Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Period Focus | FY |
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 |
Entity Incorporation, State or Country Code | D0 |
Entity Address, Address Line One | 367 Syngrou Avenue |
Entity Address, City or Town | Athens |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 175 64 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 24,565,940 |
ICFR Auditor Attestation Flag | true |
Auditor Firm ID | 1457 |
Auditor Name | Ernst & Young (Hellas) Certified Auditors Accountants S.A. |
Auditor Location | Athens, Greece |
Common Stock [Member] | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Common Shares, par value $5.00 per share |
Trading Symbol | TNP |
Security Exchange Name | NYSE |
Series D Preferred Stock [Member] | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Series D Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share |
Trading Symbol | TNP.PRD |
Security Exchange Name | NYSE |
Series E Preferred Stock [Member] | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share |
Trading Symbol | TNP.PRE |
Security Exchange Name | NYSE |
Series F Preferred Stock [Member] | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Series F Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share |
Trading Symbol | TNP.PRF |
Security Exchange Name | NYSE |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 367 Syngrou Avenue |
Entity Address, City or Town | Athens |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 175 64 |
City Area Code | 011 |
Local Phone Number | 30210-9407710 |
Contact Personnel Name | Paul Durham |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 117,192 | $ 160,475 |
Restricted cash | 10,005 | 11,296 |
Margin deposits (Note 14) | 5,849 | 6,153 |
Trade accounts receivable, net (Note 1(f)) | 30,622 | 25,273 |
Capitalized voyage expenses | 1,839 | 1,601 |
Due from related parties (Note 2) | 14,607 | 20,786 |
Advances and other | 20,176 | 18,019 |
Vessels held for sale (Note 1(j)) | 0 | 54,000 |
Inventories | 22,918 | 21,813 |
Prepaid insurance and other | 1,861 | 1,416 |
Receivable, short-term (Note 4) | 12,741 | 0 |
Current portion of financial instruments—Fair value (Note 14) | 1,852 | 642 |
Total current assets | 239,662 | 321,474 |
Financial instruments - Fair value, net of current portion (Note 14) | 1,526 | 0 |
Right of use asset under operating leases (Note 4) | 88,573 | 67,110 |
Long-term receivable (Note 4) | 23,163 | 27,294 |
FIXED ASSETS (Note 4) | ||
Advances for vessels under construction | 104,635 | 49,030 |
Vessels | 3,279,440 | 3,618,309 |
Accumulated depreciation | (876,482) | (1,003,197) |
Vessels’ Net Book Value | 2,402,958 | 2,615,112 |
Total fixed assets | 2,507,593 | 2,664,142 |
Deferred charges and leasehold improvements, net (Note 5) | 34,297 | 32,255 |
Total assets | 2,894,814 | 3,112,275 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt (Note 6) | 172,936 | 232,428 |
Payables | 74,912 | 55,291 |
Due to related parties (Note 2) | 7,747 | 4,003 |
Accrued liabilities | 27,851 | 40,551 |
Unearned revenue | 9,020 | 12,623 |
Current portion of obligations under operating leases (Note 4) | 29,749 | 20,976 |
Current portion of financial liability (Note 4) | 997 | 905 |
Current portion of financial instruments—Fair value (Note 14) | 8,884 | 15,263 |
Total current liabilities | 332,096 | 382,040 |
Long-term debt, net of current portion (Note 6) | 1,200,251 | 1,267,929 |
Long-term obligations under operating leases (Note 4) | 58,824 | 46,134 |
Financial liability, net of current portion | 3,196 | 4,243 |
Financial instruments - Fair value, net of current portion (Note 14) | 8,656 | 30,111 |
STOCKHOLDERS’ EQUITY (Note 8) | ||
Preferred Shares, $ 1.00 par value; 25,000,000 shares authorized, 3,516,896 Series D Preferred Shares, 4,743,708 Series E Preferred Shares, 6,741,259 Series F Preferred Shares and 459,286 Series G Convertible Preferred Shares issued and outstanding at December 31, 2021 and 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares, 6,00 | 15,461 | 16,640 |
Common shares, $ 5.00 par value; 35,000,000 shares authorized at December 31, 2021 and December 31, 2020; 25,244,113 shares issued and 24,565,940 shares outstanding at December 31, 2021 and 19,194,615 shares issued and 18,215,679 shares issued and outstanding at December 31, 2020 respectively. | 126,221 | 95,973 |
Additional paid-in capital | 973,582 | 949,090 |
Cost of treasury stock | (6,791) | (9,834) |
Accumulated other comprehensive loss | (17,175) | (36,994) |
Retained earnings | 149,505 | 338,800 |
Total Tsakos Energy Navigation Limited stockholders’ equity | 1,240,803 | 1,353,675 |
Non-controlling interest | 50,988 | 28,143 |
Total stockholders’ equity | 1,291,791 | 1,381,818 |
Total liabilities and stockholders’ equity | $ 2,894,814 | $ 3,112,275 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Par or Stated Value Per Share | $ 5 | $ 5 |
Common Stock, Shares Authorized | 35,000,000 | 35,000,000 |
Common Stock, Shares, Issued | 25,244,113 | 19,194,615 |
Common Stock, Shares, Outstanding | 24,565,940 | 18,215,679 |
Series D Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 3,516,896 | 3,424,803 |
Preferred Stock, Shares Outstanding | 3,516,896 | 3,424,803 |
Series E Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 4,743,708 | 4,600,000 |
Preferred Stock, Shares Outstanding | 4,743,708 | 4,600,000 |
Series F Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 6,741,259 | 6,000,000 |
Preferred Stock, Shares Outstanding | 6,741,259 | 6,000,000 |
Series G Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 459,286 | 2,615,000 |
Preferred Stock, Shares Outstanding | 459,286 | 2,615,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Voyage revenues: | $ 546,120 | $ 644,135 | $ 597,452 |
EXPENSES: | |||
Voyage expenses | 198,078 | 145,267 | 125,802 |
Charter hire expense | 30,056 | 21,602 | 10,822 |
Vessel operating expenses | 173,277 | 179,205 | 180,233 |
Depreciation and amortization | 143,253 | 137,100 | 139,424 |
General and administrative expenses | 29,130 | 29,040 | 27,696 |
Loss on sale of vessels (Note 4) | 5,817 | 6,451 | 0 |
Impairment charges (Note 3, 4) | 86,368 | 28,776 | 27,613 |
Total expenses | 665,979 | 547,441 | 511,590 |
Operating (loss) income | (119,859) | 96,694 | 85,862 |
OTHER INCOME (EXPENSES): | |||
Interest and finance costs, net (Note 7) | (31,407) | (70,579) | (74,723) |
Interest income | 703 | 1,071 | 3,694 |
Other, net | (18) | 36 | (825) |
Total other expenses, net | (30,722) | (69,472) | (71,854) |
Net (loss) income | (150,581) | 27,222 | 14,008 |
Less: Net (income) loss attributable to the non-controlling interest | (820) | (3,220) | 1,118 |
Net (loss) income attributable to Tsakos Energy Navigation Limited | (151,401) | 24,002 | 15,126 |
Effect of preferred dividends (Note 10) | (33,603) | (36,579) | (40,400) |
Deemed dividend on Series B Preferred Shares (Note 10) | 0 | 0 | (2,750) |
Deemed dividend on Series C Preferred Shares (Note 10) | 0 | (2,493) | 0 |
Deemed dividend on partially redeemed Series G Convertible Preferred Shares (Note 10) | (2,171) | 0 | 0 |
Net loss attributable to common stockholders of Tsakos Energy Navigation Limited | $ (187,175) | $ (15,070) | $ (28,024) |
Loss per share, basic and diluted attributable to Tsakos Energy Navigation Limited common stockholders | $ (9.53) | $ (0.80) | $ (1.58) |
Weighted average number of shares, basic and diluted | 19,650,307 | 18,768,599 | 17,751,585 |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net (loss) income | $ (150,581) | $ 27,222 | $ 14,008 |
Unrealized losses from hedging financial instruments | |||
Unrealized income (loss) on interest rate swaps, net | 19,819 | (18,641) | (9,693) |
Comprehensive (loss) income | (130,762) | 8,581 | 4,315 |
Less: comprehensive (income) loss attributable to the non-controlling interest | (820) | (3,220) | 1,118 |
Comprehensive (loss) income attributable to Tsakos Energy Navigation Limited | $ (131,582) | $ 5,361 | $ 5,433 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Preferred Stock [Member]Series B Preferred Stock [Member] | Preferred Stock [Member]Series C 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 B Preferred Stock [Member] | Additional Paid-in Capital [Member]Series C Preferred Stock [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 G Preferred Stock [Member] | Retained Earnings [Member]Series B Preferred Stock [Member] | Retained Earnings [Member]Series C Preferred Stock [Member] | Retained Earnings [Member]Series D Preferred Stock [Member] | Retained Earnings [Member]Series E Preferred Stock [Member] | Retained Earnings [Member]Series F Preferred Stock [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Parent [Member]Series G Preferred Stock [Member] | Parent [Member]Series B Preferred Stock [Member] | Parent [Member]Series C Preferred Stock [Member] | Parent [Member]Series D Preferred Stock [Member] | Parent [Member]Series E Preferred Stock [Member] | Parent [Member]Series F Preferred Stock [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member]Series B Preferred Stock [Member] | Total | Series G Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Series F Preferred Stock [Member] |
Beginning balance, value at Dec. 31, 2018 | $ 18,025 | $ 87,605 | $ 996,833 | $ 0 | $ 400,933 | $ (8,660) | $ 1,494,736 | $ 12,041 | $ 1,506,777 | |||||||||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2018 | 0 | |||||||||||||||||||||||||||||||||||||
Net (loss) income | 0 | 0 | $ 0 | 15,126 | 15,126 | (1,118) | 14,008 | |||||||||||||||||||||||||||||||
Issuance of Series G Convertible Preferred Shares | 3,500 | 30,484 | 33,984 | $ 33,984 | ||||||||||||||||||||||||||||||||||
Conversion of Series G Convertible Preferred Shares | (875) | 2,917 | (2,042) | |||||||||||||||||||||||||||||||||||
Sale of Common Shares | 4,557 | 11,995 | 16,552 | 16,552 | ||||||||||||||||||||||||||||||||||
Capital contribution from non-controlling interest | 10,000 | 10,000 | ||||||||||||||||||||||||||||||||||||
Cash dividends paid ($0.25 per common share) | (8,907) | (8,907) | (8,907) | |||||||||||||||||||||||||||||||||||
Redemption of Preferred Shares | $ (2,000) | $ (45,250) | $ (2,750) | $ (50,000) | $ (50,000) | |||||||||||||||||||||||||||||||||
Dividends, Preferred Stock | $ (583) | $ (3,000) | $ (4,438) | $ (7,492) | $ (10,639) | $ (14,250) | $ (583) | $ (3,000) | $ (4,438) | $ (7,492) | $ (10,639) | $ (14,250) | (583) | (3,000) | $ (4,438) | $ (7,492) | $ (10,639) | $ (14,250) | ||||||||||||||||||||
Other comprehensive income | (9,693) | (9,693) | (9,693) | |||||||||||||||||||||||||||||||||||
Ending 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 | |||||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2019 | 0 | |||||||||||||||||||||||||||||||||||||
Net (loss) income | 24,002 | 24,002 | 3,220 | 27,222 | ||||||||||||||||||||||||||||||||||
Conversion of Series G Convertible Preferred Shares | (10) | 33 | (23) | |||||||||||||||||||||||||||||||||||
Sale of Common Shares | 861 | 2,600 | 3,461 | 3,461 | ||||||||||||||||||||||||||||||||||
Capital contribution from non-controlling interest | 4,000 | 4,000 | ||||||||||||||||||||||||||||||||||||
Cash dividends paid ($0.25 per common share) | (9,379) | (9,379) | (9,379) | |||||||||||||||||||||||||||||||||||
Redemption of Preferred Shares | $ (2,000) | $ (45,507) | (2,493) | (50,000) | (50,000) | |||||||||||||||||||||||||||||||||
Dividends, Preferred Stock | (872) | $ (4,079) | (7,492) | (10,637) | (14,250) | (872) | $ (4,079) | (7,492) | (10,637) | (14,250) | (872) | $ (4,079) | (7,492) | (10,637) | (14,250) | |||||||||||||||||||||||
Other comprehensive income | (18,641) | (18,641) | (18,641) | |||||||||||||||||||||||||||||||||||
Purchase of Treasury Stock | $ (9,834) | (9,834) | (9,834) | |||||||||||||||||||||||||||||||||||
Purchase of Treasury Stock, shares | 978,936 | |||||||||||||||||||||||||||||||||||||
Ending 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 | |||||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2020 | 978,936 | |||||||||||||||||||||||||||||||||||||
Net (loss) income | (151,401) | (151,401) | 820 | (150,581) | ||||||||||||||||||||||||||||||||||
Sale of Common Shares | $ 92 | $ 144 | $ 741 | 30,248 | 20,290 | $ 2,148 | $ 3,357 | $ 17,259 | $ 3,211 | (273) | 53,476 | 2,240 | 3,501 | 18,000 | 53,476 | 2,240 | 3,501 | 18,000 | ||||||||||||||||||||
Cash dividends paid ($0.25 per common share) | (1,978) | (1,978) | (1,978) | |||||||||||||||||||||||||||||||||||
Redemption of Preferred Shares | (2,156) | (18,562) | (2,171) | (22,889) | 22,889 | 0 | ||||||||||||||||||||||||||||||||
Dividends, Preferred Stock | $ (54) | $ (7,594) | $ (10,814) | $ (15,010) | $ (54) | $ (7,594) | $ (10,814) | $ (15,010) | $ (864) | $ (54) | $ (864) | $ (7,594) | $ (10,814) | $ (15,010) | ||||||||||||||||||||||||
Other comprehensive income | 19,819 | 19,819 | 19,819 | |||||||||||||||||||||||||||||||||||
Purchase of Treasury Stock | $ (168) | (168) | (168) | |||||||||||||||||||||||||||||||||||
Purchase of Treasury Stock, shares | 19,836 | |||||||||||||||||||||||||||||||||||||
Sale of Common Shares, shares | (320,599) | |||||||||||||||||||||||||||||||||||||
Ending balance, value at Dec. 31, 2021 | $ 15,461 | $ 126,221 | $ 973,582 | $ (6,791) | $ 149,505 | $ (17,175) | $ 1,240,803 | $ 50,988 | $ 1,291,791 | |||||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2021 | 678,173 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.50 | $ 0.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | |||
Net (loss) income | $ (150,581) | $ 27,222 | $ 14,008 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities | |||
Depreciation | 126,821 | 127,278 | 128,783 |
Amortization of deferred dry-docking costs | 16,432 | 9,822 | 10,641 |
Amortization of deferred finance costs | 3,246 | 3,782 | 4,822 |
Interest expense on long term receivable, net | (32) | 1,932 | 0 |
Change in fair value of derivative instruments | (12,054) | 8,121 | (820) |
Loss on sale of vessels | 5,817 | 6,451 | 0 |
Impairment charges | 86,368 | 28,776 | 27,613 |
Payments for dry-docking | (27,157) | (16,291) | (12,871) |
(Increase) Decrease in: | |||
Receivables, net | (1,327) | 19,659 | (9,056) |
Margin deposits | 304 | (6,153) | 0 |
Inventories | (1,105) | (8,781) | 7,356 |
Prepaid insurance and other | (445) | (521) | 178 |
Capitalized voyage expenses | (238) | (1,096) | 112 |
Increase (Decrease) in: | |||
Payables | 23,365 | 14,981 | 2,415 |
Accrued liabilities | (12,700) | (10,322) | 5,108 |
Unearned revenue | (3,603) | 556 | 6,060 |
Net Cash provided by Operating Activities | 53,111 | 205,416 | 184,349 |
Cash Flows from Investing Activities: | |||
Advances for vessels under construction and acquisitions | (55,605) | (39,671) | (55,988) |
Vessel acquisitions and/or improvements | (5,623) | (148,569) | (46,217) |
Proceeds from sale of vessels | 53,224 | 93,627 | 0 |
Net Cash used in Investing Activities | (8,004) | (94,613) | (102,205) |
Cash Flows from Financing Activities: | |||
Proceeds from long-term debt | 189,758 | 348,903 | 494,368 |
Financing costs | (1,270) | (2,964) | (3,556) |
Payments of long-term debt | (318,904) | (383,660) | (556,939) |
Purchase of treasury stock | (168) | (9,834) | 0 |
Redemption of Series B preferred shares | 0 | 0 | (50,000) |
Redemption of Series C preferred shares | 0 | (50,000) | 0 |
Proceeds from stock issuance program, net | 53,476 | 3,461 | 16,552 |
Proceeds from preferred stock issuance, net | 23,741 | 0 | 33,984 |
Cash dividends | (36,314) | (46,708) | (49,309) |
Capital contribution from non-controlling interest to subsidiary | 0 | 4,000 | 10,000 |
Net Cash used in Financing Activities | (89,681) | (136,802) | (104,900) |
Net decrease in cash and cash equivalents and restricted cash | (44,574) | (25,999) | (22,756) |
Cash and cash equivalents and restricted cash at beginning of period | 171,771 | 197,770 | 220,526 |
Cash and cash equivalents and restricted cash at end of period | 127,197 | 171,771 | 197,770 |
Interest paid | |||
Cash paid for interest, net of amounts capitalized | 40,840 | 53,813 | 70,755 |
Current Assets: | |||
Cash and cash equivalents | 117,192 | 160,475 | 184,835 |
Restricted cash | 10,005 | 11,296 | 12,935 |
Total cash and cash equivalents and restricted cash | $ 127,197 | $ 171,771 | $ 197,770 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies (a) Basis of presentation and description of business: U.S. GAAP The Company owns and operates a fleet of crude oil and product carriers including five vessels chartered-in and two liquified natural gas (“LNG”) carriers On July 1, 2020, the Company effected a 1-for-5 33.2 Impact of COVID-19 and conflict in Ukraine on the Company’s Business The impact of the COVID-19 pandemic and the conflict in Ukraine will continue to negatively affect the global economy and demand for oil and charter rates, which may continue to have a negative effect on the Company’s business, financial performance and the results of its operations. 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. (b) Use of Estimates: (c) Other Comprehensive (Loss) Income: (d) Foreign Currency Translation: (e) Cash, Cash Equivalents and Restricted Cash: (f) Trade Accounts Receivable, Net and Credit Losses Accounting: 3,218 0 0 As of January 1, 2020, the Company adopted ASC 326 which requires entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade accounts receivable. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses which will result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition approach as of January 1, 2020, which resulted in an immaterial adjustment in the opening balance of retained earnings. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded as an offset to trade accounts receivable and changes in such, if any, are classified as allowance for credit losses in the Consolidated Statements of Comprehensive (Loss) Income. The adoption of ASC 326 primarily impacted trade accounts receivable recorded on the Consolidated Balance Sheet. The Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to determine adjustments to historical loss data. The Company assessed that any impairment of accounts receivable arising from operating leases, i.e. time charters, should be accounted for in accordance with Topic 842, Leases, and not in accordance with Topic 326. Impairment of accounts receivable arising from voyage charters, which are accounted for in accordance with Topic 606, Revenues from Contracts with Customers, are within the scope of Subtopic 326 and must therefore, be assessed for expected credit losses. No additional allowance was warranted for the years ended December 31, 2020 and December 31, 2021. No allowance was recorded on insurance claims as of January 1, 2020, December 31, 2020, and December 31, 2021, as their balances were immaterial. In addition, no allowance was recorded for cash equivalents as the majority of cash balances as of the balance sheet date were on time deposits with highly reputable credit institutions, for which periodic evaluations of the relative credit standing of those financial institutions are performed. 0 (g) Inventories: (h) Fixed Assets: Depreciation is provided on the straight-line 0.43 0.39 Management’s estimate was based on the average demolition prices prevailing in the market during the last four years for which historical data were available. The effect of this change in accounting estimate, which did not require retrospective application as per ASC 250 “Accounting Changes and Error Corrections” 746 0.04 3 25 40 (i) Impairment of Fixed Assets: 86,368 zero 18,661 In addition, the Company reviews and tests its right-of use-assets for impairment at each reporting date by comparing their carrying amount plus any unamortized leasehold improvements (Note 1(k)) with the estimated future undiscounted net operating cash flows expected to be generated by the use of the vessels, considering three-year charter rates estimates and the average of those, over the remaining lease term (Note 4). The review of the carrying amounts in connection with the estimated recoverable amount for the Company’s right of use assets as of December 31, 2021, 2020, indicated no impairment charge. (j) Reporting Assets held for sale: Arctic Antarctic Archangel, Alaska Silia T Izumo Princess (k) Accounting for Special Survey, Dry-docking Costs and Leasehold improvements: five years two and a half years The Company follows the deferral method of accounting for leasehold improvement costs whereby actual costs incurred are reported in Deferred Charges and leasehold improvements and are amortized on a straight-line basis over the shorter of the useful life of those leasehold improvements and the remaining lease term. (l) Loan Costs: (m) Accounting for Leases: Sale and Leaseback Transactions: After lease commencement, the Company measures the lease liability for an operating lease at the present value of the remaining lease payments using the discount rate determined at lease commencement (Note 4). The right-of-use asset is subsequently measured at the amount of the remeasured lease liability, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs. Any changes made to leased assets to customize it for a particular use or need of the lessee are capitalized as leasehold improvements. Amounts attributable to leasehold improvements are presented separately from the related right-of-use asset (Note 1(k)). (n) Accounting for Revenues and Expenses: Voyage charters and contracts of affreightment: 255,017 259,015 215,197 23,160 21,268 Demurrage revenue, which is included in voyage revenues, represents charterers’ reimbursement for any potential delays exceeding the allowed lay time as per charter party agreement and is recognized as the performance obligation is satisfied. Time, bareboat charters and pooling arrangements: Thus, time and bareboat charter agreements are accounted for as operating leases, ratably on a straight line over the duration of the charter agreement and therefore, fall under the scope of ASC 842 (Note 1 (m)). For vessels operating in pooling arrangements, the Company earns a portion of the generated total revenues, net of expenses incurred by the pool. Revenues and voyage expenses are pooled and allocated to each pool’s participants on a time charter equivalent, or TCE basis, 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 a variable rate operating leases, falling under the scope of ASC 842 (Note 1(m)) and is recognized for the applicable period, when the collectability is reasonably assured, based on the net revenue distributed by the pool. The charterer may charter the vessel with or without the owner’s crew and other operating services (time charter/pooling arrangements, and bareboat charter, respectively). Thus, the agreed daily rates (hire rates) in the case of time charter agreements and pooling arrangements also include compensation for part of the agreed crew and other operating services provided by the owner (non-lease components). The Company has elected to account for the lease and non-lease components of time charter agreements and pooling arrangements as a combined component in its consolidated financial statements, having taken into account that the non-lease component would be accounted for ratably on a straight-line basis over the duration of the time charter and pooling arrangements in accordance with ASC 606 and that the lease component is considered as the predominant component. In this respect, the Company qualitatively assessed that more value is ascribed to the vessel rather than to the services provided under the time charter agreements and pooling arrangements. Profit sharing contracts are accounted for as variable consideration and included in the transaction price to the extent that variable amounts earned beyond an agreed fixed minimum hire are determinable at the reporting date and when there is no uncertainty associated with the variable consideration. Profit-sharing revenues are calculated at an agreed percentage of the excess of the charter’s average daily income over an agreed amount. Revenue from time charter hire arrangements with an escalation clause is recognized on a straight-line basis over the charter term unless another systematic and rational basis is more representative of the time pattern in which the vessel is employed. Revenues from time, bareboat and pooling charter arrangements amounted to $ 291,103 385,120 382,255 Revenues generated from time charter and bareboat are usually collected in advance. Voyage related and vessel operating costs: 5,466 Unearned revenue: Customers’ concentration: Signigicant Accounting Policies - Schedule of Revenue Percentage by Major Customer (Table) Charterer 2021 2020 2019 A 14% 12% 13% B 11% 9% 11% C 8% 9% 10% (o) Segment Reporting: two LNG carriers (p) Derivative Financial Instruments: The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges of the variable cash flows of a forecasted transaction to a specific forecasted transaction. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flow of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively. In accordance with ASC 815 “Derivatives and Hedging,” the Company may prospectively discontinue the hedge accounting for an existing hedge if the applicable criteria are no longer met, the derivative instrument expires, is sold, terminated or exercised or if the Company removes the designation of the respective cash flow hedge. In those circumstances, the net gain or loss remains in accumulated other comprehensive loss and is reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings, unless the forecasted transaction is no longer probable in which case the net gain or loss is reclassified into earnings immediately. (q) Fair Value Measurements: (r) Going concern: (s) Treasury stock: (t) Accounting for transactions under common control: (u) Net (Loss) Income Per Share Attributable to Common Stockholders: The Company’s Series G Convertible Preferred Shares (Note 8) are participating securities. Any remaining earnings would be distributed to the holders of common shares 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. New Accounting Pronouncements—Not Yet Adopted In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. The ASU clarifies that all derivative instruments affected by changes to the interest rates used for discounting, margining or contract price alignment due to reference rate reform are in the scope of ASC 848. As such, entities may apply certain optional expedients in ASC 848 to derivative instruments that do not reference LIBOR, or another rate expected to be discontinued as a result of reference rate reform if there is a change to the interest rate used for discounting, margining or contract price alignment. In addition, the ASU clarifies other aspects of the guidance in ASC 848 and provides new guidance on how to address the effects of the cash compensation adjustment that is provided as part of the above change on, certain aspects of hedge accounting. The ASU is effective for all entities as of January 7, 2021, allows for retrospective or prospective application with certain conditions, and generally can be adopted through December 31, 2022. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures , considering that none of the Company’s floating rate credit facilities, based on the U.S. dollar LIBOR rates, were discontinued as of January 1, 2022. In March 2022, the Company has entered into a loan agreement based on Compounded Reference Rate of the day. 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 | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 2. Transactions with Related Parties (a) Tsakos Energy Management Limited (the “Management Company”): 27.5 Eurochampion 2004, Maria Princess Sapporo Princess Ulysses, Hercules I, 28 27.7 27.5 Afrodite Ariadne 27.5 20.4 35 37.8 37.3 36.9 20,203 20,271 20,147 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. For the years ended December 31, 2021, 2020 and 2019, an award of $ 500 1,500 500 1,500 The Holding Company and the Management Company have certain officers and directors in common. The President, who is also the Chief Executive Officer and a Director of the Holding Company, is also the sole stockholder of the Management Company. The Management Company may unilaterally terminate its Management Agreement with the Holding Company at any time upon one year’s notice. In addition, if even one director is elected to the Holding Company without the recommendation of the existing Board of Directors, the Holding Company would be obligated to pay the Management Company an amount calculated in accordance with the terms of the Management Agreement. Under the terms of the Management Agreement between the Holding Company and the Management Company, the Holding Company may terminate the Management Agreement only under specific circumstances, without the prior approval of the Holding Company’s Board of Directors. Estimated future management fees payable over the next ten years under the Management Agreement, exclusive of any incentive awards and based on existing vessels and known vessels scheduled for future delivery as at December 31, 2021, are $ 21,185 20,829 21,127 20,667 20,148 85,445 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 $ 20.4 530 740 850 12 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 the Company’s vessels. TCM for services rendered charged $ 2,186 1,327 2,038 At December 31, 2021, the amount due from TCM was $ 14,595 20,693 TCM has a 25% (c) Tsakos Shipping and Trading S.A. (“Tsakos Shipping”): 1.25% 0.1 0.2 1.0% Maya, Silia T Didimon 200 1 0 Certain members of the Tsakos family are involved in the decision-making processes of Tsakos Shipping and of the Management Company and are also shareholders of the Holding Company. Tsakos Shipping for services rendered charged $ 6,821 8,060 7,405 1,439 1,376 338 317 (d) Argosy Insurance Company Limited (“Argosy”): 10,002 9,480 9,519 5,805 2,190 1 1 (e) AirMania Travel S.A. (“AirMania”): 5,098 4,380 5,617 At December 31, 2021, the amount due to AirMania was $ 503 437 |
Long-term Investments
Long-term Investments | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Long-term Investments | 3. Long-term Investments At December 31, 2021 and 2020, the Company held 125,000 1,000 1,000 “Impairment Charges” |
Vessels
Vessels | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Vessels | 4. Vessels Acquisitions In 2021, there were no vessel acquisitions. On January 7, 2020 September 21, 2020 November 10, 2020 Caribbean Voyager Apollo Voyager Artemis Voyager 197,845 October 21, 2019 Mediterranean Voyager 51,980 . Sales In 2021, the Company sold its panamax tanker Maya, for net proceeds of $ 9,336 4,121 Silia T , Didimon, Sakura Princess 93,627 6,451 Sale and Leaseback On December 21, 2017 five-year Eurochampion 2004 Euronike 65,200 13,000 12,741 On January 9, 2020 five-year Archangel Alaska 61,070 11,800 10,909 On December 21, 2020 five-year Sakura Princess. 24,527 4,425 4,222 Sakura Princess On June 21, 2021 five-year Arctic Antarctic 52,304 8,415 8,032 1,696 At December 31, 2021 and 2020, the Company has assessed the recoverability of the seller’s credits, considering the impairment indicators present, resulting in no impairment charge. As at December 31, 2021, the Company recognized on its consolidated balance sheet a right-of-use asset of $ 42,440 Arctic Antarctic 11,333 Sakura Princess 27,371 Archangel Alaska 7,429 Eurochampion 2004 Euronike The incremental borrowing rate used to determine the obligations under operating leases was 5.45% Eurochampion 2004 Euronike 4.41% Archangel Alaska 3.15% Sakura Princess 2.06% Arctic Antarctic 0.97 3.02 3.97 4.49 years, respectively, as at December 31, 2021 and 1.97 , 4.02 and 4.97 years, respectively, as at December 31, 2020. As at December 31, 2021 and 2020, both the right-of use asset and the corresponding obligation under operating leases were $ 88,573 (current portion $ 29,749 and non-current portion $ 58,824 ) and $ 67,110 (current portion $ 20,976 and non-current portion $ 46,134 ), respectively. The financial liability recognized for aframax Sakura Princess 4,193 (current portion $ 997 and non-current portion $ 3,196 ) as of December 31, 2021 5,148 905 4,243 Vessels (Table) Year Lease Commitment 2022 $ 34,892 2023 25,922 2024 25,958 2025 15,332 2026 4,992 Minimum net lease payments $ 107,096 Less: Present value discount (14,330) Total Obligations under operating leases and financial liability (current and non-current portion) $ 92,766 The Company has subleased all seven vessels and has recognized sublease revenue, net of voyage expenses of $ 16,202 29,355 15,408 Impairment As of December 31, 2021, the Company reviewed the carrying amount including any unamortized dry-docking costs in connection with the estimated recoverable amount and the probability of sale for each of its vessels and vessels under construction. This review indicated that such carrying amount was not fully recoverable for seven of the Company’s vessels Aris, Ajax, Afrodite, Apollon, Artemis,Ariadne, Proteas 172,118 85,750 86,368 8,683 28,776 Arctic Antarctic Izumo Princess Sakura Princess 27,613 Amphitrite, Arion, Andromeda, Aegeas, Izumo Princess, Archangel and Alaska. |
Deferred Charges and leasehold
Deferred Charges and leasehold improvements | 12 Months Ended |
Dec. 31, 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 $ 27,344 27,021 Eurochampion 2004 Euronike, Archangel, Alaska Arctic 6,953 5,234 |
Long _Term Debt
Long –Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long –Term Debt | 6. Long –Term Debt Long-term Debt (Table) Facility 2021 2020 Loans 1,380,648 1,509,794 Less: Deferred finance costs, net (7,461) (9,437) Total long-term debt 1,373,187 1,500,357 Less: Current portion of debt (175,062) (235,082) Add: Deferred finance costs, current portion 2,126 2,654 Long-term debt, net of current portion and deferred finance costs 1,200,251 1,267,929 Loan balances outstanding at December 31, 2021, amounted to $ 1,380,648 semi-annual LIBOR plus a spread On January 15, 2021 five-year and three-months 44,500 to refinance the existing loan for the aframax tankers Maria Princess, Nippon Princess, Ise Princess January 22, 2021 44,500 36,488 ten semi-annual 4,045.5 4,045 On May 13, 2021 seven-year 74,500 relating to the pre- and post delivery financing of the shuttle tanker under construction fourteen semi-annual 2,069 45,528 On May 19, 2021 4,951 Maya On June 25, 2021 27,336 Arctic Antarctic On July 8, 2021 five-year 26,000 to refinance the existing loan for the panamax tanker Sunray July 13, 2021 26,000 26,393 ten semi-annual 1,000 16,000 On September 27, 2021 four-year 48,750 to refinance the existing loan for the handymax tankers, Artemis, Afrodite, Ariadne, Aris, Apollon Ajax September 28, 2021 48,750 30,370 eight semi-annual 3,500 20,750 On December 21, 2021 four-year 38,000 to refinance the existing loan for the aframax tankers, Proteas, Promitheas Propontis December 22, 2021 38,000 27,333 semi-annual 1,750 semi-annual 2,750 18,000 On December 21, 2021 ten-year for its under-construction LNG carrier, Tenergy January 12, 2022 177,238 27,750 forty quarterly 2,332 83,955 On March 16, 2022 five-year 62,000 to refinance the existing loan for the suezmax tankers, Dimitris P Spyros K Uraga Princess March 17, 2022 62,000 47,730 ten semi-annual 2,750 34,500 On March 31,2022 six-year 67,500 to refinance the existing loan for the DP2 shuttle tanker, Brasil 2014 April 4, 2022 67,500 54,117 twelve semi-annual 4,500 13,500 According to the debt extinguishment guidance of ASC 470-50 “Debt Modifications and Extinguishments”, the Company expenses any unamortized deferred financing costs on its prepaid loans (Note 7). At December 31, 2021, interest rates on the term bank loans ranged from 1.55% 3.12% The weighted-average interest rates on all executed loans for the applicable periods were: Long-term Debt - Weighted-Average Interest Rates (Table) Year ended December 31, 2021 2.02% Year ended December 31, 2020 2.88% Year ended December 31, 2019 4.41% Loan movements throughout 2021: Long-term Debt - Schedule of Debt (Table) Loan Origination Original Balance at New Prepaid Repaid Balance at 8-year term loan 2011 73,600 60,860 — — 6,407 54,453 6-year term loan 2014 193,239 30,921 — — 2,474 28,447 8-year term loan 2014 39,954 37,500 — — 2,589 34,911 5-year term loan 2015 35,190 27,370 — 26,393 977 — 7-year term loan 2015 35,190 26,393 — — 2,200 24,193 7-year term loan 2015 39,900 21,764 — — 3,628 18,136 7-year term loan 2015 44,800 30,400 — — 3,200 27,200 12-year term loan 2016 309,824 209,430 — — 21,501 187,929 7 1/2 -year term loan 2017 85,000 68,000 — — 5,667 62,333 6-year term loan 2018 80,000 61,275 — — 7,158 54,117 5-year term loan 2018 180,000 104,770 — 85,039 19,731 — 5-year term loan 2018 44,000 24,383 — — 2,700 21,683 5-year term loan 2018 48,650 36,488 — 36,488 — — 8-year term loan 2018 82,752 79,304 — — 4,597 74,707 5-year term loan 2018 62,500 53,500 — — 6,000 47,500 6-year term loan 2019 88,150 60,804 — — 8,716 52,088 5-year term loan 2019 38,250 30,682 — 4,951 5,718 20,013 4-year term loan 2019 26,000 20,800 — — 5,200 15,600 7-year term loan 2019 56,352 56,352 — — 2,818 53,534 10 -year term loan 2019 54,387 54,191 — — 3,011 51,180 7-year term loan 2019 72,000 67,200 — — 4,800 62,400 5-year term loan 2019 71,036 64,613 — — 5,082 59,531 5-year term loan 2019 36,000 33,600 — — 2,400 31,200 5-year term loan 2019 35,000 31,818 — — 3,182 28,636 5-year term loan 2020 16,800 15,015 — — 2,730 12,285 2-year term loan 2020 27,750 13,875 13,875 — — 27,750 5-year term loan 2020 70,000 67,305 — — 11,217 56,088 5-year term loan 2020 40,000 38,556 — — 2,487 36,069 6-year term loan 2020 37,500 37,125 — — 2,652 34,473 5-year term loan 2020 47,000 45,500 — — 9,100 36,400 5-year term loan 2021 44,500 — 44,500 — 8,091 36,409 5-year term loan 2021 26,000 — 26,000 — — 26,000 4-year term loan 2021 38,000 — 38,000 — — 38,000 4-year term loan 2021 48,750 — 48,750 — — 48,750 7-year term loan 2021 74,500 — 18,633 — — 18,633 Total 1,509,794 189,758 152,871 166,033 1,380,648 The above term bank loans are secured by first priority mortgages on all vessels owned by the Company’s subsidiaries, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant ship-owning subsidiaries and in certain cases of the Holding Company as well. 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 provided no 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 $ 105,768 111,969 3,100 As at December 31, 2021, the Company and its subsidiaries had thirty-two loan agreements, totaling $ 1,380,648 The Company fulfilled its requirements in respect of the financial covenants of all of its loan agreements, as at December 31, 2021. The Company’s liquidity requirements relate primarily to servicing its debt, funding the equity portion of investments in vessels under construction and funding expected capital expenditures and working capital. The annual principal payments, including balloon payments on loan maturity, required to be made after December 31, 2021, are as follows: Long-term Debt - Principal Payments (Table) Year Amount 2022 175,062 2023 242,995 2024 283,014 2025 262,130 2026 199,780 2027 and thereafter 217,667 Total 1,380,648 |
Interest and Finance Costs, net
Interest and Finance Costs, net | 12 Months Ended |
Dec. 31, 2021 | |
Interest And Finance Costs Net | |
Interest and Finance Costs, net | 7. Interest and Finance Costs, net Interest and Finance Costs, net (Table) 2021 2020 2019 Interest expense 39,131 50,611 69,980 Less: Interest capitalized (718) (996) (1,018) Interest expense, net 38,413 49,615 68,962 Bunker swap, put and call options cash settlements (448) 7,568 1,469 Bunker put options premium (35) 1,246 — Amortization of deferred finance costs 3,246 3,782 4,822 Bank charges 164 277 240 Discount of long-term receivables 603 2,435 — Change in fair value of non-hedging financial instruments (10,536) 5,656 (770) Net total 31,407 70,579 74,723 At December 31, 2021, the Company was committed to eleven 503,834 April 2023 through October 2027 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 December 31, 2021 and 2020, in aggregate amounted to $ 16,151 36,183 6,380 At December 31, 2021 and December 31, 2020, the Company did not have non-hedging interest rate swaps As of December 31, 2021, and 2020, the Company held zero three six 1,246 35 zero 207 (208) 207 At December 31, 2019, the Company held one 147 (146) (203) During 2021 and 2020, the Company held twelve eighteen 1,989 (8,755) 10,744 (5,904) During 2021, 2020 and 2019, the Company has written-off unamortized deferred finance costs of $ 460 766 1,278 During 2021 and 2020, the Company recognized a discount on its lease liability (Note 4) amounting to $ 603 2,435 No |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity | 8. Stockholders’ Equity On May 5, 2021, the Board of Directors of the Company authorized the issuance and sale of up to $ 50,000 100,000 In 2021, the Company issued 6,049,498 50,538 172,227 3,461 911,459 16,552 In 2021, the Company issued 92,093 143,708 741,259 2,240 3,501 18,000 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 In 2021 and 2020, the Company acquired and held as treasury stock, 19,836 978,936 168 9,834 320,599 3,211 273 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 On October 30, 2020, the Company redeemed all of its 2,000,000 25.00 0.5547 2,493 On July 30, 2019, the Company redeemed all of its 2,000,000 25.00 0.50 2,750 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 $ 15 130% 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 could have also redeemed 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 Company did not exercise the redemption option as of December 31, 2021. The Series G Convertible Preferred Shares did not generate a beneficial conversion feature (BCF) upon issuance as the fair value of the Company’s common shares was lower than the conversion price. The Series G Convertible Preferred Shares did not meet the criteria for mandatorily redeemable financial instruments. Additionally, the Company determined that the nature of the Series G Convertible Preferred Shares was more akin to an equity instrument and that the economic characteristics and risks of the embedded conversion options were clearly and closely related to the Series G Convertible Preferred Shares. As such, the conversion options were not required to be bifurcated from the equity host under ASC 815, Derivatives and Hedging. The Company also determined that the redemption call option did meet the definition of a derivative, but that the value of the derivative was zero due to the expectations under which the call option would be exercised. On September 1, 2020, the redemption call option expired unexercised. On December 23, 2019 and January 15, 2020, 875,000 10,000 583,333 6,667 The holders of the Series G Convertible Preferred Shares generally do not have voting rights. However, without the affirmative vote or consent of the holders of at least two-thirds of the outstanding Series G Convertible Preferred Shares, voting as a single class, the Company may not adopt any amendment to its memorandum of association or bye-laws that materially or adversely alters or affects the preferences, powers or rights of the Series G Convertible Preferred Shares in any respect or any amendment to the Series G Convertible Preferred Shares Certificate of Designations. The Series G Convertible Preferred Shares rank pari passu On February 1, 2021 (the “Initial Redemption Date”) and August 2, 2021, the Company redeemed 1,798,651 357,063 1,900,000 388,841 0.001 10.00 10.56 10.89 19,000,000 3,888,416 2,171 The redemption price at which the Series G Convertible Preferred Shares exchanged was the higher of 95% 7.75 common shares at the conversion rate (unless the Company elects to redeem such Series G Convertible Preferred Shares for cash). After the fifth anniversary of the share purchase agreement, any Series G Convertible Preferred Shares will automatically convert into the Company’s common shares at the conversion rate (unless the Company elects to redeem such Series G Convertible Preferred Shares for cash) or be redeemed for Shyris Shipping Preferred Shares. The Series G Convertible Preferred shareholders will also have the right to require the Company to redeem the Series G Convertible Preferred Shares for cash, in the event of non-compliance with certain requirements relating to Shyris Shipping. The Company had 459,286 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 864 858 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 3,889 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. On April 15, 2022, Shyris Shipping redeemed 75,000 757 |
Accumulated other comprehensive
Accumulated other comprehensive loss | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated other comprehensive loss | 9. Accumulated other comprehensive loss In 2021, Accumulated other comprehensive loss decreased to $ 17,175 36,994 19,819 18,641 9,693 |
Loss per Common Share
Loss per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Loss per Common Share | 10. Loss per Common Share The Company calculates basic and diluted net loss per share in conformity with the two-class method required for companies with participating securities. The Company considered all series of redeemable convertible preferred shares to have been participating securities as the holders were entitled to receive non-cumulative dividends on a pari passu basis in the event that a dividend was paid on common shares. Under the two-class method, the net loss attributable to common stockholders is not allocated to the redeemable convertible preferred shares as the holders of redeemable convertible preferred shares do not have a contractual obligation to share in losses. Under the two-class method, basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive common share equivalents outstanding for the period. The following table sets forth the computation of basic and diluted net loss per share: Loss per Common Share (Table) 2021 2020 2019 Numerator Net (loss) income attributable to Tsakos Energy Navigation Limited $ (151,401) $ 24,002 $ 15,126 Preferred share dividends, Series B — — (3,000) Preferred share dividends, Series C — (3,328) (4,438) Preferred share dividends, Series D (7,596) (7,492) (7,492) Preferred share dividends, Series E (10,822) (10,637) (10,637) Preferred share dividends, Series F (15,131) (14,250) (14,250) Preferred share dividends, convertible Series G (54) (872) (583) Deemed dividend on Series B preferred shares — — (2,750) Deemed dividend on Series C preferred shares — (2,493) — Deemed dividend on partially redeemed Convertible Series G preferred shares (2,171) — — Net loss attributable to common stockholders (187,175) (15,070) (28,024) Denominator Weighted average common shares outstanding 19,650,307 18,768,599 17,751,585 Basic and diluted loss per common share $ (9.53) $ (0.80) $ (1.58) For purposes of this calculation, potential redeemable convertible preferred shares of 306,191 1,743,607 |
Non-controlling Interest in Sub
Non-controlling Interest in Subsidiaries | 12 Months Ended |
Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Non-controlling Interest in Subsidiaries | 11. Non-controlling Interest in Subsidiaries The Company owns 51% Maya Inca, Selini Salamina Byzantion Bosporos 49% 7.6% 8.6% 6.2% In April 2020, Mare Success S.A. increased its paid-in-capital by $ 8,163 4,163 51 4,000 49 Byzantion Bosporos In June 2019, Mare Success S.A increased its paid-in capital by $ 20,408 10,408 51 10,000 49 Selini Salamina The Company owns 100 Caribbean Voyager Mediterranean Voyager Apollo Voyager Artemis Voyager 2,288,841 0.001 10 7.50 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies As at December 31, 2021, the Company had under construction one shuttle tanker, one LNG carrier and four dual fuel LNG powered aframax tankers. The total contracted amount remaining to be paid for the six vessels under construction plus the extra costs agreed as at December 31, 2021, were $ 480,048 240,515 239,533 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 December 31, 2021, before reduction for brokerage commissions and assuming no off-hire days, expected to be recognized on non-cancelable time charters are as follows: Commitments and Contingencies - Minimum Future Charter Revenue Year Amount 2022 $ 264,804 2023 195,464 2024 173,747 2025 127,547 2026 105,742 2027 to 2028 133,626 Minimum charter revenues $ 1,000,930 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes Under the laws of the countries of the Company’s subsidiaries’ incorporation and/or vessels’ registration (Greece, Liberia, Marshall Islands, Panama, Bahamas, Cyprus, Malta), the companies are subject to registration and tonnage taxes, which have been included in the Vessel operating expenses. The Company is not expected to be subject to United States Federal income tax on its gross income from the international operations of ships. In general, foreign persons operating ships to and from the United States are subject to United States Federal income tax of 4% of their United States source gross transportation income, which equals 50% of their gross income from transportation to or from the United States. The Company believes that it is exempt from United States Federal income tax on its United States source gross transportation income, as each vessel-operating subsidiary is organized in a foreign country that grants an equivalent exemption to corporations organized in the United States, and derives income from the international operation of ships and satisfies the stock ownership test as defined by the Internal Revenue Code and related regulations as a result of the Company’s stock being primarily and regularly traded on an established securities market in the United States. Under the regulations, a Company’s stock is considered to be regularly traded on an established securities market if (i) one or more classes of its stock representing 50% or more of its outstanding shares, by voting power and value, is listed on the market and is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year; and (ii) the aggregate number of shares of stock traded during the taxable year is at least 10% of the average number of shares of the stock outstanding during the taxable year. Other requirements such as the substantiation and reporting requirements under the regulations also must be satisfied to qualify for the exemption from United States Federal income tax. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 14. 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 and bunker swap agreements discussed in Note 6 above are determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined. The estimated fair values of the Company’s financial instruments, other than derivatives at December 31, 2021 and 2020, are as follows: Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Table) 2021 2020 Carrying Fair Value Carrying Fair Value Financial assets (liabilities) Cash and cash equivalents 117,192 117,192 160,475 160,475 Restricted cash 10,005 10,005 11,296 11,296 Margin deposits 5,849 5,849 6,153 6,153 Long-term receivable (including short-term portion) 35,904 35,904 27,294 27,294 Financial liability (4,193) (4,193) (5,148) (5,148) Obligations under operating leases (88,573) (88,573) (67,110) (67,110) Debt (1,380,648) (1,380,648) (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 December 31, 2021, the Company deposited cash collateral related to its derivative instruments under its collateral security arrangements of $ 5,849 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 Consolidated Statements of Comprehensive (Loss) Income or in the Consolidated Balance Sheets, as a component of Accumulated other comprehensive loss. Financial Instruments - Schedule of Derivative Instruments - Statements of Financial Position Location (Table) Asset Derivatives Liability Derivatives December 31, December 31, December 31, December 31, Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value 7 — 8,884 11,095 Financial instruments - Fair Value, net of current portion 1,382 — 8,656 25,088 Subtotal 1,389 — 17,540 36,183 Asset Derivatives Liability Derivatives December 31, December 31, December 31, December 31, Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives not designated as hedging instruments Bunker swaps Current portion of financial instruments—Fair value 1,845 255 — 3,988 Bunker swaps Financial instruments—Fair Value, net of current portion 144 — — 5,023 Bunker put options Current portion of financial instruments—Fair value — 387 — 180 Subtotal 1,989 642 — 9,191 Total derivatives 3,378 642 17,540 45,734 Derivatives designated as Hedging Instruments-Net effect on the Consolidated Statements of Comprehensive (Loss) Income Financial Instruments - Schedule of Cash Flow Hedges - Gain (Loss) Recognized In Accumulated Other Comprehensive Loss on Derivative (Effective Portion) (Table) Derivative Amount Gain (Loss) Recognized in Accumulated Other Comprehensive Loss on Derivative (Effective Portion) Location 2021 2020 2019 Interest rate swaps 29,999 (25,054) (9,938) Total 29,999 (25,054) (9,938) Financial Instruments - Schedule of Cash Flow Hedges - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (Table) Derivative Amount Gain (Loss) Recognized in Accumulated Other Comprehensive Loss on Derivative (Effective Portion) Location 2021 2020 2019 Interest rate swaps Depreciation expense (192) (189) (189) Interest rate swaps Interest and finance costs, net 10,372 (6,224) (56) Total 10,180 (6,413) (245) The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive (Loss) Income as of December 31, 2021, 2020 and 2019, was $ 17,175 36,994 18,353 Derivatives not designated as Hedging Instruments – Net effect on the Consolidated Statements of Comprehensive (Loss) Income Financial Instruments - Schedule of Derivatives Not Designated as Hedging Instruments - Net Effect on the Statement Of Comprehensive Income (Table) Derivative Amount Net Realized and Unrealized Gain (Loss) Recognized on Statement of Comprehensive Income (Loss) Location 2021 2020 2019 Interest rate swaps Interest and finance costs, net — 187 (149) Bunker swaps Interest and finance costs, net 11,191 (14,312) 1,122 Bunker put options Interest and finance costs, net (172) (271) — Bunker call options Interest and finance costs, net — (74) (1,672) Total 11,019 (14,470) (699) The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of December 31, 2021 and 2020, using Level 2 inputs (significant other observable inputs): Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Table) Recurring measurements: December 31, December 31, Interest rate swaps (16,151) (36,183) Bunker swaps 1,989 (8,755) Bunker put options — 207 (14,162) (44,731) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events a) On January 12, 2022, the Company acquired its newbuilding LNG carrier Tenergy b) On January 14, 2022, the Company paid the first installments for two of its four dual fuel LNG powered aframax tankers under construction ( Hull 5083 Hull 5084 c) On January 31, 2022, the Company paid a dividend of $ 0.59375 9.50 d) On February 28, 2022, the Company paid a dividend of $ 0.54687 8.75 e) On February 28, 2022 the Company paid a dividend of $ 0.57812 9.25 f) On March 3, 2022, the Company drew down $ 9,268.5 g) As of April 20, 2022, the Company raised $ 28,653 3,603,697 0.195 165 2,239 5,888 h) As a result of the recent conflict in Ukraine, the EU, U.S. and other countries have imposed sanctions in response to Russian action. The extent to which this will impact the Company’s future results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted. Accordingly, an estimate of the impact cannot be made at this time. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation and description of business: | (a) Basis of presentation and description of business: U.S. GAAP The Company owns and operates a fleet of crude oil and product carriers including five vessels chartered-in and two liquified natural gas (“LNG”) carriers On July 1, 2020, the Company effected a 1-for-5 33.2 Impact of COVID-19 and conflict in Ukraine on the Company’s Business The impact of the COVID-19 pandemic and the conflict in Ukraine will continue to negatively affect the global economy and demand for oil and charter rates, which may continue to have a negative effect on the Company’s business, financial performance and the results of its operations. 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. |
Use of Estimates: | (b) Use of Estimates: |
Other Comprehensive (Loss) Income: | (c) Other Comprehensive (Loss) Income: |
Foreign Currency Translation: | (d) Foreign Currency Translation: |
Cash, Cash Equivalents and Restricted Cash: | (e) Cash, Cash Equivalents and Restricted Cash: |
Trade Accounts Receivable, Net and Credit Losses Accounting: | (f) Trade Accounts Receivable, Net and Credit Losses Accounting: 3,218 0 0 As of January 1, 2020, the Company adopted ASC 326 which requires entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade accounts receivable. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses which will result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition approach as of January 1, 2020, which resulted in an immaterial adjustment in the opening balance of retained earnings. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded as an offset to trade accounts receivable and changes in such, if any, are classified as allowance for credit losses in the Consolidated Statements of Comprehensive (Loss) Income. The adoption of ASC 326 primarily impacted trade accounts receivable recorded on the Consolidated Balance Sheet. The Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to determine adjustments to historical loss data. The Company assessed that any impairment of accounts receivable arising from operating leases, i.e. time charters, should be accounted for in accordance with Topic 842, Leases, and not in accordance with Topic 326. Impairment of accounts receivable arising from voyage charters, which are accounted for in accordance with Topic 606, Revenues from Contracts with Customers, are within the scope of Subtopic 326 and must therefore, be assessed for expected credit losses. No additional allowance was warranted for the years ended December 31, 2020 and December 31, 2021. No allowance was recorded on insurance claims as of January 1, 2020, December 31, 2020, and December 31, 2021, as their balances were immaterial. In addition, no allowance was recorded for cash equivalents as the majority of cash balances as of the balance sheet date were on time deposits with highly reputable credit institutions, for which periodic evaluations of the relative credit standing of those financial institutions are performed. 0 |
Inventories: | (g) Inventories: |
Fixed Assets: | (h) Fixed Assets: Depreciation is provided on the straight-line 0.43 0.39 Management’s estimate was based on the average demolition prices prevailing in the market during the last four years for which historical data were available. The effect of this change in accounting estimate, which did not require retrospective application as per ASC 250 “Accounting Changes and Error Corrections” 746 0.04 3 25 40 |
Impairment of Fixed Assets: | (i) Impairment of Fixed Assets: 86,368 zero 18,661 In addition, the Company reviews and tests its right-of use-assets for impairment at each reporting date by comparing their carrying amount plus any unamortized leasehold improvements (Note 1(k)) with the estimated future undiscounted net operating cash flows expected to be generated by the use of the vessels, considering three-year charter rates estimates and the average of those, over the remaining lease term (Note 4). The review of the carrying amounts in connection with the estimated recoverable amount for the Company’s right of use assets as of December 31, 2021, 2020, indicated no impairment charge. |
Reporting Assets held for sale: | (j) Reporting Assets held for sale: Arctic Antarctic Archangel, Alaska Silia T Izumo Princess |
Accounting for Special Survey, Dry-docking Costs and Leasehold improvements: | (k) Accounting for Special Survey, Dry-docking Costs and Leasehold improvements: five years two and a half years The Company follows the deferral method of accounting for leasehold improvement costs whereby actual costs incurred are reported in Deferred Charges and leasehold improvements and are amortized on a straight-line basis over the shorter of the useful life of those leasehold improvements and the remaining lease term. |
Loan Costs: | (l) Loan Costs: |
Accounting for Leases: | (m) Accounting for Leases: Sale and Leaseback Transactions: After lease commencement, the Company measures the lease liability for an operating lease at the present value of the remaining lease payments using the discount rate determined at lease commencement (Note 4). The right-of-use asset is subsequently measured at the amount of the remeasured lease liability, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs. Any changes made to leased assets to customize it for a particular use or need of the lessee are capitalized as leasehold improvements. Amounts attributable to leasehold improvements are presented separately from the related right-of-use asset (Note 1(k)). |
Accounting for Revenues and Expenses: | (n) Accounting for Revenues and Expenses: Voyage charters and contracts of affreightment: 255,017 259,015 215,197 23,160 21,268 Demurrage revenue, which is included in voyage revenues, represents charterers’ reimbursement for any potential delays exceeding the allowed lay time as per charter party agreement and is recognized as the performance obligation is satisfied. Time, bareboat charters and pooling arrangements: Thus, time and bareboat charter agreements are accounted for as operating leases, ratably on a straight line over the duration of the charter agreement and therefore, fall under the scope of ASC 842 (Note 1 (m)). For vessels operating in pooling arrangements, the Company earns a portion of the generated total revenues, net of expenses incurred by the pool. Revenues and voyage expenses are pooled and allocated to each pool’s participants on a time charter equivalent, or TCE basis, 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 a variable rate operating leases, falling under the scope of ASC 842 (Note 1(m)) and is recognized for the applicable period, when the collectability is reasonably assured, based on the net revenue distributed by the pool. The charterer may charter the vessel with or without the owner’s crew and other operating services (time charter/pooling arrangements, and bareboat charter, respectively). Thus, the agreed daily rates (hire rates) in the case of time charter agreements and pooling arrangements also include compensation for part of the agreed crew and other operating services provided by the owner (non-lease components). The Company has elected to account for the lease and non-lease components of time charter agreements and pooling arrangements as a combined component in its consolidated financial statements, having taken into account that the non-lease component would be accounted for ratably on a straight-line basis over the duration of the time charter and pooling arrangements in accordance with ASC 606 and that the lease component is considered as the predominant component. In this respect, the Company qualitatively assessed that more value is ascribed to the vessel rather than to the services provided under the time charter agreements and pooling arrangements. Profit sharing contracts are accounted for as variable consideration and included in the transaction price to the extent that variable amounts earned beyond an agreed fixed minimum hire are determinable at the reporting date and when there is no uncertainty associated with the variable consideration. Profit-sharing revenues are calculated at an agreed percentage of the excess of the charter’s average daily income over an agreed amount. Revenue from time charter hire arrangements with an escalation clause is recognized on a straight-line basis over the charter term unless another systematic and rational basis is more representative of the time pattern in which the vessel is employed. Revenues from time, bareboat and pooling charter arrangements amounted to $ 291,103 385,120 382,255 Revenues generated from time charter and bareboat are usually collected in advance. Voyage related and vessel operating costs: 5,466 Unearned revenue: Customers’ concentration: Signigicant Accounting Policies - Schedule of Revenue Percentage by Major Customer (Table) Charterer 2021 2020 2019 A 14% 12% 13% B 11% 9% 11% C 8% 9% 10% |
Segment Reporting: | (o) Segment Reporting: two LNG carriers |
Derivative Financial Instruments: | (p) Derivative Financial Instruments: The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges of the variable cash flows of a forecasted transaction to a specific forecasted transaction. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flow of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively. In accordance with ASC 815 “Derivatives and Hedging,” the Company may prospectively discontinue the hedge accounting for an existing hedge if the applicable criteria are no longer met, the derivative instrument expires, is sold, terminated or exercised or if the Company removes the designation of the respective cash flow hedge. In those circumstances, the net gain or loss remains in accumulated other comprehensive loss and is reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings, unless the forecasted transaction is no longer probable in which case the net gain or loss is reclassified into earnings immediately. |
Fair Value Measurements: | (q) Fair Value Measurements: |
Going concern: | (r) Going concern: |
Treasury stock: | (s) Treasury stock: |
Accounting for transactions under common control: | (t) Accounting for transactions under common control: |
Net (Loss) Income Per Share Attributable to Common Stockholders: | (u) Net (Loss) Income Per Share Attributable to Common Stockholders: The Company’s Series G Convertible Preferred Shares (Note 8) are participating securities. Any remaining earnings would be distributed to the holders of common shares 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. |
New Accounting Pronouncements—Not Yet Adopted | New Accounting Pronouncements—Not Yet Adopted In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. The ASU clarifies that all derivative instruments affected by changes to the interest rates used for discounting, margining or contract price alignment due to reference rate reform are in the scope of ASC 848. As such, entities may apply certain optional expedients in ASC 848 to derivative instruments that do not reference LIBOR, or another rate expected to be discontinued as a result of reference rate reform if there is a change to the interest rate used for discounting, margining or contract price alignment. In addition, the ASU clarifies other aspects of the guidance in ASC 848 and provides new guidance on how to address the effects of the cash compensation adjustment that is provided as part of the above change on, certain aspects of hedge accounting. The ASU is effective for all entities as of January 7, 2021, allows for retrospective or prospective application with certain conditions, and generally can be adopted through December 31, 2022. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures , considering that none of the Company’s floating rate credit facilities, based on the U.S. dollar LIBOR rates, were discontinued as of January 1, 2022. In March 2022, the Company has entered into a loan agreement based on Compounded Reference Rate of the day. 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. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Signigicant Accounting Policies - Schedule of Revenue Percentage by Major Customer (Table) | Signigicant Accounting Policies - Schedule of Revenue Percentage by Major Customer (Table) Charterer 2021 2020 2019 A 14% 12% 13% B 11% 9% 11% C 8% 9% 10% |
Vessels (Tables)
Vessels (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Vessels (Table) | Vessels (Table) Year Lease Commitment 2022 $ 34,892 2023 25,922 2024 25,958 2025 15,332 2026 4,992 Minimum net lease payments $ 107,096 Less: Present value discount (14,330) Total Obligations under operating leases and financial liability (current and non-current portion) $ 92,766 |
Long _Term Debt (Tables)
Long –Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt (Table) | Long-term Debt (Table) Facility 2021 2020 Loans 1,380,648 1,509,794 Less: Deferred finance costs, net (7,461) (9,437) Total long-term debt 1,373,187 1,500,357 Less: Current portion of debt (175,062) (235,082) Add: Deferred finance costs, current portion 2,126 2,654 Long-term debt, net of current portion and deferred finance costs 1,200,251 1,267,929 |
Long-term Debt - Weighted-Average Interest Rates (Table) | Long-term Debt - Weighted-Average Interest Rates (Table) Year ended December 31, 2021 2.02% Year ended December 31, 2020 2.88% Year ended December 31, 2019 4.41% |
Long-term Debt - Schedule of Debt (Table) | Long-term Debt - Schedule of Debt (Table) Loan Origination Original Balance at New Prepaid Repaid Balance at 8-year term loan 2011 73,600 60,860 — — 6,407 54,453 6-year term loan 2014 193,239 30,921 — — 2,474 28,447 8-year term loan 2014 39,954 37,500 — — 2,589 34,911 5-year term loan 2015 35,190 27,370 — 26,393 977 — 7-year term loan 2015 35,190 26,393 — — 2,200 24,193 7-year term loan 2015 39,900 21,764 — — 3,628 18,136 7-year term loan 2015 44,800 30,400 — — 3,200 27,200 12-year term loan 2016 309,824 209,430 — — 21,501 187,929 7 1/2 -year term loan 2017 85,000 68,000 — — 5,667 62,333 6-year term loan 2018 80,000 61,275 — — 7,158 54,117 5-year term loan 2018 180,000 104,770 — 85,039 19,731 — 5-year term loan 2018 44,000 24,383 — — 2,700 21,683 5-year term loan 2018 48,650 36,488 — 36,488 — — 8-year term loan 2018 82,752 79,304 — — 4,597 74,707 5-year term loan 2018 62,500 53,500 — — 6,000 47,500 6-year term loan 2019 88,150 60,804 — — 8,716 52,088 5-year term loan 2019 38,250 30,682 — 4,951 5,718 20,013 4-year term loan 2019 26,000 20,800 — — 5,200 15,600 7-year term loan 2019 56,352 56,352 — — 2,818 53,534 10 -year term loan 2019 54,387 54,191 — — 3,011 51,180 7-year term loan 2019 72,000 67,200 — — 4,800 62,400 5-year term loan 2019 71,036 64,613 — — 5,082 59,531 5-year term loan 2019 36,000 33,600 — — 2,400 31,200 5-year term loan 2019 35,000 31,818 — — 3,182 28,636 5-year term loan 2020 16,800 15,015 — — 2,730 12,285 2-year term loan 2020 27,750 13,875 13,875 — — 27,750 5-year term loan 2020 70,000 67,305 — — 11,217 56,088 5-year term loan 2020 40,000 38,556 — — 2,487 36,069 6-year term loan 2020 37,500 37,125 — — 2,652 34,473 5-year term loan 2020 47,000 45,500 — — 9,100 36,400 5-year term loan 2021 44,500 — 44,500 — 8,091 36,409 5-year term loan 2021 26,000 — 26,000 — — 26,000 4-year term loan 2021 38,000 — 38,000 — — 38,000 4-year term loan 2021 48,750 — 48,750 — — 48,750 7-year term loan 2021 74,500 — 18,633 — — 18,633 Total 1,509,794 189,758 152,871 166,033 1,380,648 |
Long-term Debt - Principal Payments (Table) | Long-term Debt - Principal Payments (Table) Year Amount 2022 175,062 2023 242,995 2024 283,014 2025 262,130 2026 199,780 2027 and thereafter 217,667 Total 1,380,648 |
Interest and Finance Costs, n_2
Interest and Finance Costs, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interest And Finance Costs Net | |
Interest and Finance Costs, net (Table) | Interest and Finance Costs, net (Table) 2021 2020 2019 Interest expense 39,131 50,611 69,980 Less: Interest capitalized (718) (996) (1,018) Interest expense, net 38,413 49,615 68,962 Bunker swap, put and call options cash settlements (448) 7,568 1,469 Bunker put options premium (35) 1,246 — Amortization of deferred finance costs 3,246 3,782 4,822 Bank charges 164 277 240 Discount of long-term receivables 603 2,435 — Change in fair value of non-hedging financial instruments (10,536) 5,656 (770) Net total 31,407 70,579 74,723 |
Loss per Common Share (Tables)
Loss per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Loss per Common Share (Table) | Loss per Common Share (Table) 2021 2020 2019 Numerator Net (loss) income attributable to Tsakos Energy Navigation Limited $ (151,401) $ 24,002 $ 15,126 Preferred share dividends, Series B — — (3,000) Preferred share dividends, Series C — (3,328) (4,438) Preferred share dividends, Series D (7,596) (7,492) (7,492) Preferred share dividends, Series E (10,822) (10,637) (10,637) Preferred share dividends, Series F (15,131) (14,250) (14,250) Preferred share dividends, convertible Series G (54) (872) (583) Deemed dividend on Series B preferred shares — — (2,750) Deemed dividend on Series C preferred shares — (2,493) — Deemed dividend on partially redeemed Convertible Series G preferred shares (2,171) — — Net loss attributable to common stockholders (187,175) (15,070) (28,024) Denominator Weighted average common shares outstanding 19,650,307 18,768,599 17,751,585 Basic and diluted loss per common share $ (9.53) $ (0.80) $ (1.58) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies - Minimum Future Charter Revenue | Commitments and Contingencies - Minimum Future Charter Revenue Year Amount 2022 $ 264,804 2023 195,464 2024 173,747 2025 127,547 2026 105,742 2027 to 2028 133,626 Minimum charter revenues $ 1,000,930 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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) 2021 2020 Carrying Fair Value Carrying Fair Value Financial assets (liabilities) Cash and cash equivalents 117,192 117,192 160,475 160,475 Restricted cash 10,005 10,005 11,296 11,296 Margin deposits 5,849 5,849 6,153 6,153 Long-term receivable (including short-term portion) 35,904 35,904 27,294 27,294 Financial liability (4,193) (4,193) (5,148) (5,148) Obligations under operating leases (88,573) (88,573) (67,110) (67,110) Debt (1,380,648) (1,380,648) (1,509,794) (1,509,794) |
Financial Instruments - Schedule of Derivative Instruments - Statements of Financial Position Location (Table) | Financial Instruments - Schedule of Derivative Instruments - Statements of Financial Position Location (Table) Asset Derivatives Liability Derivatives December 31, December 31, December 31, December 31, Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value 7 — 8,884 11,095 Financial instruments - Fair Value, net of current portion 1,382 — 8,656 25,088 Subtotal 1,389 — 17,540 36,183 Asset Derivatives Liability Derivatives December 31, December 31, December 31, December 31, Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives not designated as hedging instruments Bunker swaps Current portion of financial instruments—Fair value 1,845 255 — 3,988 Bunker swaps Financial instruments—Fair Value, net of current portion 144 — — 5,023 Bunker put options Current portion of financial instruments—Fair value — 387 — 180 Subtotal 1,989 642 — 9,191 Total derivatives 3,378 642 17,540 45,734 |
Financial Instruments - Schedule of Cash Flow Hedges - Gain (Loss) Recognized In Accumulated Other Comprehensive Loss on Derivative (Effective Portion) (Table) | Financial Instruments - Schedule of Cash Flow Hedges - Gain (Loss) Recognized In Accumulated Other Comprehensive Loss on Derivative (Effective Portion) (Table) Derivative Amount Gain (Loss) Recognized in Accumulated Other Comprehensive Loss on Derivative (Effective Portion) Location 2021 2020 2019 Interest rate swaps 29,999 (25,054) (9,938) Total 29,999 (25,054) (9,938) |
Financial Instruments - Schedule of Cash Flow Hedges - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (Table) | Financial Instruments - Schedule of Cash Flow Hedges - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (Table) Derivative Amount Gain (Loss) Recognized in Accumulated Other Comprehensive Loss on Derivative (Effective Portion) Location 2021 2020 2019 Interest rate swaps Depreciation expense (192) (189) (189) Interest rate swaps Interest and finance costs, net 10,372 (6,224) (56) Total 10,180 (6,413) (245) |
Financial Instruments - Schedule of Derivatives Not Designated as Hedging Instruments - Net Effect on the Statement Of Comprehensive Income (Table) | Financial Instruments - Schedule of Derivatives Not Designated as Hedging Instruments - Net Effect on the Statement Of Comprehensive Income (Table) Derivative Amount Net Realized and Unrealized Gain (Loss) Recognized on Statement of Comprehensive Income (Loss) Location 2021 2020 2019 Interest rate swaps Interest and finance costs, net — 187 (149) Bunker swaps Interest and finance costs, net 11,191 (14,312) 1,122 Bunker put options Interest and finance costs, net (172) (271) — Bunker call options Interest and finance costs, net — (74) (1,672) Total 11,019 (14,470) (699) |
Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Table) | Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Table) Recurring measurements: December 31, December 31, Interest rate swaps (16,151) (36,183) Bunker swaps 1,989 (8,755) Bunker put options — 207 (14,162) (44,731) |
Signigicant Accounting Policies
Signigicant Accounting Policies - Schedule of Revenue Percentage by Major Customer (Table) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Charterer A [Member] | |||
Major customer percentage | 14.00% | 12.00% | 13.00% |
Charterer B [Member] | |||
Major customer percentage | 11.00% | 9.00% | 11.00% |
Charterer C [Member] | |||
Major customer percentage | 8.00% | 9.00% | 10.00% |
Significant Accounting Polici_4
Significant Accounting Policies (Details Narrative) - USD ($) | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 01, 2020 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||||
Document Accounting Standard | U.S. GAAP | ||||
Write offs of trade accounts receivable | $ 0 | $ 3,218,000 | |||
Allowance for doubtful accounts | 0 | ||||
Allowance for insurance claims | $ 0 | $ 0 | |||
Depreciation method | straight-line | ||||
Scrap value per light weight ton | $ 390 | ||||
Change in Accounting Estimate, Description | Management’s estimate was based on the average demolition prices prevailing in the market during the last four years for which historical data were available. The effect of this change in accounting estimate, which did not require retrospective application as per ASC 250 “Accounting Changes and Error Corrections” | ||||
Decrease in net loss | $ (151,401,000) | 24,002,000 | 15,126,000 | ||
Depreciation | 126,821,000 | 127,278,000 | 128,783,000 | ||
Impairment charge | 86,368,000 | 0 | 18,661,000 | ||
Voyage revenues | 546,120,000 | 644,135,000 | 597,452,000 | ||
Accounts Receivable, after Allowance for Credit Loss, Current | 30,622,000 | 25,273,000 | |||
Costs amortized of fulfill contracts | $ 5,466,000 | ||||
Segment Reporting Information, Description of Products and Services | two LNG carriers | ||||
Voyage charters and contracts of affreightment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Voyage revenues | $ 255,017,000 | 259,015,000 | 215,197,000 | ||
Accounts Receivable, after Allowance for Credit Loss, Current | 23,160,000 | 21,268,000 | |||
Time, bareboat and pooling charter arrangements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Voyage revenues | $ 291,103,000 | $ 385,120,000 | $ 382,255,000 | ||
Crude and product oil carriers [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful life of assets | 25 years | ||||
LNG carriers [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful life of assets | 40 years | ||||
Change in Accounting Method Accounted for as Change in Estimate [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Decrease in net loss | $ 746,000 | ||||
Per weighted average number of shares, basic and diluted | $ 0.04 | ||||
Depreciation | $ 3,000,000 | ||||
Effective October 1, 2021 [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Scrap value per light weight ton | $ 430 | ||||
During the first fifteen years of the vessels' life [Member] | Dry-docking costs and leasehold improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Estimated Useful Lives | five years | ||||
Within the remaining useful life of the vessel [Member] | Dry-docking costs and leasehold improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Estimated Useful Lives | two and a half years | ||||
Reverse Stock Split [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Stockholders' Equity, Reverse Stock Split | 1-for-5 | ||||
Fractional shares cashed out | 33.2 |
Transactions with Related Par_2
Transactions with Related Parties (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Due from related parties | $ 14,607,000 | $ 20,786,000 | |
Due to related parties | 7,747,000 | 4,003,000 | |
Tsakos Columbia Shipmanagement S.A. [Member] | |||
Related Party Transaction [Line Items] | |||
Management fees | 2,186,000 | 1,327,000 | $ 2,038,000 |
Due from related parties | 14,595,000 | 20,693,000 | |
Estimated future management fees payable over the next ten years [Member] | |||
Related Party Transaction [Line Items] | |||
Management Fee, Payable in 2022 | 21,185,000 | ||
Management Fee, Payable in 2023 | 20,829,000 | ||
Management Fee, Payable in 2024 | 21,127,000 | ||
Management Fee, Payable in 2025 | 20,667,000 | ||
Management Fee, Payable in 2026 | 20,148,000 | ||
Management Fee, Payable from 2027 to 2031 | 85,445,000 | ||
Tsakos Energy Management Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Management fees | 20,203,000 | 20,271,000 | 20,147,000 |
Management incentive award | 500,000 | 1,500,000 | 500,000 |
Special award paid | 1,500,000 | ||
Monthly fee for supervisory services, per vessel | 20,400 | 20,400 | 20,400 |
Supervisory services expenses | 530,000 | 740,000 | 850,000 |
Due from related parties | $ 12,000 | 93,000 | |
TCM Tsakos Maritime Philippines [Member] | Tsakos Columbia Shipmanagement S.A. [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership percentage | 25.00% | ||
Tsakos Shipping And Trading S.A. [Member] | |||
Related Party Transaction [Line Items] | |||
Management fees | $ 6,821,000 | 8,060,000 | 7,405,000 |
Commissions On Charter Hire Agreements | 1.25% | ||
Commissions In Connection With Delivery Of Each New Building | $ 200,000 | ||
Due to related parties | 1,439,000 | 1,376,000 | |
Accrued liabilities | 338,000 | 317,000 | |
Argosy Insurance Company Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 5,805,000 | 2,190,000 | |
General Insurance Expense | 10,002,000 | 9,480,000 | 9,519,000 |
Accrued Insurance, Current | 1,000 | 1,000 | |
AirMania Travel S.A. [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 503,000 | 437,000 | |
General Services Costs | 5,098,000 | 4,380,000 | 5,617,000 |
Operating conventional vessels [Member] | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 27,500 | 27,500 | 27,500 |
Third Party Managed Vessels [Member] | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 28,000 | 27,700 | 27,500 |
Afrodite and Ariadne [Member] | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 27,500 | ||
Chartered in or chartered out vessels on a bare-boat basis and vessels under construction [Member] | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 20,400 | ||
DP2 Shuttle Tankers [Member] | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 35,000 | ||
LNG Carriers [Member] | |||
Related Party Transaction [Line Items] | |||
Monthly management fees | 37,800 | 37,300 | 36,900 |
Panamax tanker Maya, Suezmax tanker Silia T. and Handysize tanker Didimon [Member] | Tsakos Shipping And Trading S.A. [Member] | |||
Related Party Transaction [Line Items] | |||
Brokerage commission amount | $ 100,000 | 200,000 | |
Brokerage commission | 1.00% | ||
Four Vessels [Member] | Tsakos Shipping And Trading S.A. [Member] | |||
Related Party Transaction [Line Items] | |||
Payment for the cost of design and supervision services for newbuildings | $ 0 | $ 1,000,000 | $ 0 |
Long-term Investments (Details
Long-term Investments (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Common shares held | 125,000 | 125,000 | |
Long-term Investments | $ 1,000 | $ 1,000 | |
Impairment charge | $ 1,000 |
Vessels (Table) (Details)
Vessels (Table) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Property, Plant and Equipment [Abstract] | |
2022 | $ 34,892 |
2023 | 25,922 |
2024 | 25,958 |
2025 | 15,332 |
2026 | 4,992 |
Minimum net lease payments | 107,096 |
Less: Present value discount | (14,330) |
Total Obligations under operating leases and financial liability (current and non-current portion) | $ 92,766 |
Vessels (Details Narrative)
Vessels (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 53,224 | $ 93,627 | $ 0 |
Loss on sale of property, plant and equipment | 5,817 | 6,451 | 0 |
Seller's credit | 23,163 | 27,294 | |
Sort-term receivable of seller's credit | 12,741 | 0 | |
Operating Lease, Right-of-Use Asset | 88,573 | 67,110 | |
Operating Lease, Liability, Current | 29,749 | 20,976 | |
Operating Lease, Liability, Noncurrent | 58,824 | 46,134 | |
Sublease Income | 16,202 | 29,355 | 15,408 |
Property, Plant and Equipment, Gross | 3,279,440 | 3,618,309 | |
Asset Impairment Charges | $ 86,368 | 28,776 | $ 27,613 |
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 21, 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] | |||
Acquisition of newly constructed vessels | 197,845 | ||
Mediterranean Voyager [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel delivery date | October 21, 2019 | ||
Acquisition of newly constructed vessels | $ 51,980 | ||
Maya Vessel [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 9,336 | ||
Loss on sale of property, plant and equipment | $ 4,121 | ||
Silia T, Didimon and Sakura Princess [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | 93,627 | ||
Loss on sale of property, plant and equipment | $ 6,451 | ||
Eurochampion 2004 and Euronike [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Sale Leaseback Transaction, Date | December 21, 2017 | ||
Sale Leaseback Transaction, Lease Terms | five-year | ||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 65,200 | ||
Seller's credit | 13,000 | ||
Sort-term receivable of seller's credit | 12,741 | ||
Operating Lease, Right-of-Use Asset | $ 7,429 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.45% | ||
Operating Lease, Weighted Average Remaining Lease Term | 11 months 19 days | 1 year 11 months 19 days | |
Archangel and Alaska [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Sale Leaseback Transaction, Date | January 9, 2020 | ||
Sale Leaseback Transaction, Lease Terms | five-year | ||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 61,070 | ||
Seller's credit | 11,800 | ||
Long-term receivable of seller's credit | 10,909 | ||
Operating Lease, Right-of-Use Asset | $ 27,371 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.41% | ||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 7 days | 4 years 7 days | |
Sakura Princess [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Sale Leaseback Transaction, Date | December 21, 2020 | ||
Sale Leaseback Transaction, Lease Terms | five-year | ||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 24,527 | ||
Seller's credit | 4,425 | ||
Long-term receivable of seller's credit | 4,222 | ||
Operating Lease, Right-of-Use Asset | $ 11,333 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.15% | ||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 11 months 19 days | 4 years 11 months 19 days | |
Operating Lease, Liability, Current | $ 997 | $ 905 | |
Operating Lease, Liability, Noncurrent | 3,196 | 4,243 | |
Operating Lease, Liability | 4,193 | 5,148 | |
Arctic and Antarctic [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Loss on sale of property, plant and equipment | $ 1,696 | ||
Sale Leaseback Transaction, Date | June 21, 2021 | ||
Sale Leaseback Transaction, Lease Terms | five-year | ||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 52,304 | ||
Seller's credit | 8,415 | ||
Long-term receivable of seller's credit | 8,032 | ||
Operating Lease, Right-of-Use Asset | $ 42,440 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 2.06% | ||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 5 months 26 days | ||
Aris, Ajax, Afrodite, Apollon, Artemis, Ariadne and Proteas [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 172,118 | ||
Property, Plant, and Equipment, Fair Value Disclosure | 85,750 | ||
Asset Impairment Charges | 86,368 | ||
Impairment of Long-Lived Assets to be Disposed of | $ 8,683 | ||
Arctic, Antarctic, Izumo Princess and Sakura Princess [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Asset Impairment Charges | $ 28,776 | ||
Amphitrite, Arion, Andromeda, Aegeas, Izumo Princess, Archangel and Alaska [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Asset Impairment Charges | $ 27,613 |
Deferred Charges and leasehol_2
Deferred Charges and leasehold improvements (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Deferred charges of dry-docking and special survey costs | $ 27,344 | $ 27,021 |
Eurochampion 2004, Euronike, Archangel, Alaska and Arctic [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold Improvements, Gross | $ 6,953 | $ 5,234 |
Long-term Debt (Table) (Details
Long-term Debt (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Loans | $ 1,380,648 | $ 1,509,794 |
Less: Deferred finance costs, net | (7,461) | (9,437) |
Total long-term debt | 1,373,187 | 1,500,357 |
Less: Current portion of debt | (175,062) | (235,082) |
Add: Deferred finance costs, current portion | 2,126 | 2,654 |
Long-term debt, net of current portion and deferred finance costs | $ 1,200,251 | $ 1,267,929 |
Long-term Debt - Weighted-Avera
Long-term Debt - Weighted-Average Interest Rates (Table) (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | |||
Weighted-average interest rates on the executed loans | 2.02% | 2.88% | 4.41% |
Long-term Debt - Schedule of De
Long-term Debt - Schedule of Debt (Table) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Debt Instrument [Line Items] | |
Balance at January 1, 2021 | $ 1,509,794 |
Repaid | 166,033 |
Balance at December 31, 2021 | 1,380,648 |
Prepaid | 152,871 |
New Loans | $ 189,758 |
8-year term loan [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2011 |
Original Amount | $ 73,600 |
Balance at January 1, 2021 | 60,860 |
Repaid | 6,407 |
Balance at December 31, 2021 | $ 54,453 |
6-year term loan [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2014 |
Original Amount | $ 193,239 |
Balance at January 1, 2021 | 30,921 |
Repaid | 2,474 |
Balance at December 31, 2021 | $ 28,447 |
8-year term loan 2 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2014 |
Original Amount | $ 39,954 |
Balance at January 1, 2021 | 37,500 |
Repaid | 2,589 |
Balance at December 31, 2021 | $ 34,911 |
5-year term loan [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2015 |
Original Amount | $ 35,190 |
Balance at January 1, 2021 | 27,370 |
Repaid | 977 |
Balance at December 31, 2021 | 0 |
Prepaid | $ 26,393 |
7-year term loan [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2015 |
Original Amount | $ 35,190 |
Balance at January 1, 2021 | 26,393 |
Repaid | 2,200 |
Balance at December 31, 2021 | $ 24,193 |
7-year term loan 2 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2015 |
Original Amount | $ 39,900 |
Balance at January 1, 2021 | 21,764 |
Repaid | 3,628 |
Balance at December 31, 2021 | $ 18,136 |
7-year term loan 3 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2015 |
Original Amount | $ 44,800 |
Balance at January 1, 2021 | 30,400 |
Repaid | 3,200 |
Balance at December 31, 2021 | $ 27,200 |
12-year term loan [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2016 |
Original Amount | $ 309,824 |
Balance at January 1, 2021 | 209,430 |
Repaid | 21,501 |
Balance at December 31, 2021 | $ 187,929 |
71/2-year term loan [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2017 |
Original Amount | $ 85,000 |
Balance at January 1, 2021 | 68,000 |
Repaid | 5,667 |
Balance at December 31, 2021 | $ 62,333 |
6-year term loan 2 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2018 |
Original Amount | $ 80,000 |
Balance at January 1, 2021 | 61,275 |
Repaid | 7,158 |
Balance at December 31, 2021 | $ 54,117 |
5-year term loan 2 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2018 |
Original Amount | $ 180,000 |
Balance at January 1, 2021 | 104,770 |
Repaid | 19,731 |
Balance at December 31, 2021 | 0 |
Prepaid | $ 85,039 |
5-year term loan 3 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2018 |
Original Amount | $ 44,000 |
Balance at January 1, 2021 | 24,383 |
Repaid | 2,700 |
Balance at December 31, 2021 | $ 21,683 |
5-year term loan 4 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2018 |
Original Amount | $ 48,650 |
Balance at January 1, 2021 | 36,488 |
Balance at December 31, 2021 | 0 |
Prepaid | $ 36,488 |
8-year term loan 3 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2018 |
Original Amount | $ 82,752 |
Balance at January 1, 2021 | 79,304 |
Repaid | 4,597 |
Balance at December 31, 2021 | $ 74,707 |
5-year term loan 5 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2018 |
Original Amount | $ 62,500 |
Balance at January 1, 2021 | 53,500 |
Repaid | 6,000 |
Balance at December 31, 2021 | $ 47,500 |
6-year term loan 3 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2019 |
Original Amount | $ 88,150 |
Balance at January 1, 2021 | 60,804 |
Repaid | 8,716 |
Balance at December 31, 2021 | $ 52,088 |
5-year term loan 6 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2019 |
Original Amount | $ 38,250 |
Balance at January 1, 2021 | 30,682 |
Repaid | 5,718 |
Balance at December 31, 2021 | 20,013 |
Prepaid | $ 4,951 |
4-year term loan [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2019 |
Original Amount | $ 26,000 |
Balance at January 1, 2021 | 20,800 |
Repaid | 5,200 |
Balance at December 31, 2021 | $ 15,600 |
7-year term loan 4 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2019 |
Original Amount | $ 56,352 |
Balance at January 1, 2021 | 56,352 |
Repaid | 2,818 |
Balance at December 31, 2021 | $ 53,534 |
10-year term loan [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2019 |
Original Amount | $ 54,387 |
Balance at January 1, 2021 | 54,191 |
Repaid | 3,011 |
Balance at December 31, 2021 | $ 51,180 |
7-year term loan 5 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2019 |
Original Amount | $ 72,000 |
Balance at January 1, 2021 | 67,200 |
Repaid | 4,800 |
Balance at December 31, 2021 | $ 62,400 |
5-year term loan 7 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2019 |
Original Amount | $ 71,036 |
Balance at January 1, 2021 | 64,613 |
Repaid | 5,082 |
Balance at December 31, 2021 | $ 59,531 |
5-year term loan 8 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2019 |
Original Amount | $ 36,000 |
Balance at January 1, 2021 | 33,600 |
Repaid | 2,400 |
Balance at December 31, 2021 | $ 31,200 |
5-year term loan 9 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2019 |
Original Amount | $ 35,000 |
Balance at January 1, 2021 | 31,818 |
Repaid | 3,182 |
Balance at December 31, 2021 | $ 28,636 |
5-year term loan 10 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2020 |
Original Amount | $ 16,800 |
Balance at January 1, 2021 | 15,015 |
Repaid | 2,730 |
Balance at December 31, 2021 | $ 12,285 |
2-year term loan [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2020 |
Original Amount | $ 27,750 |
Balance at January 1, 2021 | 13,875 |
Balance at December 31, 2021 | 27,750 |
New Loans | $ 13,875 |
5-year term loan 11 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2020 |
Original Amount | $ 70,000 |
Balance at January 1, 2021 | 67,305 |
Repaid | 11,217 |
Balance at December 31, 2021 | $ 56,088 |
5-year term loan 12 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2020 |
Original Amount | $ 40,000 |
Balance at January 1, 2021 | 38,556 |
Repaid | 2,487 |
Balance at December 31, 2021 | $ 36,069 |
6-year term loan 4 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2020 |
Original Amount | $ 37,500 |
Balance at January 1, 2021 | 37,125 |
Repaid | 2,652 |
Balance at December 31, 2021 | $ 34,473 |
5-year term loan 13 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2020 |
Original Amount | $ 47,000 |
Balance at January 1, 2021 | 45,500 |
Repaid | 9,100 |
Balance at December 31, 2021 | $ 36,400 |
5-year term loan 14 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2021 |
Original Amount | $ 44,500 |
Balance at January 1, 2021 | 0 |
Repaid | 8,091 |
Balance at December 31, 2021 | 36,409 |
New Loans | $ 44,500 |
5-year term loan 15 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2021 |
Original Amount | $ 26,000 |
Balance at January 1, 2021 | 0 |
Balance at December 31, 2021 | 26,000 |
New Loans | $ 26,000 |
4-year term loan 2 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2021 |
Original Amount | $ 38,000 |
Balance at January 1, 2021 | 0 |
Balance at December 31, 2021 | 38,000 |
New Loans | $ 38,000 |
4-year term loan 3 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2021 |
Original Amount | $ 48,750 |
Balance at January 1, 2021 | 0 |
Balance at December 31, 2021 | 48,750 |
New Loans | $ 48,750 |
7-year term loan 7 [Member] | |
Debt Instrument [Line Items] | |
Origination Date | 2021 |
Original Amount | $ 74,500 |
Balance at January 1, 2021 | 0 |
Balance at December 31, 2021 | 18,633 |
New Loans | $ 18,633 |
Long-term Debt - Principal Paym
Long-term Debt - Principal Payments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 175,062 | |
2023 | 242,995 | |
2024 | 283,014 | |
2025 | 262,130 | |
2026 | 199,780 | |
2027 and thereafter | 217,667 | |
Total | $ 1,380,648 | $ 1,509,794 |
Long _Term Debt (Details Narrat
Long –Term Debt (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 1,380,648,000 | $ 1,509,794,000 | |
Prepaid amount | 152,871,000 | ||
Put option | 480,048,000 | ||
Cash and cash equivalents | $ 117,192,000 | 160,475,000 | $ 184,835,000 |
Debt Instrument, Covenant Compliance | The Company fulfilled its requirements in respect of the financial covenants of all of its loan agreements, as at December 31, 2021. | ||
Minimum liquidity requirement [Member] | |||
Debt Instrument [Line Items] | |||
Cash and cash equivalents | $ 105,768,000 | $ 111,969,000 | |
Three Loan Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Restricted Cash and Cash Equivalents | $ 3,100,000 | ||
Maria Princess, Nippon Princess and Ise Princess [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||
Line of Credit Facility, Initiation Date | Jan. 15, 2021 | ||
Debt Instrument, Maturity Date, Description | five-year and three-months | ||
Debt Instrument, Face Amount | $ 44,500,000 | ||
Long-term Debt, Description | to refinance the existing loan for the aframax tankers Maria Princess, Nippon Princess, and Ise Princess | ||
Drawn down date | January 22, 2021 | ||
Repayment date | January 22, 2021 | ||
Proceeds from Issuance of Debt | $ 44,500,000 | ||
Prepaid amount | $ 36,488,000 | ||
Number of repayment installments | ten | ||
Debt Instrument, Periodic Payment | $ 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 | ||
Line of Credit Facility, Initiation Date | May 13, 2021 | ||
Debt Instrument, Maturity Date, Description | seven-year | ||
Debt Instrument, Face Amount | $ 74,500,000 | ||
Long-term Debt, Description | relating to the pre- and post delivery financing of the shuttle tanker under construction | ||
Number of repayment installments | fourteen | ||
Debt Instrument, Periodic Payment | $ 2,069,000 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 45,528,000 | ||
Maya Vessel [Member] | |||
Debt Instrument [Line Items] | |||
Repayment date | May 19, 2021 | ||
Prepaid amount | $ 4,951,000 | ||
Arctic and Antarctic [Member] | |||
Debt Instrument [Line Items] | |||
Repayment date | June 25, 2021 | ||
Prepaid amount | $ 27,336,000 | ||
Sale Leaseback Transaction, Date | June 21, 2021 | ||
Sale Leaseback Transaction, Lease Terms | five-year | ||
Sunray [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||
Line of Credit Facility, Initiation Date | Jul. 8, 2021 | ||
Debt Instrument, Maturity Date, Description | five-year | ||
Debt Instrument, Face Amount | $ 26,000,000 | ||
Long-term Debt, Description | to refinance the existing loan for the panamax tanker Sunray | ||
Drawn down date | July 13, 2021 | ||
Repayment date | July 13, 2021 | ||
Proceeds from Issuance of Debt | $ 26,000,000 | ||
Prepaid amount | $ 26,393,000 | ||
Number of repayment installments | ten | ||
Debt Instrument, Periodic Payment | $ 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 | ||
Line of Credit Facility, Initiation Date | Sep. 27, 2021 | ||
Debt Instrument, Maturity Date, Description | four-year | ||
Debt Instrument, Face Amount | $ 48,750,000 | ||
Long-term Debt, Description | to refinance the existing loan for the handymax tankers, Artemis, Afrodite, Ariadne, Aris, Apollon and Ajax | ||
Drawn down date | September 28, 2021 | ||
Repayment date | September 28, 2021 | ||
Proceeds from Issuance of Debt | $ 48,750,000 | ||
Prepaid amount | $ 30,370,000 | ||
Number of repayment installments | eight | ||
Debt Instrument, Periodic Payment | $ 3,500,000 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 20,750,000 | ||
Proteas, Promitheas and Propontis [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Dec. 21, 2021 | ||
Debt Instrument, Maturity Date, Description | four-year | ||
Debt Instrument, Face Amount | $ 38,000,000 | ||
Long-term Debt, Description | to refinance the existing loan for the aframax tankers, Proteas, Promitheas and Propontis | ||
Drawn down date | December 22, 2021 | ||
Repayment date | December 22, 2021 | ||
Proceeds from Issuance of Debt | $ 38,000,000 | ||
Prepaid amount | 27,333,000 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 18,000,000 | ||
Proteas, Promitheas and Propontis [Member] | First two installments [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||
Debt Instrument, Periodic Payment | $ 1,750,000 | ||
Proteas, Promitheas and Propontis [Member] | Next six installments [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||
Debt Instrument, Periodic Payment | $ 2,750,000 | ||
TENERGY [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Frequency of Periodic Payment | quarterly | ||
Drawn down date | January 12, 2022 | ||
Repayment date | January 12, 2022 | ||
Prepaid amount | $ 27,750,000 | ||
Number of repayment installments | forty | ||
Debt Instrument, Periodic Payment | $ 2,332,000 | ||
Sale Leaseback Transaction, Date | December 21, 2021 | ||
Sale Leaseback Transaction, Lease Terms | ten-year | ||
Sale and leaseback transaction, description | for its under-construction LNG carrier, Tenergy | ||
Proceeds from Lines of Credit | $ 177,238,000 | ||
Put option | $ 83,955,000 | ||
Dimitris P, Spyros K and Uraga Princess [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||
Line of Credit Facility, Initiation Date | Mar. 16, 2022 | ||
Debt Instrument, Maturity Date, Description | five-year | ||
Debt Instrument, Face Amount | $ 62,000,000 | ||
Long-term Debt, Description | to refinance the existing loan for the suezmax tankers, Dimitris P and Spyros K and the aframax tanker, Uraga Princess | ||
Drawn down date | March 17, 2022 | ||
Repayment date | March 17, 2022 | ||
Proceeds from Issuance of Debt | $ 62,000,000 | ||
Prepaid amount | $ 47,730,000 | ||
Number of repayment installments | ten | ||
Debt Instrument, Periodic Payment | $ 2,750,000 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 34,500,000 | ||
Brasil 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||
Line of Credit Facility, Initiation Date | Mar. 31, 2022 | ||
Debt Instrument, Maturity Date, Description | six-year | ||
Debt Instrument, Face Amount | $ 67,500,000 | ||
Long-term Debt, Description | to refinance the existing loan for the DP2 shuttle tanker, Brasil 2014 | ||
Drawn down date | April 4, 2022 | ||
Repayment date | April 4, 2022 | ||
Proceeds from Issuance of Debt | $ 67,500,000 | ||
Prepaid amount | $ 54,117,000 | ||
Number of repayment installments | twelve | ||
Debt Instrument, Periodic Payment | $ 4,500,000 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 13,500,000 | ||
All term loans [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 1,380,648,000 | ||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a spread | ||
All term loans [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.55% | ||
All term loans [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.12% |
Interest and Finance Costs, n_3
Interest and Finance Costs, net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest And Finance Costs Net | |||
Interest expense | $ 39,131 | $ 50,611 | $ 69,980 |
Less: Interest capitalized | (718) | (996) | (1,018) |
Interest expense, net | 38,413 | 49,615 | 68,962 |
Bunker swap, put and call options cash settlements | (448) | 7,568 | 1,469 |
Bunker put options premium | (35) | 1,246 | 0 |
Amortization of deferred finance costs | 3,246 | 3,782 | 4,822 |
Bank charges | 164 | 277 | 240 |
Discount of long-term receivables | 603 | 2,435 | 0 |
Change in fair value of non-hedging financial instruments | (10,536) | 5,656 | (770) |
Net total | $ 31,407 | $ 70,579 | $ 74,723 |
Interest and Finance Costs, n_4
Interest and Finance Costs, net (Details Narrative) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Offsetting Assets [Line Items] | |||
Change in fair value of non-hedging financial instruments | $ (10,536) | $ 5,656 | $ (770) |
Fair value of bunker swap agreement | 1,989 | (8,755) | |
Amortization of Debt Issuance Costs | 3,246 | 3,782 | 4,822 |
Amortization of Debt Discount (Premium) | 603 | 2,435 | 0 |
Debt extinguishment guidance of ASC 470-50 [Member] | |||
Offsetting Assets [Line Items] | |||
Amortization of Debt Issuance Costs | $ 460 | 766 | 1,278 |
Interest Rate Swap [Member] | |||
Offsetting Assets [Line Items] | |||
Number of floating-to-fixed interest rate swaps | 11 | ||
Notional amount of floating-to-fixed interest rate swaps | $ 503,834 | ||
Maturity date | April 2023 through October 2027 | ||
Fixed interest rate | 1.87% | ||
Floating rate basis | six-month LIBOR | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Offsetting Assets [Line Items] | |||
Cash flow hedge losses | $ 16,151 | $ 36,183 | |
Cash flow hedge losses within the next twelve months | 6,380 | ||
Put Option [Member] | |||
Offsetting Assets [Line Items] | |||
Number of bunker put option agreements held | 6 | ||
Net premium | $ 1,246 | ||
Cash received from terminations | 35 | ||
Change in fair value of non-hedging financial instruments | $ 0 | $ 207 | |
Put Option [Member] | Not Designated as Hedging Instrument [Member] | |||
Offsetting Assets [Line Items] | |||
Number of bunker put option agreements held | 0 | 3 | |
Change in fair value of non-hedging financial instruments | $ (208) | $ 207 | |
Call Option [Member] | Not Designated as Hedging Instrument [Member] | |||
Offsetting Assets [Line Items] | |||
Change in fair value of non-hedging financial instruments | (146) | $ (203) | |
Number of bunker call option agreements held | 1 | ||
Fair value asset of bunker swap agreement | $ 147 | ||
Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Offsetting Assets [Line Items] | |||
Change in fair value of non-hedging financial instruments | $ 10,744 | $ (5,904) | |
Number of bunker swap agreements held | 12 | 18 | |
Fair value of bunker swap agreement | $ 1,989 | $ (8,755) |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jan. 15, 2020 | Jan. 31, 2022 | Feb. 01, 2021 | Mar. 01, 2022 | Feb. 28, 2022 | Apr. 20, 2022 | Apr. 15, 2022 | May 05, 2021 | Jul. 01, 2020 | Aug. 02, 2021 | Jul. 30, 2019 | Sep. 30, 2019 | Oct. 29, 2021 | Oct. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 23, 2019 | Mar. 24, 2020 |
Class of Stock [Line Items] | |||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 53,476 | $ 3,461 | $ 16,552 | ||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 23,741 | 0 | 33,984 | ||||||||||||||||
Treasury Stock, Value, Acquired, Par Value Method | 168 | 9,834 | |||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | 53,476 | $ 3,461 | 16,552 | ||||||||||||||||
Loss from sale of treasury stock | $ 273 | ||||||||||||||||||
Common stock, par value | $ 5 | $ 5 | |||||||||||||||||
Common shares authorized | 35,000,000 | 35,000,000 | |||||||||||||||||
Common stock, shares outstanding | 24,565,940 | 18,215,679 | |||||||||||||||||
Redeemable Preferred Stock Dividends | $ 0 | $ 0 | $ 2,750 | ||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | |||||||||||||||||
Reverse Stock Split [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stockholders' Equity, Reverse Stock Split | 1-for-5 | ||||||||||||||||||
Before Reverse Stock Split [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Common stock, par value | $ 1 | ||||||||||||||||||
Common shares authorized | 175,000,000 | ||||||||||||||||||
Common stock, shares outstanding | 94,005,410 | ||||||||||||||||||
After Reverse Stock Split [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Common stock, par value | $ 5 | ||||||||||||||||||
Common shares authorized | 35,000,000 | ||||||||||||||||||
Common stock, shares outstanding | 18,801,108 | ||||||||||||||||||
Shares Repurchase Program [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | ||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 6,049,498 | 172,227 | 911,459 | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ 50,538 | $ 3,461 | $ 16,552 | ||||||||||||||||
Conversion of Stock, Shares Issued | 6,667 | 583,333 | |||||||||||||||||
Treasury Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Treasury Stock, Shares, Acquired | 19,836 | 978,936 | |||||||||||||||||
Treasury Stock, Value, Acquired, Par Value Method | $ 168 | $ 9,834 | |||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 320,599 | ||||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 3,211 | ||||||||||||||||||
Common shares, Series D Preferred Shares, Series E Preferred Shares and Series F Preferred Shares [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 50,000 | $ 100,000 | |||||||||||||||||
Series D Preferred Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 92,093 | ||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 2,240 | ||||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 2,240 | ||||||||||||||||||
Preferred Stock, Shares Issued | 3,516,896 | 3,424,803 | |||||||||||||||||
Preferred Stock, Shares Outstanding | 3,516,896 | 3,424,803 | |||||||||||||||||
Series D Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 165 | ||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.54687 | ||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.75% | ||||||||||||||||||
Series E Preferred Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 143,708 | ||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 3,501 | ||||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 3,501 | ||||||||||||||||||
Preferred Stock, Shares Issued | 4,743,708 | 4,600,000 | |||||||||||||||||
Preferred Stock, Shares Outstanding | 4,743,708 | 4,600,000 | |||||||||||||||||
Series E Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,239 | ||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.57812 | ||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 9.25% | ||||||||||||||||||
Series F Preferred Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 741,259 | ||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 18,000 | ||||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 18,000 | ||||||||||||||||||
Preferred Stock, Shares Issued | 6,741,259 | 6,000,000 | |||||||||||||||||
Preferred Stock, Shares Outstanding | 6,741,259 | 6,000,000 | |||||||||||||||||
Series F Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 5,888 | ||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.59375 | ||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 9.50% | ||||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 2,000,000 | ||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | ||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.5547 | ||||||||||||||||||
Redeemable Preferred Stock Dividends | $ 2,493 | ||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 2,000,000 | ||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | ||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.50 | ||||||||||||||||||
Redeemable Preferred Stock Dividends | $ 2,750 | ||||||||||||||||||
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 | ||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 864 | ||||||||||||||||||
Series B Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 858 | ||||||||||||||||||
Series G Convertible Preferred Shares [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Conversion of Stock, Shares Converted | 10,000 | 875,000 | |||||||||||||||||
Series G Convertible Preferred Shares [Member] | Shyris Shipping Company S.A. [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 1,798,651 | 357,063 | |||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 10 | $ 10 | |||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.001 | 0.001 | |||||||||||||||||
Redeemable Preferred Stock Dividends | $ 2,171 | ||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.75% | ||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 10.56 | $ 10.89 | |||||||||||||||||
Preferred Stock, Redemption Amount | $ 19,000,000,000 | $ 3,888,416,000 | |||||||||||||||||
Preferred Stock, Shares Outstanding | 459,286 | ||||||||||||||||||
Series G Convertible Preferred Shares [Member] | Tsakos Energy Navigation Limited and Subsidiaries [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 9.99% | ||||||||||||||||||
Series G Convertible Preferred Shares [Member] | Minimum [Member] | Shyris Shipping Company S.A. [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Preferred Stock, Redemption Price Percentage | 95.00% | ||||||||||||||||||
Series G Convertible Preferred Shares [Member] | Shares Purchase Agreement [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 33,984 | ||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 10 | ||||||||||||||||||
Preferred Stock, Shares Issued | 3,500,000 | ||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | ||||||||||||||||||
Sale of Stock, Price Per Share | $ 10 | ||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 0.00% | ||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 15 | ||||||||||||||||||
Series G Convertible Preferred Shares [Member] | Shares Purchase Agreement [Member] | Minimum [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Preferred Stock, Conversion Basis | 130% | ||||||||||||||||||
Series G Convertible Preferred Shares [Member] | Shares Purchase Agreement [Member] | Maximum [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Preferred Stock, Conversion Basis | 170% | ||||||||||||||||||
Series B Cumulative Redeemable Perpetual Preferred Shares [Member] | Shyris Shipping Company S.A. [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Preferred Stock, Shares Issued | 1,900,000 | 388,841 | |||||||||||||||||
Shyris Shipping Preferred Shares [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Preferred Stock, Redemption Amount | $ 19,000 | $ 3,889,000 | |||||||||||||||||
Shyris Shipping Preferred Shares [Member] | Subsequent Event [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 75,000 | ||||||||||||||||||
Preferred Stock, Redemption Amount | $ 757 | ||||||||||||||||||
Shyris Shipping Preferred Shares [Member] | Minimum [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Preferred Stock, Conversion Basis | 112.5% | ||||||||||||||||||
Shyris Shipping Preferred Shares [Member] | Maximum [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Preferred Stock, Conversion Basis | 100% |
Accumulated other comprehensi_2
Accumulated other comprehensive loss (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 17,175 | $ 36,994 | |
Gains from hedging financial instruments | $ 19,819 | ||
Loss from hedging financial instruments | $ 18,641 | $ 9,693 |
Loss per Common Share (Table) (
Loss per Common Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator | |||
Net (loss) income attributable to Tsakos Energy Navigation Limited | $ (151,401) | $ 24,002 | $ 15,126 |
Preferred share dividends, Series B | 0 | 0 | (3,000) |
Preferred share dividends, Series C | 0 | (3,328) | (4,438) |
Preferred share dividends, Series D | (7,596) | (7,492) | (7,492) |
Preferred share dividends, Series E | (10,822) | (10,637) | (10,637) |
Preferred share dividends, Series F | (15,131) | (14,250) | (14,250) |
Preferred share dividends, convertible Series G | (54) | (872) | (583) |
Deemed dividend on Series B preferred shares | 0 | 0 | (2,750) |
Deemed dividend on Series C preferred shares | 0 | (2,493) | 0 |
Deemed dividend on partially redeemed Convertible Series G preferred shares | (2,171) | 0 | 0 |
Net loss attributable to common stockholders of Tsakos Energy Navigation Limited | $ (187,175) | $ (15,070) | $ (28,024) |
Denominator | |||
Weighted average common shares outstanding | 19,650,307 | 18,768,599 | 17,751,585 |
Basic and diluted loss per common share | $ (9.53) | $ (0.80) | $ (1.58) |
Loss per Common Share (Details
Loss per Common Share (Details Narrative) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Potential reedemable convertible preferred stock excluded | 306,191 | 1,743,607 |
Non-controlling Interest in S_2
Non-controlling Interest in Subsidiaries (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 4 Months Ended | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Capital contribution to subsidiary | $ 4,163 | $ 10,408 | |||
Par value per share | $ 1 | $ 1 | |||
Mare Success S.A. [Member] | Paid-in-capital by Tsakos Energy Navigation Limited and Subsidiaries and Polaris Oil Shipping Inc. [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Capital contribution to subsidiary | $ 8,163 | $ 20,408 | |||
Mare Success S.A. [Member] | Tsakos Energy Navigation Limited and Subsidiaries [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Percentage of ownership | 51.00% | 51.00% | 51.00% | ||
Mare Success S.A. [Member] | Polaris Oil Shipping Inc. [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Percentage of ownership | 49.00% | 49.00% | 49.00% | ||
Capital contribution to subsidiary | $ 4,000 | $ 10,000 | |||
Flopec [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Percentage of revenue generated by single charterer | 7.60% | 8.60% | 6.20% | ||
Shyris Shipping [Member] | Series B Cumulative Redeemable Perpetual Preferred Shares [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Preferred shares issued | 2,288,841 | ||||
Par value per share | $ 0.001 | ||||
Liquidation preference | $ 10 | ||||
Interest rate | 7.50% | ||||
Shyris Shipping [Member] | Tsakos Energy Navigation Limited and Subsidiaries [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Percentage of ownership | 100.00% |
Commitments and Contingencies -
Commitments and Contingencies - Minimum Future Charter Revenue (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 264,804 |
2023 | 195,464 |
2024 | 173,747 |
2025 | 127,547 |
2026 | 105,742 |
2027 to 2028 | 133,626 |
Minimum charter revenues | $ 1,000,930 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) $ in Thousands | Dec. 31, 2021USD ($) |
Property, Plant and Equipment [Line Items] | |
Purchase Obligation | $ 480,048 |
Six Vessels Under Construction [Member] | |
Property, Plant and Equipment [Line Items] | |
Payable in 2022 | 240,515 |
Payable in 2023 | $ 239,533 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | |||
Cash and cash equivalents - Carrying Amount | $ 117,192 | $ 160,475 | $ 184,835 |
Cash and cash equivalents - Fair Value | 117,192 | 160,475 | |
Restricted cash - Carrying Amount | 10,005 | 11,296 | $ 12,935 |
Restricted cash - Fair Value | 10,005 | 11,296 | |
Margin deposits - Carrying Amount | 5,849 | 6,153 | |
Margin deposits - Fair Value | 5,849 | 6,153 | |
Receivables - Carrying Amount | 35,904 | 27,294 | |
Receivables - Fair Value | 35,904 | 27,294 | |
Financial liability - Carrying Amount | (4,193) | (5,148) | |
Financial liability - Fair Value | (4,193) | (5,148) | |
Obligations under operating leases- Carrying Amount | (88,573) | (67,110) | |
Debt - Carrying Amount | (1,380,648) | (1,509,794) | |
Debt - Fair Value | $ (1,380,648) | $ (1,509,794) |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Derivative Instruments - Statements of Financial Position Location (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Liability, Noncurrent | $ 8,656 | $ 30,111 |
Derivative Asset | 3,378 | 642 |
Derivative Liability | 17,540 | 45,734 |
Designated as Hedging Instrument [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Subtotal - Assets | 1,389 | 0 |
Subtotal - Liabilities | 17,540 | 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 | 7 | 0 |
Derivative Liability, Current | 8,884 | 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 | 1,382 | 0 |
Derivative Liability, Noncurrent | 8,656 | 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 | 1,989 | 642 |
Subtotal - Liabilities | 0 | 9,191 |
Not Designated as Hedging Instrument [Member] | Bunker Swaps [Member] | Current portion of financial instruments - Fair Value [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Current | 1,845 | 255 |
Derivative Liability, Current | 0 | 3,988 |
Not Designated as Hedging Instrument [Member] | Bunker Swaps [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 | 144 | 0 |
Derivative Liability, Noncurrent | 0 | 5,023 |
Not Designated as Hedging Instrument [Member] | Bunker Put Options [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 - Sched_3
Financial Instruments - Schedule of Cash Flow Hedges - Gain (Loss) Recognized In Accumulated Other Comprehensive Loss on Derivative (Effective Portion) (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total | $ 19,819 | $ (18,641) | $ (9,693) |
Gain/(Loss) Recognized in Accumulated Other Comprehensive Income - Loss on Derivative (Effective Portion) Location [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Interest rate swaps | 29,999 | (25,054) | (9,938) |
Total | $ 29,999 | $ (25,054) | $ (9,938) |
Financial Instruments - Sched_4
Financial Instruments - Schedule of Cash Flow Hedges - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total | $ 10,180 | $ (6,413) | $ (245) |
Depreciation expense [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total | (192) | (189) | (189) |
Interest and finance costs, net [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total | $ 10,372 | $ (6,224) | $ (56) |
Financial Instruments - Sched_5
Financial Instruments - Schedule of Derivatives Not Designated as Hedging Instruments - Net Effect on the Statement Of Comprehensive Income (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total | $ 11,019 | $ (14,470) | $ (699) |
Interest and finance costs, net [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Interest rate swaps | 0 | 187 | (149) |
Bunker swaps | 11,191 | (14,312) | 1,122 |
Bunker put options | (172) | (271) | 0 |
Bunker call options | $ 0 | $ (74) | $ (1,672) |
Financial Instruments - Sched_6
Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Interest rate swaps | $ (16,151) | $ (36,183) |
Bunker swaps | 1,989 | (8,755) |
Bunker put options | 0 | 207 |
Fair Value, Net Asset (Liability), Total | $ (14,162) | $ (44,731) |
Financial Instruments (Details
Financial Instruments (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | |||
Cash collateral | $ 5,849 | $ 6,153 | |
Accumulated loss from Derivatives designated as Hedging instruments | $ 17,175 | $ 36,994 | $ 18,353 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | 4 Months Ended | 12 Months Ended | |
Jan. 31, 2022 | Mar. 03, 2022 | Feb. 28, 2022 | Apr. 20, 2022 | Dec. 31, 2021 | |
Series F Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 741,259 | ||||
Series D Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 92,093 | ||||
Series E Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 143,708 | ||||
Subsequent Event [Member] | Shuttle Tanker Under Construction [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from Issuance of Debt | $ 9,268,500 | ||||
Subsequent Event [Member] | Series F Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.59375 | ||||
Preferred Stock, Dividend Rate, Percentage | 9.50% | ||||
Stock Issued During Period, Shares, New Issues | 5,888 | ||||
Subsequent Event [Member] | Series D Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.54687 | ||||
Preferred Stock, Dividend Rate, Percentage | 8.75% | ||||
Stock Issued During Period, Shares, New Issues | 165 | ||||
Subsequent Event [Member] | Series E Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.57812 | ||||
Preferred Stock, Dividend Rate, Percentage | 9.25% | ||||
Stock Issued During Period, Shares, New Issues | 2,239 | ||||
Subsequent Event [Member] | Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from Issuance or Sale of Equity | $ 28,653,000 | ||||
Stock Issued During Period, Shares, New Issues | 3,603,697 | ||||
Subsequent Event [Member] | Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from Issuance or Sale of Equity | $ 195,000 |