Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 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 |
Entity Incorporation, State or Country Code | D0 |
Entity Address, Address Line One | 367 Syngrou Avenue |
Entity Address, City or Town | Athens |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 175 64 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 29,505,603 |
ICFR Auditor Attestation Flag | true |
Auditor Firm ID | 1457 |
Auditor Name | Ernst & Young (Hellas) Certified Auditors Accountants S.A. |
Auditor Location | Athens, Greece |
Common Stock [Member] | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Common Shares, par value $5.00 per share |
Trading Symbol | TNP |
Security Exchange Name | NYSE |
Series D Preferred Stock [Member] | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Series D Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share |
Trading Symbol | TNP.PRD |
Security Exchange Name | NYSE |
Series E Preferred Stock [Member] | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share |
Trading Symbol | TNP.PRE |
Security Exchange Name | NYSE |
Series F Preferred Stock [Member] | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Series F Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share |
Trading Symbol | TNP.PRF |
Security Exchange Name | NYSE |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 367 Syngrou Avenue |
Entity Address, City or Town | Athens |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 175 64 |
City Area Code | 011 |
Local Phone Number | 30210-9407710 |
Contact Personnel Name | Paul Durham |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 304,367 | $ 117,192 |
Restricted cash | 5,072 | 10,005 |
Margin deposits (Note 14) | 4,270 | 5,849 |
Trade accounts receivable, net (Note 1(f)) | 78,198 | 30,622 |
Capitalized voyage expenses | 1,904 | 1,839 |
Due from related parties (Note 2) | 8,889 | 14,607 |
Advances and other | 15,560 | 20,176 |
Vessels held for sale (Note 1(j)) | 61,626 | 0 |
Inventories | 26,217 | 22,918 |
Prepaid insurance and other | 6,818 | 1,861 |
Receivable, short-term (Note 3) | 0 | 12,741 |
Current portion of financial instruments—Fair value (Note 14) | 193 | 1,852 |
Total current assets | 513,114 | 239,662 |
Financial instruments - Fair value, net of current portion (Note 14) | 0 | 1,526 |
Right of use assets under operating leases (Note 3) | 58,706 | 88,573 |
Right of use assets under finance leases (Note 3) | 41,851 | 0 |
Long-term receivable (Note 3) | 23,307 | 23,163 |
FIXED ASSETS (Note 4) | ||
Advances for vessels under construction | 46,650 | 104,635 |
Vessels | 3,552,607 | 3,279,440 |
Accumulated depreciation | (972,032) | (876,482) |
Vessels’ Net Book Value | 2,580,575 | 2,402,958 |
Total fixed assets | 2,627,225 | 2,507,593 |
Deferred charges and leasehold improvements, net (Note 5) | 44,372 | 34,297 |
Total assets | 3,308,575 | 2,894,814 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt and other financial liabilities (Note 6) | 201,046 | 172,936 |
Payables | 48,156 | 74,912 |
Due to related parties (Note 2) | 7,439 | 7,747 |
Accrued liabilities | 36,196 | 27,851 |
Unearned revenue | 26,049 | 9,020 |
Current portion of obligations under operating leases (Note 3) | 21,737 | 29,749 |
Current portion of financial liability under operating leases (Note 3) | 1,031 | 997 |
Current portion of financial liability under finance leases (Note 3) | 28,033 | 0 |
Current portion of financial instruments—Fair value (Note 14) | 0 | 8,884 |
Total current liabilities | 369,687 | 332,096 |
Long-term debt and other financial liabilities, net of current portion (Note 6) | 1,376,831 | 1,200,251 |
Long-term obligations under operating leases (Note 3) | 36,969 | 58,824 |
Financial liability under operating leases, net of current portion (note 3) | 2,164 | 3,196 |
Financial instruments - Fair value, net of current portion (Note 14) | 5 | 8,656 |
Preferred Shares, $ 1.00 par value; 25,000,000 shares authorized, 3,517,061 Series D Preferred Shares, 4,745,947 Series E Preferred Shares and 6,747,147 Series F Preferred Shares issued and outstanding at December 31, 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 Preferred Shares issued and outstanding at December 31, 2021. | 15,010 | 15,461 |
Common shares, $ 5.00 par value; 60,000,000 shares authorized at December 31, 2022 and 35,000,000 shares authorized in December 31, 2021; 30,183,776 shares issued and 29,505,603 shares outstanding at December 31, 2022 and 25,244,113 shares issued and 24,565,940 shares outstanding at December 31, 2021 respectively. | 150,919 | 126,221 |
Additional paid-in capital | 993,368 | 973,582 |
Cost of treasury stock | (6,791) | (6,791) |
Accumulated other comprehensive income (loss) | 7,665 | (17,175) |
Retained earnings | 311,726 | 149,505 |
Total Tsakos Energy Navigation Limited stockholders’ equity | 1,471,897 | 1,240,803 |
Non-controlling interest | 51,022 | 50,988 |
Total stockholders’ equity | 1,522,919 | 1,291,791 |
Total liabilities and stockholders’ equity | $ 3,308,575 | $ 2,894,814 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 30,183,776 | 25,244,113 |
Common Stock, Shares, Outstanding | 29,505,603 | 24,565,940 |
Series D Preferred Stock [Member] | ||
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] | ||
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] | ||
Preferred Stock, Shares Issued | 6,747,147 | 6,741,259 |
Preferred Stock, Shares Outstanding | 6,747,147 | 6,741,259 |
Series G Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 459,286 | |
Preferred Stock, Shares Outstanding | 459,286 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Voyage revenues: | $ 860,400 | $ 546,120 | $ 644,135 |
EXPENSES: | |||
Voyage expenses | 209,890 | 198,078 | 145,267 |
Charter hire expense | 32,774 | 30,056 | 21,602 |
Vessel operating expenses | 190,268 | 173,277 | 179,205 |
Depreciation and amortization | 140,821 | 143,253 | 137,100 |
General and administrative expenses | 29,854 | 29,130 | 29,040 |
Loss on sale of vessels (Note 4) | 440 | 5,817 | 6,451 |
Impairment charges (Note 4) | 0 | 86,368 | 28,776 |
Total expenses | 604,047 | 665,979 | 547,441 |
Operating income (loss) | 256,353 | (119,859) | 96,694 |
OTHER INCOME (EXPENSES): | |||
Interest and finance costs, net (Note 7) | (50,253) | (31,407) | (70,579) |
Interest income | 2,000 | 703 | 1,071 |
Other, net | 366 | (18) | 36 |
Total other expenses, net | (47,887) | (30,722) | (69,472) |
Net income (loss) | 208,466 | (150,581) | 27,222 |
Less: Net income attributable to the non-controlling interest | (4,232) | (820) | (3,220) |
Net income (loss) attributable to Tsakos Energy Navigation Limited | 204,234 | (151,401) | 24,002 |
Effect of preferred dividends (Note 10) | (34,724) | (33,603) | (36,579) |
Deemed dividend on Series C Preferred Shares (Note 10) | 0 | 0 | (2,493) |
Undistributed income to Series G participants (Note 10) | (1,250) | 0 | 0 |
Deemed dividend on partially redeemed Series G Convertible Preferred Shares (Note 10) | 0 | (2,171) | 0 |
Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited | $ 168,260 | $ (187,175) | $ (15,070) |
Earnings (Loss) per share, basic attributable to Tsakos Energy Navigation Limited common stockholders | $ 6.02 | $ (9.53) | $ (0.80) |
Earnings (Loss) per share, diluted attributable to Tsakos Energy Navigation Limited common stockholders | $ 6.01 | $ (9.53) | $ (0.80) |
Weighted average number of shares, basic | 27,970,799 | 19,650,307 | 18,768,599 |
Weighted average number of shares, diluted | 28,188,064 | 19,650,307 | 18,768,599 |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Net income (loss) | $ 208,466 | $ (150,581) | $ 27,222 |
Unrealized income (losses) from hedging financial instruments | |||
Unrealized income (loss) on interest rate swaps, net | 24,840 | 19,819 | (18,641) |
Comprehensive income (loss) | 233,306 | (130,762) | 8,581 |
Less: comprehensive income attributable to the non-controlling interest | (4,232) | (820) | (3,220) |
Comprehensive income (loss) attributable to Tsakos Energy Navigation Limited | $ 229,074 | $ (131,582) | $ 5,361 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Preferred Stock [Member] Series C Preferred Stock [Member] | Preferred Stock [Member] Series D Preferred Stock [Member] | Preferred Stock [Member] Series E Preferred Stock [Member] | Preferred Stock [Member] Series F Preferred Stock [Member] | Preferred Stock [Member] Series G Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] Series G Preferred Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Series C Preferred Stock [Member] | Additional Paid-in Capital [Member] Series D Preferred Stock [Member] | Additional Paid-in Capital [Member] Series E Preferred Stock [Member] | Additional Paid-in Capital [Member] Series F Preferred Stock [Member] | Additional Paid-in Capital [Member] Series G Preferred Stock [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Retained Earnings [Member] Series C Preferred Stock [Member] | Retained Earnings [Member] Series D Preferred Stock [Member] | Retained Earnings [Member] Series E Preferred Stock [Member] | Retained Earnings [Member] Series F Preferred Stock [Member] | Retained Earnings [Member] Series G Preferred Stock [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Parent [Member] Series C Preferred Stock [Member] | Parent [Member] Series D Preferred Stock [Member] | Parent [Member] Series E Preferred Stock [Member] | Parent [Member] Series F Preferred Stock [Member] | Parent [Member] Series G Preferred Stock [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] Series B Preferred Stock [Member] | Total | Series C Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Series F Preferred Stock [Member] | Series G Preferred Stock [Member] | Series B Preferred Stock [Member] |
Beginning balance, value at Dec. 31, 2019 | $ 18,650 | $ 95,079 | $ 992,020 | $ 0 | $ 364,000 | $ (18,353) | $ 1,451,396 | $ 20,923 | $ 1,472,319 | ||||||||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2019 | 0 | ||||||||||||||||||||||||||||||||||||
Net income | 24,002 | 24,002 | 3,220 | 27,222 | |||||||||||||||||||||||||||||||||
Conversion of Series G Convertible Preferred Shares | (10) | 33 | (23) | ||||||||||||||||||||||||||||||||||
Sale of Common Shares | 861 | 2,600 | 3,461 | 3,461 | |||||||||||||||||||||||||||||||||
Purchase of Treasury Stock | $ (9,834) | (9,834) | (9,834) | ||||||||||||||||||||||||||||||||||
Purchase of Treasury Stock, shares | 978,936 | ||||||||||||||||||||||||||||||||||||
Capital contribution from non-controlling interest | 4,000 | 4,000 | |||||||||||||||||||||||||||||||||||
Cash dividends paid ($0.10 and $0.15 per common share) | (9,379) | (9,379) | (9,379) | ||||||||||||||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | $ (2,000) | $ (45,507) | $ (2,493) | $ (50,000) | $ (50,000) | ||||||||||||||||||||||||||||||||
Dividends, Preferred Stock | $ (4,079) | $ (7,492) | $ (10,637) | $ (14,250) | $ (872) | $ (4,079) | $ (7,492) | $ (10,637) | $ (14,250) | $ (872) | $ (4,079) | $ (7,492) | $ (10,637) | $ (14,250) | $ (872) | ||||||||||||||||||||||
Other comprehensive income | (18,641) | (18,641) | (18,641) | ||||||||||||||||||||||||||||||||||
Ending balance, value at Dec. 31, 2020 | 16,640 | 95,973 | 949,090 | $ (9,834) | 338,800 | (36,994) | 1,353,675 | 28,143 | 1,381,818 | ||||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2020 | 978,936 | ||||||||||||||||||||||||||||||||||||
Net income | (151,401) | (151,401) | 820 | (150,581) | |||||||||||||||||||||||||||||||||
Sale of Common Shares | $ 92 | $ 144 | $ 741 | 30,248 | 20,290 | $ 2,148 | $ 3,357 | $ 17,259 | $ 3,211 | (273) | 53,476 | 2,240 | 3,501 | 18,000 | 53,476 | 2,240 | 3,501 | 18,000 | |||||||||||||||||||
Purchase of Treasury Stock | $ (168) | (168) | (168) | ||||||||||||||||||||||||||||||||||
Purchase of Treasury Stock, shares | 19,836 | ||||||||||||||||||||||||||||||||||||
Cash dividends paid ($0.10 and $0.15 per common share) | (1,978) | (1,978) | (1,978) | ||||||||||||||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (2,156) | (18,562) | (2,171) | (22,889) | 22,889 | 0 | |||||||||||||||||||||||||||||||
Dividends, Preferred Stock | (7,594) | (10,814) | (15,010) | (54) | (7,594) | (10,814) | (15,010) | (54) | $ (864) | (7,594) | (10,814) | (15,010) | (54) | $ (864) | |||||||||||||||||||||||
Other comprehensive income | 19,819 | 19,819 | 19,819 | ||||||||||||||||||||||||||||||||||
Sale of Common Shares, shares | (320,599) | ||||||||||||||||||||||||||||||||||||
Ending balance, value at Dec. 31, 2021 | 15,461 | 126,221 | 973,582 | $ (6,791) | 149,505 | (17,175) | 1,240,803 | 50,988 | 1,291,791 | ||||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2021 | 678,173 | ||||||||||||||||||||||||||||||||||||
Net income | 204,234 | 204,234 | 4,232 | 208,466 | |||||||||||||||||||||||||||||||||
Sale of Common Shares | $ 0 | $ 2 | $ 6 | $ 1 | $ 50 | $ 133 | 1 | 52 | 139 | 1 | 52 | 139 | |||||||||||||||||||||||||
Cash dividends paid ($0.10 and $0.15 per common share) | (7,289) | (7,289) | (7,289) | ||||||||||||||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | $ (459) | $ 1,531 | $ (1,072) | 0 | (2,500) | (2,500) | 0 | ||||||||||||||||||||||||||||||
Dividends, Preferred Stock | $ (7,694) | $ (10,975) | $ (16,024) | $ (31) | $ (7,694) | $ (10,975) | $ (16,024) | $ (31) | $ (1,698) | $ (7,694) | $ (10,975) | $ (16,024) | $ (31) | $ (1,698) | |||||||||||||||||||||||
Other comprehensive income | 24,840 | 24,840 | 24,840 | ||||||||||||||||||||||||||||||||||
Issuance of Common Shares | 0 | 23,167 | 20,674 | $ 0 | 43,841 | 43,841 | |||||||||||||||||||||||||||||||
Ending balance, value at Dec. 31, 2022 | $ 15,010 | $ 150,919 | $ 993,368 | $ (6,791) | $ 311,726 | $ 7,665 | $ 1,471,897 | $ 51,022 | $ 1,522,919 | ||||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2022 | 678,173 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.50 | |
First Dividend Paid [Member] | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | ||
Second Dividend Paid [Member] | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.15 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 208,466 | $ (150,581) | $ 27,222 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||
Depreciation | 120,459 | 126,821 | 127,278 |
Amortization of deferred dry-docking costs and leasehold improvements | 19,246 | 16,432 | 9,822 |
Amortization of deferred finance costs | 4,052 | 3,246 | 3,782 |
Amortization of Right of use assets for finance lease | 1,116 | 0 | 0 |
Amortization of revenue escalation | (2,004) | 0 | 0 |
Interest expense on long term receivable, net | (403) | (32) | 1,932 |
Change in fair value of derivative instruments | (5,923) | (12,054) | 8,121 |
Loss on sale of vessels | 440 | 5,817 | 6,451 |
Impairment charges | 0 | 86,368 | 28,776 |
Payments for dry-docking | (29,445) | (27,157) | (16,291) |
Proceeds from swaps terminations | 16,195 | 0 | 0 |
(Increase) Decrease in: | |||
Receivables and other, net | (35,238) | (1,327) | 19,659 |
Margin deposits | 1,579 | 304 | (6,153) |
Inventories | (3,299) | (1,105) | (8,781) |
Prepaid insurance and other | (4,957) | (445) | (521) |
Capitalized voyage expenses | (65) | (238) | (1,096) |
Increase (Decrease) in: | |||
Payables and other | (27,064) | 23,365 | 14,981 |
Accrued liabilities | 8,345 | (12,700) | (10,322) |
Unearned revenue | 17,029 | (3,603) | 556 |
Net Cash provided by Operating Activities | 288,529 | 53,111 | 205,416 |
Cash Flows from Investing Activities: | |||
Advances for vessels under construction | (31,809) | (55,605) | (39,671) |
Vessel acquisitions and/or improvements | (301,560) | (5,623) | (148,569) |
Proceeds from sale of vessels | 31,555 | 53,224 | 93,627 |
Net Cash used in Investing Activities | (301,814) | (8,004) | (94,613) |
Cash Flows from Financing Activities: | |||
Proceeds from long-term debt and other financial liabilities | 701,105 | 189,758 | 348,903 |
Financing costs | (6,296) | (1,270) | (2,964) |
Payments of long-term debt and other financial liabilities | (494,171) | (318,904) | (383,660) |
Payments on principal portion of financial liabilities | (2,933) | 0 | 0 |
Purchase of treasury stock | 0 | (168) | (9,834) |
Redemption of Series C preferred shares | 0 | 0 | (50,000) |
Redemption of Series B preferred shares | (2,500) | 0 | 0 |
Proceeds from stock issuance program, net | 43,841 | 53,476 | 3,461 |
Proceeds from preferred stock issuance, net | 192 | 23,741 | 0 |
Cash dividends | (43,711) | (36,314) | (46,708) |
Capital contribution from non-controlling interest to subsidiary | 0 | 0 | 4,000 |
Net Cash provided by (used in) Financing Activities | 195,527 | (89,681) | (136,802) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 182,242 | (44,574) | (25,999) |
Cash and cash equivalents and restricted cash at beginning of period | 127,197 | 171,771 | 197,770 |
Cash and cash equivalents and restricted cash at end of period | 309,439 | 127,197 | 171,771 |
Interest paid | |||
Cash paid for interest, net of amounts capitalized | 48,946 | 40,840 | 53,813 |
Current Assets: | |||
Cash and cash equivalents | 304,367 | 117,192 | 160,475 |
Restricted cash | 5,072 | 10,005 | 11,296 |
Total cash and cash equivalents and restricted cash | $ 309,439 | $ 127,197 | $ 171,771 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies (a) Basis of presentation and description of business: U.S. GAAP The Company owns and operates a fleet of crude oil and product carriers including eight vessels chartered-in and three liquified natural gas (“LNG”) carriers providing worldwide marine transportation services under long, medium or short-term charters. On July 1, 2020, the Company effected a 1-for-5 33.2 Impact of COVID-19 and conflict in Ukraine on the Company’s Business The impact of the COVID-19 pandemic and the conflict in Ukraine will continue to negatively affect the global economy (i.e. inflation, interest rates) and demand for oil and charter rates, which may continue to have a negative effect on the Company’s business, financial performance and the results of its operations. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods. (b) Use of Estimates: (c) Other Comprehensive Income (Loss): (d) Foreign Currency Translation: (e) Cash, Cash Equivalents and Restricted Cash: (f) Trade Accounts Receivable, Net and Credit Losses Accounting: no As of January 1, 2020, the Company adopted ASC 326 which requires entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade accounts receivable. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses which will result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition approach as of January 1, 2020, which resulted in an immaterial adjustment in the opening balance of retained earnings. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded as an offset to trade accounts receivable and changes in such, if any, are classified as allowance for credit losses in the Consolidated Statements of Comprehensive Income (Loss). The adoption of ASC 326 primarily impacted trade accounts receivable recorded on the Consolidated Balance Sheet. The Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to determine adjustments to historical loss data. The Company assessed that any impairment of accounts receivable arising from operating leases, i.e. time charters, should be accounted in accordance with ASC 842, and not in accordance with Topic 326. Impairment of accounts receivable arising from voyage charters, which are accounted in accordance with ASC 606, are within the scope of Subtopic 326 and must therefore, be assessed for expected credit losses. No allowance was warranted for the years ended December 31, 2021, and December 31, 2022. In addition, no allowance was recorded for cash equivalents as the majority of cash balances as of the balance sheet date were on time deposits with highly reputable credit institutions, for which periodic evaluations of the relative credit standing of those financial institutions are performed. No (g) Inventories: (h) Fixed Assets: Depreciation is provided on the straight-line 0.43 0.39 Management’s estimate was based on the average demolition prices prevailing in the market during the last four years for which historical data were available. The decrease in the annual depreciation expense is expected to amount approximately $ 3 25 40 3.1 0.10 746 0.04 (i) Impairment of Fixed Assets and Right-of-use assets: 86,368 0 In addition, the Company reviews and tests its right-of-use-assets under operating leases for impairment whenever events or changes in circumstances are indicative of such at each reporting date, by comparing their carrying amount plus any unamortized leasehold improvements (Note 1(k)) with the estimated future undiscounted net operating cash flows expected to be generated by the use of the vessel, considering three-year charter rates estimates and the average of those, over the remaining lease term (Note 4). The review of the carrying amount in connection with the estimated recoverable amount for the Company’s right of use assets as of December 31, 2022, and 2021, indicated no impairment charge. (j) Reporting Assets held for sale: Afrodite Artemis, Ariadne, Aris, Ajax Apollon 61,626 based on the lower of its carrying amount and Level 1 inputs indicative of the vessel’s sales price less cost to sell. There was no impairment charge for vessels classified as held for sale as of December 31, 2022. At December 31, 2021, there were no vessels held for sale. (k) Accounting for Special Survey, Dry-docking Costs and Leasehold improvements: five years two and a half years The Company follows the deferral method of accounting for leasehold improvement costs whereby actual costs incurred are reported in Deferred Charges and leasehold improvements and are amortized on a straight-line basis over the shorter of the useful life of those leasehold improvements and the remaining lease term, unless the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying asset, in which case the lessee shall amortize the leasehold improvements to the end of their useful life. (l) Loan Costs: (m) Accounting for Leases (Company act as lessee): After lease commencement, the Company measures the lease liability for an operating lease at the present value of the remaining lease payments using the discount rate determined at lease commencement. The right-of-use assets is subsequently measured at the amount of the remeasured lease liability, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs. After lease commencement, the Company measures the lease liability for finance leases by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect the lease payments made during the period. The right-of-use asset is amortized from the lease commencement date to the remaining useful life of the underlying asset since the Company has either the obligation or is reasonably certain to exercise its option to purchase the underlying asset. For finance leases, interest expense is determined using the effective interest method and is included under interest and finance cost, net in the consolidated statements of comprehensive income (loss). Any changes made to leased assets to customize it for a particular use or need of the lessee are capitalized as leasehold improvements. Amounts attributable to leasehold improvements are presented separately from the related right-of-use assets, whereas amortization on the leasehold improvements is recognized on a straight-line basis and is included under depreciation and amortization in the consolidated statements of comprehensive income (loss). (Note 1(k)). Sale and Leaseback transactions: In accordance with ASC 842, the Company, as seller-lessee, determines whether the transfer of an asset should be accounted as a sale in accordance with ASC 606. The existence of an option for the seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair value of the asset at the time the option is exercised and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace; and the classification of the leaseback as a finance lease or a sales-type lease, precludes the buyer-lessor from obtaining control of the asset. The existence of an obligation for the Company, as seller-lessee, to repurchase the asset precludes accounting for the transfer of the asset as sale as the transaction would be classified as a financing arrangement by the Company as it effectively retains control of the underlying asset. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the proceeds from the sale when the buyer-lessor obtains control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest. The Company has five sale and leaseback transactions accounted for as operating leases, two accounted for as finance leases and one accounted for as a financing arrangement as of December 31, 2022 (Note 3 & 6). (n) Accounting for Revenues and Expenses: Voyage charters and contracts of affreightment: 405,104 255,017 259,015 50,653 20,633 Demurrage revenue, which is included in voyage revenues, represents charterers’ reimbursement for any potential delays exceeding the allowed lay time as per charter party agreement and is recognized as the performance obligation is satisfied. Time, bareboat charters and pooling arrangements: Thus, time and bareboat charter agreements are accounted as operating leases (Company acts as lessor), ratably on a straight line over the duration of the charter agreement and therefore, fall under the scope of ASC 842. For vessels operating in pooling arrangements, the Company earns a portion of the generated total revenues, net of expenses incurred by the pool. Revenues and voyage expenses are pooled and allocated to each pool’s participants on a time charter equivalent, or TCE basis, in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool based on the vessel’s age, design and other performance characteristics. Revenue under pooling arrangements is accounted as a variable rate operating leases, falling under the scope of ASC 842 and is recognized for the applicable period, when the collectability is reasonably assured, based on the net revenue distributed by the pool. The charterer may charter the vessel with or without the owner’s crew and other operating services (time charter/pooling arrangements, and bareboat charter, respectively). Thus, the agreed daily rates (hire rates) in the case of time charter agreements and pooling arrangements also include compensation for part of the agreed crew and other operating services provided by the owner (non-lease components). The Company has elected to account for the lease and non-lease components of time charter agreements and pooling arrangements as a combined component in its consolidated financial statements, having taken into account that the non-lease component would be accounted for ratably on a straight-line basis over the duration of the time charter and pooling arrangements in accordance with ASC 606 and that the lease component is considered as the predominant component. In this respect, the Company qualitatively assessed that more value is ascribed to the vessel rather than to the services provided under the time charter agreements and pooling arrangements. Profit sharing contracts are accounted as variable consideration and included in the transaction price to the extent that variable amounts earned beyond an agreed fixed minimum hire are determinable at the reporting date and when there is no uncertainty associated with the variable consideration. Profit-sharing revenues are calculated at an agreed percentage of the excess of the charter’s average daily income over an agreed amount. Revenue from time charter hire arrangements with an escalation clause is recognized on a straight-line basis over the charter term unless another systematic and rational basis is more representative of the time pattern in which the vessel is employed. Revenues from time, bareboat and pooling charter arrangements amounted to $ 455,296 291,103 385,120 Revenues generated from time charter and bareboat charters are usually collected in advance. In the event of an incident involving one of the Company's vessels and where the loss of hire is insurable, the recovery is recorded when such loss of hire is probable and collectability is reasonably assured within the terms of the relevant policy. During 2022, the Company incurred insurance recoveries amounting to $ 4,424 Voyage related and vessel operating expenses: 8,126 2,844 2,527 The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets, net of any deductible amounts, at the time the recovery is probable under the related insurance policies and the claim is not subject to litigation. During 2022, the Company incurred insurance recoveries amounting to $ 7,378 Unearned revenue: 13,574 12,475 Customers’ concentration: Signigicant Accounting Policies - Schedule of Revenue Percentage by Major Customer (Table) Charterer 2022 2021 2020 A 13% 14% 12% B 8% 11% 9% C 8% 8% 9% (o) Segment Reporting: three LNG carriers (p) Derivative Financial Instruments: The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges of the variable cash flows of a forecasted transaction to a specific forecasted transaction. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flow of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively. In accordance with ASC 815 “Derivatives and Hedging,” the Company may prospectively discontinue the hedge accounting for an existing hedge if the applicable criteria are no longer met, the derivative instrument expires, is sold, terminated or exercised or if the Company removes the designation of the respective cash flow hedge. In those circumstances, the net gain or loss remains in accumulated other comprehensive income (loss) and is reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings, unless the forecasted transaction is no longer probable in which case the net gain or loss is reclassified into earnings immediately. As of December 31, 2022, the Company has elected one of the optional expedients provided in the ASU 2020-04 Reference Rate Reform and its update, that allows an entity to assert that a hedged forecasted transaction referencing LIBOR or another eligible reference rate remains probable of occurring, regardless of the modification or expected modification to the terms of the hedged item to replace the reference rate. The Company applied the accounting relief as relevant contract and hedge accounting relationship modifications were made during the reference rate reform transition period. (q) Fair Value Measurements: In accordance with the requirements of accounting guidance relating to Fair Value Measurements and Disclosures, the Company classifies and discloses its assets, liabilities carried at the fair value in one of the following categories (Note 14): Level 1: Quoted market prices in active markets for identical assets or liabilities or equity instruments; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. (r) Going concern: (s) Treasury stock: (t) Accounting for transactions under common control: (u) Earnings (Loss) Per Share Attributable to Common Stockholders: The Company’s Series G Convertible Preferred Shares (Note 8) are participating securities. Any remaining earnings would be distributed to the holders of common shares and the holders of the Series G Convertible Preferred Shares on a pro-rata basis assuming conversion of all Series G Convertible Preferred Shares into common shares. In September 2022, the holders of Series G Preferred Shares exercised their option to convert Series G Preferred Shares to common shares and proceeded to the conversion of all outstanding 459,286 306,190 no 459,286 New Accounting Pronouncements—Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in this Update apply to all entities that elect to apply the optional guidance in Topic 848. ASU 2020-04 and ASU 2021-01 could be adopted as of March 12, 2020, through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Deferral of the Sunset Date of Reference Rate Reform (Topic 848). Topic 848 as mentioned above provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate (e.g., LIBOR) reform if certain criteria are met, for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The ASU deferred the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. The Company has not yet elected any other optional expedients provided in the standard except for the one described in Note 1(p) and will continue to evaluate the potential impact of adopting these expedients on its consolidated financial statements. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 2. Transactions with Related Parties (a) Tsakos Energy Management Limited (the “Management Company”): On January 1, 2020, the monthly fees for operating conventional vessels were $ 27.5 Eurochampion 2004, Maria Princess Sapporo Princess Ulysses, Hercules I, 27.7 20.4 35 Neo Energy Maria Energy 37.3 On January 1, 2021, monthly fees for operating conventional vessels were $ 27.5 , Eurochampion 2004, Maria Princess Sapporo Princess Ulysses, Hercules I, 28 20.4 35 Neo Energy Maria Energy 37.8 On January 1, 2022, monthly fees for operating conventional vessels were $ 27.5 Eurochampion 2004 Maria Princess and Sapporo Princess Ulysses Hercules I, 28.6 Afrodite Ariadne 27.5 20.4 35 Neo Energy Maria Energy 38.9 30.8 Tenergy 28.5 Eurochampion 2004 Maria Princess Sapporo Princess Ulysses Hercules I 29.1 Afrodite Ariadne 27.5 Decathlon 28.5 21 36 Neo Energy Maria Energy 42.4 34.3 Tenergy The Management Company, for services rendered, charged $ 20,228 20,203 20,271 In addition to the Management fee, the Management Agreement provides for an incentive award to the Management Company, which is at the absolute discretion of the Holding Company’s Board of Directors. For the years ended December 31, 2022, 2021 and 2020, an award of $ 1,000 500 1,500 1,500 The Holding Company and the Management Company have certain officers and directors in common. The President, who is also the Chief Executive Officer and a Director of the Holding Company, is also the sole stockholder of the Management Company. The Management Company may unilaterally terminate its Management Agreement with the Holding Company at any time upon one year’s notice. In addition, if even one director is elected to the Holding Company without the recommendation of the existing Board of Directors, the Holding Company would be obligated to pay the Management Company an amount calculated in accordance with the terms of the Management Agreement. Under the terms of the Management Agreement between the Holding Company and the Management Company, the Holding Company may terminate the Management Agreement only under specific circumstances, without the prior approval of the Holding Company’s Board of Directors. Estimated future management fees payable over the next ten years under the Management Agreement, exclusive of any incentive awards and based on existing vessels and known vessels scheduled for future delivery as at December 31, 2022, are $ 22,047 22,362 22,038 21,624 21,282 88,683 Also, under the terms of the Management Agreement, the Management Company provides supervisory services for the construction of new vessels for a monthly fee of $ 20.4 21 1,107 530 740 165 12 (b) Tsakos Columbia Shipmanagement S.A. (“TCM”): Effective July 1, 2010, the Management Company, at its own expense, pays technical management fees to TCM, and the Company bears and pays directly to TCM most of its operating expenses, including repairs and maintenance, provisioning and crewing of the Company’s vessels, as well as certain charges which are capitalized or deferred, including reimbursement of the costs of TCM personnel sent overseas to supervise repairs and perform inspections on the Company’s vessels. TCM for services rendered charged $ 1,947 2,186 1,327 At December 31, 2022, the amount due from TCM was $ 8,889 14,595 In February 2023, Tsakos Shipping and Trading S.A. (Note 2(c)) assumed all technical management responsibilities for all vessels under the TCM structure. The changeover was seamless with no delays for TEN vessels and the Company’s clients. TCM has a 25 (c) Tsakos Shipping and Trading S.A. (“Tsakos Shipping”): 1.25% 326 Proteas Inca 96 Maya 245 Silia T Didimon 1.0% 200 1 no Certain members of the Tsakos family are involved in the decision-making processes of Tsakos Shipping and of the Management Company and are also shareholders of the Holding Company. Tsakos Shipping for services rendered charged $ 10,684 6,821 8,060 3,217 1,439 506 338 (d) Argosy Insurance Company Limited (“Argosy”): The Company places its hull and machinery insurance, increased value insurance, war risk insurance and certain other insurance through Argosy, a captive insurance company affiliated with Tsakos Shipping. Argosy, for services rendered, charged $ 10,965 10,002 9,480 3,569 5,805 259 1 (e) AirMania Travel S.A. (“AirMania”): 6,437 5,098 4,380 At December 31, 2022, the amount due to AirMania was $ 488 503 |
Right-of-use assets and lease l
Right-of-use assets and lease liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Right-of-use Assets And Lease Liabilities | |
Right-of-use assets and lease liabilities | 3. Right-of-use assets and lease liabilities Operating leases On January 9, 2020 five-year Archangel Alaska 61,070 11,800 11,190 On December 21, 2020 five-year Sakura Princess. 24,527 4,425 4,271 Sakura Princess 5,148 On June 21, 2021 five-year Arctic Antarctic 52,304 8,415 7,846 1,696 At December 31, 2022 and 2021, the Company has assessed the recoverability of the seller’s credits, considering the impairment indicators present, resulting in no impairment charge. As at December 31, 2022, the Company recognized on its consolidated balance sheet a right-of-use assets under operating leases of $ 31,701 Arctic Antarctic 8,560 Sakura Princess 18,445 Archangel Alaska The incremental borrowing rate used to determine the obligations under operating leases was 3.59% Archangel Alaska 2.54% Sakura Princess 2.98% Arctic Antarctic 2.02 2.98 3.49 3.02 3.97 4.49 58,706 21,737 36,969 88,573 29,749 58,824 Sakura Princess 3,195 1,031 2,164 4,193 997 3,196 Operating Leases (Table) Year Lease Commitment 2023 $ 25,922 2024 25,958 2025 15,332 2026 4,991 Minimum net lease payments $ 72,203 Less: Present value discount (10,302) Total Obligations under operating leases and financial liability (current and non-current portion) $ 61,901 The Company has subleased all five vessels and recognized sublease revenue, net of voyage expenses of $ 54,877 16,202 29,355 Finance leases On December 21, 2017 five-year 65,200 13,000 option to extend the charter period for one year and add two purchase options to repurchase the vessels 3.9% 29,968 42,968 229 2,164 28,033 straight-line 1,116 41,851 0.05 13,750 6,500 The annual lease payments as at December 31, 2022 are as follows: Finance Leases (Table) Year Lease Commitment 2023 $ 28,093 Minimum net lease payments $ 28,093 Less: Discounting effect (60) Total Obligations under finance leases $ 28,033 Discounting effect represents estimated interest payments using incremental borrowing rate of 3.9% The Company has subleased both vessels, the amount of $ 17,916 4,407 |
Vessels
Vessels | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Vessels | 4. Vessels Acquisitions On January 12, 2022 July 6, 2022 October 10, 2022 Tenergy Porto Dias I 384,574 In 2021, there were no On January 7, 2020 September 21, 2020 November 10, 2020 Caribbean Voyager Apollo Voyager Artemis Voyager 197,845 Sales In 2022, the Company sold its the aframax tanker , Proteas Inca 31,555 440 Maya 9,336 4,121 Silia T , Didimon, Sakura Princess 93,627 6,451 Impairment As of December 31, 2022, the Company reviewed the carrying amount including any unamortized dry-docking costs and leasehold improvements in connection with the estimated recoverable amount and the probability of sale for each of its vessels, vessels under construction and its right-of-use-assets under operating and finance leases. This review did not indicate an impairment of the carrying value of the Company’s vessels, vessels under construction, and right-of-use-assets under operating and finance leases. In 2021, there was an impairment charge of $ 86,368 Aris, Ajax, Afrodite, Apollon, Artemis, Ariadne, Proteas 28,776 Arctic Antarctic Izumo Princess Sakura Princess |
Deferred Charges and leasehold
Deferred Charges and leasehold improvements | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Charges And Leasehold Improvements | |
Deferred Charges and leasehold improvements | 5. Deferred Charges and leasehold improvements Deferred charges, consisting of dry-docking and special survey costs, net of accumulated amortization, amounted to $ 34,816 27,344 Eurochampion 2004 Euronike 450 Archangel, Alaska Arctic, Antarctic Sakura Princess 9,106 , 2,857 Eurochampion 2004 Euronike 4,096 Archangel, Alaska Arctic, |
Long _term debt and other finan
Long –term debt and other financial liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long –term debt and other financial liabilities | 6. Long –term debt and other financial liabilities Long-term debt Long-term Debt (Table) Facility 2022 2021 Loans 1,417,341 1,380,648 Less: Deferred finance costs, net (7,354) (7,461) Total long-term debt 1,409,987 1,373,187 Less: Current portion of debt (194,353) (175,062) Add: Deferred finance costs, current portion 2,272 2,126 Long-term debt, net of current portion and deferred finance costs 1,217,906 1,200,251 Loan balances outstanding at December 31, 2022, amounted to $ 1,417,341 semi-annual except of seven loan agreements based on SOFR. On March 2, 2022, and July 1, 2022 , the Company drew down the remaining total amount of $ 55,568 related to the seven-year loan agreement of $ 74,500 , signed on May 31, 2021 , for the pre- and post-delivery financing of the DP2 shuttle tanker, Porto . fourteen semi-annual 2,087 45,282 LIBOR plus a spread SOFR On March 16, 2022 five-year 62,000 to refinance the existing loan for the suezmax tankers, Dimitris P Spyros K Uraga Princess 62,000 47,730 ten semi-annual 2,750 34,500 On March 31, 2022 six-year 67,500 to refinance the existing loan for the DP2 shuttle tanker, Brasil 67,500 54,117 twelve semi-annual 4,500 13,500 On April 20, 2022, the Company prepaid the amount of $ 12,695 Proteas On May 13, 2022 five-year 25,200 the refinancing of the suezmax tanker, Euro 25,200 21,683 ten semi-annual 1,505 10,150 On August 17, 2022, the Company prepaid the amount of $ 3,301 Inca On September 5, 2022 six-year 67,500 the refinancing of the DP2 shuttle tanker, Rio 2016 67,500 48,046 twelve semi-annual 4,500 13,500 On September 15, 2022 eight-year 118,400 to pre- and post- financing of the two aframax tankers under construction Hull 5081 Hull 5082 7,400 7,400 sixteen semi-annual 3,300 65,600 On September 20, 2022 eight-year 118,400 to pre- and post- financing of the two aframax tankers under construction Hull 5083 Hull 5084 7,400 7,400 sixteen semi-annual 3,289 65,776 On September 30, 2022 five-year 42,000 the refinancing of the panamax tanker, Sunrise Pentathlon 42,000 38,315 ten semi-annual 2,721 14,790 On October 28, 2022 five-year 189,000 the refinancing of the LNG carrier, Maria Energy Dias I 89,347 99,653 87,306 ten semi-annual 5,906 129,940 On January 20, 2023 five-year 85,000 the refinancing of the LNG carrier, Neo Energy Andromeda Decathlon 72,274 42,085 24,000 ten semi-annual 6,547.2 6,802 Upon sale of its six handymax vessels, Afrodite, Ajax, Apollon, Ariadne, Aris Artemis 41,750 On February 17, 2023, the Company prepaid the amount of $ 6,815 Arion Amphitrite. On March 29, 2023 five-year 72,150 the refinancing of the aframax tankers, Sola TS Oslo TS 72,150 25,973 25,650 ten semi-annual 3,006 42,090 On March 31, 2023 five-year 70,000 the refinancing of the aframax tankers, Marathon TS Stavanger TS ten semi-annual 2,850 41,500 According to the debt extinguishment guidance of ASC 470-50 “Debt Modifications and Extinguishments”, the Company expenses any unamortized deferred financing costs on its prepaid loans (Note 7). At December 31, 2022, interest rates on the bank loans ranged from 4.53% 7.55% The weighted-average interest rates on all executed loans for the applicable periods were: Long-term Debt - Weighted-Average Interest Rates (Table) Year ended December 31, 2022 3.91% Year ended December 31, 2021 2.02% Year ended December 31, 2020 2.88% Loan movements throughout 2022: Long-term Debt - Schedule of Debt (Table) Loan Origination Date Original Amount Balance at January 1, 2022 New Loans Prepaid Repaid Balance at December 31,2022 8-year term loan 2011 73,600 54,453 — 48,046 6,407 — 6-year term loan 2014 193,239 28,447 — — 2,474 25,973 8-year term loan 2014 39,954 34,911 — — 2,589 32,322 7-year term loan 2015 35,190 24,193 — 21,993 2,200 — 7-year term loan 2015 39,900 18,136 — 16,322 1,814 — 7-year term loan 2015 44,800 27,200 — — 3,200 24,000 12-year term loan 2016 309,824 187,929 — 87,306 21,501 79,122 71/2-year term loan 2017 85,000 62,333 — — 5,667 56,666 6-year term loan 2018 80,000 54,117 — 54,117 — — 5-year term loan 2018 44,000 21,683 — 21,683 — — 8-year term loan 2018 82,752 74,707 — — 4,597 70,110 5-year term loan 2018 62,500 47,500 — — 6,000 41,500 6-year term loan 2019 88,150 52,088 — 47,730 4,358 — 5-year term loan 2019 38,250 20,013 — 3,301 5,168 11,544 4-year term loan 2019 26,000 15,600 — — 2,600 13,000 7-year term loan 2019 56,352 53,534 — — 2,818 50,716 10-year term loan 2019 54,387 51,180 — — 3,011 48,169 7-year term loan 2019 72,000 62,400 — — 4,800 57,600 5-year term loan 2019 71,036 59,531 — — 5,082 54,449 5-year term loan 2019 36,000 31,200 — — 2,400 28,800 5-year term loan 2019 35,000 28,636 — — 3,182 25,454 5-year term loan 2020 16,800 12,285 — — 2,730 9,555 2-year term loan 2020 27,750 27,750 — 27,750 — — 5-year term loan 2020 70,000 56,088 — — 11,217 44,871 5-year term loan 2020 40,000 36,069 — — 2,487 33,582 6-year term loan 2020 37,500 34,473 — — 2,652 31,821 5-year term loan 2020 47,000 36,400 — — 9,100 27,300 5-year term loan 2021 44,500 36,409 — — 8,091 28,318 5-year term loan 2021 26,000 26,000 — — 2,000 24,000 4-year term loan 2021 38,000 38,000 — 12,695 2,331 22,974 4-year term loan 2021 48,750 48,750 — — 7,000 41,750 7-year term loan 2021 74,500 18,633 55,867 — — 74,500 5-year term loan 2022 62,000 — 62,000 — 2,750 59,250 6-year term loan 2022 67,500 — 67,500 — 4,500 63,000 5-year term loan 2022 25,200 — 25,200 — 1,505 23,695 8-year term loan 2022 14,800 — 14,800 — — 14,800 5-year term loan 2022 42,000 — 42,000 — — 42,000 6-year term loan 2022 67,500 — 67,500 — — 67,500 5-year term loan 2022 189,000 — 189,000 — — 189,000 Total 1,380,648 523,867 340,943 146,231 1,417,341 The above term bank loans are secured by first priority mortgages on all vessels owned by the Company’s subsidiaries, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant ship-owning subsidiaries and in certain cases of the Holding Company as well. The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends provided no event of default has occurred, sell vessels and assets, and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidity, not legally restricted, of $ 156,837 105,768 3,050 As at December 31, 2022, the Company and its subsidiaries had thirty-two loan agreements, totaling $ 1,417,341 The Company fulfilled its requirements in respect of the financial covenants of all of its loan agreements, as at December 31, 2022 The Company’s liquidity requirements relate primarily to servicing its debt, funding the equity portion of investments in vessels under construction and funding expected capital expenditures and working capital. The annual principal payments, including balloon payments on loan maturity, required to be made after December 31, 2022, are as follows: Long-term Debt - Principal Payments (Table) Year Amount 2023 $ 159,602 2024 248,156 2025 284,931 2026 207,037 2027 337,139 2028 and thereafter 180,476 Total $ 1,417,341 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) December 31, 2022 December 31, 2021 Other financial liabilities $ 170,241 $ — Less: Deferred finance costs, net (2,351) — Total other financial liabilities, net 167,890 — Less: Current portion of other financial liabilities (9,328) — Add: Deferred finance costs, current portion 363 — Other financial liabilities, net of current portion and deferred finance costs $ 158,925 $ — On December 21, 2021 ten-year for its under-construction LNG carrier, Tenergy 177,238 Tenergy 27,750 forty quarterly 2,332 83,955 As of December 31, 2022, the annual principal payments of Other financial liabilities required to be made after December 31, 2022, are as follows: Long -Term Debt and other financial liabilities - Schedule of annual lease liability (Table) Year Amount 2023 $ 9,328 2024 9,328 2025 9,328 2026 9,328 2027 9,328 2028 and thereafter 123,601 $ 170,241 |
Interest and Finance Costs, net
Interest and Finance Costs, net | 12 Months Ended |
Dec. 31, 2022 | |
Interest And Finance Costs Net | |
Interest and Finance Costs, net | 7. Interest and Finance Costs, net Interest and Finance Costs, net (Table) 2022 2021 2020 Interest expense 56,673 39,131 50,611 Less: Interest capitalized (1,219) (718) (996) Interest expense, net 55,454 38,413 49,615 Bunker swap, put and call options cash settlements (9,912) (448) 7,568 Bunker put options premium — (35) 1,246 Amortization of deferred finance costs 4,052 3,246 3,782 Bank charges 410 164 277 Discount of long-term receivables 350 603 2,435 Amortization of deferred gain on termination of financial instruments (618) — — Change in fair value of non-hedging financial instruments 517 (10,536) 5,656 Net total 50,253 31,407 70,579 At December 31, 2021, the Company was committed to eleven 618 For the remaining three discontinued hedging interest rate swaps, the forecasted transactions were assessed as not probable to occur. Two out of the three hedges were de-designated as hedging swaps concurrent with their termination, while the third one was terminated later in the year. The accumulated other comprehensive income corresponding to these interest rate swaps upon de-designation amounting to $ 3,135 1,472 At December 31, 2022, the Company was committed to one 2.80% six-month LIBOR The fair values of such financial instruments as of December 31, 2022, and 2021, in aggregate amounted to $ 188 16,151 During 2021 and 2020, the Company held twelve eighteen 9,912 1,989 1,989 10,744 0 During 2020, the Company entered into six 1,246 35 (208) 207 During 2022, 2021 and 2020, the Company has written-off unamortized deferred finance costs of $ 1,195 460 766 During 2022, 2021 and 2020, the Company recognized a discount on its lease liability (Note 3) amounting to $ 350 603 2,435 |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | 8. Stockholders’ Equity On May 5, 2021, the Board of Directors of the Company authorized the issuance and sale of up to $ 50,000 100,000 In 2022 and 2021, the Company issued 4,633,473 6,049,498 43,841 50,538 172,227 3,461 In 2022, the Company issued 165 2,239 5,888 192 92,093 143,708 741,259 2,240 3,501 18,000 0 On March 24, 2020, the Company announced that its Board of Directors had authorized a share repurchase program for its common and/or its preferred shares of up to $ 50,000 In 2021 and 2020, the Company acquired and held as treasury stock, 19,836 978,936 168 9,834 320,599 3,211 273 On June 22, 2020, the Company announced a one-for-five ( 1-for-5 1.00 5.00 The reverse share split affected all common shares and reduced the number of authorized common shares from 175,000,000 35,000,000 94,005,410 18,801,108 On October 30, 2020, the Company redeemed all of its 2,000,000 25.00 0.5547 2,493 In September 2019, the Company entered into a share purchase agreement for the private placement of 3,500,000 1.00 10.00 10.00 33,984 0% 15.00 On December 23, 2019, and January 15, 2020, 875,000 10,000 583,333 6,667 The holders of the Series G Convertible Preferred Shares generally did not have voting rights. However, without the affirmative vote or consent of the holders of at least two-thirds of the outstanding Series G Convertible Preferred Shares, voting as a single class, the Company could not adopt any amendment to its memorandum of association or bye-laws that materially or adversely altered or affected the preferences, powers or rights of the Series G Convertible Preferred Shares in any respect or any amendment to the Series G Convertible Preferred Shares Certificate of Designations. The Series G Convertible Preferred Shares rank pari passu On February 1, 2021 (the “Initial Redemption Date”) and August 2, 2021, the Company redeemed 1,798,651 357,063 1,900,000 388,841 0.001 10.00 10.56 10.89 19,000 3,889 2,171 The redemption price at which the Series G Convertible Preferred Shares exchanged was the higher of 95% 7.75 0 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 864 859 839 727 The initial liquidation preference of the Shyris Shipping Preferred Shares is $ 10.00 The holders of the Shyris Shipping Preferred Shares have no right to vote on matters on which shareholders of the Company are entitled to vote. The holders of the Shyris Shipping Preferred Shares generally do not have any other voting rights, however, in the event that six semi-annual dividends, whether consecutive or not, payable on Shyris Shipping Preferred Shares are in arrears, the holders of Shyris Shipping Preferred Shares, will have the right, voting separately as a class, to elect one member of Shyris Shipping’s board of directors and the affirmative vote or consent of the holders of at least two-thirds of the outstanding Shyris Shipping Preferred Shares, voting as a single class, are required for Shyris Shipping to take certain actions. The Shyris Shipping Preferred Shares are non-convertible and perpetual, and are redeemable by Shyris Shipping, in whole or in part, at redemption prices that decline over time from 112.5% 100% 19,000 3,889 If Shyris Shipping, directly or indirectly, sells or otherwise voluntarily disposes of a vessel, including any of the four conventional tankers its wholly-owned subsidiaries currently own, or a stake in any vessel owning company or causes a vessel to be damaged or a charter or management agreement relating to any vessel to be terminated or breached, then all net proceeds (after payment of related expenses and associated debt) received therefrom is required to be used to redeem Shyris Shipping Preferred Shares on a pro rata basis. The Company determined that the redemption feature did meet the definition of a derivative, but the fair value of the instrument is zero due to the expectations under which the feature would be exercised. During 2022, Shyris Shipping redeemed 250,000 2,500 100,000 1,000 |
Accumulated other comprehensive
Accumulated other comprehensive income (loss) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated other comprehensive income (loss) | 9. Accumulated other comprehensive income (loss) In 2022, Accumulated other comprehensive income amounted to $ 7,665 24,840 19,819 (17,175) (18,641) |
Earnings (Loss) per Common Shar
Earnings (Loss) per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Common Share | 10. Earnings (Loss) per Common Share The Company calculates basic earnings (loss) per share in conformity with the two-class method required for companies with participating securities. The Company considered its Series G redeemable convertible preferred shares to be participating securities as the holders are entitled to receive dividends on as-converted basis in the event that dividends are declared and paid on the Company’s common shares. The Company calculates diluted earnings (loss) per share using the most dilutive of the two-class method and the if-converted method. Under the two-class method, basic earnings (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of common shares outstanding during the period , less shares subject to repurchase. 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 year ended December 31, 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 year ended December 31, 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 year ended December 31, 2021, and December 31, 2020, 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 periods. The following table sets forth the computation of basic and diluted net income (loss) per share: Earnings (Loss) per Common Share (Table) 2022 2021 2020 Numerator Net income (loss) attributable to Tsakos Energy Navigation Limited $ 204,234 $ (151,401) $ 24,002 Preferred share dividends, Series C — — (3,328) Preferred share dividends, Series D (7,694) (7,596) (7,492) Preferred share dividends, Series E (10,975) (10,822) (10,637) Preferred share dividends, Series F (16,024) (15,131) (14,250) Preferred share dividends, Series G (31) (54) (872) Undistributed income to Series G participants (1,250) — — Deemed dividend on partially Series G preferred shares — (2,171) — Deemed dividend on Series C preferred shares — — (2,493) Net income (loss) attributable to common stockholders 168,260 (187,175) (15,070) Preferred share dividends, Series G 31 — — Undistributed income to Series G participants 1,250 — — Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited, for dilution purposes 169,541 (187,175) (15,070) Denominator Weighted average number of shares, basic 27,970,799 19,650,307 18,768,599 Effect of dilutive shares 217,265 — — Weighted average number of shares, diluted 28,188,064 19,650,307 18,768,599 Earnings (Loss) per share, basic attributable to T $ 6.02 $ (9.53) $ (0.80) Earnings (Loss) per share, diluted attributable to T $ 6.01 $ (9.53) $ (0.80) For purposes of this calculation, 217,265 weighted potential redeemable convertible preferred shares for the year ended December 31, 2022, are included in the computation of diluted earnings per common share. For the year ended December 31, 2021, and 2020, potential redeemable convertible preferred shares of 306,190 and 1,743,607 , respectively, are considered common shares equivalents but have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. Basic and diluted net loss per share was the same for each period presented. |
Non-controlling Interest in Sub
Non-controlling Interest in Subsidiaries | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Non-controlling Interest in Subsidiaries | 11. Non-controlling Interest in Subsidiaries The Company owns 51% Maya Inca , Selini Salamina Byzantion Bosporos 49% 5.6% 7.6% 8.6% In April 2020, Mare Success S.A. increased its paid-in-capital by $ 8,163 4,163 51 4,000 49 Byzantion Bosporos The Company owns 100 Caribbean Voyager Mediterranean Voyager Apollo Voyager Artemis Voyager 2,155,714 2,288,841 250,000 2,038,841 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies As at December 31, 2022, the Company had under construction two one four The total contracted amount remaining to be paid for the seven vessels under construction plus the extra costs agreed as at December 31, 2022, were $ 598,341 220,005 171,830 206,506 In the ordinary course of the shipping business, various claims and losses may arise from disputes with charterers, agents and other suppliers relating to the operations of the Company’s vessels. Management believes that all such matters are either adequately covered by insurance or are not expected to have a material adverse effect on the Company’s results from operations or financial condition. Brazilian authorities have charged certain shipbrokers with various offenses in connection with charters entered into between a major state oil entity and various international shipowners. In 2020, in parallel with U.S. Department of Justice and U.S. Securities and Exchange Commission investigations regarding whether the circumstances surrounding these charters, including the actions taken by these shipbrokers, constituted non-compliance with provisions of the U.S. Foreign Corrupt Practices Act of 1977 (FCPA) applicable to the Company, the Company began investigating these matters. The Company is always committed to doing business in accordance with anti-corruption laws and is cooperating with these agencies. Charters-out The future minimum revenues of vessels in operation at December 31, 2022, before reduction for brokerage commissions and assuming no off-hire days, expected to be recognized on non-cancelable time charters are as follows: Commitments and Contingencies - Minimum Future Charter Revenue (Table) Year Amount 2023 $ 328,203 2024 232,339 2025 148,759 2026 118,471 2027 97,485 2028 to 2036 72,195 Minimum charter revenues $ 997,452 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes Under the laws of the countries of the Company’s subsidiaries’ incorporation and/or vessels’ registration (Greece, Liberia, Marshall Islands, Panama, Bahamas, Cyprus, Malta), the companies are subject to registration and tonnage taxes, which have been included in the Vessel operating expenses. The Company is not expected to be subject to United States Federal income tax on its gross income from the international operations of ships. In general, foreign persons operating ships to and from the United States are subject to United States Federal income tax of 4% of their United States source gross transportation income, which equals 50% of their gross income from transportation to or from the United States. The Company believes that it is exempt from United States Federal income tax on its United States source gross transportation income, as each vessel-operating subsidiary is organized in a foreign country that grants an equivalent exemption to corporations organized in the United States, and derives income from the international operation of ships and satisfies the stock ownership test as defined by the Internal Revenue Code and related regulations as a result of the Company’s stock being primarily and regularly traded on an established securities market in the United States. Under the regulations, a Company’s stock is considered to be regularly traded on an established securities market if (i) one or more classes of its stock representing 50% or more of its outstanding shares, by voting power and value, is listed on the market and is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year; and (ii) the aggregate number of shares of stock traded during the taxable year is at least 10% of the average number of shares of the stock outstanding during the taxable year. Other requirements such as the substantiation and reporting requirements under the regulations also must be satisfied to qualify for the exemption from United States Federal income tax. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 14. Financial Instruments (a) Interest rate risk: (b) Concentration of credit risk: The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its receivable and does not have any agreements to mitigate credit risk. The Company limits the exposure of non-performance by counterparties to derivative instruments by diversifying among counterparties with high credit ratings and performing periodic evaluations of the relative credit standing of the counterparties. The Company performs relevant enquiries on a periodic basis to assess the recoverability of the long-term receivable related to seller’s credits under sale and leaseback transactions and estimates that the amount presented on the accompanying balance sheet approximates the amount that is expected to be received by the Company at the end of the non-cancellable lease period. (c) Fair value: 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 FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined. The estimated fair values of the Company’s financial instruments, other than derivatives at December 31, 2022 and 2021, are as follows: Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Table) 2022 2021 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets (liabilities) Cash and cash equivalents 304,367 304,367 117,192 117,192 Restricted cash 5,072 5,072 10,005 10,005 Margin deposits 4,270 4,270 5,849 5,849 Long-term receivable (including short-term portion) 23,307 23,307 35,904 35,904 Debt and other financial liabilities (1,587,582) (1,587,582) (1,380,648) (1,380,648) The Company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the obligation to return cash collateral. The amount of collateral to be posted is defined in the terms of respective master agreement executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded. As of December 31, 2022, the Company deposited cash collateral related to its derivative instruments under its collateral security arrangements of $ 4,270 5,849 Tabular Disclosure of Derivatives Location Derivatives are recorded in the consolidated balance sheet on a net basis by counterparty when a legal right of set-off exists. The following tables present information with respect to the fair values of derivatives reflected in the consolidated balance sheet on a gross basis by transaction. The tables also present information with respect to gains and losses on derivative positions reflected in the Consolidated Statements of Comprehensive Income (Loss) or in the Consolidated Balance Sheets, as a component of Accumulated other comprehensive loss. Financial Instruments - Schedule of Derivative Instruments - Statements of Financial Position Location (Table) Asset Derivatives Liability Derivatives December 31, December 31, December 31, December 31, Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value 193 7 — 8,884 Financial instruments - Fair Value, net of current portion — 1,382 5 8,656 Subtotal 193 1,389 5 17,540 Asset Derivatives Liability Derivatives December 31, December 31, December 31, December 31, Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives not designated as hedging instruments Bunker swaps Current portion of financial instruments—Fair value — 1,845 — — Bunker swaps Financial instruments—Fair Value, net of current portion — 144 — — Subtotal — 1,989 — — Total derivatives 193 3,378 5 17,540 Derivatives designated as Hedging Instruments-Net effect on the Consolidated Statements of Comprehensive Income (Loss) Financial Instruments - Gain (Loss) Recognized In Accumulated Other Comprehensive Income (Loss) on Derivative (Effective Portion) (Table) Derivative Amount Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative (Effective Portion) Location 2022 2021 2020 Interest rate swaps 28,393 19,627 (18,830) Reclassification to Interest and finance costs, net due to de-designations (3,753) — — Reclassification to Depreciation expense 200 192 189 Total 24,840 19,819 (18,641) The accumulated income (loss) from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Income (Loss) as of December 31, 2022, 2021 and 2020, was $ 7,665 (17,175) (36,994) Derivatives not designated as Hedging Instruments – Net effect on the Consolidated Statements of Comprehensive Income (Loss) Financial Instruments - Schedule of Derivatives Not Designated as Hedging Instruments - Net Effect on the Statement Of Comprehensive Income (Table) Derivative Amount Net Realized and Unrealized Gain (Loss) Recognized on Statement of Comprehensive Income (Loss) Location 2022 2021 2020 Interest rate swaps Interest and finance costs, net 1,472 — 187 Bunker swaps Interest and finance costs, net 7,923 11,191 (14,312) Bunker put options Interest and finance costs, net — (172) (271) Bunker call options Interest and finance costs, net — — (74) Total 9,395 11,019 (14,470) The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of December 31, 2022 and 2021, using Level 2 inputs (significant other observable inputs): Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Table) Recurring measurements: December 31, December 31, Interest rate swaps 188 (16,151) Bunker swaps — 1,989 188 (14,162) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events a) On January 25, 2023, the Company signed a memorandum of agreement for the sale of two Arion Amphitrite. b) On January 30, 2023, the Company paid a dividend of $ 0.59375 9.50 c) On February 28, 2023, the Company paid a dividend of $ 0.54687 8.75 d) On February 28, 2023, the Company paid a dividend of $ 0.57812 9.25 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation and description of business: | (a) Basis of presentation and description of business: U.S. GAAP The Company owns and operates a fleet of crude oil and product carriers including eight vessels chartered-in and three liquified natural gas (“LNG”) carriers providing worldwide marine transportation services under long, medium or short-term charters. On July 1, 2020, the Company effected a 1-for-5 33.2 Impact of COVID-19 and conflict in Ukraine on the Company’s Business The impact of the COVID-19 pandemic and the conflict in Ukraine will continue to negatively affect the global economy (i.e. inflation, interest rates) and demand for oil and charter rates, which may continue to have a negative effect on the Company’s business, financial performance and the results of its operations. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods. |
Use of Estimates: | (b) Use of Estimates: |
Other Comprehensive Income (Loss): | (c) Other Comprehensive Income (Loss): |
Foreign Currency Translation: | (d) Foreign Currency Translation: |
Cash, Cash Equivalents and Restricted Cash: | (e) Cash, Cash Equivalents and Restricted Cash: |
Trade Accounts Receivable, Net and Credit Losses Accounting: | (f) Trade Accounts Receivable, Net and Credit Losses Accounting: no As of January 1, 2020, the Company adopted ASC 326 which requires entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade accounts receivable. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses which will result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition approach as of January 1, 2020, which resulted in an immaterial adjustment in the opening balance of retained earnings. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded as an offset to trade accounts receivable and changes in such, if any, are classified as allowance for credit losses in the Consolidated Statements of Comprehensive Income (Loss). The adoption of ASC 326 primarily impacted trade accounts receivable recorded on the Consolidated Balance Sheet. The Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to determine adjustments to historical loss data. The Company assessed that any impairment of accounts receivable arising from operating leases, i.e. time charters, should be accounted in accordance with ASC 842, and not in accordance with Topic 326. Impairment of accounts receivable arising from voyage charters, which are accounted in accordance with ASC 606, are within the scope of Subtopic 326 and must therefore, be assessed for expected credit losses. No allowance was warranted for the years ended December 31, 2021, and December 31, 2022. In addition, no allowance was recorded for cash equivalents as the majority of cash balances as of the balance sheet date were on time deposits with highly reputable credit institutions, for which periodic evaluations of the relative credit standing of those financial institutions are performed. No |
Inventories: | (g) Inventories: |
Fixed Assets: | (h) Fixed Assets: Depreciation is provided on the straight-line 0.43 0.39 Management’s estimate was based on the average demolition prices prevailing in the market during the last four years for which historical data were available. The decrease in the annual depreciation expense is expected to amount approximately $ 3 25 40 3.1 0.10 746 0.04 |
Impairment of Fixed Assets and Right-of-use assets: | (i) Impairment of Fixed Assets and Right-of-use assets: 86,368 0 In addition, the Company reviews and tests its right-of-use-assets under operating leases for impairment whenever events or changes in circumstances are indicative of such at each reporting date, by comparing their carrying amount plus any unamortized leasehold improvements (Note 1(k)) with the estimated future undiscounted net operating cash flows expected to be generated by the use of the vessel, considering three-year charter rates estimates and the average of those, over the remaining lease term (Note 4). The review of the carrying amount in connection with the estimated recoverable amount for the Company’s right of use assets as of December 31, 2022, and 2021, indicated no impairment charge. |
Reporting Assets held for sale: | (j) Reporting Assets held for sale: Afrodite Artemis, Ariadne, Aris, Ajax Apollon 61,626 based on the lower of its carrying amount and Level 1 inputs indicative of the vessel’s sales price less cost to sell. There was no impairment charge for vessels classified as held for sale as of December 31, 2022. At December 31, 2021, there were no vessels held for sale. |
Accounting for Special Survey, Dry-docking Costs and Leasehold improvements: | (k) Accounting for Special Survey, Dry-docking Costs and Leasehold improvements: five years two and a half years The Company follows the deferral method of accounting for leasehold improvement costs whereby actual costs incurred are reported in Deferred Charges and leasehold improvements and are amortized on a straight-line basis over the shorter of the useful life of those leasehold improvements and the remaining lease term, unless the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying asset, in which case the lessee shall amortize the leasehold improvements to the end of their useful life. |
Loan Costs: | (l) Loan Costs: |
Accounting for Leases (Company act as lessee): | (m) Accounting for Leases (Company act as lessee): After lease commencement, the Company measures the lease liability for an operating lease at the present value of the remaining lease payments using the discount rate determined at lease commencement. The right-of-use assets is subsequently measured at the amount of the remeasured lease liability, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs. After lease commencement, the Company measures the lease liability for finance leases by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect the lease payments made during the period. The right-of-use asset is amortized from the lease commencement date to the remaining useful life of the underlying asset since the Company has either the obligation or is reasonably certain to exercise its option to purchase the underlying asset. For finance leases, interest expense is determined using the effective interest method and is included under interest and finance cost, net in the consolidated statements of comprehensive income (loss). Any changes made to leased assets to customize it for a particular use or need of the lessee are capitalized as leasehold improvements. Amounts attributable to leasehold improvements are presented separately from the related right-of-use assets, whereas amortization on the leasehold improvements is recognized on a straight-line basis and is included under depreciation and amortization in the consolidated statements of comprehensive income (loss). (Note 1(k)). Sale and Leaseback transactions: In accordance with ASC 842, the Company, as seller-lessee, determines whether the transfer of an asset should be accounted as a sale in accordance with ASC 606. The existence of an option for the seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair value of the asset at the time the option is exercised and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace; and the classification of the leaseback as a finance lease or a sales-type lease, precludes the buyer-lessor from obtaining control of the asset. The existence of an obligation for the Company, as seller-lessee, to repurchase the asset precludes accounting for the transfer of the asset as sale as the transaction would be classified as a financing arrangement by the Company as it effectively retains control of the underlying asset. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the proceeds from the sale when the buyer-lessor obtains control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest. The Company has five sale and leaseback transactions accounted for as operating leases, two accounted for as finance leases and one accounted for as a financing arrangement as of December 31, 2022 (Note 3 & 6). |
Accounting for Revenues and Expenses: | (n) Accounting for Revenues and Expenses: Voyage charters and contracts of affreightment: 405,104 255,017 259,015 50,653 20,633 Demurrage revenue, which is included in voyage revenues, represents charterers’ reimbursement for any potential delays exceeding the allowed lay time as per charter party agreement and is recognized as the performance obligation is satisfied. Time, bareboat charters and pooling arrangements: Thus, time and bareboat charter agreements are accounted as operating leases (Company acts as lessor), ratably on a straight line over the duration of the charter agreement and therefore, fall under the scope of ASC 842. For vessels operating in pooling arrangements, the Company earns a portion of the generated total revenues, net of expenses incurred by the pool. Revenues and voyage expenses are pooled and allocated to each pool’s participants on a time charter equivalent, or TCE basis, in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool based on the vessel’s age, design and other performance characteristics. Revenue under pooling arrangements is accounted as a variable rate operating leases, falling under the scope of ASC 842 and is recognized for the applicable period, when the collectability is reasonably assured, based on the net revenue distributed by the pool. The charterer may charter the vessel with or without the owner’s crew and other operating services (time charter/pooling arrangements, and bareboat charter, respectively). Thus, the agreed daily rates (hire rates) in the case of time charter agreements and pooling arrangements also include compensation for part of the agreed crew and other operating services provided by the owner (non-lease components). The Company has elected to account for the lease and non-lease components of time charter agreements and pooling arrangements as a combined component in its consolidated financial statements, having taken into account that the non-lease component would be accounted for ratably on a straight-line basis over the duration of the time charter and pooling arrangements in accordance with ASC 606 and that the lease component is considered as the predominant component. In this respect, the Company qualitatively assessed that more value is ascribed to the vessel rather than to the services provided under the time charter agreements and pooling arrangements. Profit sharing contracts are accounted as variable consideration and included in the transaction price to the extent that variable amounts earned beyond an agreed fixed minimum hire are determinable at the reporting date and when there is no uncertainty associated with the variable consideration. Profit-sharing revenues are calculated at an agreed percentage of the excess of the charter’s average daily income over an agreed amount. Revenue from time charter hire arrangements with an escalation clause is recognized on a straight-line basis over the charter term unless another systematic and rational basis is more representative of the time pattern in which the vessel is employed. Revenues from time, bareboat and pooling charter arrangements amounted to $ 455,296 291,103 385,120 Revenues generated from time charter and bareboat charters are usually collected in advance. In the event of an incident involving one of the Company's vessels and where the loss of hire is insurable, the recovery is recorded when such loss of hire is probable and collectability is reasonably assured within the terms of the relevant policy. During 2022, the Company incurred insurance recoveries amounting to $ 4,424 Voyage related and vessel operating expenses: 8,126 2,844 2,527 The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets, net of any deductible amounts, at the time the recovery is probable under the related insurance policies and the claim is not subject to litigation. During 2022, the Company incurred insurance recoveries amounting to $ 7,378 Unearned revenue: 13,574 12,475 Customers’ concentration: Signigicant Accounting Policies - Schedule of Revenue Percentage by Major Customer (Table) Charterer 2022 2021 2020 A 13% 14% 12% B 8% 11% 9% C 8% 8% 9% |
Segment Reporting: | (o) Segment Reporting: three LNG carriers |
Derivative Financial Instruments: | (p) Derivative Financial Instruments: The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges of the variable cash flows of a forecasted transaction to a specific forecasted transaction. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flow of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively. In accordance with ASC 815 “Derivatives and Hedging,” the Company may prospectively discontinue the hedge accounting for an existing hedge if the applicable criteria are no longer met, the derivative instrument expires, is sold, terminated or exercised or if the Company removes the designation of the respective cash flow hedge. In those circumstances, the net gain or loss remains in accumulated other comprehensive income (loss) and is reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings, unless the forecasted transaction is no longer probable in which case the net gain or loss is reclassified into earnings immediately. As of December 31, 2022, the Company has elected one of the optional expedients provided in the ASU 2020-04 Reference Rate Reform and its update, that allows an entity to assert that a hedged forecasted transaction referencing LIBOR or another eligible reference rate remains probable of occurring, regardless of the modification or expected modification to the terms of the hedged item to replace the reference rate. The Company applied the accounting relief as relevant contract and hedge accounting relationship modifications were made during the reference rate reform transition period. |
Fair Value Measurements: | (q) Fair Value Measurements: In accordance with the requirements of accounting guidance relating to Fair Value Measurements and Disclosures, the Company classifies and discloses its assets, liabilities carried at the fair value in one of the following categories (Note 14): Level 1: Quoted market prices in active markets for identical assets or liabilities or equity instruments; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. |
Going concern: | (r) Going concern: |
Treasury stock: | (s) Treasury stock: |
Accounting for transactions under common control: | (t) Accounting for transactions under common control: |
Earnings (Loss) Per Share Attributable to Common Stockholders: | (u) Earnings (Loss) Per Share Attributable to Common Stockholders: The Company’s Series G Convertible Preferred Shares (Note 8) are participating securities. Any remaining earnings would be distributed to the holders of common shares and the holders of the Series G Convertible Preferred Shares on a pro-rata basis assuming conversion of all Series G Convertible Preferred Shares into common shares. In September 2022, the holders of Series G Preferred Shares exercised their option to convert Series G Preferred Shares to common shares and proceeded to the conversion of all outstanding 459,286 306,190 no 459,286 |
New Accounting Pronouncements—Not Yet Adopted | New Accounting Pronouncements—Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in this Update apply to all entities that elect to apply the optional guidance in Topic 848. ASU 2020-04 and ASU 2021-01 could be adopted as of March 12, 2020, through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Deferral of the Sunset Date of Reference Rate Reform (Topic 848). Topic 848 as mentioned above provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate (e.g., LIBOR) reform if certain criteria are met, for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The ASU deferred the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. The Company has not yet elected any other optional expedients provided in the standard except for the one described in Note 1(p) and will continue to evaluate the potential impact of adopting these expedients on its consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Signigicant Accounting Policies - Schedule of Revenue Percentage by Major Customer (Table) | Signigicant Accounting Policies - Schedule of Revenue Percentage by Major Customer (Table) Charterer 2022 2021 2020 A 13% 14% 12% B 8% 11% 9% C 8% 8% 9% |
Right-of-use assets and lease_2
Right-of-use assets and lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Right-of-use Assets And Lease Liabilities | |
Operating Leases (Table) | Operating Leases (Table) Year Lease Commitment 2023 $ 25,922 2024 25,958 2025 15,332 2026 4,991 Minimum net lease payments $ 72,203 Less: Present value discount (10,302) Total Obligations under operating leases and financial liability (current and non-current portion) $ 61,901 |
Finance Leases (Table) | Finance Leases (Table) Year Lease Commitment 2023 $ 28,093 Minimum net lease payments $ 28,093 Less: Discounting effect (60) Total Obligations under finance leases $ 28,033 |
Long _term debt and other fin_2
Long –term debt and other financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt (Table) | Long-term Debt (Table) Facility 2022 2021 Loans 1,417,341 1,380,648 Less: Deferred finance costs, net (7,354) (7,461) Total long-term debt 1,409,987 1,373,187 Less: Current portion of debt (194,353) (175,062) Add: Deferred finance costs, current portion 2,272 2,126 Long-term debt, net of current portion and deferred finance costs 1,217,906 1,200,251 |
Long-term Debt - Weighted-Average Interest Rates (Table) | Long-term Debt - Weighted-Average Interest Rates (Table) Year ended December 31, 2022 3.91% Year ended December 31, 2021 2.02% Year ended December 31, 2020 2.88% |
Long-term Debt - Schedule of Debt (Table) | Long-term Debt - Schedule of Debt (Table) Loan Origination Date Original Amount Balance at January 1, 2022 New Loans Prepaid Repaid Balance at December 31,2022 8-year term loan 2011 73,600 54,453 — 48,046 6,407 — 6-year term loan 2014 193,239 28,447 — — 2,474 25,973 8-year term loan 2014 39,954 34,911 — — 2,589 32,322 7-year term loan 2015 35,190 24,193 — 21,993 2,200 — 7-year term loan 2015 39,900 18,136 — 16,322 1,814 — 7-year term loan 2015 44,800 27,200 — — 3,200 24,000 12-year term loan 2016 309,824 187,929 — 87,306 21,501 79,122 71/2-year term loan 2017 85,000 62,333 — — 5,667 56,666 6-year term loan 2018 80,000 54,117 — 54,117 — — 5-year term loan 2018 44,000 21,683 — 21,683 — — 8-year term loan 2018 82,752 74,707 — — 4,597 70,110 5-year term loan 2018 62,500 47,500 — — 6,000 41,500 6-year term loan 2019 88,150 52,088 — 47,730 4,358 — 5-year term loan 2019 38,250 20,013 — 3,301 5,168 11,544 4-year term loan 2019 26,000 15,600 — — 2,600 13,000 7-year term loan 2019 56,352 53,534 — — 2,818 50,716 10-year term loan 2019 54,387 51,180 — — 3,011 48,169 7-year term loan 2019 72,000 62,400 — — 4,800 57,600 5-year term loan 2019 71,036 59,531 — — 5,082 54,449 5-year term loan 2019 36,000 31,200 — — 2,400 28,800 5-year term loan 2019 35,000 28,636 — — 3,182 25,454 5-year term loan 2020 16,800 12,285 — — 2,730 9,555 2-year term loan 2020 27,750 27,750 — 27,750 — — 5-year term loan 2020 70,000 56,088 — — 11,217 44,871 5-year term loan 2020 40,000 36,069 — — 2,487 33,582 6-year term loan 2020 37,500 34,473 — — 2,652 31,821 5-year term loan 2020 47,000 36,400 — — 9,100 27,300 5-year term loan 2021 44,500 36,409 — — 8,091 28,318 5-year term loan 2021 26,000 26,000 — — 2,000 24,000 4-year term loan 2021 38,000 38,000 — 12,695 2,331 22,974 4-year term loan 2021 48,750 48,750 — — 7,000 41,750 7-year term loan 2021 74,500 18,633 55,867 — — 74,500 5-year term loan 2022 62,000 — 62,000 — 2,750 59,250 6-year term loan 2022 67,500 — 67,500 — 4,500 63,000 5-year term loan 2022 25,200 — 25,200 — 1,505 23,695 8-year term loan 2022 14,800 — 14,800 — — 14,800 5-year term loan 2022 42,000 — 42,000 — — 42,000 6-year term loan 2022 67,500 — 67,500 — — 67,500 5-year term loan 2022 189,000 — 189,000 — — 189,000 Total 1,380,648 523,867 340,943 146,231 1,417,341 |
Long-term Debt - Principal Payments (Table) | Long-term Debt - Principal Payments (Table) Year Amount 2023 $ 159,602 2024 248,156 2025 284,931 2026 207,037 2027 337,139 2028 and thereafter 180,476 Total $ 1,417,341 |
Long - Term Debt and other financial liabilities - Other financial liabilities, net (Table) | Long - Term Debt and other financial liabilities - Other financial liabilities, net (Table) December 31, 2022 December 31, 2021 Other financial liabilities $ 170,241 $ — Less: Deferred finance costs, net (2,351) — Total other financial liabilities, net 167,890 — Less: Current portion of other financial liabilities (9,328) — Add: Deferred finance costs, current portion 363 — Other financial liabilities, net of current portion and deferred finance costs $ 158,925 $ — |
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) Year Amount 2023 $ 9,328 2024 9,328 2025 9,328 2026 9,328 2027 9,328 2028 and thereafter 123,601 $ 170,241 |
Interest and Finance Costs, n_2
Interest and Finance Costs, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interest And Finance Costs Net | |
Interest and Finance Costs, net (Table) | Interest and Finance Costs, net (Table) 2022 2021 2020 Interest expense 56,673 39,131 50,611 Less: Interest capitalized (1,219) (718) (996) Interest expense, net 55,454 38,413 49,615 Bunker swap, put and call options cash settlements (9,912) (448) 7,568 Bunker put options premium — (35) 1,246 Amortization of deferred finance costs 4,052 3,246 3,782 Bank charges 410 164 277 Discount of long-term receivables 350 603 2,435 Amortization of deferred gain on termination of financial instruments (618) — — Change in fair value of non-hedging financial instruments 517 (10,536) 5,656 Net total 50,253 31,407 70,579 |
Earnings (Loss) per Common Sh_2
Earnings (Loss) per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Common Share (Table) | Earnings (Loss) per Common Share (Table) 2022 2021 2020 Numerator Net income (loss) attributable to Tsakos Energy Navigation Limited $ 204,234 $ (151,401) $ 24,002 Preferred share dividends, Series C — — (3,328) Preferred share dividends, Series D (7,694) (7,596) (7,492) Preferred share dividends, Series E (10,975) (10,822) (10,637) Preferred share dividends, Series F (16,024) (15,131) (14,250) Preferred share dividends, Series G (31) (54) (872) Undistributed income to Series G participants (1,250) — — Deemed dividend on partially Series G preferred shares — (2,171) — Deemed dividend on Series C preferred shares — — (2,493) Net income (loss) attributable to common stockholders 168,260 (187,175) (15,070) Preferred share dividends, Series G 31 — — Undistributed income to Series G participants 1,250 — — Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited, for dilution purposes 169,541 (187,175) (15,070) Denominator Weighted average number of shares, basic 27,970,799 19,650,307 18,768,599 Effect of dilutive shares 217,265 — — Weighted average number of shares, diluted 28,188,064 19,650,307 18,768,599 Earnings (Loss) per share, basic attributable to T $ 6.02 $ (9.53) $ (0.80) Earnings (Loss) per share, diluted attributable to T $ 6.01 $ (9.53) $ (0.80) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies - Minimum Future Charter Revenue (Table) | Commitments and Contingencies - Minimum Future Charter Revenue (Table) Year Amount 2023 $ 328,203 2024 232,339 2025 148,759 2026 118,471 2027 97,485 2028 to 2036 72,195 Minimum charter revenues $ 997,452 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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) 2022 2021 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets (liabilities) Cash and cash equivalents 304,367 304,367 117,192 117,192 Restricted cash 5,072 5,072 10,005 10,005 Margin deposits 4,270 4,270 5,849 5,849 Long-term receivable (including short-term portion) 23,307 23,307 35,904 35,904 Debt and other financial liabilities (1,587,582) (1,587,582) (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 December 31, December 31, December 31, December 31, Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value 193 7 — 8,884 Financial instruments - Fair Value, net of current portion — 1,382 5 8,656 Subtotal 193 1,389 5 17,540 Asset Derivatives Liability Derivatives December 31, December 31, December 31, December 31, Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives not designated as hedging instruments Bunker swaps Current portion of financial instruments—Fair value — 1,845 — — Bunker swaps Financial instruments—Fair Value, net of current portion — 144 — — Subtotal — 1,989 — — Total derivatives 193 3,378 5 17,540 |
Financial Instruments - Gain (Loss) Recognized In Accumulated Other Comprehensive Income (Loss) on Derivative (Effective Portion) (Table) | Financial Instruments - Gain (Loss) Recognized In Accumulated Other Comprehensive Income (Loss) on Derivative (Effective Portion) (Table) Derivative Amount Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative (Effective Portion) Location 2022 2021 2020 Interest rate swaps 28,393 19,627 (18,830) Reclassification to Interest and finance costs, net due to de-designations (3,753) — — Reclassification to Depreciation expense 200 192 189 Total 24,840 19,819 (18,641) |
Financial Instruments - Schedule of Derivatives Not Designated as Hedging Instruments - Net Effect on the Statement Of Comprehensive Income (Table) | Financial Instruments - Schedule of Derivatives Not Designated as Hedging Instruments - Net Effect on the Statement Of Comprehensive Income (Table) Derivative Amount Net Realized and Unrealized Gain (Loss) Recognized on Statement of Comprehensive Income (Loss) Location 2022 2021 2020 Interest rate swaps Interest and finance costs, net 1,472 — 187 Bunker swaps Interest and finance costs, net 7,923 11,191 (14,312) Bunker put options Interest and finance costs, net — (172) (271) Bunker call options Interest and finance costs, net — — (74) Total 9,395 11,019 (14,470) |
Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Table) | Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Table) Recurring measurements: December 31, December 31, Interest rate swaps 188 (16,151) Bunker swaps — 1,989 188 (14,162) |
Signigicant Accounting Policies
Signigicant Accounting Policies - Schedule of Revenue Percentage by Major Customer (Table) (Details) - Customer Concentration Risk [Member] - Revenues [Member] | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Charterer A [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 13% | 14% | 12% |
Charterer B [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 8% | 11% | 9% |
Charterer C [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 8% | 8% | 9% |
Significant Accounting Polici_4
Significant Accounting Policies (Details Narrative) - USD ($) | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jan. 15, 2020 | Jul. 01, 2020 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 23, 2019 | Dec. 14, 2022 | |
Document Accounting Standard | U.S. GAAP | |||||||
Write offs of trade accounts receivable | $ 0 | $ 0 | $ 0 | |||||
Allowance for insurance claims | $ 0 | 0 | 0 | |||||
Depreciation method | straight-line | |||||||
Change in Accounting Estimate, Description | Management’s estimate was based on the average demolition prices prevailing in the market during the last four years for which historical data were available. The decrease in the annual depreciation expense is expected to amount approximately $3.0 million per annum based on the useful lives of the Company’s existing fleet which are estimated at 25 years for crude and product oil carriers and 40 years for the LNG carriers from the date of original delivery from the shipyard. The effect of this change in accounting estimate, which did not require retrospective application as per ASC 250 “Accounting Changes and Error Corrections” | |||||||
Depreciation | $ 120,459,000 | 126,821,000 | 127,278,000 | |||||
Decrease in net loss | 204,234,000 | (151,401,000) | 24,002,000 | |||||
Impairment charge | 0 | 86,368,000 | 28,776,000 | |||||
Assets Held-for-sale, Not Part of Disposal Group, Current | 61,626,000 | 0 | ||||||
Voyage revenues | 860,400,000 | 546,120,000 | 644,135,000 | |||||
Accounts Receivable, after Allowance for Credit Loss, Current | 78,198,000 | 30,622,000 | ||||||
Insurance Recoveries | 366,000 | (18,000) | 36,000 | |||||
Costs amortized of fulfill contracts | 8,126,000 | |||||||
Increase (Decrease) in Deferred Revenue | $ 17,029,000 | $ (3,603,000) | 556,000 | |||||
Segment Reporting Information, Description of Products and Services | three LNG carriers | |||||||
Common Stock [Member] | ||||||||
Conversion of Stock, Shares Issued | 6,667 | 306,190 | 583,333 | |||||
Series G Convertible Preferred Shares [Member] | ||||||||
Conversion of Stock, Shares Converted | 10,000 | 459,286 | 875,000 | |||||
Preferred Stock, Shares Outstanding | 0 | 459,286 | ||||||
Voyage charters and contracts of affreightment [Member] | ||||||||
Voyage revenues | $ 405,104,000 | $ 255,017,000 | 259,015,000 | |||||
Accounts Receivable, after Allowance for Credit Loss, Current | 50,653,000 | 20,633,000 | ||||||
Time, bareboat and pooling charter arrangements [Member] | ||||||||
Voyage revenues | 455,296,000 | 291,103,000 | 385,120,000 | |||||
Insurance Recoveries From Loss Of Hire [Member] | ||||||||
Insurance Recoveries | 4,424,000 | |||||||
Voyage And Operating Costs [Member] | ||||||||
Accounts Receivable, after Allowance for Credit Loss, Current | 2,844,000 | 2,527,000 | ||||||
Insurance Recoveries From Damages To Fixed Assets [Member] | ||||||||
Insurance Recoveries | 7,378,000 | |||||||
Charter Hire Paid In Advance [Member] | ||||||||
Increase (Decrease) in Deferred Revenue | 13,574 | |||||||
Charter Agreements With Varying Rates [Member] | ||||||||
Increase (Decrease) in Deferred Revenue | $ 12,475 | |||||||
Crude and product oil carriers [Member] | ||||||||
Useful life of assets | 25 years | |||||||
LNG carriers [Member] | ||||||||
Useful life of assets | 40 years | |||||||
Vessels And Advances For Vessels Under Construction [Member] | ||||||||
Impairment charge | $ 0 | 86,368,000 | $ 0 | |||||
Artemis, Afrodite, Ariadne, Aris, Apollon and Ajax [Member] | ||||||||
Assets Held-for-sale, Not Part of Disposal Group, Current | $ 61,626 | |||||||
Change in Accounting Method Accounted for as Change in Estimate [Member] | ||||||||
Depreciation | 3,000,000 | |||||||
Decrease in net loss | $ 3,100,000 | $ 746,000 | ||||||
Per weighted average number of shares, basic and diluted | $ 0.10 | $ 0.04 | ||||||
Effective October 1, 2021 [Member] | ||||||||
Estimated residual scrap rate per light-weight ton | $ 430 | |||||||
Effective Before October 1, 2021 [Member] | ||||||||
Estimated residual scrap rate per light-weight ton | $ 390 | |||||||
During the first fifteen years of the vessels' life [Member] | Dry-docking costs and leasehold improvements [Member] | ||||||||
Property, Plant and Equipment, Estimated Useful Lives | five years | |||||||
Within the remaining useful life of the vessel [Member] | Dry-docking costs and leasehold improvements [Member] | ||||||||
Property, Plant and Equipment, Estimated Useful Lives | two and a half years | |||||||
Reverse Stock Split [Member] | ||||||||
Stockholders' Equity, Reverse Stock Split | 1-for-5 | |||||||
Fractional shares cashed out | 33.2 |
Transactions with Related Par_2
Transactions with Related Parties (Details Narrative) - USD ($) | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Due from related parties | $ 8,889,000 | $ 8,889,000 | $ 14,607,000 | ||
Due to related parties | 7,439,000 | 7,439,000 | 7,747,000 | ||
Tsakos Columbia Shipmanagement S.A. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 1,947,000 | 2,186,000 | $ 1,327,000 | ||
Due from related parties | 8,889,000 | 8,889,000 | 14,595,000 | ||
Estimated future management fees payable over the next ten years [Member] | Estimated Payable 2023 [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 22,047,000 | ||||
Estimated future management fees payable over the next ten years [Member] | Estimated Payable 2024 [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 22,362,000 | ||||
Estimated future management fees payable over the next ten years [Member] | Estimated Payable 2025 [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 22,038,000 | ||||
Estimated future management fees payable over the next ten years [Member] | Estimated Payable 2026 [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 21,624,000 | ||||
Estimated future management fees payable over the next ten years [Member] | Estimated Payable 2027 [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 21,282,000 | ||||
Estimated future management fees payable over the next ten years [Member] | Estimated Payable From 2028 to 2032 [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 88,683,000 | ||||
Tsakos Energy Management Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 20,228,000 | 20,203,000 | 20,271,000 | ||
Supervisory services expenses | 1,107,000 | 530,000 | 740,000 | ||
Due from related parties | $ 165,000 | 165,000 | 12,000 | ||
Incentive Awards [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | $ 1,000,000 | 500,000 | 1,500,000 | ||
Special Award [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 1,500,000 | ||||
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 | $ 10,684,000 | 6,821,000 | 8,060,000 | ||
Brokerage commission | 1.25% | ||||
Commissions In Connection With Delivery Of Each New Building | $ 200,000 | ||||
Due to related parties | $ 3,217,000 | 3,217,000 | 1,439,000 | ||
Accrued liabilities | 506,000 | 506,000 | 338,000 | ||
Argosy Insurance Company Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | 3,569,000 | 3,569,000 | 5,805,000 | ||
Related Party Transaction, Amounts of Transaction | 10,965,000 | 10,002,000 | 9,480,000 | ||
Accrued Insurance, Current | 259,000 | 259,000 | 1,000 | ||
AirMania Travel S.A. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | 488,000 | 488,000 | 503,000 | ||
Related Party Transaction, Amounts of Transaction | 6,437,000 | 5,098,000 | 4,380,000 | ||
Operating conventional vessels [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | $ 27,500 | 28,500 | 27,500 | 27,500 | |
Third Party Managed Vessels [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 28,600 | 29,100 | 28,000 | 27,700 | |
Chartered out vessels on a bare-boat basis and vessels under construction [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 20,400 | 21,000 | 20,400 | 20,400 | |
DP2 Shuttle Tankers [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 35,000 | 36,000 | 35,000 | 35,000 | |
LNG Carriers [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 38,900 | 42,400 | 37,800 | 37,300 | |
Third Party Managed Vessels Afrodite And Ariadne [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 27,500 | 27,500 | |||
Liquefied Natural Gas Carrier Tenergy [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 30,800 | 34,300 | |||
Suezmax Tanker Decathlon [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management fees | $ 28,500 | ||||
Supervisory Fees For New Vessels Construction [Member] | Tsakos Energy Management Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Supervisory services expenses | $ 20,400 | $ 21,000 | $ 20,400 | $ 20,400 | |
Panamax tanker Maya, Suezmax tanker Silia T. and Handysize tanker Didimon [Member] | Tsakos Shipping And Trading S.A. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Brokerage commission | 1% | 1% | 1% | ||
Costs and Expenses, Related Party | $ 326,000 | $ 245,000 | |||
Brokerage commission amount | $ 96,000 | ||||
Four Vessels [Member] | Tsakos Shipping And Trading S.A. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Costs and Expenses, Related Party | $ 1,000,000 | ||||
Payment for the cost of design and supervision services for newbuildings | $ 0 | $ 0 |
Operating Leases (Table) (Detai
Operating Leases (Table) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Right-of-use Assets And Lease Liabilities | |
2023 | $ 25,922 |
2024 | 25,958 |
2025 | 15,332 |
2026 | 4,991 |
Minimum net lease payments | 72,203 |
Less: Present value discount | (10,302) |
Total Obligations under operating leases and financial liability (current and non-current portion) | $ 61,901 |
Finance Leases (Table) (Details
Finance Leases (Table) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Right-of-use Assets And Lease Liabilities | |
2023 | $ 28,093 |
Minimum net lease payments | 28,093 |
Less: Discounting effect | (60) |
Total Obligations under finance leases | $ 28,033 |
Right-of-use assets and lease_3
Right-of-use assets and lease liabilities (Details Narrative) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Oct. 20, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lease incentive receivable | $ 23,307 | $ 23,307 | $ 23,163 | ||
Sort-term receivable of seller's credit | 0 | 0 | 12,741 | ||
Gain (Loss) on Disposition of Property Plant Equipment | (440) | (5,817) | $ (6,451) | ||
Operating Lease, Right-of-Use Asset | $ 58,706 | $ 58,706 | 88,573 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.90% | 3.90% | |||
Operating Lease, Liability, Current | $ 21,737 | $ 21,737 | 29,749 | ||
Operating Lease, Liability, Noncurrent | 36,969 | 36,969 | 58,824 | ||
Sublease Income | 54,877 | 16,202 | 29,355 | ||
Finance Lease, Liability, Current | 28,033 | $ 29,968 | 28,033 | 0 | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 41,851 | 42,968 | 41,851 | 0 | |
Interest and Debt Expense | 50,253 | 31,407 | 70,579 | ||
Finance Lease, Liability, Noncurrent | 2,164 | $ 2,164 | 3,196 | ||
Property, Plant and Equipment, Depreciation Methods | straight-line | ||||
Finance Lease, Right-of-Use Asset, Amortization | $ 1,116 | 0 | 0 | ||
Property, Plant and Equipment, Additions | $ 0 | ||||
Reclassification to Interest and finance costs net due to de-designations [Member} | |||||
Interest and Debt Expense | $ 229 | ||||
Archangel and Alaska [Member] | |||||
Sale Leaseback Transaction, Date | January 9, 2020 | ||||
Sale Leaseback Transaction, Lease Terms | five-year | ||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 61,070 | ||||
Lease incentive receivable | 11,800 | 11,800 | |||
Sort-term receivable of seller's credit | 11,190 | 11,190 | |||
Operating Lease, Right-of-Use Asset | $ 18,445 | $ 18,445 | |||
Operating Lease, Weighted Average Discount Rate, Percent | 3.59% | 3.59% | |||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 7 days | 2 years 7 days | 3 years 7 days | ||
Sakura Princess [Member] | |||||
Sale Leaseback Transaction, Date | December 21, 2020 | ||||
Sale Leaseback Transaction, Lease Terms | five-year | ||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 24,527 | ||||
Lease incentive receivable | $ 4,425 | 4,425 | |||
Long-term receivable of seller's credit | 4,271 | 4,271 | |||
Finance Lease, Liability | $ 5,148 | ||||
Operating Lease, Right-of-Use Asset | $ 8,560 | $ 8,560 | |||
Operating Lease, Weighted Average Discount Rate, Percent | 2.54% | 2.54% | |||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 11 months 23 days | 2 years 11 months 23 days | 3 years 11 months 19 days | ||
Operating Lease, Liability, Current | $ 1,031 | $ 1,031 | $ 997 | ||
Operating Lease, Liability, Noncurrent | 2,164 | 2,164 | 3,196 | ||
Operating Lease, Liability | 3,195 | $ 3,195 | $ 4,193 | ||
Arctic and Antarctic [Member] | |||||
Sale Leaseback Transaction, Date | June 21, 2021 | ||||
Sale Leaseback Transaction, Lease Terms | five-year | ||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 52,304 | ||||
Lease incentive receivable | 8,415 | 8,415 | |||
Long-term receivable of seller's credit | 7,846 | 7,846 | |||
Gain (Loss) on Disposition of Property Plant Equipment | 1,696 | ||||
Operating Lease, Right-of-Use Asset | $ 31,701 | $ 31,701 | |||
Operating Lease, Weighted Average Discount Rate, Percent | 2.98% | 2.98% | |||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 5 months 26 days | 3 years 5 months 26 days | 4 years 5 months 26 days | ||
Eurochampion 2004 and Euronike [Member] | |||||
Sale Leaseback Transaction, Date | December 21, 2017 | ||||
Sale Leaseback Transaction, Lease Terms | five-year | ||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 65,200 | ||||
Lease incentive receivable | $ 13,000 | $ 13,000 | |||
Operating Lease, Weighted Average Discount Rate, Percent | 3.90% | 3.90% | |||
Operating Lease, Weighted Average Remaining Lease Term | 18 days | 18 days | |||
Sublease Income | $ 4,407 | $ 17,916 | |||
Eurochampion 2004 and Euronike [Member] | October 2022 Addendum [Member] | |||||
Sale Leaseback Transaction, Lease Terms | option to extend the charter period for one year and add two purchase options to repurchase the vessels | ||||
Eurochampion 2004 [Member] | |||||
Lease incentive receivable | 6,500 | $ 6,500 | |||
Property, Plant and Equipment, Additions | 13,750 | ||||
Euronike [Member] | |||||
Lease incentive receivable | $ 6,500 | 6,500 | |||
Property, Plant and Equipment, Additions | $ 13,750 |
Vessels (Details Narrative)
Vessels (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Acquisition of newly constructed vessels | $ 0 | ||
Proceeds from Sale of Property, Plant, and Equipment | $ 31,555 | 53,224 | $ 93,627 |
Loss on sale of property, plant and equipment | (440) | (5,817) | (6,451) |
Impairment charges | $ 0 | 86,368 | 28,776 |
Liquefied Natural Gas Carrier Tenergy [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel delivery date | January 12, 2022 | ||
DP2 Shuttle Tankers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel delivery date | July 6, 2022 | ||
VLCC Dias I [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel delivery date | October 10, 2022 | ||
Tenergy, Porto and Dias I [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Acquisition of newly constructed vessels | $ 384,574 | ||
Caribbean Voyager Tanker [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel delivery date | January 7, 2020 | ||
Apollo Voyager [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel delivery date | September 21, 2020 | ||
Artemis Voyager [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel delivery date | November 10, 2020 | ||
Caribbean Voyager, Apollo Voyages and Artemis Voyager [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Acquisition of newly constructed vessels | 197,845 | ||
Proteas and Inca [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 31,555 | ||
Loss on sale of property, plant and equipment | $ 440 | ||
Maya Vessel [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | 9,336 | ||
Loss on sale of property, plant and equipment | 4,121 | ||
Silia T, Didimon and Sakura Princess [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | 93,627 | ||
Loss on sale of property, plant and equipment | 6,451 | ||
Aris, Ajax, Afrodite, Apollon, Artemis, Ariadne and Proteas [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment charges | $ 86,368 | ||
Arctic, Antarctic, Izumo Princess and Sakura Princess [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment charges | $ 28,776 |
Deferred Charges and leasehol_2
Deferred Charges and leasehold improvements (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Deferred Costs | $ 34,816 | $ 27,344 |
Eurochampion 2004 and Euronike [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold Improvements, Gross | 450 | 2,857 |
Archangel, Alaska, Arctic, Antarctic and Sakura Princess [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold Improvements, Gross | $ 9,106 | |
Archangel, Alaska and Arctic [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold Improvements, Gross | $ 4,096 |
Long-term Debt (Table) (Details
Long-term Debt (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Loans | $ 1,417,341 | $ 1,380,648 |
Less: Deferred finance costs, net | (7,354) | (7,461) |
Total long-term debt | 1,409,987 | 1,373,187 |
Less: Current portion of debt | (194,353) | (175,062) |
Add: Deferred finance costs, current portion | 2,272 | 2,126 |
Long-term debt, net of current portion and deferred finance costs | $ 1,217,906 | $ 1,200,251 |
Long-term Debt - Weighted-Avera
Long-term Debt - Weighted-Average Interest Rates (Table) (Details) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | |||
Weighted-average interest rates on the executed loans | 3.91% | 2.02% | 2.88% |
Long-term Debt - Schedule of De
Long-term Debt - Schedule of Debt (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Apr. 20, 2022 | Aug. 17, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Balance at January 1, 2022 | $ 1,417,341 | $ 1,380,648 | $ 1,380,648 | $ 1,380,648 |
Prepaid | 340,943 | |||
Repaid | 146,231 | |||
Balance at December 31, 2022 | 1,417,341 | |||
New Loans | $ 523,867 | |||
8-year term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2011 | |||
Original Amount | $ 73,600 | |||
Balance at January 1, 2022 | 0 | 54,453 | 54,453 | 54,453 |
Prepaid | 48,046 | |||
Repaid | 6,407 | |||
Balance at December 31, 2022 | $ 0 | |||
6-year term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2014 | |||
Original Amount | $ 193,239 | |||
Balance at January 1, 2022 | 25,973 | 28,447 | 28,447 | 28,447 |
Repaid | 2,474 | |||
Balance at December 31, 2022 | $ 25,973 | |||
8-year term loan 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2014 | |||
Original Amount | $ 39,954 | |||
Balance at January 1, 2022 | 32,322 | 34,911 | 34,911 | 34,911 |
Repaid | 2,589 | |||
Balance at December 31, 2022 | $ 32,322 | |||
7-year term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2015 | |||
Original Amount | $ 35,190 | |||
Balance at January 1, 2022 | 0 | 24,193 | 24,193 | 24,193 |
Prepaid | 21,993 | |||
Repaid | 2,200 | |||
Balance at December 31, 2022 | $ 0 | |||
7-year term loan 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2015 | |||
Original Amount | $ 39,900 | |||
Balance at January 1, 2022 | 0 | 18,136 | 18,136 | 18,136 |
Prepaid | 16,322 | |||
Repaid | 1,814 | |||
Balance at December 31, 2022 | $ 0 | |||
7-year term loan 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2015 | |||
Original Amount | $ 44,800 | |||
Balance at January 1, 2022 | 24,000 | 27,200 | 27,200 | 27,200 |
Repaid | 3,200 | |||
Balance at December 31, 2022 | $ 24,000 | |||
12-year term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2016 | |||
Original Amount | $ 309,824 | |||
Balance at January 1, 2022 | 79,122 | 187,929 | 187,929 | 187,929 |
Prepaid | 87,306 | |||
Repaid | 21,501 | |||
Balance at December 31, 2022 | $ 79,122 | |||
71/2-year term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2017 | |||
Original Amount | $ 85,000 | |||
Balance at January 1, 2022 | 56,666 | 62,333 | 62,333 | 62,333 |
Repaid | 5,667 | |||
Balance at December 31, 2022 | $ 56,666 | |||
6-year term loan 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2018 | |||
Original Amount | $ 80,000 | |||
Balance at January 1, 2022 | 0 | 54,117 | 54,117 | 54,117 |
Prepaid | 54,117 | |||
Balance at December 31, 2022 | $ 0 | |||
5-year term loan 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2018 | |||
Original Amount | $ 44,000 | |||
Balance at January 1, 2022 | 0 | 21,683 | 21,683 | 21,683 |
Prepaid | 21,683 | |||
Balance at December 31, 2022 | $ 0 | |||
8-year term loan 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2018 | |||
Original Amount | $ 82,752 | |||
Balance at January 1, 2022 | 70,110 | 74,707 | 74,707 | 74,707 |
Repaid | 4,597 | |||
Balance at December 31, 2022 | $ 70,110 | |||
5-year term loan 5 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2018 | |||
Original Amount | $ 62,500 | |||
Balance at January 1, 2022 | 41,500 | 47,500 | 47,500 | 47,500 |
Repaid | 6,000 | |||
Balance at December 31, 2022 | $ 41,500 | |||
6-year term loan 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2019 | |||
Original Amount | $ 88,150 | |||
Balance at January 1, 2022 | 0 | 52,088 | 52,088 | 52,088 |
Prepaid | 47,730 | |||
Repaid | 4,358 | |||
Balance at December 31, 2022 | $ 0 | |||
5-year term loan 6 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2019 | |||
Original Amount | $ 38,250 | |||
Balance at January 1, 2022 | 11,544 | 20,013 | 20,013 | 20,013 |
Prepaid | 3,301 | 3,301 | ||
Repaid | 5,168 | |||
Balance at December 31, 2022 | $ 11,544 | |||
4-year term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2019 | |||
Original Amount | $ 26,000 | |||
Balance at January 1, 2022 | 13,000 | 15,600 | 15,600 | 15,600 |
Repaid | 2,600 | |||
Balance at December 31, 2022 | $ 13,000 | |||
7-year term loan 4 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2019 | |||
Original Amount | $ 56,352 | |||
Balance at January 1, 2022 | 50,716 | 53,534 | 53,534 | 53,534 |
Repaid | 2,818 | |||
Balance at December 31, 2022 | $ 50,716 | |||
10-year term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2019 | |||
Original Amount | $ 54,387 | |||
Balance at January 1, 2022 | 48,169 | 51,180 | 51,180 | 51,180 |
Repaid | 3,011 | |||
Balance at December 31, 2022 | $ 48,169 | |||
7-year term loan 5 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2019 | |||
Original Amount | $ 72,000 | |||
Balance at January 1, 2022 | 57,600 | 62,400 | 62,400 | 62,400 |
Repaid | 4,800 | |||
Balance at December 31, 2022 | $ 57,600 | |||
5-year term loan 7 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2019 | |||
Original Amount | $ 71,036 | |||
Balance at January 1, 2022 | 54,449 | 59,531 | 59,531 | 59,531 |
Repaid | 5,082 | |||
Balance at December 31, 2022 | $ 54,449 | |||
5-year term loan 8 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2019 | |||
Original Amount | $ 36,000 | |||
Balance at January 1, 2022 | 28,800 | 31,200 | 31,200 | 31,200 |
Repaid | 2,400 | |||
Balance at December 31, 2022 | $ 28,800 | |||
5-year term loan 9 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2019 | |||
Original Amount | $ 35,000 | |||
Balance at January 1, 2022 | 25,454 | 28,636 | 28,636 | 28,636 |
Repaid | 3,182 | |||
Balance at December 31, 2022 | $ 25,454 | |||
5-year term loan 10 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2020 | |||
Original Amount | $ 16,800 | |||
Balance at January 1, 2022 | 9,555 | 12,285 | 12,285 | 12,285 |
Repaid | 2,730 | |||
Balance at December 31, 2022 | $ 9,555 | |||
2-year term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2020 | |||
Original Amount | $ 27,750 | |||
Balance at January 1, 2022 | 0 | 27,750 | 27,750 | 27,750 |
Prepaid | 27,750 | |||
Balance at December 31, 2022 | $ 0 | |||
5-year term loan 11 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2020 | |||
Original Amount | $ 70,000 | |||
Balance at January 1, 2022 | 44,871 | 56,088 | 56,088 | 56,088 |
Repaid | 11,217 | |||
Balance at December 31, 2022 | $ 44,871 | |||
5-year term loan 12 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2020 | |||
Original Amount | $ 40,000 | |||
Balance at January 1, 2022 | 33,582 | 36,069 | 36,069 | 36,069 |
Repaid | 2,487 | |||
Balance at December 31, 2022 | $ 33,582 | |||
6-year term loan 4 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2020 | |||
Original Amount | $ 37,500 | |||
Balance at January 1, 2022 | 31,821 | 34,473 | 34,473 | 34,473 |
Repaid | 2,652 | |||
Balance at December 31, 2022 | $ 31,821 | |||
5-year term loan 13 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2020 | |||
Original Amount | $ 47,000 | |||
Balance at January 1, 2022 | 27,300 | 36,400 | 36,400 | 36,400 |
Repaid | 9,100 | |||
Balance at December 31, 2022 | $ 27,300 | |||
5-year term loan 14 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2021 | |||
Original Amount | $ 44,500 | |||
Balance at January 1, 2022 | 28,318 | 36,409 | 36,409 | 36,409 |
Repaid | 8,091 | |||
Balance at December 31, 2022 | $ 28,318 | |||
5-year term loan 15 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2021 | |||
Original Amount | $ 26,000 | |||
Balance at January 1, 2022 | 24,000 | 26,000 | 26,000 | 26,000 |
Repaid | 2,000 | |||
Balance at December 31, 2022 | $ 24,000 | |||
4-year term loan 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2021 | |||
Original Amount | $ 38,000 | |||
Balance at January 1, 2022 | 22,974 | 38,000 | 38,000 | 38,000 |
Prepaid | 12,695 | 12,695 | ||
Repaid | 2,331 | |||
Balance at December 31, 2022 | $ 22,974 | |||
4-year term loan 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2021 | |||
Original Amount | $ 48,750 | |||
Balance at January 1, 2022 | 41,750 | 48,750 | 48,750 | 48,750 |
Prepaid | 41,750 | |||
Repaid | 7,000 | |||
Balance at December 31, 2022 | $ 41,750 | |||
7-year term loan 7 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2021 | |||
Original Amount | $ 74,500 | |||
Balance at January 1, 2022 | 74,500 | 18,633 | 18,633 | 18,633 |
Balance at December 31, 2022 | 74,500 | |||
New Loans | $ 55,867 | |||
5-year term loan 16 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2022 | |||
Original Amount | $ 62,000 | |||
Balance at January 1, 2022 | 59,250 | 0 | 0 | 0 |
Repaid | 2,750 | |||
Balance at December 31, 2022 | 59,250 | |||
New Loans | $ 62,000 | |||
6-year term loan 7 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2022 | |||
Original Amount | $ 67,500 | |||
Balance at January 1, 2022 | 63,000 | 0 | 0 | 0 |
Repaid | 4,500 | |||
Balance at December 31, 2022 | 63,000 | |||
New Loans | $ 67,500 | |||
5-year term loan 17 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2022 | |||
Original Amount | $ 25,200 | |||
Balance at January 1, 2022 | 23,695 | 0 | 0 | 0 |
Repaid | 1,505 | |||
Balance at December 31, 2022 | 23,695 | |||
New Loans | $ 25,200 | |||
8-year term loan 4 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2022 | |||
Original Amount | $ 14,800 | |||
Balance at January 1, 2022 | 14,800 | 0 | 0 | 0 |
Balance at December 31, 2022 | 14,800 | |||
New Loans | $ 14,800 | |||
5-year term loan 18 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2022 | |||
Original Amount | $ 42,000 | |||
Balance at January 1, 2022 | 42,000 | 0 | 0 | 0 |
Balance at December 31, 2022 | 42,000 | |||
New Loans | $ 42,000 | |||
6-year term loan 8 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2022 | |||
Original Amount | $ 67,500 | |||
Balance at January 1, 2022 | 67,500 | 0 | 0 | 0 |
Balance at December 31, 2022 | 67,500 | |||
New Loans | $ 67,500 | |||
5-year term loan 19 [Member] | ||||
Debt Instrument [Line Items] | ||||
Origination Date | 2022 | |||
Original Amount | $ 189,000 | |||
Balance at January 1, 2022 | $ 189,000 | $ 0 | $ 0 | 0 |
Balance at December 31, 2022 | 189,000 | |||
New Loans | $ 189,000 |
Long-term Debt - Principal Paym
Long-term Debt - Principal Payments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2023 | $ 159,602 | |
2024 | 248,156 | |
2025 | 284,931 | |
2026 | 207,037 | |
2027 | 337,139 | |
2028 and thereafter | 180,476 | |
Total | $ 1,417,341 | $ 1,380,648 |
Long - Term Debt and other fina
Long - Term Debt and other financial liabilities - Other financial liabilities, net (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Less: Deferred finance costs, net | $ (7,354) | $ (7,461) |
Total other financial liabilities, net | 1,587,582 | 1,380,648 |
Less: Current portion of other financial liabilities | (194,353) | (175,062) |
Add: Deferred finance costs, current portion | 2,272 | 2,126 |
Other financial liabilities, net of current portion and deferred finance costs | 2,164 | 3,196 |
Financial Liabilities Net [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Other financial liabilities | 170,241 | 0 |
Less: Deferred finance costs, net | (2,351) | 0 |
Total other financial liabilities, net | 167,890 | 0 |
Less: Current portion of other financial liabilities | (9,328) | 0 |
Add: Deferred finance costs, current portion | 363 | 0 |
Other financial liabilities, net of current portion and deferred finance costs | $ 158,925 | $ 0 |
Long -Term Debt and other finan
Long -Term Debt and other financial liabilities - Schedule of annual lease liability (Table) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 9,328 |
2024 | 9,328 |
2025 | 9,328 |
2026 | 9,328 |
2027 | 9,328 |
2028 and thereafter | 123,601 |
Total | $ 170,241 |
Long _term debt and other fin_3
Long –term debt and other financial liabilities (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||
Jan. 12, 2022 | Jan. 30, 2023 | Jan. 17, 2023 | Feb. 17, 2023 | Feb. 13, 2023 | Apr. 03, 2023 | Mar. 31, 2023 | Apr. 04, 2022 | Mar. 17, 2022 | May 13, 2022 | Apr. 20, 2022 | May 16, 2022 | Jul. 01, 2022 | Sep. 07, 2022 | Aug. 17, 2022 | Oct. 06, 2022 | Nov. 08, 2022 | Oct. 27, 2022 | Dec. 14, 2022 | Nov. 17, 2022 | Dec. 31, 2022 | Mar. 29, 2023 | Jan. 20, 2023 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Long-term Debt, Gross | $ 1,417,341,000 | $ 1,380,648,000 | |||||||||||||||||||||||
Prepaid amount | 340,943,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 146,231,000 | ||||||||||||||||||||||||
Cash and cash equivalents | $ 304,367,000 | 117,192,000 | $ 160,475,000 | ||||||||||||||||||||||
Debt Instrument, Covenant Compliance | The Company fulfilled its requirements in respect of the financial covenants of all of its loan agreements, as at December 31, 2022 | ||||||||||||||||||||||||
4-year term loan 2 [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Long-term Debt, Gross | $ 22,974,000 | 38,000,000 | |||||||||||||||||||||||
Prepaid amount | $ 12,695,000 | 12,695,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 2,331,000 | ||||||||||||||||||||||||
5-year term loan 6 [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Long-term Debt, Gross | 11,544,000 | 20,013,000 | |||||||||||||||||||||||
Prepaid amount | $ 3,301,000 | 3,301,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 5,168,000 | ||||||||||||||||||||||||
4-year term loan 3 [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Long-term Debt, Gross | 41,750,000 | 48,750,000 | |||||||||||||||||||||||
Prepaid amount | $ 41,750,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 7,000,000 | ||||||||||||||||||||||||
Minimum liquidity requirement [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Cash and cash equivalents | 156,837,000 | $ 105,768,000 | |||||||||||||||||||||||
Three Loan Agreements [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Restricted Cash and Cash Equivalents | $ 3,050,000 | ||||||||||||||||||||||||
Porto [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 55,568,000 | ||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | seven-year | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 74,500,000 | ||||||||||||||||||||||||
Line of Credit Facility, Initiation Date | May 31, 2021 | ||||||||||||||||||||||||
Long-Term Debt, Description | for the pre- and post-delivery financing of the DP2 shuttle tanker, Porto | ||||||||||||||||||||||||
Number of repayment installments | fourteen | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 2,087,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 45,282,000 | ||||||||||||||||||||||||
Dimitris P, Spyros K and Uraga Princess [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 62,000,000 | ||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | five-year | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 62,000,000 | ||||||||||||||||||||||||
Line of Credit Facility, Initiation Date | Mar. 16, 2022 | ||||||||||||||||||||||||
Long-Term Debt, Description | to refinance the existing loan for the suezmax tankers, Dimitris P and Spyros K and the aframax tanker, Uraga Princess | ||||||||||||||||||||||||
Number of repayment installments | ten | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 2,750,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 34,500,000 | ||||||||||||||||||||||||
Prepaid amount | $ 47,730,000 | ||||||||||||||||||||||||
Brasil 2014 [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 67,500,000 | ||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | six-year | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 67,500,000 | ||||||||||||||||||||||||
Line of Credit Facility, Initiation Date | Mar. 31, 2022 | ||||||||||||||||||||||||
Long-Term Debt, Description | to refinance the existing loan for the DP2 shuttle tanker, Brasil 2014 | ||||||||||||||||||||||||
Number of repayment installments | twelve | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 4,500,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 13,500,000 | ||||||||||||||||||||||||
Prepaid amount | $ 54,117,000 | ||||||||||||||||||||||||
Euro [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 25,200,000 | ||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | five-year | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 25,200,000 | ||||||||||||||||||||||||
Line of Credit Facility, Initiation Date | May 13, 2022 | ||||||||||||||||||||||||
Long-Term Debt, Description | the refinancing of the suezmax tanker, Euro | ||||||||||||||||||||||||
Number of repayment installments | ten | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 1,505,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 10,150,000 | ||||||||||||||||||||||||
Prepaid amount | $ 21,683,000 | ||||||||||||||||||||||||
Rio 2016 [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 67,500,000 | ||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | six-year | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 67,500,000 | ||||||||||||||||||||||||
Line of Credit Facility, Initiation Date | Sep. 05, 2022 | ||||||||||||||||||||||||
Long-Term Debt, Description | the refinancing of the DP2 shuttle tanker, Rio 2016 | ||||||||||||||||||||||||
Number of repayment installments | twelve | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 4,500,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 13,500,000 | ||||||||||||||||||||||||
Prepaid amount | $ 48,046,000 | ||||||||||||||||||||||||
Hull 5081 and Hull 5082 [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 7,400,000 | $ 7,400,000 | |||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | eight-year | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 118,400,000 | ||||||||||||||||||||||||
Line of Credit Facility, Initiation Date | Sep. 15, 2022 | ||||||||||||||||||||||||
Long-Term Debt, Description | 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 | $ 3,300,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 65,600,000 | ||||||||||||||||||||||||
Hull 5083 and Hull 5084 [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 7,400,000 | $ 7,400,000 | |||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | eight-year | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 118,400,000 | ||||||||||||||||||||||||
Line of Credit Facility, Initiation Date | Sep. 20, 2022 | ||||||||||||||||||||||||
Long-Term Debt, Description | to pre- and post- financing of the two aframax tankers under construction Hull 5083 and Hull 5084 | ||||||||||||||||||||||||
Number of repayment installments | sixteen | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 3,289,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 65,776,000 | ||||||||||||||||||||||||
Pentathlon and Sunrise [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 42,000,000 | ||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | five-year | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 42,000,000 | ||||||||||||||||||||||||
Line of Credit Facility, Initiation Date | Sep. 30, 2022 | ||||||||||||||||||||||||
Long-Term Debt, Description | the refinancing of the panamax tanker, Sunrise and the suezmax tanker Pentathlon | ||||||||||||||||||||||||
Number of repayment installments | ten | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 2,721,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 14,790,000 | ||||||||||||||||||||||||
Prepaid amount | $ 38,315,000 | ||||||||||||||||||||||||
Maria Energy And Dias I [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 89,347,000 | $ 99,653,000 | |||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | five-year | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 189,000,000 | ||||||||||||||||||||||||
Line of Credit Facility, Initiation Date | Oct. 28, 2022 | ||||||||||||||||||||||||
Long-Term Debt, Description | the refinancing of the LNG carrier, Maria Energy and the financing of the VLCC Dias I | ||||||||||||||||||||||||
Number of repayment installments | ten | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 5,906,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 129,940,000 | ||||||||||||||||||||||||
Prepaid amount | $ 87,306,000 | ||||||||||||||||||||||||
NeoEnergy, Andromeda And Decathlon [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 72,274,000 | ||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | five-year | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 85,000,000 | ||||||||||||||||||||||||
Line of Credit Facility, Initiation Date | Jan. 20, 2023 | ||||||||||||||||||||||||
Long-Term Debt, Description | the refinancing of the LNG carrier, Neo Energy, the handysize Andromeda and the suezmax tanker Decathlon | ||||||||||||||||||||||||
Number of repayment installments | ten | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 6,547,200 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 6,802,000 | ||||||||||||||||||||||||
Prepaid amount | 42,085,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 24,000,000 | ||||||||||||||||||||||||
Arion And Amphitrite [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Prepaid amount | $ 6,815,000 | ||||||||||||||||||||||||
Sola TS and Oslo TS [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||||||||||||||||
Proceeds from Issuance of Debt | 72,150,000 | ||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | five-year | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 72,150,000 | ||||||||||||||||||||||||
Line of Credit Facility, Initiation Date | Mar. 29, 2023 | ||||||||||||||||||||||||
Long-Term Debt, Description | the refinancing of the aframax tankers, Sola TS and Oslo TS | ||||||||||||||||||||||||
Number of repayment installments | ten | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 3,006,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 42,090,000 | ||||||||||||||||||||||||
Prepaid amount | $ 25,650,000 | 25,973,000 | |||||||||||||||||||||||
Marathon TS and Stavanger TS [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | five-year | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 70,000,000 | ||||||||||||||||||||||||
Line of Credit Facility, Initiation Date | Mar. 31, 2023 | ||||||||||||||||||||||||
Long-Term Debt, Description | the refinancing of the aframax tankers, Marathon TS and Stavanger TS | ||||||||||||||||||||||||
Number of repayment installments | ten | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 2,850,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 41,500,000 | ||||||||||||||||||||||||
Tenergy [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | quarterly | ||||||||||||||||||||||||
Long-Term Debt, Description | for its under-construction LNG carrier, Tenergy | ||||||||||||||||||||||||
Number of repayment installments | forty | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 2,332,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 83,955,000 | ||||||||||||||||||||||||
Prepaid amount | $ 27,750,000 | ||||||||||||||||||||||||
Sale Leaseback Transaction, Date | December 21, 2021 | ||||||||||||||||||||||||
Sale Leaseback Transaction, Lease Terms | ten-year | ||||||||||||||||||||||||
Proceeds from Lines of Credit | $ 177,238,000 | ||||||||||||||||||||||||
All bank loans [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Long-term Debt, Gross | $ 1,417,341,000 | ||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annual | ||||||||||||||||||||||||
All bank loans [Member] | Minimum [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.53% | ||||||||||||||||||||||||
All bank loans [Member] | Maximum [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.55% | ||||||||||||||||||||||||
All Term Loans Except Seven [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus a spread | ||||||||||||||||||||||||
Seven Loans [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | SOFR |
Interest and Finance Costs, n_3
Interest and Finance Costs, net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest And Finance Costs Net | |||
Interest expense | $ 56,673 | $ 39,131 | $ 50,611 |
Less: Interest capitalized | (1,219) | (718) | (996) |
Interest expense, net | 55,454 | 38,413 | 49,615 |
Bunker swap, put and call options cash settlements | (9,912) | (448) | 7,568 |
Bunker put options premium | 0 | (35) | 1,246 |
Amortization of deferred finance costs | 4,052 | 3,246 | 3,782 |
Bank charges | 410 | 164 | 277 |
Discount of long-term receivables | 350 | 603 | 2,435 |
Amortization of deferred gain on termination of financial instruments | (618) | 0 | 0 |
Change in fair value of non-hedging financial instruments | 517 | (10,536) | 5,656 |
Net total | $ 50,253 | $ 31,407 | $ 70,579 |
Interest and Finance Costs, n_4
Interest and Finance Costs, net (Details Narrative) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Offsetting Assets [Line Items] | |||
Amortization of deferred gain on termination of hedging interest rate swaps | $ 618 | $ 0 | $ 0 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 24,840 | 19,819 | (18,641) |
Bunkes swap cash settlements non hedging | 9,912 | ||
Change in fair value of non-hedging financial instruments | 517 | (10,536) | 5,656 |
Amortization of Debt Issuance Costs | 4,052 | 3,246 | 3,782 |
Amortization of Debt Discount (Premium) | 350 | 603 | 2,435 |
Debt extinguishment guidance of ASC 470-50 [Member] | |||
Offsetting Assets [Line Items] | |||
Amortization of Debt Issuance Costs | $ 1,195 | $ 460 | $ 766 |
Interest Rate Swap [Member] | |||
Offsetting Assets [Line Items] | |||
Number of floating-to-fixed interest rate swaps | 1 | 11 | |
Fixed interest rate | 2.80% | ||
Floating rate basis | six-month LIBOR | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Offsetting Assets [Line Items] | |||
Cash flow hedge gains/(losses) | $ 188 | $ 16,151 | |
Three Interest Rate Swaps [Member] | |||
Offsetting Assets [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3,135 | ||
One Cash Flow Hedge [Member] | |||
Offsetting Assets [Line Items] | |||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | 1,472 | ||
Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Offsetting Assets [Line Items] | |||
Number of bunker swap agreements held | 12 | 18 | |
Fair value of bunker swap agreement | 0 | $ 1,989 | |
Change in fair value of non-hedging financial instruments | $ 1,989 | 10,744 | |
Put Option [Member] | |||
Offsetting Assets [Line Items] | |||
Number of bunker put option agreements held | 6 | ||
Net premium | $ 1,246 | ||
Cash received from terminations | 35 | ||
Put Option [Member] | Not Designated as Hedging Instrument [Member] | |||
Offsetting Assets [Line Items] | |||
Change in fair value of non-hedging financial instruments | $ (208) | $ 207 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||||
Jan. 15, 2020 | Jan. 20, 2023 | Feb. 01, 2021 | May 05, 2021 | Mar. 01, 2023 | Aug. 31, 2022 | Feb. 28, 2022 | Jul. 01, 2020 | Aug. 02, 2021 | Sep. 30, 2022 | Sep. 30, 2019 | Oct. 29, 2021 | Oct. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 23, 2019 | Mar. 24, 2020 | |
Class of Stock [Line Items] | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 43,841 | |||||||||||||||||
Proceeds from Issuance of Common Stock | 43,841 | $ 53,476 | $ 3,461 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 192 | 23,741 | 0 | |||||||||||||||
Treasury Stock, Value, Acquired, Par Value Method | 168 | 9,834 | ||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | 53,476 | 3,461 | ||||||||||||||||
Loss from sale of treasury stock | $ 273 | |||||||||||||||||
Common stock, par value | $ 5 | $ 5 | ||||||||||||||||
Common shares authorized | 60,000,000 | 35,000,000 | ||||||||||||||||
Common stock, shares outstanding | 29,505,603 | 24,565,940 | ||||||||||||||||
Redeemable Preferred Stock Dividends | $ 0 | $ 0 | $ 2,493 | |||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | ||||||||||||||||
Reverse Stock Split [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stockholders' Equity, Reverse Stock Split | 1-for-5 | |||||||||||||||||
Before Reverse Stock Split [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock, par value | $ 1 | |||||||||||||||||
Common shares authorized | 175,000,000 | |||||||||||||||||
Common stock, shares outstanding | 94,005,410 | |||||||||||||||||
After Reverse Stock Split [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock, par value | $ 5 | |||||||||||||||||
Common shares authorized | 35,000,000 | |||||||||||||||||
Common stock, shares outstanding | 18,801,108 | |||||||||||||||||
Shares Repurchase Program [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | |||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 4,633,473 | 6,049,498 | 172,227 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ 43,841 | $ 50,538 | $ 3,461 | |||||||||||||||
Conversion of Stock, Shares Issued | 6,667 | 306,190 | 583,333 | |||||||||||||||
Treasury Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 0 | |||||||||||||||||
Treasury Stock, Shares, Acquired | 19,836 | 978,936 | ||||||||||||||||
Treasury Stock, Value, Acquired, Par Value Method | $ 168 | $ 9,834 | ||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 320,599 | |||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 3,211 | |||||||||||||||||
Common shares, Series D Preferred Shares, Series E Preferred Shares and Series F Preferred Shares [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 50,000 | $ 100,000 | ||||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 165 | 92,093 | 0 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 2,240 | |||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 1 | $ 2,240 | ||||||||||||||||
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 | 143,708 | 0 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 3,501 | |||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 52 | $ 3,501 | ||||||||||||||||
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 | 741,259 | 0 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 18,000 | |||||||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 139 | $ 18,000 | ||||||||||||||||
Preferred Stock, Shares Issued | 6,747,147 | 6,741,259 | ||||||||||||||||
Preferred Stock, Shares Outstanding | 6,747,147 | 6,741,259 | ||||||||||||||||
Series D, E and F Preferred Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 192 | |||||||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 2,000,000 | |||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | |||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.5547 | |||||||||||||||||
Redeemable Preferred Stock Dividends | $ 2,493 | |||||||||||||||||
Series G Convertible Preferred Shares [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Conversion of Stock, Shares Converted | 10,000 | 459,286 | 875,000 | |||||||||||||||
Preferred Stock, Shares Outstanding | 0 | 459,286 | ||||||||||||||||
Series G Convertible Preferred Shares [Member] | Shyris Shipping Company S.A. [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 1,798,651 | 357,063 | ||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 10 | |||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.001 | |||||||||||||||||
Redeemable Preferred Stock Dividends | $ 2,171 | |||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.75% | |||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 10.56 | $ 10.89 | ||||||||||||||||
Preferred Stock, Redemption Amount | $ 19,000 | $ 3,889 | ||||||||||||||||
Preferred Stock, Shares Outstanding | 0 | |||||||||||||||||
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 G Convertible Preferred Shares [Member] | Shares Purchase Agreement [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 33,984 | |||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 10 | |||||||||||||||||
Preferred Stock, Shares Issued | 3,500,000 | |||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | |||||||||||||||||
Sale of Stock, Price Per Share | $ 10 | |||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 0% | |||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 15 | |||||||||||||||||
Series B Cumulative Redeemable Perpetual Preferred Shares [Member] | Shyris Shipping Company S.A. [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 100,000 | 250,000 | ||||||||||||||||
Preferred Stock, Shares Issued | 1,900,000 | 388,841 | ||||||||||||||||
Preferred Stock, Redemption Amount | $ 1,000 | $ 2,500 | ||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Preferred Stock, Redemption Terms | at a rate of 7.50% per annum | |||||||||||||||||
Dividends, Preferred Stock, Cash | $ 727 | $ 839 | $ 859 | $ 864 | ||||||||||||||
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 7,665 | $ (17,175) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 24,840 | $ 19,819 | $ (18,641) |
Earnings (Loss) per Common Sh_3
Earnings (Loss) per Common Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator | |||
Net income (loss) attributable to Tsakos Energy Navigation Limited | $ 204,234 | $ (151,401) | $ 24,002 |
Preferred share dividends, Series C | 0 | 0 | (3,328) |
Preferred share dividends, Series D | (7,694) | (7,596) | (7,492) |
Preferred share dividends, Series E | (10,975) | (10,822) | (10,637) |
Preferred share dividends, Series F | (16,024) | (15,131) | (14,250) |
Preferred share dividends, Series G | (31) | (54) | (872) |
Undistributed income to Series G participants | (1,250) | 0 | 0 |
Deemed dividend on partially Series G preferred shares | 0 | (2,171) | 0 |
Deemed dividend on Series C preferred shares | 0 | 0 | (2,493) |
Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited | 168,260 | (187,175) | (15,070) |
Preferred share dividends, Series G | 31 | 0 | 0 |
Undistributed income to Series G participants | 1,250 | 0 | 0 |
Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited, for dilution purposes | $ 169,541 | $ (187,175) | $ (15,070) |
Denominator | |||
Weighted average number of shares, basic | 27,970,799 | 19,650,307 | 18,768,599 |
Effect of dilutive shares | 217,265 | 0 | 0 |
Weighted average number of shares, diluted | 28,188,064 | 19,650,307 | 18,768,599 |
Earnings (Loss) per share, basic attributable to Tsakos Energy Navigation Limited | $ 6.02 | $ (9.53) | $ (0.80) |
Earnings (Loss) per share, diluted attributable to Tsakos Energy Navigation Limited | $ 6.01 | $ (9.53) | $ (0.80) |
Earnings (Loss) per Common Sh_4
Earnings (Loss) per Common Share (Details Narrative) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Weighted Average Number of Shares Outstanding, Diluted, Adjustment | 217,265 | 0 | 0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 306,190 | 1,743,607 |
Non-controlling Interest in S_2
Non-controlling Interest in Subsidiaries (Details Narrative) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended | ||
Apr. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Capital contribution to subsidiary | $ 4,163 | |||
Mare Success S.A. [Member] | Paid-in-capital by Tsakos Energy Navigation Limited and Subsidiaries and Polaris Oil Shipping Inc. [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Capital contribution to subsidiary | $ 8,163 | |||
Mare Success S.A. [Member] | Tsakos Energy Navigation Limited and Subsidiaries [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Percentage of ownership | 51% | 51% | ||
Mare Success S.A. [Member] | Polaris Oil Shipping Inc. [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Percentage of ownership | 49% | 49% | ||
Capital contribution to subsidiary | $ 4,000 | |||
Flopec [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Percentage of revenue generated by single charterer | 5.60% | 7.60% | 8.60% | |
Shyris Shipping [Member] | Series G Convertible Preferred Shares [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Stock Redeemed or Called During Period, Shares | 250,000 | 2,155,714 | ||
Shyris Shipping [Member] | Series B Cumulative Redeemable Perpetual Preferred Shares [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Preferred shares issued | 2,038,841 | 2,288,841 | ||
Shyris Shipping [Member] | Tsakos Energy Navigation Limited and Subsidiaries [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Percentage of ownership | 100% |
Commitments and Contingencies -
Commitments and Contingencies - Minimum Future Charter Revenue (Table) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 328,203 |
2024 | 232,339 |
2025 | 148,759 |
2026 | 118,471 |
2027 | 97,485 |
2028 to 2036 | 72,195 |
Minimum charter revenues | $ 997,452 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) $ in Thousands | Dec. 31, 2022 USD ($) |
Property, Plant and Equipment [Line Items] | |
Purchase Obligation | $ 598,341 |
DP2 Shuttle Tankers [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of vessels under construction. | 2 |
Suezmax Tanker [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of vessels under construction. | 1 |
Dual Fuel LNG Powered Aframax Tankers [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of vessels under construction. | 4 |
Seven Vessels Under Construction [Member] | |
Property, Plant and Equipment [Line Items] | |
Payable in 2023 | $ 220,005 |
Payable in 2024 | 171,830 |
Payable in 2025 | $ 206,506 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | |||
Cash and cash equivalents - Carrying Amount | $ 304,367 | $ 117,192 | $ 160,475 |
Cash and cash equivalents - Fair Value | 304,367 | 117,192 | |
Restricted cash - Carrying Amount | 5,072 | 10,005 | $ 11,296 |
Restricted cash - Fair Value | 5,072 | 10,005 | |
Margin deposits - Carrying Amount | 4,270 | 5,849 | |
Margin deposits - Fair Value | 4,270 | 5,849 | |
Receivables - Carrying Amount | 23,307 | 35,904 | |
Receivables - Fair Value | 23,307 | 35,904 | |
Debt - Carrying Amount | (1,587,582) | (1,380,648) | |
Debt - Fair Value | $ (1,587,582) | $ (1,380,648) |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Derivative Instruments - Statements of Financial Position Location (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Current | $ 193 | $ 1,852 |
Derivative Liability, Current | 0 | 8,884 |
Derivative Asset, Noncurrent | 0 | 1,526 |
Derivative Liability, Noncurrent | 5 | 8,656 |
Designated as Hedging Instrument [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 193 | 1,389 |
Total Liabilities | 5 | 17,540 |
Not Designated as Hedging Instrument [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 0 | 1,989 |
Total Liabilities | 0 | 0 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Current | 193 | 7 |
Derivative Liability, Current | 0 | 8,884 |
Derivative Asset, Noncurrent | 0 | 1,382 |
Derivative Liability, Noncurrent | 5 | 8,656 |
Bunker Swaps [Member] | Not Designated as Hedging Instrument [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 |
Derivative Asset, Noncurrent | 0 | 144 |
Derivative Liability, Noncurrent | 0 | 0 |
Total Derivatives [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 193 | 3,378 |
Total Liabilities | $ 5 | $ 17,540 |
Financial Instruments - Gain (L
Financial Instruments - Gain (Loss) Recognized In Accumulated Other Comprehensive Income (Loss) on Derivative (Effective Portion) (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effect on the consolidated statements | $ 24,840 | $ 19,819 | $ (18,641) |
Gain/(Loss) Recognized in Accumulated Other Comprehensive Income - Loss on Derivative (Effective Portion) Location [Member] | |||
Interest rate swaps | 28,393 | 19,627 | (18,830) |
Reclassification to Interest and finance costs net due to de-designations [Member} | |||
Effect on the consolidated statements | (3,753) | 0 | 0 |
Reclassification to Deprecation Expense [Member] | |||
Effect on the consolidated statements | 200 | 192 | 189 |
Total [Member] | |||
Effect on the consolidated statements | $ 24,840 | $ 19,819 | $ (18,641) |
Financial Instruments - Sched_3
Financial Instruments - Schedule of Derivatives Not Designated as Hedging Instruments - Net Effect on the Statement Of Comprehensive Income (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total | $ 9,395 | $ 11,019 | $ (14,470) |
Reclassification to Interest and finance costs net due to de-designations [Member} | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Interest rate swaps | 1,472 | 0 | 187 |
Bunker swaps | 7,923 | 11,191 | (14,312) |
Bunker put options | 0 | (172) | (271) |
Bunker call options | $ 0 | $ 0 | $ (74) |
Financial Instruments - Sched_4
Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Interest rate swaps | $ 188 | $ (16,151) |
Bunker swaps | 0 | 1,989 |
Fair Value, Net Asset (Liability), Total | $ 188 | $ (14,162) |
Financial Instruments (Details
Financial Instruments (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | |||
Cash collateral | $ 4,270 | $ 5,849 | |
Accumulated income/(loss) from Derivatives designated as Hedging instruments | $ 7,665 | $ (17,175) | $ (36,994) |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - $ / shares | 1 Months Ended | 2 Months Ended | |
Jan. 30, 2023 | Feb. 28, 2023 | Feb. 22, 2023 | |
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% | ||
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% | ||
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% | ||
Arion And Amphitrite [Member] | |||
Subsequent Event [Line Items] | |||
Number of vessels sold | two |