Cover
Cover | 6 Months Ended |
Jun. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-31236 |
Entity Registrant Name | TSAKOS ENERGY NAVIGATION LIMITED |
Entity Central Index Key | 0001166663 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 128,851 | $ 160,475 |
Restricted cash | 10,059 | 11,296 |
Margin deposits (Note 12) | 5,936 | 6,153 |
Accounts receivable | 26,242 | 25,273 |
Capitalized voyage expenses | 1,061 | 1,601 |
Due from related companies (Note 2) | 22,405 | 20,786 |
Advances and other | 15,855 | 18,019 |
Vessels held for sale (Note 4) | 0 | 54,000 |
Inventories | 24,721 | 21,813 |
Prepaid insurance and other | 1,161 | 1,416 |
Current portion of financial instruments-Fair value (Notes 7,12) | 768 | 642 |
Total current assets | 237,059 | 321,474 |
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Notes 7,12) | 513 | 0 |
RIGHT OF USE ASSET UNDER OPERATING LEASES (Note 4) | 103,900 | 67,110 |
LONG TERM RECEIVABLES (Note 4) | 35,570 | 27,294 |
FIXED ASSETS (Note 4) | ||
Advances for vessels under construction | 78,071 | 49,030 |
Vessels | 3,590,023 | 3,618,309 |
Accumulated depreciation | (1,048,071) | (1,003,197) |
Vessels’ Net Book Value | 2,541,952 | 2,615,112 |
Total fixed assets | 2,620,023 | 2,664,142 |
DEFERRED CHARGES AND LEASEHOLD IMPROVEMENTS, net (Note 5) | 38,432 | 32,255 |
Total assets | 3,035,497 | 3,112,275 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt (Note 6) | 182,448 | 232,428 |
Payables | 64,027 | 55,291 |
Due to related companies (Note 2) | 4,685 | 4,003 |
Dividends payable | 2,032 | 0 |
Accrued liabilities | 37,337 | 40,551 |
Unearned revenue (Note 3) | 8,341 | 12,623 |
Current portion of obligations under operating leases (Note 4) | 30,345 | 20,976 |
Current portion of financial liability (Note 4) | 980 | 905 |
Current portion of financial instruments - Fair value (Notes 7,12) | 11,452 | 15,263 |
Total current liabilities | 341,647 | 382,040 |
LONG-TERM DEBT, net of current portion (Note 6) | 1,232,609 | 1,267,929 |
LONG-TERM OBLIGATIONS UNDER OPERATING LEASES (Note 4) | 73,555 | 46,134 |
FINANCIAL LIABILITY, net of current portion | 3,703 | 4,243 |
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Notes 7,12) | 15,730 | 30,111 |
STOCKHOLDERS’ EQUITY (Note 8): | ||
Preferred shares | 15,070 | 16,640 |
Common shares, $ 5.00 par value; 35,000,000 shares authorized at June 30, 2021 and December 31, 2020; 20,437,952 shares issued and 19,759,779 shares outstanding at June 30, 2021 and 19,194,615 shares issued and 18,215,679 outstanding at December 31, 2020, respectively | 102,190 | 95,973 |
Additional paid-in capital | 943,812 | 949,090 |
Cost of treasury stock | (6,791) | (9,834) |
Accumulated other comprehensive loss | (26,531) | (36,994) |
Retained earnings | 294,089 | 338,800 |
Total Tsakos Energy Navigation Limited stockholders’ equity | 1,321,839 | 1,353,675 |
Non-controlling Interest | 46,414 | 28,143 |
Total stockholders’ equity | 1,368,253 | 1,381,818 |
Total liabilities and stockholders’ equity | $ 3,035,497 | $ 3,112,275 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 20,437,952 | 19,194,615 |
Common Stock- shares outstanding | 19,759,779 | 18,215,679 |
Series D Preferred Stock [Member] | ||
Preferred Shares - shares issued | 3,436,214 | 3,424,803 |
Preferred Shares - shares outstanding | 3,436,214 | 3,424,803 |
Series E Preferred Stock [Member] | ||
Preferred Shares - shares issued | 4,633,188 | 4,600,000 |
Preferred Shares - shares outstanding | 4,633,188 | 4,600,000 |
Series F Preferred Stock [Member] | ||
Preferred Shares - shares issued | 6,184,585 | 6,000,000 |
Preferred Shares - shares outstanding | 6,184,585 | 6,000,000 |
Series G Preferred Stock [Member] | ||
Preferred Shares - shares issued | 816,349 | 2,615,000 |
Preferred Shares - shares outstanding | 816,349 | 2,615,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
VOYAGE REVENUES (Note 3): | $ 136,415 | $ 190,770 | $ 275,429 | $ 369,669 |
EXPENSES: | ||||
Voyage expenses | 47,567 | 35,412 | 94,866 | 68,120 |
Charter hire expense | 6,325 | 5,421 | 12,443 | 10,561 |
Vessel operating expenses | 46,169 | 42,705 | 87,652 | 88,194 |
Depreciation and amortization | 35,798 | 34,503 | 70,850 | 69,331 |
General and administrative expenses | 7,627 | 7,665 | 14,471 | 15,269 |
Loss on sale of vessels (Note 4) | 5,817 | 4,688 | 5,817 | 3,050 |
Impairment charges (Note 4) | 0 | 13,450 | 0 | 13,450 |
Total expenses | 149,303 | 143,844 | 286,099 | 267,975 |
Operating (loss) income | (12,888) | 46,926 | (10,670) | 101,694 |
OTHER INCOME (EXPENSES): | ||||
Interest and finance costs, net (Note 7) | (7,525) | (13,881) | (14,568) | (47,474) |
Interest income | 200 | 120 | 327 | 511 |
Other, net | (80) | 108 | (192) | 517 |
Total other expenses, net | (7,405) | (13,653) | (14,433) | (46,446) |
Net (loss) income | (20,293) | 33,273 | (25,103) | 55,248 |
Less: Net loss (income) attributable to the non-controlling interest | 629 | (1,794) | 618 | (2,545) |
Net (loss) income attributable to Tsakos Energy Navigation Limited | (19,664) | 31,479 | (24,485) | 52,703 |
Effect of preferred dividends | (8,230) | (9,422) | (16,379) | (19,064) |
Undistributed income to Series G participants | 0 | (1,653) | 0 | (2,219) |
Deemed dividend on partially redeemed Series G Convertible Preferred Shares | 0 | 0 | (1,713) | 0 |
Net (loss) income attributable to common stockholders of Tsakos Energy Navigation Limited | $ (27,894) | $ 20,404 | $ (42,577) | $ 31,420 |
(Loss) Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common stockholders | $ (1.49) | $ 1.07 | $ (2.31) | $ 1.64 |
Weighted average number of shares, basic and diluted | 18,660,333 | 19,087,556 | 18,433,070 | 19,105,159 |
CONSOLIDATED STATEMENTS OF OTHE
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net (loss) income | $ (20,293) | $ 33,273 | $ (25,103) | $ 55,248 |
Unrealized gain (loss) from hedging financial instruments | ||||
Unrealized income (loss) on interest rate swaps, net (Note 9) | 860 | (2,052) | 10,463 | (24,320) |
Comprehensive (loss) income | (19,433) | 31,221 | (14,640) | 30,928 |
Less: comprehensive loss (income) attributable to the non-controlling interest | 629 | (1,794) | 618 | (2,545) |
Comprehensive (loss) income attributable to Tsakos Energy Navigation Limited | $ (18,804) | $ 29,427 | $ (14,022) | $ 28,383 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Preferred Stock [Member] | Preferred Stock [Member]Series D Preferred Stock [Member] | Preferred Stock [Member]Series E Preferred Stock [Member] | Preferred Stock [Member]Series F Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Series D Preferred Stock [Member] | Additional Paid-in Capital [Member]Series E Preferred Stock [Member] | Additional Paid-in Capital [Member]Series F Preferred Stock [Member] | Treasury Stock [Member] | Retained Earnings [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 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] | Noncontrolling Interest [Member]Series B Preferred Stock [Member] | Total | 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] | Series B Preferred Stock [Member] |
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 | |||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2019 | 0 | |||||||||||||||||||||||||||||||
Net income/(loss) | 52,703 | 52,703 | 2,545 | 55,248 | ||||||||||||||||||||||||||||
-Capital contribution from non-controlling interest owners to subsidiary | 4,000 | 4,000 | ||||||||||||||||||||||||||||||
-Sale of Common and Treasury Shares | 861 | 2,600 | 3,461 | 3,461 | ||||||||||||||||||||||||||||
-Purchases of Treasury Stock | $ (5,071) | (5,071) | (5,071) | |||||||||||||||||||||||||||||
-Purchases of Treasury Stock, shares | 413,533 | |||||||||||||||||||||||||||||||
-Conversion of Series G Convertible Preferred Shares | (10) | 33 | (23) | 0 | 0 | 0 | ||||||||||||||||||||||||||
-Cash dividends declared ($0.10 per common share) | (7,102) | (7,102) | (7,102) | |||||||||||||||||||||||||||||
-Dividends paid on preferred shares | $ (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 income | (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 | |||||||||||||||||||||||
Ending balance, shares at Jun. 30, 2020 | 413,533 | |||||||||||||||||||||||||||||||
Beginning balance, value at Dec. 31, 2020 | 16,640 | 95,973 | 949,090 | $ (9,834) | 338,800 | (36,994) | 1,353,675 | 28,143 | 1,381,818 | |||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2020 | 978,936 | |||||||||||||||||||||||||||||||
Net income/(loss) | (24,485) | (24,485) | (618) | (25,103) | ||||||||||||||||||||||||||||
-Sale of Common and Treasury Shares | $ 11 | $ 33 | $ 185 | 6,217 | 4,819 | $ 269 | $ 781 | $ 4,340 | $ 3,211 | (273) | 13,974 | 280 | 814 | 4,525 | 13,974 | $ 280 | $ 814 | $ 4,525 | ||||||||||||||
-Sale of Common and Treasury Shares, shares | (320,599) | (11,411) | (33,188) | (184,585) | ||||||||||||||||||||||||||||
-Purchases of Treasury Stock | $ (168) | (168) | (168) | |||||||||||||||||||||||||||||
-Purchases of Treasury Stock, shares | 19,836 | |||||||||||||||||||||||||||||||
-Partial redemption of Series G Convertible Preferred Shares | (1,799) | (15,487) | (1,714) | (19,000) | 19,000 | 0 | ||||||||||||||||||||||||||
-Cash dividends declared ($0.10 per common share) | (1,978) | (1,978) | (1,978) | |||||||||||||||||||||||||||||
-Dividends paid on preferred shares | $ (3,752) | $ (5,330) | $ (7,125) | $ (54) | $ (3,752) | $ (5,330) | $ (7,125) | $ (54) | $ (111) | $ (3,752) | $ (5,330) | $ (7,125) | $ (54) | $ (111) | ||||||||||||||||||
-Other comprehensive income | 10,463 | 10,463 | 10,463 | |||||||||||||||||||||||||||||
Ending balance, value at Jun. 30, 2021 | $ 15,070 | $ 102,190 | $ 943,812 | $ (6,791) | $ 294,089 | $ (26,531) | $ 1,321,839 | $ 46,414 | $ 1,368,253 | |||||||||||||||||||||||
Ending balance, shares at Jun. 30, 2021 | 678,173 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.375 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net (loss) income | $ (25,103) | $ 55,248 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation | 63,412 | 64,230 |
Amortization of deferred dry-docking costs | 7,438 | 5,101 |
Amortization of loan fees | 1,822 | 1,867 |
Interest expense on long-term receivable, net | 227 | 1,948 |
Change in fair value of derivative instruments | (9,015) | 12,554 |
Loss on sale of vessel | 5,817 | 3,050 |
Impairment charges | 0 | 13,450 |
Payments for dry-docking | (13,616) | (1,533) |
(Increase) Decrease in: | ||
Accounts receivable | (429) | 5,549 |
Margin deposits | 217 | (5,617) |
Inventories | (2,908) | (1,833) |
Prepaid insurance and other | 255 | (1,480) |
Capitalized voyage expenses | 540 | (390) |
Increase (Decrease) in: | ||
Payables | 9,424 | (3,700) |
Accrued liabilities | (3,214) | (9,321) |
Unearned revenue | (4,282) | 2,956 |
Net Cash provided by Operating Activities | 30,585 | 142,079 |
Cash Flows from Investing Activities: | ||
Advances for vessels under construction and acquisitions | (29,045) | (24,491) |
Vessel acquisitions and/or improvements | (3,611) | (32,931) |
Proceeds from sale of vessels | 53,224 | 73,525 |
Net Cash provided by Investing Activities | 20,568 | 16,103 |
Cash Flows from Financing Activities: | ||
Proceeds from long-term debt | 67,644 | 101,978 |
Financing costs | (623) | (908) |
Payments of long-term debt | (154,142) | (176,694) |
Purchase of treasury stock, net | (168) | (5,071) |
Proceeds from stock issuance program and sale of treasury stock, net | 13,974 | 3,461 |
Proceeds from preferred stock issuance program, net | 5,619 | 0 |
Cash dividends | (16,318) | (26,166) |
Capital contribution from non-controlling interest to subsidiary | 0 | 4,000 |
Net Cash used in Financing Activities | (84,014) | (99,400) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (32,861) | 58,782 |
Cash and cash equivalents and restricted cash at beginning of period | 171,771 | 197,770 |
Cash and cash equivalents and restricted cash at end of period | 138,910 | 256,552 |
Current Assets: | ||
Cash and cash equivalents | 128,851 | 244,497 |
Restricted cash | 10,059 | 12,055 |
Total Cash and cash equivalents and restricted cash | $ 138,910 | $ 256,552 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation 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, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The consolidated balance sheet as of December 31, 2020, 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 16, 2021 (“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 spread of the COVID-19 virus, which has been declared a pandemic by the World Health Organization, in 2020 has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. 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 any continued weakness in demand for seaborne transportation of oil and oil products and 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 A discussion of the Company’s significant accounting policies can be found in Note 1 of the Company’s consolidated financial statements included in the Annual Report. There have been no material changes to these policies in the six-month period ended June 30, 2021, except as discussed below: Accounting for Revenue and Expenses: Pooling arrangements: The Company's contract revenues from pooling arrangements are governed by ASU 2016-02 (ASC 842) “Leases”. For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company's vessels, is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool based on the vessel's age, design and other performance characteristics. Revenue under pooling arrangements is accounted for as variable rate operating leases on the accrual basis and is recognized when an agreement with the pool exists, price is fixed, service is provided, and the collectability is reasonably assured. The allocation of such net revenue may be subject to future adjustments by the pool however, such changes are not expected to be material. The Company recognizes net pool revenue on a monthly basis, when the vessel has participated in a pool during the period and the amount of pool revenue can be estimated reliably based on pool statements. Revenue from vessels operating in pooling arrangements amounted to $ 1,982 2,207 New Accounting Pronouncements—Not Yet Adopted: The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The ASU addresses the diversity in practice in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (e.g., warrants) that remain equity classified after modification or exchange. Under the guidance, an issuer determines the accounting for the modification or exchange based on whether the transaction was done to issue equity, to issue or modify debt or for other reasons. The ASU is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but entities need to apply the guidance as of the beginning of the fiscal year that includes the interim period in which they choose to early adopt the guidance. The guidance is applied prospectively to all modifications or exchanges that occur on or after the date of adoption. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021 and for interim periods within those fiscal years. 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, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 2. Transactions with Related Parties (a) Tsakos Energy Management Limited (the “Management Company”): Maria Energy, Neo Energy, Ulysses, Hercules I, Sapporo Princess Maria Princess Eurochampion 2004 5,100 5,076 10,204 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 0 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, 2021, are $ 10,309 20,877 20,479 20,018 101,748 Management fees for vessels are included in General and administrative expenses in the accompanying interim Consolidated Statements of Comprehensive (Loss) Income. Also, under the terms of the Management Agreement, the Management Company provides supervisory services for the construction of new vessels for a monthly fee of $ 20.4 245 371 122 184 As of June 30, 2021, the amount due to the Management Company was $ 63 93 (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 $ 488 255 1,014 626 As of June 30, 2021, the amount due from TCM was $ 22,405 20,693 TCM has a 25 (c) Tsakos Shipping and Trading S.A. (“Tsakos Shipping”): 1.25 Maya 96 245 Silia T Didimon 200 500 Caribbean Voyager Mediterranean Voyager. no 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 $ 1,715 2,389 3,448 4,629 1,445 1,376 318 317 (d) Argosy Insurance Company Limited (“Argosy”) 2,599 2,472 4,791 4,727 2,707 2,190 298 1 (e) AirMania Travel S.A. (“AirMania”): 1,443 319 2,276 1,298 The amount due to AirMania as of June 30, 2021, was $ 470 437 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 3. Revenue from Contracts with Customers Voyage charters and contracts of affreightment: 63,311 81,232 128,450 151,043 Time, bareboat charters and pooling arrangements: 73,104 109,538 146,979 218,626 Unearned revenue: 8,341 12,623 |
Vessels
Vessels | 6 Months Ended |
Jun. 30, 2021 | |
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 65,200 13,000 five-year On January 9, 2020, the Company entered into a new five-year Archangel Alaska 61,070 11,800 On December 21, 2020, the Company commenced a new five-year Sakura Princess. 24,527 4,425 Sakura Princess 5,148 On June 21, 2021, the Company commenced a new five-year sale and leaseback agreement for each of the two suezmaxes, Arctic Antarctic 52,304 . Under these leaseback agreements, there is a seller’s credit of $ 8,415 on the sales price that becomes immediately payable to the Company by the owners at the end of the five-year charter or upon sale of the vessel during the charter period. In accordance with ASC 842 and the package of practical expedients, the Company accounts for the transaction as an operating lease. The sale resulted in a loss of $ 1,696 As at June 30, 2021, the Company recognized on its interim Consolidated Balance Sheet right-of-use asset of $ 47,403 Arctic Antarctic 12,890 Sakura Princess 32,295 Archangel Alaska 11,312 Eurochampion 2004 Euronike three one-year option periods The incremental borrowing rate used to determine the right-of-use asset and the obligations under operating leases was 5.45 Eurochampion 2004 Euronike 4.41 Archangel Alaska 3.15 Sakura Princess 2.06 Arctic Antarctic 1.48 3.53 4.48 4.99 1.97 4.02 4.97 103,900 30,345 73,555 67,110 20,976 46,134 Sakura Princess 4,688 980 3,703 Vessels (Table) Period/ Year Lease Commitment July 1 to December 31, 2021 $ 16,964 2022 33,895 2023 24,890 2024 24,890 2025-2026 19,228 Minimum net lease payments $ 119,867 Less: present value discount (15,967) Total Obligations under operating leases and Financial liability (current and non-current portion) $ 103,900 The Company has subleased the vessels and has recognized sublease revenue, net of voyage expenses of $ 2,372 14,935 7,825 24,117 Acquisitions On January 7, 2020 September 30, 2020 November 10, 2020 Caribbean Voyager and the suezmax tankers, Apollo Voyager and Artemis Voyager, respectively , 197,845 Vessels held for sale As of June 30, 2021, there were no vessels held for sale. At December 31, 2020, the Company considered that the suezmax tankers Arctic Antarctic Sales During the first half of 2021, the Company sold the panamax tanker , Maya 4,121 During the first half of 2020, the Company sold its suezmax tanker, Silia T , Didimon, 3,050 Impairment As of June 30, 2021, the Company reviewed the carrying amount in connection with the estimated recoverable amount and probability of sale for each of its vessels, vessels under construction and right-of-use-assets. This review did not indicate an impairment charge. As of June 30, 2020, the Company decided not to sell Izumo Princess, which was previously classified as held for sale reclassified it as held and used. The carrying amount written down to $ 22,750 2,750 Sakura Princess 22,750 10,700 13,450 |
Deferred Charges and leasehold
Deferred Charges and leasehold improvements | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Charges And Leasehold Improvements | |
Deferred Charges and leasehold improvements | 5. Deferred Charges and leasehold improvements Deferred charges consisting of dry-docking and special survey costs, net of accumulated amortization, amounted to $ 30,533 27,021 Eurochampion 2004 Euronike, Archangel Alaska 7,899 5,234 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. Long-Term Debt Long-Term Debt (Table) Facility June 30, December 31, Term Bank Loans 1,423,296 1,509,794 Less: deferred finance costs, net (8,239) (9,437) Total long-term debt 1,415,057 1,500,357 Less: current portion of debt (184,777) (235,082) Add deferred finance costs, current portion 2,329 2,654 Total long-term portion, net of current portion and deferred finance costs 1,232,609 1,267,929 Term loan balances outstanding at June 30, 2021, amounted to $1,423,296. These bank loans are payable in U.S. Dollars in semi-annual LIBOR 1.62 to 2.69 On January 15, 2021, the Company signed a new five-year five year 44,500 Maria Princess, Nippon Princess, Ise Princess 44,500 36,488 ten semi-annual 4,045.5 4,045 On May 13, 2021, the Company signed a new seven-year seven year 74,500 fourteen semi-annual 2,069 45,528 On May 19, 2021, the Company prepaid the amount of $ 4,951 Maya On July 8, 2021, the Company signed a new five-year five year 26,000 Sunray. 26,000 26,392 ten semi-annual 1,000 16,000 On September 27, 2021, the Company signed a new four-year four year 48,750 Artemis, Afrodite, Ariadne, Aris, Apollon Ajax 48,750 30,370 eight semi-annual 3,500 20,750 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, 2021 2.05% Six months ended June 30, 2021 2.08 % Three months ended June 30, 2020 3.20% Six months ended June 30, 2020 3.51 % 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 $110,909 at June 30, 2021 and $ 111,969 3,100 6,887 As of June 30, 2021, the Company and its wholly and majority owned subsidiaries had thirty-one loan agreements, with an aggregate principal amount outstanding thereunder totaling $ 1,423,296 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, 2021, are as follows: Long-Term Debt - Principal Payments (Table) Period/Year Amount July to December 2021 76,097 2022 202,532 2023 247,648 2024 303,072 2025 235,478 2026 and thereafter 358,469 1,423,296 |
Interest and Finance Costs, net
Interest and Finance Costs, net | 6 Months Ended |
Jun. 30, 2021 | |
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 2021 2020 2021 2020 Interest expense 9,970 13,788 20,251 27,902 Less: Interest capitalized (183) (268) (354) (565) Interest expense, net 9,787 13,520 19,897 27,337 Bunkers swap, put and call options cash settlements 17 1,958 464 3,494 Bunker put options premium, net — (429) — 1,246 Amortization of loan fees 871 947 1,822 1,867 Bank charges 64 168 99 245 Discount of long-term receivables, net 482 (131) 528 1,948 Change in fair value of non-hedging financial instruments (3,696) (2,152) (8,242) 11,337 Net total 7,525 13,881 14,568 47,474 At June 30, 2021, the Company was committed to eleven 531,780 1.87 six-month LIBOR The interest rate swap agreements are designated and qualified as cash flow hedges, to hedge its exposure to interest rate fluctuations associated with its debt covering notional amounts. The fair values of such financial instruments as of June 30, 2021, and December 31, 2020, in aggregate amounted to $ 25,595 36,183 8,471 As of June 30, 2020, the Company held one 75 As of December 31, 2020, the Company held three 35 zero 207 207 1,788 six 1,675 429 As of June 30, 2021, and December 31, 2020, the Company held eighteen 306 8,755 8,449 13,058 During the first half of 2020, the Company held one call option which was expired on December 31, 2020. The change in the fair values during the first half of 2020 amounted to $ 142 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity | 8. Stockholders’ Equity On March 24, 2020, the Company announced that its Board of Directors had authorized a share repurchase program for its common and/or its preferred shares of up to $ 50,000 On June 22, 2020, the Company announced a one-for-five ( 1-for-5 1.00 5.00 175,000,000 35,000,000 94,005,410 18,801,108 33.2 During the first half of 2021, the Company acquired a treasury stock 19,836 168 413,533 5,071 On May 5, 2021, the Board of Directors of the Company authorized the issuance and sale of up to $ 50,000 320,599 11,411 33,188 184,585 1,243,337 19,592 172,227 3,461 On February 1, 2021, and April 30, 2021, the Company paid dividends of $ 0.59375 7,125 0.55469 2,219 0.59375 7,125 On March 1, 2021, and May 28, 2021, the Company paid dividends of $ 0.54687 3,752 in total, on its 8.75% Series D Preferred Shares and $ 0.57812 5,330 0.54687 3,747 in total, on its 8.75% Series D Preferred Shares and $ 0.57812 5,319 On June 26, 2020, the Company paid a dividend of $ 0.375 per common share , of $ 7,102 in total, to common stockholders and $ 654 in total, to Series G shareholders. On June 29, 2021, the Company declared a dividend of $ 0.10 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 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 two-thirds of a common share 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. The Series G Convertible Preferred Shares rank pari passu On February 1, 2021 (the “Initial Redemption Date”), the Company redeemed 1,798,651 1,900,000 0.001 10.00 1,713 The redemption price at which the Series G Convertible Preferred Shares exchanged was the higher of 95 price providing for a return of 7.75% per annum on an actual/360-day basis on the Series G Convertible Preferred Shares 35,000 816,349 The Series B Cumulative Redeemable Perpetual Preferred Shares of Shyris Shipping (the “Shyris Shipping Preferred Shares”), are entitled to receive cumulative semi-annual dividends from Shyris Shipping at a rate of 7.50% per annum, payable in arrears on the 1st day of March and September of each year 111 in the period ended June 30, 2021 . The initial liquidation preference of the Shyris Shipping Preferred Shares is $10.00 per share, subject to certain customary adjustments. Upon any liquidation or dissolution of Shyris Shipping, holders of Shyris Shipping Preferred Shares will be entitled to receive, on a pro rata basis, the liquidation preference of the Shyris Shipping Preferred Shares, plus an amount equal to accumulated and unpaid dividends ratably with any pari passu securities, after satisfaction of all liabilities to Shyris Shipping creditors, before any distribution is made to or set aside for the holders of junior shares, including the common shares of Shyris Shipping owned by the Company. The holders of the Shyris Shipping Preferred Shares have no right to vote on matters on which shareholders of the Company are entitled to vote. The holders of the Shyris Shipping Preferred Shares generally do not have any other voting rights, however, in the event that six semi-annual dividends, whether consecutive or not, payable on Shyris Shipping Preferred Shares are in arrears, the holders of Shyris Shipping Preferred Shares, will have the right, voting separately as a class, to elect one member of Shyris Shipping’s board of directors and the affirmative vote or consent of the holders of at least two-thirds of the outstanding Shyris Shipping Preferred Shares, voting as a single class, are required for Shyris Shipping to take certain actions. The Shyris Shipping Preferred Shares are non-convertible and perpetual, and are redeemable by Shyris Shipping, in whole or in part, at redemption prices that decline over time from 112.5% 100% 19,000 If Shyris Shipping, directly or indirectly, sells or otherwise voluntarily disposes of a vessel, including any of the four conventional tankers its wholly-owned subsidiaries currently own, or a stake in any vessel owning company or causes a vessel to be damaged or a charter or management agreement relating to any vessel to be terminated or breached, then all net proceeds (after payment of related expenses and associated debt) received therefrom is required to be used to redeem Shyris Shipping Preferred Shares on a pro rata basis. The Company determined that the redemption feature did meet the definition of a derivative, but the fair value of the instrument is zero due to the expectations under which the feature would be exercised. |
Accumulated other comprehensive
Accumulated other comprehensive loss | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated other comprehensive loss | 9. Accumulated other comprehensive loss In the first half of 2021 and 2020, accumulated other comprehensive loss decreased with unrealized income of $ 10,463 24,320 |
(Loss) earnings per Common Shar
(Loss) earnings per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
(Loss) earnings per Common Share | 10. (Loss) earnings per Common Share The Company calculates basic (loss) earnings 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 (loss) earnings per share using the most dilutive of the two-class method and the treasury stock method. Under the two-class method, basic (loss) earnings per share is calculated by dividing the net (loss) income by the weighted-average number of common shares outstanding during the period, less shares subject to repurchase. Diluted (loss) earnings 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: (Loss) earnings per Common Share (Table) Three months ended Six months ended 2021 2020 2021 2020 Numerator Net (loss) income attributable to Tsakos Energy Navigation Limited (19,664) 31,479 (24,485) 52,703 Preferred share dividends Series C — (1,109 ) — (2,219 ) Preferred share dividends Series D (1,879) (1,874 ) (3,752) (3,747) Preferred share dividends Series E (2,679) (2,659 ) (5,338) (5,319 ) Preferred share dividends Series F (3,672) (3,562 ) (7,235) (7,125 ) Preferred share dividends, Convertible Series G — (218) (54) (654) Undistributed income to Series G participants — (1,653) — (2,219) Deemed dividend on partially redeemed Convertible Series G — — (1,713) — Net (loss) income attributable to common stockholders of Tsakos Energy Navigation Limited (27,894) 20,404 (42,577) 31,420 Denominator Weighted average number of shares, basic and diluted 18,660,333 19,087,556 18,433,070 19,105,159 (Loss) earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited $ (1.49) $ 1.07 $ (2.31) $ 1.64 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies As of June 30, 2021, the Company had two The total contracted amount remaining to be paid for the two vessels under construction plus the extra costs agreed as of June 30, 2021, were $ 209,667 9,269 200,398 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. Brazilian authorities have charged certain shipbrokers with various offenses in connection with charters entered into between a major state oil entity and various international shipowners. In 2020, in parallel with U.S. Department of Justice and U.S. Securities and Exchange Commission investigations regarding whether the circumstances surrounding these charters, including the actions taken by these shipbrokers, constituted non-compliance with provisions of the U.S. Foreign Corrupt Practices Act of 1977 (FCPA) applicable to the Company, the Company began investigating these matters. The Company is always committed to doing business in accordance with anti-corruption laws and is cooperating with these agencies. Charters-out The future minimum revenues of vessels in operation at June 30, 2021 and vessels scheduled to be delivered as per contractual terms 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, 2021 132,353 2022 223,143 2023 154,888 2024 114,125 2025 86,375 2026 to 2028 123,491 Minimum charter revenues 834,375 These amounts do not assume any off-hire. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 12. Financial Instruments (a) Interest rate risk: (b) Concentration of credit risk: The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. The Company limits the exposure of non-performance by counterparties to derivative instruments by diversifying among counterparties with high credit ratings and performing periodic evaluations of the relative credit standing of the counterparties. (c) Fair value: The fair values of the interest rate swap agreements, bunker swap agreements, call option agreements 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, 2021, and December 31, 2020, are as follows: Financial Instruments - Schedule of Carrying values and estimated fair values of financial instruments (Table) Carrying Fair Value Carrying Fair Value Financial assets (liabilities) Cash and cash equivalents 128,851 128,851 160,475 160,475 Restricted cash 10,059 10,059 11,296 11,296 Margin deposits 5,936 5,936 6,153 6,153 Long-term receivables 35,570 35,570 27,294 27,294 Financial liability (4,683) (4,683) (5,148) (5,148) Debt (1,423,296) (1,423,296) (1,509,794) (1,509,794) 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, 2021, the Company deposited cash collateral related to its derivative instruments under its collateral security arrangements of $ 5,936 6,153 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 interim Consolidated Statements of Comprehensive (Loss) Income or in the interim Consolidated Balance Sheets, as a component of Accumulated other comprehensive 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 — — 11,018 11,095 Financial instruments - Fair value, net of current portion 441 — 15,018 25,088 Subtotal 441 — 26,036 36,183 Asset Derivatives Liability Derivatives Derivative Balance Sheet Location June 30, December 31, June 30, December 31, Derivatives not designated as hedging instruments Bunker swaps Current portion of financial instruments - Fair value 768 255 434 3,988 Bunker swaps Financial instruments - Fair value, net of current portion 72 — 712 5,023 Bunker put options Current portion of financial instruments - Fair value — 387 — 180 Subtotal 840 642 1,146 9,191 Total derivatives 1,281 642 27,182 45,374 Derivatives designated as Hedging Instruments-Net effect on the Consolidated Statements of Comprehensive (Loss) Income 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 2021 2020 2021 2020 Interest rate swaps 3,642 (3,927) 15,611 (25,934) Total 3,642 (3,927) 15,611 (25,934) 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 2021 2020 2021 2020 Interest rate swaps Depreciation expense (48) (47) (96) (94) Interest rate swaps Interest and finance costs, net 2,830 (1,828) 5,244 (1,520) Total 2,782 (1,875) 5,148 (1,614) Derivatives not designated as Hedging Instruments–Net effect on the Consolidated Statement of Comprehensive (Loss) Income 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 2021 2020 2021 2020 Interest rate swaps Interest and finance costs, net — (1) — 75 Bunker swaps Interest and finance costs, net 3,695 1,511 7,950 (16,774) Bunker put options Interest and finance costs, net (16) (886) (172) 886 Bunker call options Interest and finance costs, net — (1) — (264) Total 3,679 623 7,778 (16,077) The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Loss as of June 30, 2021, and December 31, 2020, was $ 26,531 36,994 The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of June 30, 2021, and December 31, 2020, 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 (25,595) (36,183) Bunker swaps (306) (8,755) Bunker put options — 206 (25,901) (44,732) |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
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 20, 2021, the Company paid dividends of $ 0.10 2,032 (b) On July 30, 2021, the Company paid dividends of $ 0.59375 (c) On August 2, 2021, the Company redeemed 357,063 388,841 0.001 10.00 (d) On August 30, 2021, the Company paid dividends of $ 0.54687 0.57812 (e) On September 1, 2021, a dividend on the Shyris Shipping Preferred Shares was paid amounting to $ 753 (f) On September 2, 2021, the Company signed newbuilding contracts for the construction of four dual-fueled LNG powered aframax tankers. (g) Subsequent to June 30, 2021 79,031 110,520 555,743 1,097,172 28,278 |
Vessels (Tables)
Vessels (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Vessels (Table) | Vessels (Table) Period/ Year Lease Commitment July 1 to December 31, 2021 $ 16,964 2022 33,895 2023 24,890 2024 24,890 2025-2026 19,228 Minimum net lease payments $ 119,867 Less: present value discount (15,967) Total Obligations under operating leases and Financial liability (current and non-current portion) $ 103,900 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt (Table) | Long-Term Debt (Table) Facility June 30, December 31, Term Bank Loans 1,423,296 1,509,794 Less: deferred finance costs, net (8,239) (9,437) Total long-term debt 1,415,057 1,500,357 Less: current portion of debt (184,777) (235,082) Add deferred finance costs, current portion 2,329 2,654 Total long-term portion, net of current portion and deferred finance costs 1,232,609 1,267,929 |
Long-Term Debt - Weighted-Average Interest Rates (Table) | Long-Term Debt - Weighted-Average Interest Rates (Table) Three months ended June 30, 2021 2.05% Six months ended June 30, 2021 2.08 % Three months ended June 30, 2020 3.20% Six months ended June 30, 2020 3.51 % |
Long-Term Debt - Principal Payments (Table) | Long-Term Debt - Principal Payments (Table) Period/Year Amount July to December 2021 76,097 2022 202,532 2023 247,648 2024 303,072 2025 235,478 2026 and thereafter 358,469 1,423,296 |
Interest and Finance Costs, n_2
Interest and Finance Costs, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Interest And Finance Costs Net | |
Interest and Finance Costs, net (Table) | Interest and Finance Costs, net (Table) Three months ended Six months ended 2021 2020 2021 2020 Interest expense 9,970 13,788 20,251 27,902 Less: Interest capitalized (183) (268) (354) (565) Interest expense, net 9,787 13,520 19,897 27,337 Bunkers swap, put and call options cash settlements 17 1,958 464 3,494 Bunker put options premium, net — (429) — 1,246 Amortization of loan fees 871 947 1,822 1,867 Bank charges 64 168 99 245 Discount of long-term receivables, net 482 (131) 528 1,948 Change in fair value of non-hedging financial instruments (3,696) (2,152) (8,242) 11,337 Net total 7,525 13,881 14,568 47,474 |
(Loss) earnings per Common Sh_2
(Loss) earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
(Loss) earnings per Common Share (Table) | The following table sets forth the computation of basic and diluted earnings (loss) per share: (Loss) earnings per Common Share (Table) Three months ended Six months ended 2021 2020 2021 2020 Numerator Net (loss) income attributable to Tsakos Energy Navigation Limited (19,664) 31,479 (24,485) 52,703 Preferred share dividends Series C — (1,109 ) — (2,219 ) Preferred share dividends Series D (1,879) (1,874 ) (3,752) (3,747) Preferred share dividends Series E (2,679) (2,659 ) (5,338) (5,319 ) Preferred share dividends Series F (3,672) (3,562 ) (7,235) (7,125 ) Preferred share dividends, Convertible Series G — (218) (54) (654) Undistributed income to Series G participants — (1,653) — (2,219) Deemed dividend on partially redeemed Convertible Series G — — (1,713) — Net (loss) income attributable to common stockholders of Tsakos Energy Navigation Limited (27,894) 20,404 (42,577) 31,420 Denominator Weighted average number of shares, basic and diluted 18,660,333 19,087,556 18,433,070 19,105,159 (Loss) earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited $ (1.49) $ 1.07 $ (2.31) $ 1.64 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies (Table) | Commitments and Contingencies (Table) Period/Year Amount July 1 to December 31, 2021 132,353 2022 223,143 2023 154,888 2024 114,125 2025 86,375 2026 to 2028 123,491 Minimum charter revenues 834,375 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments - Schedule of Carrying values and estimated fair values of financial instruments (Table) | Financial Instruments - Schedule of Carrying values and estimated fair values of financial instruments (Table) Carrying Fair Value Carrying Fair Value Financial assets (liabilities) Cash and cash equivalents 128,851 128,851 160,475 160,475 Restricted cash 10,059 10,059 11,296 11,296 Margin deposits 5,936 5,936 6,153 6,153 Long-term receivables 35,570 35,570 27,294 27,294 Financial liability (4,683) (4,683) (5,148) (5,148) Debt (1,423,296) (1,423,296) (1,509,794) (1,509,794) |
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 — — 11,018 11,095 Financial instruments - Fair value, net of current portion 441 — 15,018 25,088 Subtotal 441 — 26,036 36,183 Asset Derivatives Liability Derivatives Derivative Balance Sheet Location June 30, December 31, June 30, December 31, Derivatives not designated as hedging instruments Bunker swaps Current portion of financial instruments - Fair value 768 255 434 3,988 Bunker swaps Financial instruments - Fair value, net of current portion 72 — 712 5,023 Bunker put options Current portion of financial instruments - Fair value — 387 — 180 Subtotal 840 642 1,146 9,191 Total derivatives 1,281 642 27,182 45,374 |
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 2021 2020 2021 2020 Interest rate swaps 3,642 (3,927) 15,611 (25,934) Total 3,642 (3,927) 15,611 (25,934) |
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 2021 2020 2021 2020 Interest rate swaps Depreciation expense (48) (47) (96) (94) Interest rate swaps Interest and finance costs, net 2,830 (1,828) 5,244 (1,520) Total 2,782 (1,875) 5,148 (1,614) |
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 2021 2020 2021 2020 Interest rate swaps Interest and finance costs, net — (1) — 75 Bunker swaps Interest and finance costs, net 3,695 1,511 7,950 (16,774) Bunker put options Interest and finance costs, net (16) (886) (172) 886 Bunker call options Interest and finance costs, net — (1) — (264) Total 3,679 623 7,778 (16,077) |
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 (25,595) (36,183) Bunker swaps (306) (8,755) Bunker put options — 206 (25,901) (44,732) |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 136,415 | $ 190,770 | $ 275,429 | $ 369,669 |
Pooling Arrangements [Member] | ||||
Revenues | $ 1,982 | $ 2,207 |
Transactions with Related Par_2
Transactions with Related Parties (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Management Fee Payable, Remainder of 2021 | $ 10,309,000 | $ 10,309,000 | |||
Management Fee Payable, 2022 | 20,877,000 | 20,877,000 | |||
Management Fee Payable, 2023 | 20,479,000 | 20,479,000 | |||
Management Fee Payable, 2024 | 20,479,000 | 20,479,000 | |||
Management Fee Payable, 2025 | 20,018,000 | 20,018,000 | |||
Management Fee Payable, 2026 to 2031 | 101,748,000 | 101,748,000 | |||
Due to related parties | 4,685,000 | 4,685,000 | $ 4,003,000 | ||
Due from related parties | 22,405,000 | 22,405,000 | 20,786,000 | ||
Tsakos Columbia Shipmanagement SA [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 488,000 | $ 255,000 | 1,014,000 | $ 626,000 | |
Due from related parties | 22,405,000 | 22,405,000 | 20,693,000 | ||
Vessels chartered in or chartered out on a bare-boat basis [Member] | |||||
Related Party Transaction [Line Items] | |||||
Monthly fee for supervisory services | 20,400 | ||||
Tsakos Energy Management Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 5,100,000 | 5,076,000 | 10,204,000 | 10,204,000 | |
Management incentive award | 0 | 1,500,000 | |||
Supervisory services expenses | 122,000 | 184,000 | 245,000 | 371,000 | |
Due to related parties | $ 63,000 | 93,000 | $ 63,000 | 93,000 | |
TCM Tsakos Maritime Philippines [Member] | Tsakos Columbia Shipmanagement SA [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage | 25.00% | 25.00% | |||
Tsakos Shipping And Trading SA [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | $ 1,715,000 | 2,389,000 | $ 3,448,000 | 4,629,000 | |
Due to related parties | 1,445,000 | $ 1,445,000 | 1,376,000 | ||
Commissions On Charter Hire Agreements | 1.25% | ||||
Accrued liabilities | 318,000 | $ 318,000 | 317,000 | ||
Tsakos Shipping And Trading SA [Member] | Potential Charge [Member] | |||||
Related Party Transaction [Line Items] | |||||
Brokerage commission amount | 200,000 | ||||
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 | 0 | 500,000 | |||
Panamax Tanker Maya [Member] | |||||
Related Party Transaction [Line Items] | |||||
Brokerage commission amount | 96,000 | ||||
Silia T and handysize Didimon [Member] | |||||
Related Party Transaction [Line Items] | |||||
Brokerage commission amount | 245,000 | ||||
Argosy Insurance Company Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | 2,707,000 | 2,707,000 | 2,190,000 | ||
General Insurance Expense | 2,599,000 | 2,472,000 | 4,791,000 | 4,727,000 | |
Accrued Insurance, Current | 298,000 | 298,000 | 1,000 | ||
Air Mania Travel [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | 470,000 | 470,000 | $ 437,000 | ||
General Services Costs | $ 1,443,000 | $ 319,000 | $ 2,276,000 | $ 1,298,000 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Revenues | $ 136,415 | $ 190,770 | $ 275,429 | $ 369,669 | |
Deferred Revenue, Current | 8,341 | 8,341 | $ 12,623 | ||
Customer Contracts [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Revenues | 63,311 | 81,232 | 128,450 | 151,043 | |
Lease Agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Revenues | $ 73,104 | $ 109,538 | $ 146,979 | $ 218,626 |
Vessels (Table) (Details)
Vessels (Table) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Property, Plant and Equipment [Abstract] | |
July 1 to December 31, 2021 | $ 16,964 |
2022 | 33,895 |
2023 | 24,890 |
2024 | 24,890 |
2025-2026 | 19,228 |
Minimum net lease payments | 119,867 |
Less: present value discount | (15,967) |
Total Obligations under operating leases and Financial liability (current and non-current portion) | $ 103,900 |
Vessels (Details Narrative)
Vessels (Details Narrative) - USD ($) $ in Thousands | Jan. 09, 2020 | Jan. 07, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 21, 2021 | Jun. 30, 2020 | Dec. 21, 2020 | Dec. 21, 2017 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||||||||||
Long-term lease receivable | $ 35,570 | $ 35,570 | $ 27,294 | |||||||
Operating Lease, Liability | 103,900 | 103,900 | 67,110 | |||||||
Loss on sale of vessels | (5,817) | $ (4,688) | (5,817) | $ (3,050) | ||||||
Operating Lease, Right-of-Use Asset | 103,900 | 103,900 | 67,110 | |||||||
Operating Lease, Liability, Current | 30,345 | 30,345 | 20,976 | |||||||
Operating Lease, Liability, Noncurrent | 73,555 | 73,555 | 46,134 | |||||||
Sublease income | 2,372 | 14,935 | 7,825 | 24,117 | ||||||
Vessels | 3,590,023 | 3,590,023 | $ 3,618,309 | |||||||
Impairment charge | 0 | 13,450 | 0 | 13,450 | ||||||
Eurochampion 2004 and Euronike [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 65,200 | |||||||||
Long-term lease receivable | $ 13,000 | |||||||||
Sale Leaseback Transaction, Lease Terms | five-year | |||||||||
Operating Lease, Right-of-Use Asset | $ 11,312 | $ 11,312 | ||||||||
Sale and leaseback other information | three one-year option periods | |||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.45% | 5.45% | ||||||||
Operating Lease, Weighted Average Remaining Lease Term | 1 year 5 months 23 days | 1 year 5 months 23 days | 1 year 11 months 19 days | |||||||
Archangel and Alaska [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 61,070 | |||||||||
Long-term lease receivable | $ 11,800 | |||||||||
Sale Leaseback Transaction, Lease Terms | five-year | |||||||||
Operating Lease, Right-of-Use Asset | $ 32,295 | $ 32,295 | ||||||||
Sale and leaseback other information | three one-year option periods | |||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 4.41% | 4.41% | ||||||||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 6 months 10 days | 3 years 6 months 10 days | 4 years 7 days | |||||||
Sakura Princess [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 24,527 | |||||||||
Long-term lease receivable | $ 4,425 | |||||||||
Sale Leaseback Transaction, Lease Terms | five-year | |||||||||
Operating Lease, Liability | $ 4,688 | $ 4,688 | $ 5,148 | |||||||
Operating Lease, Right-of-Use Asset | $ 12,890 | $ 12,890 | ||||||||
Sale and leaseback other information | three one-year option periods | |||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 3.15% | 3.15% | ||||||||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 5 months 23 days | 4 years 5 months 23 days | 4 years 11 months 19 days | |||||||
Operating Lease, Liability, Current | $ 980 | $ 980 | ||||||||
Operating Lease, Liability, Noncurrent | 3,703 | 3,703 | ||||||||
Vessels | 22,750 | 22,750 | ||||||||
Impairment charge | 10,700 | |||||||||
Arctic and Antarctic [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 52,304 | |||||||||
Long-term lease receivable | $ 8,415 | |||||||||
Sale Leaseback Transaction, Lease Terms | five-year | |||||||||
Loss on sale of vessels | 1,696 | |||||||||
Operating Lease, Right-of-Use Asset | $ 47,403 | $ 47,403 | ||||||||
Sale and leaseback other information | three one-year option periods | |||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 2.06% | 2.06% | ||||||||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 11 months 26 days | 4 years 11 months 26 days | ||||||||
Caribbean Voyager Tanker [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Vessel delivery date | January 7, 2020 | |||||||||
Apollo Voyager [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Vessel delivery date | September 30, 2020 | |||||||||
Artemis Voyager [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Vessel delivery date | November 10, 2020 | |||||||||
Caribbean Voyager, Apollo Voyages and Artemis Voyager [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Property, Plant and Equipment, Additions | $ 197,845 | |||||||||
Maya Vessel [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Loss on sale of vessels | $ 4,121 | |||||||||
Silia T Vessel and Didimon Vessel [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Loss on sale of vessels | 3,050 | |||||||||
Izumo Princess [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Vessels | $ 22,750 | 22,750 | ||||||||
Impairment charge | $ 2,750 |
Deferred Charges and leasehol_2
Deferred Charges and leasehold improvements (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Deferred charges of dry-docking and special survey costs | $ 30,533 | $ 27,021 |
Eurochampion 2004, Euronike, Archangel and Alaska [Member] | ||
Leasehold Improvements, Gross | $ 7,899 | $ 5,234 |
Long-Term Debt (Table) (Details
Long-Term Debt (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Term Bank Loans | $ 1,423,296 | $ 1,509,794 |
Less: deferred finance costs, net | (8,239) | (9,437) |
Total long-term debt | 1,415,057 | 1,500,357 |
Less: current portion of debt | (184,777) | (235,082) |
Add deferred finance costs, current portion | 2,329 | 2,654 |
Total long-term portion, net of current portion and deferred finance costs | $ 1,232,609 | $ 1,267,929 |
Long-Term Debt - Weighted-Avera
Long-Term Debt - Weighted-Average Interest Rates (Table) (Details) | Jun. 30, 2021 | Jun. 30, 2020 |
Three months ended [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rates on the executed loans | 2.05% | 3.20% |
Six months ended [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rates on the executed loans | 2.08% | 3.51% |
Long-Term Debt - Principal Paym
Long-Term Debt - Principal Payments (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
July to December 2021 | $ 76,097 | |
2022 | 202,532 | |
2023 | 247,648 | |
2024 | 303,072 | |
2025 | 235,478 | |
2026 and thereafter | 358,469 | |
Total | $ 1,423,296 | $ 1,509,794 |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) - USD ($) | 1 Months Ended | 5 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
Jan. 22, 2021 | May 19, 2021 | Jul. 13, 2021 | Jun. 30, 2021 | Sep. 28, 2021 | Sep. 27, 2021 | Jul. 08, 2021 | May 13, 2021 | Jan. 15, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Debt Instrument [Line Items] | |||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 128,851,000 | $ 160,475,000 | $ 244,497,000 | ||||||||
Debt instrument outstanding balances | 1,423,296,000 | 1,509,794,000 | |||||||||
Minimum liquidity requirement [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash and Cash Equivalents, at Carrying Value | 110,909,000 | $ 111,969,000 | |||||||||
Three Loan Agreements [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Held in retention account | 3,100,000 | ||||||||||
One Loan Agreement [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Held in retention account | 6,887,000 | ||||||||||
Thirty-One Loan Agreements [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument outstanding balances | $ 1,423,296,000 | ||||||||||
Maria Princess, Nippon Princess and Ise Princess [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||
Debt Instrument, Term | 5 years | ||||||||||
Debt instrument face amount | $ 44,500,000 | ||||||||||
Amount drew down | $ 44,500,000 | ||||||||||
Prepaid amount | $ 36,488,000 | ||||||||||
Number of repayment installments | ten | ||||||||||
Debt instrument periodic payment amount | $ 4,045,500 | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,045,000 | ||||||||||
Shuttle Tanker Under Construction [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||
Debt Instrument, Term | 7 years | ||||||||||
Debt instrument face amount | $ 74,500,000 | ||||||||||
Number of repayment installments | fourteen | ||||||||||
Debt instrument periodic payment amount | $ 2,069,000 | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 45,528,000 | ||||||||||
Maya [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Prepaid amount | $ 4,951,000 | ||||||||||
Sunray [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||
Debt Instrument, Term | 5 years | ||||||||||
Debt instrument face amount | $ 26,000,000 | ||||||||||
Amount drew down | $ 26,000,000 | ||||||||||
Prepaid amount | $ 26,392,000 | ||||||||||
Number of repayment installments | ten | ||||||||||
Debt instrument periodic payment amount | $ 1,000,000 | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 16,000,000 | ||||||||||
Artemis, Afrodite, Ariadne, Aris, Apollon and Ajax [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||
Debt Instrument, Term | 4 years | ||||||||||
Debt instrument face amount | $ 48,750,000 | ||||||||||
Amount drew down | $ 48,750,000 | ||||||||||
Prepaid amount | $ 30,370,000 | ||||||||||
Number of repayment installments | eight | ||||||||||
Debt instrument periodic payment amount | $ 3,500,000 | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 20,750,000 | ||||||||||
All term loans [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||
All term loans [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.62% | ||||||||||
All term loans [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.69% |
Interest and Finance Costs, n_3
Interest and Finance Costs, net (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest And Finance Costs Net | ||||
Interest expense | $ 9,970 | $ 13,788 | $ 20,251 | $ 27,902 |
Less: Interest capitalized | (183) | (268) | (354) | (565) |
Interest expense, net | 9,787 | 13,520 | 19,897 | 27,337 |
Bunkers swap, put and call options cash settlements | 17 | 1,958 | 464 | 3,494 |
Bunker put options premium, net | 0 | (429) | 0 | 1,246 |
Amortization of loan fees | 871 | 947 | 1,822 | 1,867 |
Bank charges | 64 | 168 | 99 | 245 |
Discount of long-term receivables, net | 482 | (131) | 528 | 1,948 |
Change in fair value of non-hedging financial instruments | (3,696) | (2,152) | (8,242) | 11,337 |
Net total | $ 7,525 | $ 13,881 | $ 14,568 | $ 47,474 |
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, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Change in fair value of non-hedging financial instruments | $ 3,696 | $ 2,152 | $ 8,242 | $ (11,337) | |
Interest Rate Swap [Member] | |||||
Number of floating-to-fixed interest rate swaps | 11 | 11 | |||
Notional amount of floating-to-fixed interest rate swaps | $ 531,780 | $ 531,780 | |||
Fixed interest rate | 1.87% | 1.87% | |||
Floating rate basis | six-month LIBOR | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 25,595 | $ 25,595 | $ 36,183 | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 8,471 | 8,471 | |||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Number of floating-to-fixed interest rate swaps | 1 | 1 | |||
Change in fair value of non-hedging financial instruments | $ 75 | ||||
Put Option [Member] | Not Designated as Hedging Instrument [Member] | |||||
Change in fair value of non-hedging financial instruments | 207 | $ 1,788 | |||
Number of bunker put option agreements held | 6 | 6 | 3 | ||
Cash received from terminations | 35 | ||||
Fair value asset of bunker swap agreement | $ 0 | 0 | $ 207 | ||
Derivative, Cost of Hedge | $ 1,675 | ||||
Derivative, Cash Received on Hedge | 429 | ||||
Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Change in fair value of non-hedging financial instruments | $ 8,449 | $ 13,058 | |||
Number of bunker swap agreements held | 18 | 18 | 18 | ||
Fair value of bunker swap agreement | $ 306 | $ 306 | $ 8,755 | ||
Call Option [Member] | Not Designated as Hedging Instrument [Member] | |||||
Change in fair value of non-hedging financial instruments | $ 142 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jan. 15, 2020 | Feb. 01, 2021 | Jan. 30, 2020 | Mar. 01, 2021 | Feb. 28, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | May 05, 2021 | Apr. 30, 2021 | Apr. 30, 2020 | May 28, 2021 | May 29, 2020 | Jun. 30, 2021 | Jun. 29, 2021 | Jul. 01, 2020 | Jun. 30, 2020 | Jun. 26, 2020 | Sep. 30, 2019 | Dec. 23, 2019 | Dec. 31, 2020 | Mar. 24, 2020 |
Common Stock, Par or Stated Value Per Share | $ 5 | $ 5 | $ 5 | ||||||||||||||||||
Common stock, shares authorized | 35,000,000 | 35,000,000 | 35,000,000 | ||||||||||||||||||
Common stock, shares outstanding | 19,759,779 | 19,759,779 | 18,215,679 | ||||||||||||||||||
Treasury Stock, Value, Acquired, Par Value Method | $ 168 | $ 5,071 | |||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 13,974 | $ 3,461 | |||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.375 | |||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | $ 1 | ||||||||||||||||||
Net proceeds from issuance of preferred shares | $ 5,619 | $ 0 | |||||||||||||||||||
Redeemable Preferred Stock Dividends | $ 0 | $ 0 | 1,713 | 0 | |||||||||||||||||
Stock Redeemed or Called During Period, Value | $ 0 | ||||||||||||||||||||
Mare Success [Member] | |||||||||||||||||||||
Increase in paid-in capital | $ 8,163 | ||||||||||||||||||||
Tsakos [Member] | |||||||||||||||||||||
Percentage of ownership in Mare Success S.A | 51.00% | 51.00% | |||||||||||||||||||
Increase in paid-in capital | $ 4,163 | ||||||||||||||||||||
Tsakos [Member] | Mare Success [Member] | |||||||||||||||||||||
Percentage of ownership in Mare Success S.A | 51.00% | 51.00% | |||||||||||||||||||
Polaris Oil Shipping Inc. (Polaris) [Member] | |||||||||||||||||||||
Increase in paid-in capital | $ 4,000 | ||||||||||||||||||||
Polaris Oil Shipping Inc. (Polaris) [Member] | Mare Success [Member] | |||||||||||||||||||||
Percentage of ownership in Mare Success S.A | 49.00% | 49.00% | |||||||||||||||||||
Series D Preferred Stock [Member] | |||||||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 11,411 | ||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.54687 | $ 0.54687 | |||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 3,752 | $ 3,747 | $ 3,752 | $ 3,747 | |||||||||||||||||
Preferred Stock, Shares Issued | 3,436,214 | 3,436,214 | 3,424,803 | ||||||||||||||||||
Preferred Stock, Shares Outstanding | 3,436,214 | 3,436,214 | 3,424,803 | ||||||||||||||||||
Series E Preferred Stock [Member] | |||||||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 33,188 | ||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.57812 | $ 0.57812 | |||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 5,330 | $ 5,319 | $ 5,330 | 5,319 | |||||||||||||||||
Preferred Stock, Shares Issued | 4,633,188 | 4,633,188 | 4,600,000 | ||||||||||||||||||
Preferred Stock, Shares Outstanding | 4,633,188 | 4,633,188 | 4,600,000 | ||||||||||||||||||
Series F Preferred Stock [Member] | |||||||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 184,585 | ||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.59375 | $ 0.59375 | |||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 7,125 | $ 7,125 | $ 7,125 | 7,125 | |||||||||||||||||
Preferred Stock, Shares Issued | 6,184,585 | 6,184,585 | 6,000,000 | ||||||||||||||||||
Preferred Stock, Shares Outstanding | 6,184,585 | 6,184,585 | 6,000,000 | ||||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.55469 | ||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 2,219 | 2,219 | |||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.375 | ||||||||||||||||||||
Dividends, Common Stock | $ 7,102 | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.10 | ||||||||||||||||||||
Conversion of Stock, Shares Issued | 6,667 | 583,333 | |||||||||||||||||||
Series G Preferred Stock [Member] | |||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 54 | $ 654 | |||||||||||||||||||
Dividends, Preferred Stock | $ 654 | ||||||||||||||||||||
Preferred Stock, Shares Issued | 816,349 | 816,349 | 2,615,000 | ||||||||||||||||||
Convertible preferred stock, terms of conversion | 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 two-thirds of a common share per Series G Convertible Preferred Share. | ||||||||||||||||||||
Conversion of Stock, shares converted | 10,000 | 875,000 | |||||||||||||||||||
Redeemable Preferred Stock Dividends | $ 1,713 | ||||||||||||||||||||
Preferred Stock, Redemption Terms | price providing for a return of 7.75% per annum on an actual/360-day basis on the Series G Convertible Preferred Shares | ||||||||||||||||||||
Preferred Stock, Shares Outstanding | 816,349 | 816,349 | 2,615,000 | ||||||||||||||||||
Series G Preferred Stock [Member] | Shyris Shipping Company S. A. [Member] | |||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.001 | ||||||||||||||||||||
Preferred Stock, Shares Issued | 1,900,000 | ||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 10 | ||||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 1,798,651 | ||||||||||||||||||||
Series G Preferred Stock [Member] | Tsakos [Member] | |||||||||||||||||||||
Percentage of ownership in Mare Success S.A | 9.99% | 9.99% | |||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 111 | ||||||||||||||||||||
Preferred Stock, Redemption Terms | at a rate of 7.50% per annum, payable in arrears on the 1st day of March and September of each year | ||||||||||||||||||||
Series B Preferred Stock [Member] | Shyris Shipping Company S. A. [Member] | |||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 111 | ||||||||||||||||||||
Common Stock [member] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,243,337 | 172,227 | |||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 19,592 | $ 3,461 | |||||||||||||||||||
Treasury Stock [Member] | |||||||||||||||||||||
Treasury Stock, Shares, Acquired | 19,836 | 413,533 | |||||||||||||||||||
Treasury Stock, Value, Acquired, Par Value Method | $ 168 | $ 5,071 | |||||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 320,599 | ||||||||||||||||||||
Noncontrolling Interest [Member] | |||||||||||||||||||||
Stock Redeemed or Called During Period, Value | $ 19,000 | ||||||||||||||||||||
Noncontrolling Interest [Member] | Series B Preferred Stock [Member] | |||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 111 | ||||||||||||||||||||
Reverse Stock Split [Member] | |||||||||||||||||||||
Description of reverse stock split | 1-for-5 | ||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 5 | $ 5 | |||||||||||||||||||
Changes in Capital Structure, Fractional shares | 33.2 | ||||||||||||||||||||
Reverse Stock Split [Member] | Common Stock [member] | |||||||||||||||||||||
Common stock, shares authorized | 35,000,000 | 35,000,000 | |||||||||||||||||||
Common stock, shares outstanding | 18,801,108 | 18,801,108 | |||||||||||||||||||
Before Reverse Stock Split [Member] | |||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | |||||||||||||||||||
Before Reverse Stock Split [Member] | Common Stock [member] | |||||||||||||||||||||
Common stock, shares authorized | 175,000,000 | 175,000,000 | |||||||||||||||||||
Common stock, shares outstanding | 94,005,410 | 94,005,410 | |||||||||||||||||||
Maximum [Member] | Common shares, Series D Preferred Shares, Series E Preferred Shares and Series F Preferred Shares [Member] | |||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 50,000 | ||||||||||||||||||||
Maximum [Member] | Series G Preferred Stock [Member] | |||||||||||||||||||||
Preferred Stock, Conversion Basis | 170% | ||||||||||||||||||||
Maximum [Member] | Series B Preferred Stock [Member] | |||||||||||||||||||||
Preferred Stock, Conversion Basis | 100% | ||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||
Preferred Stock, Redemption Price Percentage | 95.00% | ||||||||||||||||||||
Minimum [Member] | Series G Preferred Stock [Member] | |||||||||||||||||||||
Preferred Stock, Conversion Basis | 130% | ||||||||||||||||||||
Preferred Stock, Redemption Amount | $ 35,000 | $ 35,000 | |||||||||||||||||||
Minimum [Member] | Series B Preferred Stock [Member] | |||||||||||||||||||||
Preferred Stock, Conversion Basis | 112.5% | ||||||||||||||||||||
Shares Repurchase Program [Member] | Maximum [Member] | |||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | ||||||||||||||||||||
Shares Purchase Agreement [Member] | Series G Preferred Stock [Member] | |||||||||||||||||||||
Preferred Stock, Shares Issued | 3,500,000 | ||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | ||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | 10 | ||||||||||||||||||||
Share purchase price | $ 10 | ||||||||||||||||||||
Net proceeds from issuance of preferred shares | $ 33,984 | ||||||||||||||||||||
Preferred stock dividend rate percentage | 0.00% |
Accumulated other comprehensi_2
Accumulated other comprehensive loss (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Equity [Abstract] | ||
Unrealized gain from changes in fair value of financial instruments | $ 10,463 | |
Unrealized loss from changes in fair value of financial instruments | $ 24,320 |
(Loss) earnings per Common Sh_3
(Loss) earnings per Common Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator | ||||
Net (loss) income attributable to Tsakos Energy Navigation Limited | $ (19,664) | $ 31,479 | $ (24,485) | $ 52,703 |
Preferred share dividends Series C | 0 | (1,109) | 0 | (2,219) |
Preferred share dividends Series D | (1,879) | (1,874) | (3,752) | (3,747) |
Preferred share dividends Series E | (2,679) | (2,659) | (5,338) | (5,319) |
Preferred share dividends Series F | (3,672) | (3,562) | (7,235) | (7,125) |
Preferred share dividends, Convertible Series G | 0 | (218) | (54) | (654) |
Undistributed income to Series G participants | 0 | (1,653) | 0 | (2,219) |
Deemed dividend on partially redeemed Convertible Series G | 0 | 0 | (1,713) | 0 |
Net (loss) income attributable to common stockholders of Tsakos Energy Navigation Limited | $ (27,894) | $ 20,404 | $ (42,577) | $ 31,420 |
Denominator | ||||
Weighted average number of shares, basic and diluted | 18,660,333 | 19,087,556 | 18,433,070 | 19,105,159 |
(Loss) earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited | $ (1.49) | $ 1.07 | $ (2.31) | $ 1.64 |
Commitments and Contingencies_2
Commitments and Contingencies (Table) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
July 1 to December 31, 2021 | $ 132,353 |
2022 | 223,143 |
2023 | 154,888 |
2024 | 114,125 |
2025 | 86,375 |
2026 to 2028 | 123,491 |
Minimum charter revenues | $ 834,375 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Narrative) $ in Thousands | Jun. 30, 2021USD ($) |
Lessor, Lease, Description [Line Items] | |
Number of vessels under construction | 2 |
Contractual purchase obligation | $ 209,667 |
Two Vessels Under Construction [Member] | |
Lessor, Lease, Description [Line Items] | |
Payable amounts in 2021 | 9,269 |
Payable amounts in 2022 | $ 200,398 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Carrying values and estimated fair values of financial instruments (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value Disclosures [Abstract] | |||
Cash and cash equivalents, carrying amount | $ 128,851 | $ 160,475 | $ 244,497 |
Cash and cash equivalents, fair value | 128,851 | 160,475 | |
Restricted cash, carrying amount | 10,059 | 11,296 | $ 12,055 |
Restricted cash, fair value | 10,059 | 11,296 | |
Margin deposits, carrying amount | 5,936 | 6,153 | |
Margin deposits, fair value | 5,936 | 6,153 | |
Long-term receivables, carrying amount | 35,570 | 27,294 | |
Long-term receivables, fair value | 35,570 | 27,294 | |
Financial liability, carrying amount | (4,683) | (5,148) | |
Financial liability, fair value | (4,683) | (5,148) | |
Debt, carrying amount | (1,423,296) | (1,509,794) | |
Debt, fair value | $ (1,423,296) | $ (1,509,794) |
Financial Instruments - Balance
Financial Instruments - Balance Sheet Location (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Liabilities, Noncurrent | $ 15,730 | $ 30,111 |
Total derivatives - Assets | 1,281 | 642 |
Total derivatives - Liabilites | 27,182 | 45,374 |
Designated as Hedging Instrument [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Subtotal - Assets | 441 | 0 |
Subtotal - Liabilities | 26,036 | 36,183 |
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 | 11,018 | 11,095 |
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 | 441 | 0 |
Derivative Liabilities, Noncurrent | 15,018 | 25,088 |
Not Designated as Hedging Instrument [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Subtotal - Assets | 840 | 642 |
Subtotal - Liabilities | 1,146 | 9,191 |
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 | 768 | 255 |
Derivative Liability, Current | 434 | 3,988 |
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 | 72 | 0 |
Derivative Liabilities, Noncurrent | 712 | 5,023 |
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 | 0 | 387 |
Derivative Liability, Current | $ 0 | $ 180 |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Total | $ 860 | $ (2,052) | $ 10,463 | $ (24,320) |
Gain/(Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Interest rate swaps | 3,642 | (3,927) | 15,611 | (25,934) |
Total | $ 3,642 | $ (3,927) | $ 15,611 | $ (25,934) |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Interest rate swaps | $ 2,782 | $ (1,875) | $ 5,148 | $ (1,614) |
Depreciation expense [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Interest rate swaps | (48) | (47) | (96) | (94) |
Interest Expense [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Interest rate swaps | $ 2,830 | $ (1,828) | $ 5,244 | $ (1,520) |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Total | $ 3,679 | $ 623 | $ 7,778 | $ (16,077) |
Interest Expense [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Interest rate swaps | 0 | (1) | 0 | 75 |
Bunker swaps | 3,695 | 1,511 | 7,950 | (16,774) |
Bunker put options | (16) | (886) | (172) | 886 |
Bunker call options | $ 0 | $ (1) | $ 0 | $ (264) |
Financial Instruments - Fair Va
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, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | $ (25,595) | $ (36,183) |
Bunker swaps | (306) | (8,755) |
Bunker put options | 0 | 206 |
Total | $ (25,901) | $ (44,732) |
Financial Instruments (Details
Financial Instruments (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Margin Deposit Assets | $ 5,936 | $ 6,153 |
Accumulated loss from derivatives designated as Hedging Instruments | $ 26,531 | $ 36,994 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 10 Months Ended | ||||||||||
Feb. 01, 2021 | Mar. 01, 2021 | Feb. 28, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | May 28, 2021 | May 29, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 26, 2020 | Aug. 02, 2021 | Jul. 30, 2021 | Jul. 20, 2021 | Sep. 01, 2021 | Aug. 30, 2021 | Oct. 22, 2021 | Dec. 31, 2020 | |
Common stock - dividend paid | $ 0.10 | $ 0.375 | |||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | $ 1 | ||||||||||||||||
Redeemable Preferred Stock Dividends | $ 0 | $ 0 | $ 1,713 | $ 0 | |||||||||||||||
Proceeds from stock issuance program, net | $ 13,974 | $ 3,461 | |||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Common stock - dividend paid | $ 0.375 | ||||||||||||||||||
Dividends paid on common shares | $ 7,102 | ||||||||||||||||||
Series F Preferred Stock [Member] | |||||||||||||||||||
Preferred stock - dividend paid | $ 0.59375 | $ 0.59375 | |||||||||||||||||
Preferred Stock, Shares Issued | 6,184,585 | 6,184,585 | 6,000,000 | ||||||||||||||||
Series G Preferred Stock [Member] | |||||||||||||||||||
Preferred Stock, Shares Issued | 816,349 | 816,349 | 2,615,000 | ||||||||||||||||
Redeemable Preferred Stock Dividends | $ 1,713 | ||||||||||||||||||
Series G Preferred Stock [Member] | Shyris Shipping Company S. A. [Member] | |||||||||||||||||||
Preferred stock - dividend paid | $ 0.001 | ||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 1,798,651 | ||||||||||||||||||
Preferred Stock, Shares Issued | 1,900,000 | ||||||||||||||||||
Liquidation preference per share | $ 10 | ||||||||||||||||||
Series D Preferred Stock [Member] | |||||||||||||||||||
Preferred stock - dividend paid | $ 0.54687 | $ 0.54687 | |||||||||||||||||
Preferred Stock, Shares Issued | 3,436,214 | 3,436,214 | 3,424,803 | ||||||||||||||||
Series E Preferred Stock [Member] | |||||||||||||||||||
Preferred stock - dividend paid | $ 0.57812 | $ 0.57812 | |||||||||||||||||
Preferred Stock, Shares Issued | 4,633,188 | 4,633,188 | 4,600,000 | ||||||||||||||||
Subsequent Event [Member] | Shyris Shipping Company S. A. [Member] | |||||||||||||||||||
Redeemable Preferred Stock Dividends | $ 753 | ||||||||||||||||||
Subsequent Event [Member] | Common Stock [Member] | |||||||||||||||||||
Common stock - dividend paid | $ 0.10 | ||||||||||||||||||
Dividends paid on common shares | $ 2,032 | ||||||||||||||||||
Shares issued | 1,097,172 | ||||||||||||||||||
Proceeds from stock issuance program, net | $ 28,278 | ||||||||||||||||||
Subsequent Event [Member] | Series F Preferred Stock [Member] | |||||||||||||||||||
Preferred stock - dividend paid | $ 0.59375 | ||||||||||||||||||
Sale of preferred shares | 555,743 | ||||||||||||||||||
Subsequent Event [Member] | Series G Preferred Stock [Member] | Shyris Shipping Company S. A. [Member] | |||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 357,063 | ||||||||||||||||||
Preferred Stock, Shares Issued | 388,841 | ||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | ||||||||||||||||||
Liquidation preference per share | $ 10 | ||||||||||||||||||
Subsequent Event [Member] | Series D Preferred Stock [Member] | |||||||||||||||||||
Preferred stock - dividend paid | $ 0.54687 | ||||||||||||||||||
Sale of preferred shares | 79,031 | ||||||||||||||||||
Subsequent Event [Member] | Series E Preferred Stock [Member] | |||||||||||||||||||
Preferred stock - dividend paid | $ 0.57812 | ||||||||||||||||||
Sale of preferred shares | 110,520 |