Cover
Cover | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2022 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-31236 |
Entity Registrant Name | TSAKOS ENERGY NAVIGATION LIMITED |
Entity Central Index Key | 0001166663 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 161,148 | $ 117,192 |
Restricted cash | 10,648 | 10,005 |
Margin deposits (Note 12) | 4,270 | 5,849 |
Accounts receivable | 53,697 | 30,622 |
Capitalized voyage expenses | 2,468 | 1,839 |
Due from related companies (Note 2) | 11,764 | 14,607 |
Advances and other | 27,131 | 20,176 |
Inventories | 32,951 | 22,918 |
Prepaid insurance and other | 3,124 | 1,861 |
Receivable, short-term (Note 4) | 12,871 | 12,741 |
Current portion of financial instruments - Fair value (Notes 7, 12) | 4,690 | 1,852 |
Total current assets | 324,762 | 239,662 |
Derivative Instruments and Hedges, Noncurrent | 4,531 | 1,526 |
Operating Lease, Right-of-Use Asset | 73,511 | 88,573 |
Lease incentive receivable | 23,059 | 23,163 |
FIXED ASSETS (Note 4) | ||
Advances for vessels under construction | 71,906 | 104,635 |
Vessels | 3,456,374 | 3,729,440 |
Accumulated depreciation | (935,141) | (876,482) |
Vessels’ Net Book Value | 2,521,233 | 2,402,958 |
Total fixed assets | 2,593,139 | 2,507,593 |
DEFERRED CHARGES AND LEASEHOLD IMPROVEMENTS, net (Note 5) | 45,066 | 34,297 |
Total assets | 3,064,068 | 2,894,814 |
CURRENT LIABILITIES: | ||
Current portion of long - term debt and other financial liabilities (Note 6) | 200,575 | 172,936 |
Payables | 71,488 | 74,912 |
Due to related companies (Note 2) | 8,513 | 7,747 |
Dividends payable | 2,894 | 0 |
Accrued liabilities | 41,309 | 27,851 |
Unearned revenue (Note 3) | 7,082 | 9,020 |
Current portion of obligations under operating leases (Note 4) | 25,763 | 29,749 |
Current portion of financial liability under operating leases (Note 4) | 1,014 | 997 |
Current portion of financial instruments - Fair value (Notes 7, 12) | 1,756 | 8,884 |
Total current liabilities | 360,394 | 332,096 |
LONG-TERM DEBT AND OTHER FINANCIAL LIABILITIES, net of current portion (Note 6) | 1,275,149 | 1,200,251 |
LONG-TERM OBLIGATIONS UNDER OPERATING LEASES (Note 4) | 47,748 | 58,824 |
FINANCIAL LIABILITY UNDER OPERATING LEASES, net of current portion (Note 4) | 2,688 | 3,196 |
FINANCIAL INSTRUMENTS - Fair value (Notes 7, 12) | 114 | 8,656 |
STOCKHOLDERS’ EQUITY (Note 8): | ||
Preferred shares, $ 1.00 par value; 25,000,000 shares authorized and 3,517,061 Series D Preferred Shares, 4,745,947 Series E Preferred Shares, 6,747,147 Series F Preferred Shares and 459,286 Series G Convertible Preferred Shares issued and outstanding at June 30, 2022 and 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 | 15,469 | 15,461 |
Common shares, $ 5.00 par value; 60,000,000 shares authorized at June 30, 2022 and 35,000,000 shares authorized at December 31, 2021; 29,308,379 shares issued and 28,630,206 shares outstanding at June 30, 2022 and 25,244,113 shares issued and 24,565,940 outstanding at December 31, 2021, respectively | 146,542 | 126,221 |
Additional paid-in capital | 986,874 | 973,582 |
Cost of treasury stock | (6,791) | (6,791) |
Accumulated other comprehensive income (loss) | 4,001 | (17,175) |
Retained earnings | 181,008 | 149,505 |
Total Tsakos Energy Navigation Limited stockholders’ equity | 1,327,103 | 1,240,803 |
Non-controlling Interest | 50,872 | 50,988 |
Total stockholders’ equity | 1,377,975 | 1,291,791 |
Total liabilities and stockholders’ equity | $ 3,064,068 | $ 2,894,814 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
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 | 60,000,000 | 35,000,000 |
Common Stock, Shares, Issued | 29,308,379 | 25,244,113 |
Common Stock, Shares, Outstanding | 28,630,206 | 24,565,940 |
Series D Preferred Stock [Member] | ||
Preferred Stock, Shares Outstanding | 3,517,061 | 3,516,896 |
Preferred Stock, Shares Issued | 3,517,061 | 3,516,896 |
Series E Preferred Stock [Member] | ||
Preferred Stock, Shares Outstanding | 4,745,947 | 4,743,708 |
Preferred Stock, Shares Issued | 4,745,947 | 4,743,708 |
Series F Preferred Stock [Member] | ||
Preferred Stock, Shares Outstanding | 6,747,147 | 6,741,259 |
Preferred Stock, Shares Issued | 6,747,147 | 6,741,259 |
Series G Preferred Stock [Member] | ||
Preferred Stock, Shares Outstanding | 459,286 | 459,286 |
Preferred Stock, Shares Issued | 459,286 | 459,286 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
VOYAGE REVENUES (Note 3): | $ 216,699 | $ 136,415 | $ 366,403 | $ 275,429 |
EXPENSES: | ||||
Voyage expenses | 62,738 | 47,567 | 110,941 | 94,866 |
Charter hire expense | 8,711 | 6,325 | 17,326 | 12,443 |
Vessel operating expenses | 46,630 | 46,169 | 89,804 | 87,652 |
Depreciation and amortization | 34,168 | 35,798 | 67,518 | 70,850 |
General and administrative expenses | 7,383 | 7,627 | 14,177 | 14,471 |
(Gain) Loss on sale of vessels (Note 4) | (299) | 5,817 | (299) | 5,817 |
Total expenses | 159,331 | 149,303 | 299,467 | 286,099 |
Operating income (loss) | 57,368 | (12,888) | 66,936 | (10,670) |
OTHER INCOME (EXPENSES): | ||||
Interest and finance costs, net (Note 7) | (10,992) | (7,525) | (14,292) | (14,568) |
Interest income | 226 | 200 | 416 | 327 |
Other, net | 349 | (80) | 182 | (192) |
Total other expenses, net | (10,417) | (7,405) | (13,694) | (14,433) |
Net income (loss) | 46,951 | (20,293) | 53,242 | (25,103) |
Less: Net (income) loss attributable to the non-controlling interest | (726) | 629 | (1,499) | 618 |
Net income (loss) attributable to Tsakos Energy Navigation Limited | 46,225 | (19,664) | 51,743 | (24,485) |
Effect of preferred dividends | (8,704) | (8,230) | (17,377) | (16,379) |
Undistributed income to Series G participants | (370) | 0 | (353) | 0 |
Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited | $ 37,151 | $ (27,894) | $ 34,013 | $ (42,577) |
Earnings (Loss) per share, basic and diluted attributable to Tsakos Energy Navigation Limited common Stockholders | $ 1.31 | $ (1.49) | $ 1.26 | $ (2.31) |
Weighted average number of shares, basic | 28,398,404 | 18,660,333 | 26,992,886 | 18,433,070 |
Weighted average number of shares, diluted | 28,704,595 | 18,660,333 | 27,299,077 | 18,433,070 |
Deemed dividend on partially redeemed Series G Convertible Preferred Shares | $ 0 | $ 0 | $ 0 | $ (1,713) |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net income (loss) | $ 46,951 | $ (20,293) | $ 53,242 | $ (25,103) |
Unrealized gain (loss) from hedging financial instruments | ||||
Unrealized income on interest rate swaps, net (Note 9) | 4,802 | 860 | 21,176 | 10,463 |
Comprehensive income (loss) | 51,753 | (19,433) | 74,418 | (14,640) |
Less: comprehensive (income) loss attributable to the non-controlling interest | (726) | 629 | (1,499) | 618 |
Comprehensive income (loss) attributable to Tsakos Energy Navigation Limited | $ 51,027 | $ (18,804) | $ 72,919 | $ (14,022) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Preferred Stock [Member] Series D Preferred Stock [Member] | Preferred Stock [Member] Series E Preferred Stock [Member] | Preferred Stock [Member] Series F Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Series D Preferred Stock [Member] | Additional Paid-in Capital [Member] Series E Preferred Stock [Member] | Additional Paid-in Capital [Member] Series F Preferred Stock [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Retained Earnings [Member] Series D Preferred Stock [Member] | Retained Earnings [Member] Series E Preferred Stock [Member] | Retained Earnings [Member] Series F Preferred Stock [Member] | Retained Earnings [Member] Series G Preferred Stock [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Parent [Member] Series D Preferred Stock [Member] | Parent [Member] Series E Preferred Stock [Member] | Parent [Member] Series F Preferred Stock [Member] | Parent [Member] Series G Preferred Stock [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] Series B Preferred Stock [Member] | Total | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Series F Preferred Stock [Member] | Series B Preferred Stock [Member] | Series G Preferred Stock [Member] |
Beginning balance, value at Dec. 31, 2020 | $ 16,640 | $ 95,973 | $ 949,090 | $ (9,834) | $ 338,800 | $ (36,994) | $ 1,353,675 | $ 28,143 | $ 1,381,818 | ||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2020 | 978,936 | ||||||||||||||||||||||||||||
Net income/ (loss) | 0 | 0 | $ 0 | (24,485) | (24,485) | (618) | (25,103) | ||||||||||||||||||||||
Purchases of Treasury Stock | $ (168) | (168) | (168) | ||||||||||||||||||||||||||
Purchases of Treasury Stock, shares | 19,836 | ||||||||||||||||||||||||||||
Partial redemption of Series G Convertible Preferred Shares | (1,799) | (15,487) | (1,714) | (19,000) | 19,000 | 0 | |||||||||||||||||||||||
Sale of Common and Treasury Shares | $ 11 | $ 33 | $ 185 | 6,217 | 4,819 | $ 269 | $ 781 | $ 4,340 | $ 3,211 | (273) | 13,974 | $ 280 | $ 814 | $ 4,525 | 13,974 | $ 280 | $ 814 | $ 4,525 | |||||||||||
Sale of Common and Treasury Shares, shares | (320,599) | (11,411) | (33,188) | (184,585) | |||||||||||||||||||||||||
Cash dividends declared ($0.10 per common share) | (1,978) | (1,978) | (1,978) | ||||||||||||||||||||||||||
Dividends, Preferred Stock | $ (3,752) | $ (5,330) | $ (7,125) | $ (54) | (3,752) | (5,330) | (7,125) | $ (54) | $ (111) | $ (3,752) | $ (5,330) | $ (7,125) | $ (111) | $ (54) | |||||||||||||||
Other comprehensive income | 10,463 | 10,463 | 10,463 | ||||||||||||||||||||||||||
Ending balance, value at Jun. 30, 2021 | 15,070 | 102,190 | 943,812 | $ (6,791) | 294,089 | (26,531) | 1,321,839 | 46,414 | 1,368,253 | ||||||||||||||||||||
Ending balance, shares at Jun. 30, 2021 | 678,173 | ||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2021 | 678,173 | ||||||||||||||||||||||||||||
Net income/ (loss) | 0 | 0 | $ 0 | 51,743 | 51,743 | 1,499 | 53,242 | ||||||||||||||||||||||
Partial redemption of Series G Convertible Preferred Shares | (750) | (750) | |||||||||||||||||||||||||||
Sale of Common and Treasury Shares | $ 0 | $ 2 | $ 6 | $ 1 | $ 50 | $ 133 | 1 | 52 | 139 | 1 | 52 | 139 | |||||||||||||||||
Cash dividends declared ($0.10 per common share) | (2,863) | (2,863) | (2,863) | ||||||||||||||||||||||||||
Dividends, Preferred Stock | $ (3,846) | $ (5,488) | $ (8,012) | $ (31) | $ (3,846) | $ (5,488) | $ (8,012) | $ (31) | $ (865) | $ (3,846) | $ (5,488) | $ (8,012) | $ (865) | $ (31) | |||||||||||||||
Other comprehensive income | 21,176 | 21,176 | 21,176 | ||||||||||||||||||||||||||
Issuance of Common Shares | 20,321 | 13,108 | 33,429 | 33,429 | |||||||||||||||||||||||||
Ending balance, value at Jun. 30, 2022 | $ 15,469 | $ 146,542 | $ 986,874 | $ (6,791) | $ 181,008 | $ 4,001 | $ 1,327,103 | $ 50,872 | $ 1,377,975 | ||||||||||||||||||||
Ending balance, shares at Jun. 30, 2022 | 678,173 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.10 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 53,242 | $ (25,103) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | 59,043 | 63,412 |
Amortization of deferred dry-docking costs | 8,475 | 7,438 |
Amortization of loan fees | 1,992 | 1,822 |
Interest expense on long - term receivable, net | 40 | 227 |
Change in fair value of derivative instruments | (1,025) | (9,015) |
(Gain) Loss on sale of vessels | (299) | 5,817 |
Payments for dry-docking | (19,244) | (13,616) |
(Increase) Decrease in: | ||
Accounts receivable | (27,187) | (429) |
Margin deposits | 1,579 | 217 |
Inventories | (10,033) | (2,908) |
Prepaid insurance and other | (1,263) | 255 |
Capitalized voyage expenses | (629) | 540 |
Increase (Decrease) in: | ||
Payables | (2,658) | 9,424 |
Accrued liabilities | 13,458 | (3,214) |
Unearned revenue | (1,938) | (4,282) |
Net Cash provided by Operating Activities | 73,553 | 30,585 |
Cash Flows from Investing Activities: | ||
Advances for vessels under construction and acquisitions | (26,773) | (29,045) |
Vessel acquisitions and/or improvements | (137,181) | (3,611) |
Proceeds from sale of vessels | 19,795 | 53,224 |
Net Cash (used in) provided by Investing Activities | (144,159) | 20,568 |
Cash Flows from Financing Activities: | ||
Proceeds from long-term debt and other financial liabilities | 341,492 | 67,644 |
Financing costs | (3,842) | (623) |
Payments of long-term debt and other financial liabilities | (237,105) | (154,142) |
Purchase of treasury stock, net | 0 | (168) |
Partial redemption of Class B preferred shares of subsidiary | (750) | 0 |
Proceeds from stock issuance program and sale of treasury stock, net | 33,429 | 13,974 |
Proceeds from preferred stock issuance program, net | 192 | 5,619 |
Cash dividends | (18,211) | (16,318) |
Net Cash provided by (used in) Financing Activities | 115,205 | (84,014) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 44,599 | (32,861) |
Cash and cash equivalents and restricted cash at beginning of period | 127,197 | 171,771 |
Cash and cash equivalents and restricted cash at end of period | 171,796 | 138,910 |
Current Assets: | ||
Cash and cash equivalents | 161,148 | 128,851 |
Restricted cash | 10,648 | 10,059 |
Total Cash and cash equivalents and restricted cash | $ 171,796 | $ 138,910 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of P r Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of T r y y The consolidated balance sheet as of December 31, 2021, has been derived from the audited consolidated financial statements included in the Company ’ Impact of COVID-19 on the Company ’ The spread of the COVID-19 virus, which has been declared a pandemic by the W r y The impact of the COVID-19 pandemic continues to unfold and it may continue to negatively a f f ’ r ’ y ’ Impact of the War in Ukraine on the Company ’ As a result of the ongoing conflict between Russia and Ukraine which commenced in February 2022, the US, the EU, the UK and others have announced unprecedented levels of sanctions and other measures against Russia and certain Russian entities and nationals. The Company intends on complying with these requirements and addressing their potential consequences. The conflict in Ukraine, and the economic sanctions imposed by the EU, U.S. and other countries in response to Russian action, is disrupting energy production and trade patterns, including shipping in the Black Sea and elsewhere, and its impact on energy prices and tanker rates, which initially have increased, is uncertain. 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 Policies A discussion of the Company ’ ’ Accounting for Leases: New Accounting Pronouncements—Not Y F T f r r f f New Accounting Pronouncements - Not Yet Adopted |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 2. Transactions with Related Parties a) T 27.5 28.6 27.5 20.4 35 Energy and Maria Energy were $ 38.9 and $ 30.8 for the LNG carrier Tenergy (since delivery January 12,2022). On January 1, 2021, monthly fees for operating conventional vessels were $ 27.5 , for the suezmax Eurochampion 2004, Maria Princess Sapporo Princess Ulysses, Hercules I, 28 20.4 35 Neo Energy Maria Energy 38.7 From May 1, 2022, monthly fees increased to $ 28.5 for all conventional vessels, for the suezmax Eurochampion 2004, the aframaxes Maria Princess and Sapporo Princess, the VLCCs Ulysses, Hercules I, which are managed by a third-party manager, amounted to $ 29.1 , for third-party managed vess 27.5 21 36 42.4 34.3 5,041 5,100 10,005 10,204 The Holding Company and the Management Company have certain o f f y y r ’ y ’ 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 deliver y 10,796 20,967 21,282 20,808 20,274 86,973 Management fees for vessels are included in General and administrative expenses in the accompanying Consolidated Statements of Comprehensive Income (Loss). Also, under the terms of the Management Agreement, the Management Company provides supervisory services for the construction of new vessels. During the six months ended June 30, 2022, and June 30, 2021, $ 599 245 r 302 r 122 As of June 30, 2022, the amount due to the Management Company was $ 117 ($ 12 due from the Management Company at December 31, 2021). (b) T ’ y r E f y ’ r r 476 488 r r 1,058 1,014 As of June 30, 2022, the amount due from TCM was $ 11,764 14,565 TCM has a 25 y T ’ T y (c) T T T T ’ T 1.25 V T T r T r Proteas 206 96 Maya y T r T no r Certain members of the T T y T sakos Shipping for services rendered cha r 2,709 1,715 r r 4,529 3,448 T 2,624 1,439 386 338 T (d) Argosy Insurance Company Limited (“Argosy”) r y f T r y r 2,890 compared to $ 2,599 for the prior year quarte r r 5,141 compared to $ 4,791 for the prior year first half. The amount due to A r 5,219 5,805 356 1 r y (e) AirMania T f y r 1,636 1,443 r r 2,892 2,276 The amount due to AirMania as of June 30, 2022, was $ 553 503 |
Revenue from contracts with cus
Revenue from contracts with customers | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from contracts with customers | 3. Revenue f r Revenue from contracts with customers V oyage charters and contracts of aff r Revenues from voyage charters and contracts of a f 119,487 63,311 y 185,714 128,450 T ime, ba r Revenues from time charter hire arrangements amounted to $ 97,212 73,104 y 180,689 146,979 Unearned r 7,082 9,020 |
Vessels
Vessels | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Vessels | 4. Vessels Sale and leaseback On December 21, 2017 five-year Eu r Eu r 65,200 r ’ 13,000 12,871 December 21, 2022 On January 9, 2020 , the Company entered into a new five-year sale and leaseback agreement for each of the two suezmaxes, A r Alaska 61,070 . Under these leaseback agreements, there is a selle r ’ 11,800 As of June 30, 2022, the Company has classified the seller’s credit, as long-term receivable amounting to $ 11,048 On December 21, 2020 , the Company commenced a new five-year sale and leaseback agreement for the aframax, Sakura Princess. 24,527 . Under this leaseback agreement, there is a selle r ’ 4,425 on the sales price that becomes immediately payable to the Company by the owners at the end of the five-year charter or upon sale of the vessel during the charter period. As of June 30, 2022, the Company has classified the seller’s credit, as long-term receivable amounting to $ 4,247 . In accordance with ASC 842, the Company accounts for the transaction as an operating lease. Upon execution of the sale and leaseback of the aframax tanke r Sakura Princess 5,148 , being the di f On June 21, 2021 , the Company commenced a new five-year sale and leaseback agreement for each of the two suezmaxes, A r Anta r 52,304 . Under these leaseback agreements, there is a seller’s credit of $ 8,415 on the sales price that becomes immediately payable to the Company by the owners at the end of the five-year charter or upon sale of the vessel during the charter period. As of June 30, 2022, the Company has classified the seller’s credit, as long-term receivable amounting to $ 7,764 . In accordance with ASC 842, the Company accounts for the transaction as an operating lease. 1,696 On December 21, 2021 ten-year Tenergy At June 30, 2022 and December 31, 2021, the Company has assessed the recoverability of the seller’s credits and there was no indication of impairment. As at June 30, 2022, the Company recognized on its consolidated balance sheet a 36,506 A r Anta r 10,075 Sakura Princess 23,266 A r Alaska 3,664 Eu r Eu r respectively, equal to the corresponding obligation based on the present value of the future minimum lease payments, y The incremental borrowing rate used to determine the right-of-use asset and the obligations under operating leases was 5.45 Eu r Eu r 3.59 A r Alaska 2.54 Sakura Princess 2.98 A r Anta r 0.48 2.53 3.48 3.99 y 0.97 3.02 , 3.97 and 4.49 y As at June 30, 2022 and December 31, 2021, both the right-of use asset and the corresponding obligation under operating leases were $ 73,511 (current portion $ 25,763 and non-current portion $ 47,748 ) and $ 88,573 29,749 58,824 ), respectivel y Sakura Princess 3,702 1,014 2,688 4,193 997 3,196 Vessels (Table) Period/ Year Lease Commitment July 1 to December 31, 2022 $ 16,948 2023 24,890 2024 24,890 2025 14,234 2026 4,994 Minimum net lease payments $ 85,956 Less: present value discount (12,445) Total obligations under operating leases and financial liability (current and non-current portion) $ 73,511 The Company has subleased all seven 16,944 2,372 y 24,051 7,825 Acquisitions On January 12, 2022 Tenergy 186,201 Sales During the first half of 2022, the Company sold the aframax tanker , Proteas 299 (gain) During the first half of 2021, the Company sold the panamax tanker , Maya 4,121 (gain) Impairment As of June 30, 2022 and 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, vessels under construction and right-of-use-assets. This review did not indicate an impairment cha r |
Deferred charges and leasehold
Deferred charges and leasehold improvements | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Charges And Leasehold Improvements | |
Deferred charges and leasehold improvements | 5. Defer r r Deferred charges and leasehold improvements Deferred cha r 35,949 27,344 y Eu r Eu r r , Alaska, Arctic, Antarctic r Sakura Princess 9,117 6,953 y |
Long-term debt and other financ
Long-term debt and other financial liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-term debt and other financial liabilities | 6. Long- t Long-term debt and other financial liabilities Long-term debt Long-term debt and other financial liabilities - Long -term debt (Table) Facility June 30, 2022 December 31, 2021 Loans 1,310,130 1,380,648 Less: Deferred finance costs, net (6,767) (7,461) Total long-term debt 1,303,363 1,373,187 Less: Current portion of debt (193,685) (175,062) Add: Deferred finance costs, current portion 2,082 2,126 Long-term debt, net of current portion and deferred finance costs 1,111,760 1,200,251 L oan balan ces outstanding at June 30, 2022, amounted to $ 1,310,130 . These bank loans are payable in U.S. Dollars in semi-annual Interest rates on the outstanding loans as of June 30, 2022, are based on LIBOR plus a spread, except of two loan agreements based on SOFR On March 16, 2022 , the Company signed a new five-year loan agreement amounting to $ 62,000 relating to the refinancing of the suezmax tankers, Dimitris P Spyros K Uraga Princess . On March 17, 2022 , the Company drew down the amount of $ 62,000 and prepaid the amount of $ 47,730 . The new loan is repayable in ten semi-annual installments of $ 2,750 , commencing six months after the drawdown date, plus a balloon of $ 34,500 payable together with the last installment. On March 31, 2022 , the Company signed a new six-year loan agreement amounting to $ 67,500 relating to the refinancing of the DP2 shuttle tanker, Brasil 2014 . On April 4, 2022 , the Company drew down the amount of $ 67,500 and prepaid the amount of $ 54,117 . The new loan is repayable in twelve semi-annual installments of $ 4,500 , commencing six months after the drawdown date, plus a balloon of $ 13,500 payable together with the last installment. On April 20, 2022 12,695 Proteas On May 13, 2022 , the Company signed a new five-year loan agreement amounting to $ 25,200 relating to the refinancing of the suezmax tanker, Euro . On May 13, 2022 , the Company drew down the amount of $ 25,200 and prepaid the amount of $ 21,683 on May 16, 2022 . The new loan is repayable in ten semi-annual installments of $ 1,505 , commencing six months after the drawdown date, plus a balloon of $ 10,150 payable together with the last installment. On August 17, 2022 3,301 Inca On September 5, 2022 , the Company signed a new six-year loan agreement amounting to $ 67,500 relating to the refinancing of the suezmax DP2 shuttle tanker, Rio 2016 On September 7, 2022 , the Company drew down the amount of $ 67,500 and prepaid the amount of $ 48,047 . The new loan is repayable in twelve semi-annual installments of $ 4,500 , commencing six months after the drawdown date, plus a balloon of $ 13,500 payable together with the last installment. On September 15, 2022 eight-year loan agreement amounting to $ 118,400 relating to pre- and post- financing of the two aframax tankers under construction Hull 5081 Hull 5082 The new loan is repayable in sixteen semi-annual installments of $ 1,650 , commencing six months after the drawdown date, plus a balloon of $ 32,800 payable together with the last installment. 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, falling under the scope of debt extinguishments (Note 7). The weighted-average interest rates on the above executed loans for the applicable periods were: Long-term debt and other financial liabilities - Weighted-Average Interest Rates (Table) Three months ended June 30, 2022 2.75 Six months ended June 30, 2022 2.44% Three months ended June 30, 2021 2.05 Six months ended June 30, 2021 2.08% The above term bank loans are secured by first priority mortgages on all vessels, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant vessel-owning subsidiaries. The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends if an event of default has occurred, sell vessels and assets, and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidit y 129,528 105,768 at December 31, 2021, a minimum consolidated leverage ratio, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Three loan agreements require the Company to maintain throughout 3,550 account of any principal due, but unpaid. As of June 30, 2022, the Company and its wholly and majority owned subsidiaries had thirty-one loan agreements, with an aggregate principal amount outstanding thereunder totaling $ 1,310,130 The Company fulfilled its requirements in respect of the financial covenants of all of its loan agreements as at June 30, 2022. The Company ’ The annual principal payments, including balloon payments on loan maturity, required to be made after June 30, 2022, are as follows: Long - term debt and other financial liabilities - Schedule of Principal Payments (Table) Period/ Year Amount July to December 2022 92,304 2023 218,949 2024 280,551 2025 251,068 2026 196,560 2027 and thereafter 270,698 1,310,130 Other financial liabilities, net The amounts in the accompanying consolidated balance sheets are analyzed as follows: Long - Term Debt and other financial liabilities - Other financial liabilities, net (Table) June 30, 2022 December 31, 2021 Other financial liabilities 174,905 — Less: Deferred finance costs, net (2,544) — Total other financial liabilities 172,361 — Less: Current portion of other financial liabilities (9,328) — Add: Deferred finance costs, current portion 356 — Other financial liabilities, net of current portion and deferred finance costs 163,389 — On January 12, 2022 177,238 for the acquisition of the LNG carrier Tenergy 27,750 forty quarterly 2,332 83,955 The annual principal payments of Other financial liabilities required to be made after June 30, 2022, are as follows: Long -Term Debt and other financial liabilities - Schedule of annual lease liability (Table) Period/ Year Amount July to December 2022 4,664 2023 9,328 2024 9,328 2025 9,328 2026 9,328 2027 and thereafter 132,929 174,905 |
Interest and Finance Costs, net
Interest and Finance Costs, net | 6 Months Ended |
Jun. 30, 2022 | |
Interest And Finance Costs Net | |
Interest and Finance Costs, net | 7. Inte r Interest and Finance Costs, net Interest and Finance Costs, net (Table) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Interest expense 10,953 9,970 20,783 20,251 Less: Interest capitalized (270) (183) (498) (354) Interest expense, net 10,683 9,787 20,285 19,897 Bunkers swap, put and call options cash settlements — 17 (9,912) 464 Amortization of loan fees 756 871 1,992 1,822 Bank charges 81 64 85 Discount of long-term receivables, net 33 482 414 528 Change in fair value of non-hedging financial instruments (561) (3,696) 1,428 (8,242) Net total 10,992 7,525 14,292 14,568 At June 30, 2022, the Company was committed to ten 428,159 April 2023 through October 2027 1.90 six-month LIBOR At June 30, 2022, the Company held nine in order 377,454 The fair values of such financial instruments as of June 30, 2022, and December 31, 2021, in aggregate amounted to $ 5,965 16,151 y 3,759 As of June 30, 2022, the Company held one interest rate swap that did not meet hedge accounting criteria. On March 16, 2022, the Company discontinued as a cash flow hedge on hedging interest rate swap. This interest rate swap associated with a secured loan facility, which was refinanced. Upon completion of the refinancing on March 17, 2022, the hedge was de-designated as a hedging swap and the remaining gain included in Accumulated other comprehensive loss ($ 1,386 561 During the first half of 2022, the Company entered into early termination agreements of all its bunker swap agreements with expiration dates December 2022, September 2023 and December 2023. Total cash received from those swap terminations amounted to $ 9,912 . The change in their fair value during the first half of 2022 and 2021 were $ 1,989 (negative) and $ 8,241 (positive), respectively. During the first half of 2022 and 2021, the Company has written-off unamortized deferred finance costs of $ 579 232 During the first half of 2022 and 2021, the Company recognized a discount on its lease liability (Note 4) amounting to $ 414 and $ 528 , respectively. During the first half of June 30, 2021, the Company sold all three put option agreements and received cash of $ 35 zero 207 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | 8. Stockholders’ Equity On October 29, 2021, the Board of Directors of the Company authorized the issuance and sale of up to $ 100,000 ’ 4,064,266 165 2,239 5,888 33,621 320,599 11,411 33,188 184,585 1,243,337 total 19,593 On January 31, 2022, and April 27, 2022, the Company paid dividends of $ 0.59375 8,012 0.59375 7,125 On February 28, 2022, and May 25, 2022, the Company paid dividends of $ 0.54687 3,847 total 0.57812 5,488 0.54687 3,752 total 0.57812 5,330 On June 29, 2021, the Company declared a dividend of $ 0.10 July 20, 2021 0.10 July 20, 2022 On February 1, 2021 (the “Initial Redemption Date”) and August 2, 2021, the Company redeemed 1,798,651 and 357,063 1,900,000 388,841 y 0.001 10.00 10.56 10.89 19,000 3,889 f 2,171 The redemption price at which the Series G Convertible Preferred Shares exchanged was the higher of 95 % of the as-converted value of the Series G Convertible Preferred Shares, based on a six-month volume weighted average price (“V W ’ 7.75 % per annum on an actual/360-day basis on the Series G Convertible Preferred Shares, taking into account all dividends actually received on the Series G Convertible Preferred Shares. If certain limitations intended to ensure Shyris Shipping ’ 35,000 ’ 459,286 Series G Redeemable Convertible Perpetual Preferred shares outstanding as of June 30, 2022, and December 31, 2021, respectively. In September 2022, all 459,286 306,190 The Series B Cumulative Redeemable Perpetual Preferred Shares of Shyris Shipping (the “Shyris Shipping Preferred Shares”) are entitled to receive cumulative semi-annual dividends from Shyris Shipping at a rate of 7.50% per annum, payable in arrears on the 1st day of March and September of each year, 111 865 The initial liquidation preference of the Shyris Shipping Preferred Shares is $ 10 y 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, howeve r ’ f 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 y w If Shyris Shipping, directly or indirectl y On April 12, 2022, the Board of Directors of Shyris Shipping Company authorized the redemption of 75,000 of the outstanding Series B Cumulative Redeemable Perpetual Preferred Shares. On April 15, 2022, the Company repaid the amount of $ 750 75,000 of the outstanding Series B Cumulative Redeemable Perpetual Preferred Shares. On July 15, 2022 750 During the first half of 2021, the Company acquired a treasury stock 19,836 168 |
Accumulated other comprehensive
Accumulated other comprehensive income (loss) | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated other comprehensive income (loss) | 9. Accumulated other comp r income ( Accumulated other comprehensive income (loss) In the first half of 2022 and 2021, accumulated other comprehensive loss decreased with unrealized income of $ 21,176 10,463 y |
Earnings (loss) per common shar
Earnings (loss) per common share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (loss) per common share | 10. Earnings (loss) per common sha r Earnings (loss) per common share The Company calculates basic earnings (loss) per share in conformity with the two-class method required for companies with participating securities. The Company considered its Series G Convertible Preferred Shares to be participating securities as the holders are entitled to receive dividends on as-converted basis in the event that dividends are declared and paid on the Company ’ Under the two-class method, basic earnings (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of common shares outstanding during the period, less shares subject to repurchase. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Any remaining earnings would be distributed to the holders of common stock and the holders of the Series G Convertible Preferred Shares on a pro-rata basis assuming conversion of all Series G Convertible Preferred Shares into common shares. This participating security does not contractually require the holders of such shares to participate in the Company ’ ’ y Diluted earnings (loss) per share is computed by giving effect to all potentially dilutive common share equivalents outstanding for the period. For the three and six months ended June 30, 2022, securities that could potentially dilute basic earnings per share in the future that were included in the computation of diluted earnings per share, were the preferred convertible stock that requires the payment of cash by the holder upon conversion, the proceeds assumed to be received shall be assumed to be applied to purchase common stock under the treasury stock method and the convertible security shall be assumed to be converted under the if-converted method. Net income attributable to common stockholders of Tsakos Energy Navigation Limited for the three and six months ended June 30, 2022, is adjusted by the amount of dividends on Series G Convertible Preferred Shares and corresponding undistributed income to Series G participants, as set forth below. For the three and six months ended June 30, 2021, these convertible securities that could potentially dilute basic loss per share in the future were not included in the computation of diluted loss per share, because to do so would have anti-dilutive effect. Two class-method was the most dilutive method for the comparative period. The following table sets forth the computation of basic and diluted earnings (loss) per share: Earnings (loss) per common share (Table) Three months ended June 30 Six months ended June 30, 2022 2022 2021 2022 2021 Numerator Net income (loss) attributable to Tsakos Energy Navigation Limited $ 46,225 $ (19,664) $ 51,743 $ (24,485) Preferred share dividends Series D (1,924) (1,879) (3,846) (3,752) Preferred share dividends Series E (2,743) (2,679) (5,488) (5,338) Preferred share dividends Series F (4,006) (3,672) (8,012) (7,235) Preferred share dividends, Convertible Series G (31) — (31) (54) Undistributed income to Series G participants (370) — (353) — Deemed dividend on partially redeemed Convertible Series G — — — (1,713) Net income T r 37,151 (27,894) 34,013 (42,577) Preferred share dividends, Convertible Series G 31 — 31 — Undistributed income to Series G participants 370 — 353 — Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited, for dilution purposes 37,552 (27,894) 34,397 (42,577) Denominator W 28,398,404 18,660,333 26,992,886 18,433,070 W 28,704,595 18,660,333 27,299,077 18,433,070 Earnings (Loss) per sha r T $ 1.31 $ (1.49) $ 1.26 $ (2.31) Earnings (Loss) per sha r T $ 1.31 $ (1.49) $ 1.26 $ (2.31) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 1. Commitments and Contingencies As of June 30, 2022, the Company had five powered aframax tankers The total contracted amount remaining to be paid for the five vessels under construction plus the extra costs agreed as of June 30, 2022, were $ 325,278 85,745 239,533 In June 2022, the Company entered into an agreement to buy a 2020-built VLCC, which is expected to be delivered in the fourth quarter of 2022 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 ’ f ’ Brazilian authorities have cha r f P y Charters-out The future minimum revenues of vessels in operation at June 30, 2022 and vessels scheduled to be delivered as per contractual terms before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows: Commitments and Contingencies - Minimum Future Charter Revenue Period/ Year Amount July 1 to December 31, 2022 $ 158,403 2023 238,966 2024 189,768 2025 127,547 2026 109,792 2027 to 2028 134,440 Minimum charter revenues $ 958,916 These amounts do not assume any o f |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 12. Financial Instruments (a) Inte r (b) Concentration of c r ’ y (c) Fair value: r The fair values of the interest rate swap agreements and bunker swap agreements discussed in Note 7 above, are determined through Level 2 of the fair value hierarchy as defined in F V The estimated fair values of the Company ’ Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Table) Carrying Fair Value June 30, 2022 Carrying Fair Value December 31, 2021 Financial assets (liabilities) Cash and cash equivalents 161,148 161,148 117,192 117,192 Restricted cash 10,648 10,648 10,005 10,005 Margin deposits 4,270 4,270 5,849 5,849 Long-term receivable (including short-term portion) 35,930 35,930 35,904 35,904 Financial liability (3,702) (3,702) (4,193) (4,193) Obligations under operating leases (73,511) (73,511) (88,573) (88,573) Debt and other financial liabilities (1,485,035) (1,485,035) (1,380,648) (1,380,648) The Company does not o f 4,270 5,849 r T abular Disclosu r Derivatives are recorded in the consolidated balance sheet on a net basis by counterparty when a legal right of set-o f Fair V Financial Instruments - Schedule of Derivative Instruments - Statements of Financial Position Location (Table) Asset Derivatives Liability Derivatives June 30, December 31, June 30, December 31, Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value 3,956 7 1,756 8,884 Financial instruments - Fair value, net of current portion 3,879 1,382 114 8,656 Subtotal 7,835 1,389 1,870 17,540 Asset Derivatives Liability Derivatives June 30, December 31, June 30, December 31, Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives not designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value 735 — — — Financial instruments - Fair value, net of current portion 651 — — — Bunker swaps Current portion of financial instruments - Fair value — 1,845 — — Bunker swaps Financial instruments - Fair value, net of current portion — 144 — — Subtotal 1,386 1,989 — — Total derivatives 9,221 3,378 1,870 17,540 Derivatives designated as hedging instruments- Net effect on the consolidated statements of comp r Financial Instruments - Schedule of Cash Flow Hedges - Gain (Loss) Recognized In Accumulated Other Comprehensive Loss on Derivative (Effective Portion) (Table) Gain (Loss) Recognized in Accumulated Derivative Amount Amount 2022 2021 2022 2021 Interest rate swaps 7,376 3,642 26,037 15,611 Total 7,376 3,642 26,037 15,611 Financial Instruments - Schedule of Cash Flow Hedges - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (Table) Gain (Loss) Reclassified from Derivative Location Amount Amount 2022 2021 2022 2021 Interest rate swaps Depreciation expense (49) (48) (98) (96) Interest rate swaps Interest and finance costs, net 2,627 2,830 4,959 5,244 Total 2,578 2,782 4,861 5,148 Derivatives not designated as hedging instruments–Net effect on the consolidated statement of comp r Financial Instruments - Schedule of Derivatives Not Designated as Hedging Instruments - Net Effect on the Statement Of Comprehensive Income (Table) Gain (Loss) Recognized on Derivative Derivative Location Amount Amount 2022 2021 2022 2021 Interest rate swaps Interest and finance costs, net 561 — 561 — Bunker swaps Interest and finance costs, net — 3,695 7,923 7,950 Bunker put options Interest and finance costs, net — (16) — (172) Total 561 3,679 8,484 7,778 The accumulated income from derivatives designated as hedging instruments recognized in accumulated other comprehensive income (loss) as of June 30, 2022 amounted to $ 4,001 17,175 The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of June 30, 2022, and December 31, 2021, using Level Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Table) Recurring measurements: June 30, December 31, Interest rate swaps 7,351 (16,151) Bunker swaps — 1,989 Total 7,351 (14,162) |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events The Company evaluated subsequent events (other than those disclosed above), until the date these interim condensed consolidated financial statements were available to be issued. (a) On July 6, 2022, the Company acquired its newbuilding DP2 shuttle tanker Porto. (b) On August 1, 2022, the Company paid dividends of $ 0.59375 9.50 (c) On August 17, 2022, the Company sold its panamax tanker, Inca 11,760 (d) On August 29, 2022, the Company paid dividends of $ 0.54687 per share on its 8.75 % Series D Preferred Shares and $ 0.57812 per share on its 9.25 % Series E Preferred Shares, respectivel y (e) On September 14, 2022, the Company declared a dividend of $ 0.15 (f) On September 1, 2022, the Company’s subsidiary, Shyris Shipping, paid dividends aggregating $ 802.1 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements - Not Yet Adopted | New Accounting Pronouncements—Not Y F T f r r f f New Accounting Pronouncements - Not Yet Adopted |
Vessels (Tables)
Vessels (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Vessels (Table) | Vessels (Table) Period/ Year Lease Commitment July 1 to December 31, 2022 $ 16,948 2023 24,890 2024 24,890 2025 14,234 2026 4,994 Minimum net lease payments $ 85,956 Less: present value discount (12,445) Total obligations under operating leases and financial liability (current and non-current portion) $ 73,511 |
Long-term debt and other fina_2
Long-term debt and other financial liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-term debt and other financial liabilities - Long -term debt (Table) | Long-term debt and other financial liabilities - Long -term debt (Table) Facility June 30, 2022 December 31, 2021 Loans 1,310,130 1,380,648 Less: Deferred finance costs, net (6,767) (7,461) Total long-term debt 1,303,363 1,373,187 Less: Current portion of debt (193,685) (175,062) Add: Deferred finance costs, current portion 2,082 2,126 Long-term debt, net of current portion and deferred finance costs 1,111,760 1,200,251 |
Long-term debt and other financial liabilities - Weighted-Average Interest Rates (Table) | Long-term debt and other financial liabilities - Weighted-Average Interest Rates (Table) Three months ended June 30, 2022 2.75 Six months ended June 30, 2022 2.44% Three months ended June 30, 2021 2.05 Six months ended June 30, 2021 2.08% |
Long - term debt and other financial liabilities - Schedule of Principal Payments (Table) | Long - term debt and other financial liabilities - Schedule of Principal Payments (Table) Period/ Year Amount July to December 2022 92,304 2023 218,949 2024 280,551 2025 251,068 2026 196,560 2027 and thereafter 270,698 1,310,130 |
Long - Term Debt and other financial liabilities - Other financial liabilities, net (Table) | Long - Term Debt and other financial liabilities - Other financial liabilities, net (Table) June 30, 2022 December 31, 2021 Other financial liabilities 174,905 — Less: Deferred finance costs, net (2,544) — Total other financial liabilities 172,361 — Less: Current portion of other financial liabilities (9,328) — Add: Deferred finance costs, current portion 356 — Other financial liabilities, net of current portion and deferred finance costs 163,389 — |
Long -Term Debt and other financial liabilities - Schedule of annual lease liability (Table) | Long -Term Debt and other financial liabilities - Schedule of annual lease liability (Table) Period/ Year Amount July to December 2022 4,664 2023 9,328 2024 9,328 2025 9,328 2026 9,328 2027 and thereafter 132,929 174,905 |
Interest and Finance Costs, n_2
Interest and Finance Costs, net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Interest And Finance Costs Net | |
Interest and Finance Costs, net (Table) | Interest and Finance Costs, net (Table) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Interest expense 10,953 9,970 20,783 20,251 Less: Interest capitalized (270) (183) (498) (354) Interest expense, net 10,683 9,787 20,285 19,897 Bunkers swap, put and call options cash settlements — 17 (9,912) 464 Amortization of loan fees 756 871 1,992 1,822 Bank charges 81 64 85 Discount of long-term receivables, net 33 482 414 528 Change in fair value of non-hedging financial instruments (561) (3,696) 1,428 (8,242) Net total 10,992 7,525 14,292 14,568 |
Earnings (loss) per common sh_2
Earnings (loss) per common share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (loss) per common share (Table) | Earnings (loss) per common share (Table) Three months ended June 30 Six months ended June 30, 2022 2022 2021 2022 2021 Numerator Net income (loss) attributable to Tsakos Energy Navigation Limited $ 46,225 $ (19,664) $ 51,743 $ (24,485) Preferred share dividends Series D (1,924) (1,879) (3,846) (3,752) Preferred share dividends Series E (2,743) (2,679) (5,488) (5,338) Preferred share dividends Series F (4,006) (3,672) (8,012) (7,235) Preferred share dividends, Convertible Series G (31) — (31) (54) Undistributed income to Series G participants (370) — (353) — Deemed dividend on partially redeemed Convertible Series G — — — (1,713) Net income T r 37,151 (27,894) 34,013 (42,577) Preferred share dividends, Convertible Series G 31 — 31 — Undistributed income to Series G participants 370 — 353 — Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited, for dilution purposes 37,552 (27,894) 34,397 (42,577) Denominator W 28,398,404 18,660,333 26,992,886 18,433,070 W 28,704,595 18,660,333 27,299,077 18,433,070 Earnings (Loss) per sha r T $ 1.31 $ (1.49) $ 1.26 $ (2.31) Earnings (Loss) per sha r T $ 1.31 $ (1.49) $ 1.26 $ (2.31) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies - Minimum Future Charter Revenue | Commitments and Contingencies - Minimum Future Charter Revenue Period/ Year Amount July 1 to December 31, 2022 $ 158,403 2023 238,966 2024 189,768 2025 127,547 2026 109,792 2027 to 2028 134,440 Minimum charter revenues $ 958,916 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Table) | Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Table) Carrying Fair Value June 30, 2022 Carrying Fair Value December 31, 2021 Financial assets (liabilities) Cash and cash equivalents 161,148 161,148 117,192 117,192 Restricted cash 10,648 10,648 10,005 10,005 Margin deposits 4,270 4,270 5,849 5,849 Long-term receivable (including short-term portion) 35,930 35,930 35,904 35,904 Financial liability (3,702) (3,702) (4,193) (4,193) Obligations under operating leases (73,511) (73,511) (88,573) (88,573) Debt and other financial liabilities (1,485,035) (1,485,035) (1,380,648) (1,380,648) |
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 June 30, December 31, June 30, December 31, Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value 3,956 7 1,756 8,884 Financial instruments - Fair value, net of current portion 3,879 1,382 114 8,656 Subtotal 7,835 1,389 1,870 17,540 Asset Derivatives Liability Derivatives June 30, December 31, June 30, December 31, Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives not designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value 735 — — — Financial instruments - Fair value, net of current portion 651 — — — Bunker swaps Current portion of financial instruments - Fair value — 1,845 — — Bunker swaps Financial instruments - Fair value, net of current portion — 144 — — Subtotal 1,386 1,989 — — Total derivatives 9,221 3,378 1,870 17,540 |
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) Gain (Loss) Recognized in Accumulated Derivative Amount Amount 2022 2021 2022 2021 Interest rate swaps 7,376 3,642 26,037 15,611 Total 7,376 3,642 26,037 15,611 |
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) Gain (Loss) Reclassified from Derivative Location Amount Amount 2022 2021 2022 2021 Interest rate swaps Depreciation expense (49) (48) (98) (96) Interest rate swaps Interest and finance costs, net 2,627 2,830 4,959 5,244 Total 2,578 2,782 4,861 5,148 |
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) Gain (Loss) Recognized on Derivative Derivative Location Amount Amount 2022 2021 2022 2021 Interest rate swaps Interest and finance costs, net 561 — 561 — Bunker swaps Interest and finance costs, net — 3,695 7,923 7,950 Bunker put options Interest and finance costs, net — (16) — (172) Total 561 3,679 8,484 7,778 |
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: June 30, December 31, Interest rate swaps 7,351 (16,151) Bunker swaps — 1,989 Total 7,351 (14,162) |
Transactions with Related Par_2
Transactions with Related Parties (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jan. 01, 2022 | Jan. 01, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||||
Due to related parties | $ 8,513,000 | $ 8,513,000 | $ 7,747,000 | ||||
Due from related parties | 11,764,000 | 11,764,000 | 14,607,000 | ||||
Tsakos Columbia Shipmanagement S.A. [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Management fees | 476,000 | $ 488,000 | 1,058,000 | $ 1,014,000 | |||
Due from related parties | 11,764,000 | 11,764,000 | 14,565,000 | ||||
Estimated future management fees payable over the next ten years [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Management Fee, Payable in 2022 | 10,796,000 | 10,796,000 | |||||
Management Fee, Payable in 2023 | 20,967,000 | 20,967,000 | |||||
Management Fee, Payable in 2024 | 21,282,000 | 21,282,000 | |||||
Management Fee, Payable in 2025 | 20,808,000 | 20,808,000 | |||||
Management Fee, Payable in 2026 | 20,274,000 | 20,274,000 | |||||
Management Fee, Payable from 2027 to 2031 | 86,973,000 | 86,973,000 | 86,973,000 | ||||
Tsakos Energy Management Limited [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Management fees | 5,041,000 | 5,100,000 | 10,005,000 | 10,204,000 | |||
Supervisory services expenses | 302,000 | 122,000 | 599,000 | 245,000 | |||
Due to related parties | $ 117,000 | $ 117,000 | |||||
Due from related parties | 12,000 | ||||||
TCM Tsakos Maritime Philippines [Member] | Tsakos Columbia Shipmanagement S.A. [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Ownership percentage | 25% | 25% | |||||
Tsakos Shipping And Trading S.A. [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Management fees | $ 2,709,000 | 1,715,000 | $ 4,529,000 | 3,448,000 | |||
Due to related parties | 2,624,000 | $ 2,624,000 | 1,439,000 | ||||
Commissions On Charter Hire Agreements | 1.25% | ||||||
Accrued liabilities | 386,000 | $ 386,000 | 338,000 | ||||
Tsakos Shipping And Trading S.A. [Member] | Optional fee of $200 on delivery of each new-building vessel [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Commissions In Connection With Delivery Of Each New Building | 0 | ||||||
Argosy Insurance Company Limited [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Due to related parties | 5,219,000 | 5,219,000 | 5,805,000 | ||||
General Insurance Expense | 2,890,000 | 2,599,000 | 5,141,000 | 4,791,000 | |||
Accrued Insurance, Current | 356,000 | 356,000 | 1,000 | ||||
AirMania Travel S.A. [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Due to related parties | 553,000 | 553,000 | $ 503,000 | ||||
General Services Costs | $ 1,636,000 | $ 1,443,000 | 2,892,000 | 2,276,000 | |||
Operating conventional vessels [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Monthly Management Fees | $ 27,500 | $ 27,500 | 28,500 | ||||
Ulysses, Hercules I, Sapporo Princess, Maria Princess and Eurochampion 2004 [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Monthly Management Fees | 28,600 | 28,000 | 29,100 | ||||
Afrodite and Ariadne [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Monthly Management Fees | 27,500 | 27,500 | |||||
Vessels chartered out on bare-boat basis and vessels under construction [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Monthly Management Fees | 20,400 | 20,400 | 21,000 | ||||
DP2 Shuttle Tankers [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Monthly Management Fees | 35,000 | 35,000 | 36,000 | ||||
Maria Energy and Neo Energy [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Monthly Management Fees | 38,900 | $ 38,700 | 42,400 | ||||
Tenergy [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Monthly Management Fees | $ 30,800 | 34,300 | |||||
Aframax Tanker Proteas [Member] | Tsakos Shipping And Trading S.A. [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Brokerage commission amount | 206,000 | 206,000 | |||||
Panamax Tanker Maya [Member] | Tsakos Shipping And Trading S.A. [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Brokerage commission amount | $ 96,000 | $ 96,000 |
Revenue from contracts with c_2
Revenue from contracts with customers (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Revenues | $ 216,699 | $ 136,415 | $ 366,403 | $ 275,429 | |
Voyage charters and contracts of affreightment [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Revenues | 119,487 | 63,311 | 185,714 | 128,450 | |
Time Charter Hire Agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Revenues | 97,212 | $ 73,104 | 180,689 | $ 146,979 | |
Unearned Revenue [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Deferred Revenue | $ 7,082 | $ 7,082 | $ 9,020 |
Vessels (Table) (Details)
Vessels (Table) (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Property, Plant and Equipment [Abstract] | |
July 1 to December 31, 2022 | $ 16,948 |
2023 | 24,890 |
2024 | 24,890 |
2025 | 14,234 |
2026 | 4,994 |
Minimum net lease payments | 85,956 |
Less: present value discount | (12,445) |
Total obligations under operating leases and financial liability (current and non-current portion) | $ 73,511 |
Vessels (Details Narrative)
Vessels (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 21, 2020 | |
Property, Plant and Equipment [Line Items] | ||||||
Seller's credit | $ 23,059 | $ 23,059 | $ 23,163 | |||
Short-term receivable of seller's credit | 12,871 | 12,871 | 12,741 | |||
Finance Lease, Liability | 3,702 | 3,702 | 4,193 | |||
Loss on sale of vessels | 299 | $ (5,817) | 299 | $ (5,817) | ||
Operating Lease, Right-of-Use Asset | 73,511 | 73,511 | 88,573 | |||
Operating Lease, Liability, Current | 25,763 | 25,763 | 29,749 | |||
Operating Lease, Liability, Noncurrent | 47,748 | 47,748 | $ 58,824 | |||
Sublease Income | 16,944 | $ 2,372 | $ 24,051 | 7,825 | ||
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 | 13,000 | ||||
Short-term receivable of seller's credit | 12,871 | $ 12,871 | ||||
Lease Expiration Date | Dec. 21, 2022 | |||||
Operating Lease, Right-of-Use Asset | $ 3,664 | $ 3,664 | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.45% | 5.45% | ||||
Operating Lease, Weighted Average Remaining Lease Term | 5 months 23 days | 5 months 23 days | 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 | 11,800 | ||||
Long-term receivable of seller's credit | 11,048 | 11,048 | ||||
Operating Lease, Right-of-Use Asset | $ 23,266 | $ 23,266 | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 3.59% | 3.59% | ||||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 6 months 10 days | 2 years 6 months 10 days | 3 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 | 4,425 | ||||
Long-term receivable of seller's credit | 4,247 | 4,247 | ||||
Finance Lease, Liability | $ 5,148 | |||||
Operating Lease, Right-of-Use Asset | $ 10,075 | $ 10,075 | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 2.54% | 2.54% | ||||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 5 months 23 days | 3 years 5 months 23 days | 3 years 11 months 19 days | |||
Operating Lease, Liability, Current | $ 1,014 | $ 1,014 | $ 997 | |||
Operating Lease, Liability, Noncurrent | 2,688 | 2,688 | 3,196 | |||
Operating Lease, Liability | 3,702 | $ 3,702 | $ 4,193 | |||
Arctic and Antarctic [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
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 | 8,415 | ||||
Long-term receivable of seller's credit | 7,764 | 7,764 | ||||
Loss on sale of vessels | 1,696 | |||||
Operating Lease, Right-of-Use Asset | $ 36,506 | $ 36,506 | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 2.98% | 2.98% | ||||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 11 months 26 days | 3 years 11 months 26 days | 4 years 5 months 26 days | |||
Tenergy [member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Sale Leaseback Transaction, Date | December 21, 2021 | |||||
Sale Leaseback Transaction, Lease Terms | ten-year | |||||
Vessel delivery date | January 12, 2022 | |||||
Property, Plant and Equipment, Additions | $ 186,201 | |||||
Proteas [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gain on sale of vessels | $ 299 | |||||
Maya Vessel [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Loss on sale of vessels | $ 4,121 |
Deferred charges and leasehol_2
Deferred charges and leasehold improvements (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Deferred charges of dry-docking and special survey costs | $ 35,949 | $ 27,344 |
Eurochampion 2004, Euronike, Archangel, Alaska, Artic, Antartic and Sakura Princess [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold Improvements, Gross | $ 9,117 | $ 6,953 |
Long-term debt and other fina_3
Long-term debt and other financial liabilities - Long -term debt (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Loans | $ 1,310,130 | $ 1,380,648 |
Less: Deferred finance costs, net | (6,767) | (7,461) |
Total long-term debt | 1,303,363 | 1,373,187 |
Less: Current portion of debt | (193,685) | (175,062) |
Add: Deferred finance costs, current portion | 2,082 | 2,126 |
Long-term debt, net of current portion and deferred finance costs | $ 1,111,760 | $ 1,200,251 |
Long-term debt and other fina_4
Long-term debt and other financial liabilities - Weighted-Average Interest Rates (Table) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Disclosure [Abstract] | ||||
Weighted-average interest rates on the executed loans | 2.75% | 2.05% | 2.44% | 2.08% |
Long - term debt and other fina
Long - term debt and other financial liabilities - Schedule of Principal Payments (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
July to December 2022 | $ 92,304 | |
2023 | 218,949 | |
2024 | 280,551 | |
2025 | 251,068 | |
2026 | 196,560 | |
2027 and thereafter | 270,698 | |
Total | $ 1,310,130 | $ 1,380,648 |
Long - Term Debt and other fi_2
Long - Term Debt and other financial liabilities - Other financial liabilities, net (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other financial liabilities | $ 3,702 | $ 4,193 |
Less: Deferred finance costs, net | (6,767) | (7,461) |
Total other financial liabilities | 1,485,035 | 1,380,648 |
Less: Current portion of other financial liabilities | (193,685) | (175,062) |
Add: Deferred finance costs, current portion | 2,082 | 2,126 |
Financial Liabilities Net [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other financial liabilities | 174,905 | 0 |
Less: Deferred finance costs, net | (2,544) | 0 |
Total other financial liabilities | 172,361 | 0 |
Less: Current portion of other financial liabilities | (9,328) | 0 |
Add: Deferred finance costs, current portion | 356 | 0 |
Other financial liabilities, net of current portion and deferred finance costs | $ 163,389 | $ 0 |
Long -Term Debt and other finan
Long -Term Debt and other financial liabilities - Schedule of annual lease liability (Table) (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
July to December 2022 | $ 4,664 |
2023 | 9,328 |
2024 | 9,328 |
2025 | 9,328 |
2026 | 9,328 |
2027 and thereafter | 132,929 |
Total | $ 174,905 |
Long-term debt and other fina_5
Long-term debt and other financial liabilities (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Long-term Debt, Gross | $ 1,310,130 | $ 1,380,648 | |
Cash and cash equivalents | $ 161,148 | 117,192 | $ 128,851 |
Debt Instrument, Covenant Compliance | The Company fulfilled its requirements in respect of the financial covenants of all of its loan agreements as at June 30, 2022. | ||
Minimum liquidity requirement [Member] | |||
Cash and cash equivalents | $ 129,528 | $ 105,768 | |
Three Loan Agreements [Member] | |||
Restricted Cash and Cash Equivalents | $ 3,550 | ||
Dimitris P, Spyros K and Uraga Princess [Member] | |||
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 | ||
Description of scope | relating to the refinancing of the suezmax tankers, Dimitris P and Spyros K and the aframax tanker, Uraga Princess | ||
Drawn down date | March 17, 2022 | ||
Prepayment date | March 17, 2022 | ||
Drawn down amount | $ 62,000 | ||
Prepaid amount | $ 47,730 | ||
Number of repayment installments | ten | ||
Debt Instrument, Periodic Payment | $ 2,750 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 34,500 | ||
Brasil 2014 [Member] | |||
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 | ||
Description of scope | relating to the refinancing of the DP2 shuttle tanker, Brasil 2014 | ||
Drawn down date | April 4, 2022 | ||
Prepayment date | April 4, 2022 | ||
Drawn down amount | $ 67,500 | ||
Prepaid amount | $ 54,117 | ||
Number of repayment installments | twelve | ||
Debt Instrument, Periodic Payment | $ 4,500 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 13,500 | ||
Proteas [Member] | |||
Prepayment date | April 20, 2022 | ||
Prepaid amount | $ 12,695 | ||
Euro [Member] | |||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||
Line of Credit Facility, Initiation Date | May 13, 2022 | ||
Debt Instrument, Maturity Date, Description | five-year | ||
Debt Instrument, Face Amount | $ 25,200 | ||
Description of scope | relating to the refinancing of the suezmax tanker, Euro | ||
Drawn down date | May 13, 2022 | ||
Prepayment date | May 16, 2022 | ||
Drawn down amount | $ 25,200 | ||
Prepaid amount | $ 21,683 | ||
Number of repayment installments | ten | ||
Debt Instrument, Periodic Payment | $ 1,505 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 10,150 | ||
Inca [Member] | |||
Prepayment date | August 17, 2022 | ||
Prepaid amount | $ 3,301 | ||
Rio 2016 [Member] | |||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||
Line of Credit Facility, Initiation Date | Sep. 05, 2022 | ||
Debt Instrument, Maturity Date, Description | six-year | ||
Debt Instrument, Face Amount | $ 67,500 | ||
Description of scope | to the refinancing of the suezmax DP2 shuttle tanker, Rio 2016. | ||
Drawn down date | September 7, 2022 | ||
Prepayment date | September 7, 2022 | ||
Drawn down amount | $ 67,500 | ||
Prepaid amount | $ 48,047 | ||
Number of repayment installments | twelve | ||
Debt Instrument, Periodic Payment | $ 4,500 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 13,500 | ||
Hull 5081 and Hull 5082 [Member] | |||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||
Line of Credit Facility, Initiation Date | Sep. 15, 2022 | ||
Debt Instrument, Maturity Date, Description | eight-year | ||
Debt Instrument, Face Amount | $ 118,400 | ||
Description of scope | to pre- and post- financing of the two aframax tankers under construction Hull 5081 and Hull 5082. | ||
Number of repayment installments | sixteen | ||
Debt Instrument, Periodic Payment | $ 1,650 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 32,800 | ||
Tenergy [Member] | |||
Debt Instrument, Frequency of Periodic Payment | quarterly | ||
Description of scope | for the acquisition of the LNG carrier Tenergy | ||
Prepayment date | January 12, 2022 | ||
Prepaid amount | $ 27,750 | ||
Number of repayment installments | forty | ||
Debt Instrument, Periodic Payment | $ 2,332 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 83,955 | ||
Proceeds from Lines of Credit | 177,238 | ||
All bank loans [Member] | |||
Long-term Debt, Gross | $ 1,310,130 | ||
Debt Instrument, Payment Terms | These bank loans are payable in U.S. Dollars in semi-annual installments, with balloon payments due at maturity between November 2022 and January 2032. | ||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||
Debt Instrument, Description of Variable Rate Basis | Interest rates on the outstanding loans as of June 30, 2022, are based on LIBOR plus a spread, except of two loan agreements based on SOFR |
Interest and Finance Costs, n_3
Interest and Finance Costs, net (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest And Finance Costs Net | ||||
Interest expense | $ 10,953 | $ 9,970 | $ 20,783 | $ 20,251 |
Less: Interest capitalized | (270) | (183) | (498) | (354) |
Interest expense, net | 10,683 | 9,787 | 20,285 | 19,897 |
Bunkers swap, put and call options cash settlements | 0 | 17 | (9,912) | 464 |
Amortization of loan fees | 756 | 871 | 1,992 | 1,822 |
Bank charges | 81 | 64 | 85 | 99 |
Discount of long-term receivables, net | 33 | 482 | 414 | 528 |
Change in fair value of non-hedging financial instruments | (561) | (3,696) | 1,428 | (8,242) |
Net total | $ 10,992 | $ 7,525 | $ 14,292 | $ 14,568 |
Interest and Finance Costs, n_4
Interest and Finance Costs, net (Details Narrative) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Offsetting Assets [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ 1,025 | $ 9,015 | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 561 | $ 3,696 | (1,428) | 8,242 | |
Amortization of Debt Issuance Costs | 756 | 871 | 1,992 | 1,822 | |
Amortization of Debt Discount (Premium) | $ 33 | 482 | 414 | 528 | |
Debt extinguishment guidance of ASC 470-50 [Member] | |||||
Offsetting Assets [Line Items] | |||||
Amortization of Debt Issuance Costs | $ 579 | 232 | |||
Interest Rate Swap [Member] | |||||
Offsetting Assets [Line Items] | |||||
Number of floating-to-fixed interest rate swaps | 10 | 10 | |||
Notional amount of floating-to-fixed interest rate swaps | $ 428,159 | $ 428,159 | |||
Maturity date | April 2023 through October 2027 | ||||
Fixed interest rate | 1.90% | 1.90% | |||
Floating rate basis | six-month LIBOR | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Offsetting Assets [Line Items] | |||||
Number of floating-to-fixed interest rate swaps | 9 | 9 | |||
Notional amount of floating-to-fixed interest rate swaps | $ 377,454 | $ 377,454 | |||
Cash flow hedge gain | 5,965 | 5,965 | |||
Cash flow hedge losses | $ 16,151 | ||||
Cash flow hedge losses within the next twelve months | $ 3,759 | 3,759 | |||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax | 1,386 | ||||
Derivative, Gain (Loss) on Derivative, Net | 561 | ||||
Bunker Swaps [Member] | |||||
Offsetting Assets [Line Items] | |||||
Cash received from terminations | 9,912 | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 1,989 | 8,241 | |||
Put Option [Member] | |||||
Offsetting Assets [Line Items] | |||||
Cash received from terminations | 35 | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 207 | ||||
Fair value asset of bunker swap agreement | $ 0 | $ 0 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | |||||||||||
Jan. 31, 2022 | Feb. 01, 2021 | Feb. 28, 2022 | Mar. 01, 2021 | Apr. 14, 2022 | Apr. 12, 2022 | Apr. 27, 2022 | Apr. 15, 2022 | Apr. 30, 2021 | May 25, 2022 | May 28, 2021 | Jul. 15, 2022 | Jul. 12, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 29, 2021 | Aug. 02, 2021 | Sep. 30, 2022 | Oct. 29, 2021 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 33,429 | |||||||||||||||||||
Stock Redeemed or Called During Period, Value | 750 | $ 0 | ||||||||||||||||||
Treasury Stock, Value, Acquired, Par Value Method | 168 | |||||||||||||||||||
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 | $ 100,000 | |||||||||||||||||||
Proceeds from issuance of common and preferred stock | $ 33,621 | $ 19,593 | ||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 4,064,266 | 1,243,337 | ||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.10 | ||||||||||||||||||
Dividends Payable, Date to be Paid | Jul. 20, 2022 | Jul. 20, 2021 | ||||||||||||||||||
Common Stock [Member] | Shyris Shipping Company S.A. [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred Stock, Shares Issued | 306,190 | |||||||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 165 | |||||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 11,411 | |||||||||||||||||||
Preferred Stock, Shares Issued | 3,517,061 | 3,516,896 | ||||||||||||||||||
Preferred Stock, Shares Outstanding | 3,517,061 | 3,516,896 | ||||||||||||||||||
Series E Preferred Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,239 | |||||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 33,188 | |||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.57812 | $ 0.57812 | ||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 5,488 | $ 5,330 | ||||||||||||||||||
Preferred Stock, Shares Issued | 4,745,947 | 4,743,708 | ||||||||||||||||||
Preferred Stock, Shares Outstanding | 4,745,947 | 4,743,708 | ||||||||||||||||||
Series F Preferred Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 5,888 | |||||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 184,585 | |||||||||||||||||||
Preferred Stock, Shares Issued | 6,747,147 | 6,741,259 | ||||||||||||||||||
Preferred Stock, Shares Outstanding | 6,747,147 | 6,741,259 | ||||||||||||||||||
Treasury Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 320,599 | |||||||||||||||||||
Treasury Stock, Shares, Acquired | 19,836 | |||||||||||||||||||
Treasury Stock, Value, Acquired, Par Value Method | $ 168 | |||||||||||||||||||
9.50% Series F Preferred Shares [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.59375 | $ 0.59375 | $ 0.59375 | $ 0.59375 | ||||||||||||||||
Dividends, Preferred Stock, Cash | $ 8,012 | $ 7,125 | $ 8,012 | $ 7,125 | ||||||||||||||||
8.75% Series D Preferred Shares [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.54687 | $ 0.54687 | ||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 3,847 | $ 3,752 | ||||||||||||||||||
Series G Convertible Preferred Shares [Member] | Minimum [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred Stock, Redemption Amount | $ 35,000 | |||||||||||||||||||
Series G Convertible Preferred Shares [Member] | Shyris Shipping Company S.A. [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.001 | $ 0.001 | ||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 1,798,651 | 357,063 | 459,286 | |||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 10 | $ 10 | ||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 10.56 | $ 10.89 | ||||||||||||||||||
Preferred Stock, Redemption Amount | $ 19,000 | $ 3,889 | ||||||||||||||||||
Redeemable Preferred Stock Dividends | 2,171 | |||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.75% | |||||||||||||||||||
Preferred Stock, Shares Outstanding | 459,286 | 459,286 | ||||||||||||||||||
Series G Convertible Preferred Shares [Member] | Shyris Shipping Company S.A. [Member] | Minimum [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred Stock, Redemption Price Percentage | 95% | |||||||||||||||||||
Series B Cumulative Redeemable Perpetual Preferred Shares [Member] | Shyris Shipping Company S.A. [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 865 | $ 111 | ||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 75,000 | 75,000 | ||||||||||||||||||
Preferred Stock, Shares Issued | 1,900,000 | 388,841 | ||||||||||||||||||
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, | |||||||||||||||||||
Stock Redeemed or Called During Period, Value | $ 750 | $ 750 | ||||||||||||||||||
Shyris Shipping Preferred Shares [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 10 | |||||||||||||||||||
Preferred Stock, Redemption Amount | $ 19,000 | $ 3,889 | ||||||||||||||||||
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 income (loss) (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Unrealized income | $ 21,176 | $ 10,463 |
Earnings (loss) per common sh_3
Earnings (loss) per common share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator | ||||
Net income (loss) attributable to Tsakos Energy Navigation Limited | $ 46,225 | $ (19,664) | $ 51,743 | $ (24,485) |
Preferred share dividends Series D | (1,924) | (1,879) | (3,846) | (3,752) |
Preferred share dividends Series E | (2,743) | (2,679) | (5,488) | (5,338) |
Preferred share dividends Series F | (4,006) | (3,672) | (8,012) | (7,235) |
Preferred share dividends, Convertible Series G | (31) | 0 | (31) | (54) |
Undistributed income to Series G participants | (370) | 0 | (353) | 0 |
Deemed dividend on partially redeemed Convertible Series G | 0 | 0 | 0 | (1,713) |
Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited | 37,151 | (27,894) | 34,013 | (42,577) |
Preferred share dividends, Convertible Series G | 31 | 0 | 31 | 0 |
Undistributed income to Series G participants | 370 | 0 | 353 | 0 |
Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited, for dilution purposes | $ 37,552 | $ (27,894) | $ 34,397 | $ (42,577) |
Denominator | ||||
Weighted average number of shares, basic | 28,398,404 | 18,660,333 | 26,992,886 | 18,433,070 |
Weighted average number of shares, diluted | 28,704,595 | 18,660,333 | 27,299,077 | 18,433,070 |
Earnings (Loss) per share, basic attributable to Tsakos Energy Navigation Limited | $ 1.31 | $ (1.49) | $ 1.26 | $ (2.31) |
Earnings (Loss) per share, diluted attributable to Tsakos Energy Navigation Limited | $ 1.31 | $ (1.49) | $ 1.26 | $ (2.31) |
Commitments and Contingencies -
Commitments and Contingencies - Minimum Future Charter Revenue (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
July 1 to December 31, 2022 | $ 158,403 |
2023 | 238,966 |
2024 | 189,768 |
2025 | 127,547 |
2026 | 109,792 |
2027 to 2028 | 134,440 |
Minimum charter revenues | $ 958,916 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | |
Number of vessels under construction. | 5 |
Purchase Obligation | $ 325,278 |
Five Vessels Under Construction [Member] | |
Property, Plant and Equipment [Line Items] | |
Payable in 2022 | 85,745 |
Payable in 2023 | $ 239,533 |
2020 - build VLCC [Member] | |
Property, Plant and Equipment [Line Items] | |
Delivery date | fourth quarter of 2022 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Fair Value Disclosures [Abstract] | |||
Cash and cash equivalents - Carrying Amount | $ 161,148 | $ 117,192 | $ 128,851 |
Cash and cash equivalents - Fair Value | 161,148 | 117,192 | |
Restricted cash - Carrying Amount | 10,648 | 10,005 | $ 10,059 |
Restricted cash - Fair Value | 10,648 | 10,005 | |
Margin deposits - Carrying Amount | 4,270 | 5,849 | |
Margin deposits - Fair Value | 4,270 | 5,849 | |
Long-term receivable (including short-term portion) - Carrying Amount | 35,930 | 35,904 | |
Long-term receivable (including short-term portion) - Fair Value | 35,930 | 35,904 | |
Financial liability - Carrying Amount | (3,702) | (4,193) | |
Financial liability - Fair Value | (3,702) | (4,193) | |
Obligations under operating leases- Carrying Amount | (73,511) | (88,573) | |
Obligations under operating leases- Fair Value | (73,511) | (88,573) | |
Debt and other financial liabilities - Carrying Amount | (1,485,035) | (1,380,648) | |
Debt and other financial liabilities - Fair Value | $ (1,485,035) | $ (1,380,648) |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Derivative Instruments - Statements of Financial Position Location (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Liability, Noncurrent | $ 114 | $ 8,656 |
Derivative Asset | 9,221 | 3,378 |
Derivative Liability | 1,870 | 17,540 |
Designated as Hedging Instrument [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Subtotal - Assets | 7,835 | 1,389 |
Subtotal - Liabilities | 1,870 | 17,540 |
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 | 3,956 | 7 |
Derivative Liability, Current | 1,756 | 8,884 |
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 | 3,879 | 1,382 |
Derivative Liability, Noncurrent | 114 | 8,656 |
Not Designated as Hedging Instrument [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Subtotal - Assets | 1,386 | 1,989 |
Subtotal - Liabilities | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Current portion of financial instruments - Fair Value [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Current | 735 | 0 |
Derivative Liability, Current | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Financial instruments - Fair Value, net of current portion [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Noncurrent | 651 | 0 |
Derivative Liability, Noncurrent | 0 | 0 |
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 | 0 | 1,845 |
Derivative Liability, Current | 0 | 0 |
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 | 0 | 144 |
Derivative Liability, Noncurrent | $ 0 | $ 0 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Total | $ 4,802 | $ 860 | $ 21,176 | $ 10,463 |
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 | 7,376 | 3,642 | 26,037 | 15,611 |
Total | $ 7,376 | $ 3,642 | $ 26,037 | $ 15,611 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Total | $ 2,578 | $ 2,782 | $ 4,861 | $ 5,148 |
Depreciation expense [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Total | (49) | (48) | (98) | (96) |
Interest and finance costs, net [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Total | $ 2,627 | $ 2,830 | $ 4,959 | $ 5,244 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Total | $ 561 | $ 3,679 | $ 8,484 | $ 7,778 |
Interest and finance costs, net [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Interest rate swaps | 561 | 0 | 561 | 0 |
Bunker swaps | 0 | 3,695 | 7,923 | 7,950 |
Bunker put options | $ 0 | $ (16) | $ 0 | $ (172) |
Financial Instruments - Sched_6
Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Interest rate swaps | $ 7,351 | $ (16,151) |
Bunker swaps | 0 | 1,989 |
Total | $ 7,351 | $ (14,162) |
Financial Instruments (Details
Financial Instruments (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Cash collateral | $ 4,270 | $ 5,849 |
Accumulated gain/ (loss) from Derivatives designated as Hedging instruments | $ 4,001 | $ 17,175 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | ||||
Apr. 14, 2022 | May 25, 2022 | May 28, 2021 | Jun. 29, 2021 | Aug. 01, 2022 | Sep. 14, 2022 | Sep. 01, 2022 | Aug. 29, 2022 | Aug. 17, 2022 | |
Series E Preferred Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.57812 | $ 0.57812 | |||||||
Common Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.10 | |||||||
Subsequent Event [Member] | Inca [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Net proceeds | $ 11,760,000 | ||||||||
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% | ||||||||
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% | ||||||||
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% | ||||||||
Subsequent Event [Member] | Common Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.15 | ||||||||
Subsequent Event [Member] | Shyris Shipping Preferred Shares [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividends, Cash | $ 802,100 |