sheet Location (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Liabilities, Noncurrent | $ 38,663 | $ 14,907 |
Total derivatives - Assets | 2,216 | 1,085 |
Total derivatives - Liabilites | 56,883 | 18,807 |
Designated as Hedging Instrument [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Subtotal - Assets | 0 | 391 |
Subtotal - Liabilities | 40,439 | 15,223 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Current portion of financial instruments - Fair Value [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Current | 0 | 131 |
Derivative Liability, Current | 10,445 | 3,024 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Financial instruments - Fair Value, net of current portion [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Noncurrent | 0 | 260 |
Derivative Liabilities, Noncurrent | 29,994 | 12,199 |
Not Designated as Hedging Instrument [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Subtotal - Assets | 2,216 | 694 |
Subtotal - Liabilities | 16,444 | 3,584 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Current portion of financial instruments - Fair Value [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Current | 0 | 0 |
Derivative Liability, Current | 112 | 121 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Financial instruments - Fair Value, net of current portion [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Noncurrent | 0 | 0 |
Derivative Liabilities, Noncurrent | 0 | 66 |
Not Designated as Hedging Instrument [Member] | Swap [Member] | Current portion of financial instruments - Fair Value [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Current | 0 | 520 |
Derivative Liability, Current | 7,451 | 755 |
Not Designated as Hedging Instrument [Member] | Swap [Member] | Financial instruments - Fair Value, net of current portion [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Noncurrent | 0 | 27 |
Derivative Liabilities, Noncurrent | 8,457 | 2,642 |
Not Designated as Hedging Instrument [Member] | Put Option [Member] | Current portion of financial instruments - Fair Value [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Current | 1,481 | 0 |
Derivative Liability, Current | 213 | 0 |
Not Designated as Hedging Instrument [Member] | Put Option [Member] | Financial instruments - Fair Value, net of current portion [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Noncurrent | 730 | 0 |
Derivative Liabilities, Noncurrent | 211 | 0 |
Not Designated as Hedging Instrument [Member] | Call Option [Member] | Current portion of financial instruments - Fair Value [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Current | 5 | 147 |
Derivative Liability, Current | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Call Option [Member] | Financial instruments - Fair Value, net of current portion [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Noncurrent | 0 | 0 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Total | $ (2,052) | $ (5,839) | $ (24,320) | $ (9,490) |
Gain/(Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Interest rate swaps | (3,927) | (5,886) | (25,934) | (9,623) |
Total | $ (3,927) | $ (5,886) | $ (25,934) | $ (9,623) |
Financial Instruments - Deriv_2
Financial Instruments - Derivatives Designated as Hedging Instruments - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Total | $ (1,875) | $ (47) | $ (1,614) | $ (133) |
Depreciation expense [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Interest rate swaps | (47) | (47) | (94) | (94) |
Interest Expense [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Interest rate swaps | $ (1,828) | $ 0 | $ (1,520) | $ (39) |
Financial Instruments - Deriv_3
Financial Instruments - Derivatives Not Designated as Hedging Instruments - Net effect on the Statement of Comprehensive Income (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Total | $ 623 | $ (2,294) | $ 16,077 | $ (34) |
Interest Expense [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Interest rate swaps | (1) | (123) | 75 | (143) |
Bunker swaps | 1,511 | (1,626) | (16,774) | 874 |
Bunker put options | (886) | 0 | 886 | 0 |
Bunker call options | $ (1) | $ (545) | $ (264) | $ (765) |
Financial Instruments - Fair _2
Financial Instruments - Fair Value of Assets and Liabilities Measured on Recurring Basis (Table) (Details) - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | $ (40,551) | $ (15,019) |
Bunker swaps | (15,908) | (2,850) |
Bunker put options | 1,787 | 0 |
Bunker call options | 5 | 147 |
Total | $ (54,667) | $ (17,722) |
Financial Instruments (Details
Financial Instruments (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Accumulated loss from derivatives designated as Hedging Instruments | $ 42,673 | $ 18,353 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | |||||||||
Jan. 30, 2020 | Jan. 30, 2019 | Feb. 28, 2020 | Feb. 28, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | May 29, 2020 | May 29, 2019 | Jul. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jul. 30, 2020 | Aug. 28, 2020 | Aug. 26, 2020 | Oct. 08, 2020 | Sep. 30, 2020 | Sep. 16, 2020 | |
Subsequent Event [Line Items] | |||||||||||||||||
Payments for Repurchase of Equity | $ 5,071 | $ 0 | |||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.55469 | $ 0.55469 | $ 0.55469 | $ 0.55469 | |||||||||||||
Series F Preferred Stock [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.59375 | $ 0.59375 | $ 0.59375 | $ 0.59375 | |||||||||||||
Series D Preferred Stock [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.54687 | $ 0.54687 | $ 0.54687 | $ 0.54687 | |||||||||||||
Series E Preferred Stock [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.57812 | $ 0.57812 | $ 0.57812 | $ 0.57812 | |||||||||||||
Subsequent Event [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Treasury Stock, Shares, Acquired | 377,001 | ||||||||||||||||
Payments for Repurchase of Equity | $ 3,270 | ||||||||||||||||
Subsequent Event [Member] | Series C Preferred Stock [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.55469 | ||||||||||||||||
Stock Redeemed or Called During Period, Shares | 2,000,000 | ||||||||||||||||
Preferred Stock, Redemption Date | Oct. 30, 2020 | ||||||||||||||||
Subsequent Event [Member] | Series F Preferred Stock [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.59375 | ||||||||||||||||
Subsequent Event [Member] | Series D Preferred Stock [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.54687 | ||||||||||||||||
Subsequent Event [Member] | Series E Preferred Stock [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.57812 | ||||||||||||||||
Subsequent Event [Member] | Apollo Voyager [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Proceeds from Issuance of Debt | $ 6,979 | $ 35,415 | |||||||||||||||
Subsequent Event [Member] | Hull 8042 [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Proceeds from Issuance of Debt | $ 6,733 |