Cover
Cover | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-31236 |
Entity Registrant Name | TSAKOS ENERGY NAVIGATION LIMITED |
Entity Central Index Key | 0001166663 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 529,217 | $ 304,367 |
Restricted cash | 4,877 | 5,072 |
Margin deposits (Note 13) | 4,270 | 4,270 |
Trade accounts receivable, net | 37,594 | 78,198 |
Capitalized voyage expenses | 888 | 1,904 |
Due from related companies (Note 2) | $ 7,167 | $ 8,889 |
Other Receivable, after Allowance for Credit Loss, Current, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Advances and other | $ 33,905 | $ 15,560 |
Vessels held for sale | 0 | 61,626 |
Inventories | 20,986 | 26,217 |
Prepaid insurance and other | 4,238 | 6,818 |
Current portion of financial instruments - Fair value (Notes 8, 13) | 854 | 193 |
Total current assets | 643,996 | 513,114 |
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Notes 8, 13) | 58 | 0 |
RIGHT OF USE ASSET UNDER OPERATING LEASES (Note 4) | 47,748 | 58,706 |
RIGHT OF USE ASSET UNDER FINANCE LEASES (Note 4) | 0 | 41,851 |
LONG TERM RECEIVABLES (Note 4) | 23,558 | 23,307 |
FIXED ASSETS (Note 5) | ||
Advances for vessels under construction | 143,997 | 46,650 |
Vessels | 3,571,330 | 3,552,607 |
Accumulated depreciation | (1,026,877) | (972,032) |
Vessels’ Net Book Value | 2,544,453 | 2,580,575 |
Total fixed assets | 2,688,450 | 2,627,225 |
DEFERRED CHARGES AND LEASEHOLD IMPROVEMENTS, net (Note 6) | 45,545 | 44,372 |
Total assets | 3,449,355 | 3,308,575 |
CURRENT LIABILITIES: | ||
Current portion of long - term debt and other financial liabilities (Note 7) | 168,930 | 201,046 |
Payables | 44,594 | 48,156 |
Due to related companies (Note 2) | $ 6,469 | $ 7,439 |
Accounts Payable, Current, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Dividends payable | $ 8,850 | $ 0 |
Series D Redeemable Preferred Shares (Note 9) | 87,927 | 0 |
Accrued liabilities | 44,256 | 36,196 |
Unearned revenue (Note 3) | 33,366 | 26,049 |
Current portion of obligations under operating leases (Note 4) | 21,381 | 21,737 |
Current portion of financial liability under operating leases (Note 4) | 1,051 | 1,031 |
Current portion of financial liability under finance leases (Note 4) | 0 | 28,033 |
Current portion of financial instruments - Fair value (Notes 8, 13) | 61 | 0 |
Total current liabilities | 416,885 | 369,687 |
LONG-TERM DEBT AND OTHER FINANCIAL LIABILITIES, net of current portion (Note 7) | 1,369,156 | 1,376,831 |
LONG-TERM OBLIGATIONS UNDER OPERATING LEASES (Note 4) | 26,367 | 36,969 |
FINANCIAL LIABILITY UNDER OPERATING LEASES, net of current portion (Note 4) | 1,638 | 2,164 |
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Notes 8, 13) | 178 | 5 |
Preferred shares, $ 1.00 par value; 25,000,000 shares authorized, 4,745,947 Series E Preferred Shares and 6,747,147 Series F Preferred Shares issued and outstanding at June 30, 2023 and 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 | 11,493 | 15,010 |
Common shares, $ 5.00 par value; 60,000,000 shares authorized at June 30, 2023 and December 31, 2022; 30,183,776 shares issued and 29,505,603 shares outstanding at June 30, 2023 and December 31, 2022 | 150,919 | 150,919 |
Additional paid-in capital | 912,214 | 993,368 |
Cost of treasury stock | (6,791) | (6,791) |
Accumulated other comprehensive income | 5,037 | 7,665 |
Retained earnings | 510,614 | 311,726 |
Total Tsakos Energy Navigation Limited stockholders’ equity | 1,583,486 | 1,471,897 |
Non-controlling Interest | 51,645 | 51,022 |
Total stockholders’ equity | 1,635,131 | 1,522,919 |
Total liabilities and stockholders’ equity | $ 3,449,355 | $ 3,308,575 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
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 | 60,000,000 |
Common Stock, Shares, Issued | 30,183,776 | 30,183,776 |
Common Stock, Shares, Outstanding | 29,505,603 | 29,505,603 |
Series E Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 4,745,947 | 4,745,947 |
Preferred Stock, Shares Outstanding | 4,745,947 | 4,745,947 |
Series F Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 6,747,147 | 6,747,147 |
Preferred Stock, Shares Outstanding | 6,747,147 | 6,747,147 |
Series D Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 3,517,061 | 3,517,061 |
Preferred Stock, Shares Outstanding | 3,517,061 | 3,517,061 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
VOYAGE REVENUES (Note 3): | $ 221,454 | $ 216,699 | $ 482,667 | $ 366,403 |
Voyage expenses | 38,892 | 62,738 | 84,789 | 110,941 |
Charter hire expense | 5,731 | 8,711 | 12,522 | 17,326 |
Vessel operating expenses | 46,669 | 46,630 | 94,943 | 89,804 |
Depreciation and amortization | 35,264 | 34,168 | 70,403 | 67,518 |
General and administrative expenses | 12,336 | 7,383 | 19,493 | 14,177 |
Gain on sale of vessels (Note 5) | 0 | (299) | (81,198) | (299) |
Total expenses | 138,892 | 159,331 | 200,952 | 299,467 |
Operating income | 82,562 | 57,368 | 281,715 | 66,936 |
OTHER INCOME (EXPENSES): | ||||
Interest and finance costs, net (Note 8) | (24,334) | (10,992) | (48,848) | (14,292) |
Interest income | 4,125 | 226 | 6,888 | 416 |
Other, net | (241) | 349 | (180) | 182 |
Total other expenses, net | (20,450) | (10,417) | (42,140) | (13,694) |
Net income | 62,112 | 46,951 | 239,575 | 53,242 |
Less: Net income attributable to the non-controlling interest | (1,471) | (726) | (2,379) | (1,499) |
Net income attributable to Tsakos Energy Navigation Limited | 60,641 | 46,225 | 237,196 | 51,743 |
Effect of preferred dividends | (8,673) | (8,704) | (17,346) | (17,377) |
Undistributed income to Series G participants | 0 | (370) | 0 | (353) |
Deemed dividend on Series D Preferred Shares | (3,256) | 0 | (3,256) | 0 |
Net income attributable to common stockholders of Tsakos Energy Navigation Limited | $ 48,712 | $ 37,151 | $ 216,594 | $ 34,013 |
Earnings per share, basic attributable to Tsakos Energy Navigation Limited common Stockholders | $ 1.65 | $ 1.31 | $ 7.34 | $ 1.26 |
Earnings per share, diluted attributable to Tsakos Energy Navigation Limited common Stockholders | $ 1.65 | $ 1.31 | $ 7.34 | $ 1.26 |
Weighted average number of shares, basic | 29,505,603 | 28,398,404 | 29,505,603 | 26,992,886 |
Weighted average number of shares, diluted | 29,505,603 | 28,704,595 | 29,505,603 | 27,299,077 |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Net income | $ 62,112 | $ 46,951 | $ 239,575 | $ 53,242 |
Unrealized income (loss) from hedging financial instruments | ||||
Unrealized (loss) income on interest rate swaps, net (Note 13) | (1,190) | 4,802 | (2,628) | 21,176 |
Comprehensive income | 60,922 | 51,753 | 236,947 | 74,418 |
Less: comprehensive income attributable to the non-controlling interest | (1,471) | (726) | (2,379) | (1,499) |
Comprehensive income attributable to Tsakos Energy Navigation Limited | $ 59,451 | $ 51,027 | $ 234,568 | $ 72,919 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Preferred Stock [Member] Series D Preferred Stock [Member] | Preferred Stock [Member] Series E Preferred Stock [Member] | Preferred Stock [Member] Series F Preferred Stock [Member] | Common Stock [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | Retained Earnings [Member] Series D Preferred Stock [Member] | Retained Earnings [Member] Series E Preferred Stock [Member] | Retained Earnings [Member] Series F Preferred Stock [Member] | Retained Earnings [Member] Series G Preferred Stock [Member] | Tsakos Energy Navigation Limited [Member] | Tsakos Energy Navigation Limited [Member] Series D Preferred Stock [Member] | Tsakos Energy Navigation Limited [Member] Series E Preferred Stock [Member] | Tsakos Energy Navigation Limited [Member] Series F Preferred Stock [Member] | Tsakos Energy Navigation Limited [Member] Series G Preferred Stock [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] Series B Preferred Stock [Member] | Total | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Series F Preferred Stock [Member] | Series B Preferred Stock [Member] | Series G Preferred Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Series D Preferred Stock [Member] | Additional Paid-in Capital [Member] Series E Preferred Stock [Member] | Additional Paid-in Capital [Member] Series F Preferred Stock [Member] | AOCI Attributable to Parent [Member] |
Beginning balance, value at Dec. 31, 2021 | $ 15,461 | $ 126,221 | $ (6,791) | $ 149,505 | $ 1,240,803 | $ 50,988 | $ 1,291,791 | $ 973,582 | $ (17,175) | ||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2021 | 678,173 | ||||||||||||||||||||||||||||
Net income | 0 | 0 | $ 0 | 51,743 | 51,743 | 1,499 | 53,242 | ||||||||||||||||||||||
Issuance of Common Shares | 20,321 | 33,429 | 33,429 | 13,108 | |||||||||||||||||||||||||
Partial redemption of Class B preferred shares of subsidiary | (750) | (750) | |||||||||||||||||||||||||||
Sale of Preferred Shares | $ 0 | $ 2 | $ 6 | $ 1 | $ 52 | $ 139 | $ 1 | $ 52 | $ 139 | $ 1 | $ 50 | $ 133 | |||||||||||||||||
Cash dividends declared | (2,863) | (2,863) | (2,863) | ||||||||||||||||||||||||||
Dividends paid on preferred shares | $ (3,846) | $ (5,488) | $ (8,012) | (3,846) | (5,488) | (8,012) | $ (865) | (3,846) | (5,488) | (8,012) | $ (865) | ||||||||||||||||||
Dividends declared on preferred shares | $ (31) | $ (31) | $ (31) | ||||||||||||||||||||||||||
Other comprehensive income | 21,176 | 21,176 | 21,176 | ||||||||||||||||||||||||||
Ending balance, value at Jun. 30, 2022 | 15,469 | 146,542 | $ (6,791) | 181,008 | 1,327,103 | 50,872 | 1,377,975 | 986,874 | 4,001 | ||||||||||||||||||||
Ending balance, shares at Jun. 30, 2022 | 678,173 | ||||||||||||||||||||||||||||
Beginning balance, value at Dec. 31, 2022 | 15,010 | 150,919 | $ (6,791) | 311,726 | 1,471,897 | 51,022 | 1,522,919 | 993,368 | 7,665 | ||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2022 | 678,173 | ||||||||||||||||||||||||||||
Net income | 0 | 0 | $ 0 | 237,196 | 237,196 | 2,379 | 239,575 | ||||||||||||||||||||||
Partial redemption of Class B preferred shares of subsidiary | (1,000) | (1,000) | |||||||||||||||||||||||||||
Redemption of Series D Preferred Shares | (3,517) | (3,256) | (87,927) | (87,927) | $ (81,154) | ||||||||||||||||||||||||
Cash dividends declared | (8,850) | (8,850) | (8,850) | ||||||||||||||||||||||||||
Dividends paid on preferred shares | $ (3,848) | $ (5,486) | $ (8,012) | $ (3,848) | $ (5,486) | $ (8,012) | $ (756) | $ (3,848) | $ (5,486) | $ (8,012) | $ (756) | ||||||||||||||||||
Other comprehensive income | (2,628) | (2,628) | (2,628) | ||||||||||||||||||||||||||
Cash dividends paid | (8,856) | (8,856) | (8,856) | ||||||||||||||||||||||||||
Ending balance, value at Jun. 30, 2023 | $ 11,493 | $ 150,919 | $ (6,791) | $ 510,614 | $ 1,583,486 | $ 51,645 | $ 1,635,131 | $ 912,214 | $ 5,037 | ||||||||||||||||||||
Ending balance, shares at Jun. 30, 2023 | 678,173 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.30 | $ 0.10 |
Common Stock, Dividends, Per Share, Declared | $ 0.30 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Cash Flows from Operating Activities: | |||||
Net income | $ 62,112 | $ 46,951 | $ 239,575 | $ 53,242 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation | 59,995 | 59,043 | |||
Amortization of deferred dry-docking costs and leasehold improvements | 10,102 | 8,475 | |||
Amortization of deferred finance costs | 874 | 756 | 2,083 | 1,992 | |
Amortization of right of use assets for finance lease | 306 | 0 | |||
Amortization of revenue escalation | (5,527) | 0 | |||
Interest expense on long - term receivable, net | (251) | 40 | |||
Change in fair value of derivative instruments | (3,510) | (1,285) | |||
Gain on sale of vessels | 0 | (299) | (81,198) | (299) | |
Payments for dry-docking | (12,253) | (19,244) | |||
Proceeds from swaps terminations | 0 | 260 | |||
(Increase) Decrease in: | |||||
Receivables and other, net | 29,508 | (27,187) | |||
Margin deposits | 0 | 1,579 | |||
Inventories | 5,231 | (10,033) | |||
Prepaid insurance and other | 2,580 | (1,263) | |||
Capitalized voyage expenses | 1,016 | (629) | |||
Increase (Decrease) in: | |||||
Payables and other | (4,532) | (2,658) | |||
Accrued liabilities | 8,060 | 13,458 | |||
Unearned revenue | 7,317 | (1,938) | |||
Net Cash provided by Operating Activities | 258,502 | 73,553 | |||
Cash Flows from Investing Activities: | |||||
Advances for vessels under construction | (97,347) | (26,773) | |||
Vessel acquisitions and/or improvements | (31,572) | (137,181) | |||
Proceeds from sale of vessels | 165,944 | 19,795 | |||
Net Cash provided by (used in) Investing Activities | 37,025 | (144,159) | |||
Cash Flows from Financing Activities: | |||||
Proceeds from long-term debt and other financial liabilities | 304,124 | 341,492 | |||
Financing costs | (2,488) | (3,842) | |||
Payments of long-term debt and other financial liabilities | (343,510) | (237,105) | |||
Payments of operating and finance leases | (1,040) | 0 | |||
Partial redemption of Class B preferred shares of subsidiary | (1,000) | (750) | |||
Proceeds from stock issuance program | 0 | 33,429 | |||
Proceeds from preferred stock issuance program, net | 0 | 192 | |||
Cash dividends | (26,958) | (18,211) | |||
Net Cash (used in) provided by Financing Activities | (70,872) | 115,205 | |||
Net increase in cash and cash equivalents and restricted cash | 224,655 | 44,599 | |||
Cash and cash equivalents and restricted cash at beginning of period | 309,439 | 127,197 | $ 127,197 | ||
Cash and cash equivalents and restricted cash at end of period | 534,094 | 171,796 | 534,094 | 171,796 | 309,439 |
Current Assets: | |||||
Cash and cash equivalents | 529,217 | 161,148 | 529,217 | 161,148 | 304,367 |
Restricted cash | 4,877 | 10,648 | 4,877 | 10,648 | 5,072 |
Total cash and cash equivalents and restricted cash | $ 534,094 | $ 171,796 | $ 534,094 | $ 171,796 | $ 309,439 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of T y y The consolidated balance sheet as of December 31, 2022, has been derived from the audited consolidated financial statements included in the Company ’ Impact of COVID-19 and conflict in Ukraine on the Company ’ 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. Significant Accounting Policies A discussion of the Company ’ ’ Accounting for Leases (Company act as lessee) – Subsequent measurement finance leases: 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. Upon exercise of the option to purchase the underlying asset and settlement of the remaining lease liability, if the right-of-use asset was not previously presented together with vessels, the Company reclassifies the right-of-use asset to Fixed Assets under the consolidated balances sheets and applies Topic 360 to the asset beginning on the date the purchase option was exercised. Preferred Shares: New Accounting Pronouncements - Reference Rate Reform: 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 |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 2. Transactions with Related Parties a) T 27.5 , for the suezmax Eurochampion 2004 Maria Princess Sapporo Princess Ulysses, Hercules I 28.6 , for third-party managed vessels, the handymaxes Afrodite Ariadne Ise Princess 27.5 , for vessels chartered out on a bare-boat basis and for vessels under construction monthly fees were $ 20.4 , for the DP2 shuttle tankers were $ 35.0 , while the monthly fees for LNG carriers, Neo Energy Maria Energy 38.9 and $ 30.8 for the LNG carrier Tenergy 28.5 for all conventional vessels, third-party managed vessels, the suezmax Eurochampion 2004 Maria Princess Sapporo Princess Ulysses, Hercules I, 29.1 , the handymaxes Afrodite Ariadne Ise Princess 27.5 , for vessels chartered out on a bare-boat basis and for vessels under construction monthly fees amounted to $ 21.0 , for the DP2 shuttle tankers at $ 36.0 , while the monthly fees for LNG carriers, Neo Energy Maria Energy 42.4 and $ 34.3 for the LNG carrier Tenergy Dias I, 28.7 , upon its delivery November 2022. Monthly fees for the suezmax Decathlon 28.5 30.0 , for third-party managed vessels, the suezmax Eurochampion 2004 Maria Princess Sapporo Princess Ulysses, Hercules I 29.7 , the handymaxes Afrodite Ariadne 28.9 , Ise Princess 28.9 , for vessels chartered out on a bare-boat basis and for vessels under construction monthly fees amounted to $ 21.0 , for the DP2 shuttle tankers at $ 36.0 , while the monthly fees for LNG carriers, Neo Energy Maria Energy 45.1 and $ 36.7 for the LNG carrier Tenergy Dias I, 28.7 . Monthly fees for the suezmax Decathlon 28.4 . The Management Company, for services rendered, charged $ 4,809 for the second quarter of 2023 and $ 5,041 for the prior year second quarter. Charges for the first half of 2023 amounted to $ 10,030 10,005 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 first half of 2023, an award of $ 5,000 No The Holding Company and the Management Company have certain officers and directors in common. The Chief Executive Officer, who is also a Director (and until June 16, 2023, the President) of the Holding Compan y y r ’ y ’ Estimated future management fees payable over the next ten years under the Management Agreement, exclusive of any incentive awards and based on existing vessels and known vessels scheduled for future deliver y 10,371 21,066 20,796 20,490 20,130 87,221 Management fees for vessels are included in General and administrative expenses in the accompanying Consolidated Statements of Comprehensive Income. Also, under the terms of the Management Agreement, the Management Company provides supervisory services for the construction of new vessels. During the six months ended June 30, 2023, and June 30, 2022, $ 879 and $ 599 , respectively were charged and accounted for as part of construction costs for delivered vessels or included in Advances for vessels under construction. For the second quarter of 2023, the amount of $ 473 302 in the second quarter of 2022. As of June 30, 2023, the amount due from the Management Company was $ 14 ($ 165 at December 31, 2022). (b) T ’ 171 476 374 1,058 On May 2, 2023, TCM was renamed to Tsakos Shipmanagement S.A.(“TSM”). As of June 30, 2023, the amount due from TSM was $ 7,153 8,889 (c) T T T T 256 0 r 327 0 Tsakos Shipping provides chartering services for the Company ’ T 1.25 % on all freights, hires and demurrages. Such commissions are included in V T T T Artemis, Afrodite, Ariadne, Aris, Apollon, Ajax Arion Amphitrite 848 and $ 206 for the sale of aframax tanker Proteas y 250 for brokerage services provided to the Company in relation to the sale of the six handymax tankers, Artemis, Afrodite, Ariadne, Aris, Apollon, Ajax, presented in Other, net, in the accompanying consolidated statements of comprehensive income. Tsakos Shipping may also charge a fee of $250 (or such other sum as may be agreed) on delivery of each new-building vessel in payment for the cost of design and supervision of the new-building by T 500 in aggregate was charged for supervision fees of the LNG carrier, Tenergy Porto no such fee was charged. Certain members of the T T y T sakos Shipping for chartering services rendered charged $ 2,687 for the second quarter of 2023 compared to $ 2,709 for the prior year second quarte r 5,924 compared to $ 4,529 The amount due to T 3,754 ($ 3,217 at December 31, 2022). There is also as of June 30, 2023, an amount of $ 328 ($ 506 at December 31, 2022) due to T (d) Argosy Insurance Company Limited (“Argosy”) y T 3,593 3,216 y 3,351 compared to $ 2,890 for the prior year quarte r 6,642 compared to $ 5,141 for the prior year first half. The amount due to Argosy as at June 30, 2023, was $ 2,220 ($ 3,569 at December 31, 2022). There is also an amount of $ 1,474 ($ 259 at December 31, 2022) due to Argos y (e) AirMania T y 1,661 compared to $ 1,636 in the prior year quarte r 3,223 compared to $ 2,892 for the prior year’s first half. The amount due to AirMania as of June 30, 2023, was $ 495 488 |
Revenue from contracts with cus
Revenue from contracts with customers | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from contracts with customers | 3. Revenue from contracts with customers V oyage charters and contracts of affreightment: Revenues from voyage charters and contracts of affreightment amounted to $ 84,234 119,487 y 209,184 185,714 Time, bareboat charters and pooling arrangements: 137,220 97,212 y 273,483 180,689 Unearned revenue: 22,642 13,574 10,724 12,475 |
Right-of-use assets and lease l
Right-of-use assets and lease liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Right-of-use assets and lease liabilities | 4. Right-of-use assets and lease liabilities Operating leases On January 9, 2020 , the Company commenced a new five-year sale and leaseback agreement for each of the two suezmaxes, A r Alaska 61,070 . Under these leaseback agreements, there is a selle r ’ 11,800 on the sales price that becomes immediately payable to the Company by the owners at the end of the five-year charter or upon sale of the vessels during the charter period. As of June 30, 2023, the Company has classified the seller’s credit, as long-term receivable amounting to $ 11,334 . In accordance with ASC 842, the Company accounts for the transaction as an operating lease. On December 21, 2020 five-year Sakura Princess. 24,527 r ’ 4,425 4,295 r Sakura Princess 5,148 On June 21, 2021 five-year A r Anta r 52,304 8,415 7,929 At June 30, 2023 and December 31, 2022, the Company assessed the recoverability of the seller’s credits and there was no As at June 30, 2023, the Company recognized on its consolidated balance sheet a right-of-use asset of $ 26,968 A r Anta r 7,071 Sakura Princess 13,709 A r Alaska y The incremental borrowing rate used to determine the right-of-use asset and the obligations under operating leases was 3.59 A r Alaska 2.54 Sakura Princess 2.98 A r Anta r 1.53 2.48 2.99 y 2.02 , 2.98 and 3.49 y As at June 30, 2023 and December 31, 2022, both the right-of use asset and the corresponding obligation under operating leases were $ 47,748 (current portion $ 21,381 and non-current portion $ 26,367 ) and $ 58,706 (current portion $ 21,737 and non-current portion $ 36,969 ), respectivel y Sakura Princess 2,689 (current portion $ 1,051 and non-current portion $ 1,638 ) as of June 30, 2023, and $ 3,195 (current portion $ 1,031 and non-current portion $ 2,164 ) as of December 31, 2022. Right-of-use assets and lease liabilities - Operating Leases (Table) Period/ Year Lease Commitment July 1 to December 31, 2023 $ 12,970 2024 25,958 2025 15,332 2026 4,992 Minimum net lease payments $ 59,252 Less: present value discount (8,815) Total obligations under operating leases and financial liability (current and non-current portion) $ 50,437 The Company has subleased all five vessels 19,856 seven vessels 16,944 for the second quarter 2022. The amount of $ 49,540 was recognized for the first half of 2023 compared to $ 19,450 in the prior year first half for all five vessels. Finance leases On December 21, 2017 , the Company commenced a five-year sale and leaseback agreement for each of the two suezmaxes Eu r Eu r option to extend the charter period for one year and additional two purchase options to repurchase the vessels . The Company accounted the transaction as a lease modification and upon reassessment of the classification of the lease, classified the transaction as a finance lease, as of the effective date of the modification. During February 2023, the Company exercised one of the purchase options and repurchased both vessels at a purchase price of $ 13,750 each , net of the seller’s credit amount of $ 6,500 for each vessel. The Company’s lease liability under finance leases was increased by $ 60 3.9% , while reduced by $ 533 27,500 28,033 306 through the purchase option date resulting in a total amount of $ 41,545 as of such date compared against $ 41,851 as of December 31, 2022. The weighted average remaining lease term for each of the two suezmaxes, Eurochampion 2004 and Euronike was 0.05 years, as at December 31, 2022. Upon such purchase option exercise, as per ASC 842 the financial liability has been settled and the amount of $ 41,545 mentioned above, was presented in the Company’s consolidated balance sheets under vessels. The Company has subleased both vessels, the amount of $ 5,809 and $ 4,601 was recognized as sublease revenue, net of voyage expenses for the finance lease period (January 1, 2023 until February 14, 2023 and February 21, 2023 for Eurochampion 2004 and Euronike, respectively) and the operating lease period, respectively (six-month period ended June 30, 2022). During February 2023, the Company exercised one of the purchase options and repurchased both vessels at a purchase price of $ 13,750 |
Vessels
Vessels | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Vessels | 5. Vessels Acquisitions In the first half of 2023, the Company acquired the two suezmaxes, Eurochampion 2004 Euronike January 12, 2022 , the Company took delivery of the newbuilding LNG carrier Tenergy 186,201 . Sales During the first half of 2023, the Company sold its handymax tankers, Afrodite, Artemis, Ariadne, Aris, Ajax Apollon Arion Amphitrite, 81,198 During the first half of 2022, the Company sold the aframax tanker , Proteas 299 Impairment As of June 30, 2023, and December 31, 2022, the Company reviewed the carrying amount including any unamortized dry-docking costs in connection with the estimated recoverable amount and the probability of sale for each of its vessels, vessels under construction and right-of-use-assets. This review did not indicate an impairment charge. |
Deferred charges and leasehold
Deferred charges and leasehold improvements | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Charges And Leasehold Improvements | |
Deferred charges and leasehold improvements | 6. Deferred charges and leasehold improvements Deferred charges consisting of dry-docking and special survey costs, net of accumulated amortization, amounted to $ 38,626 34,816 y 6,919 1,703 Archangel, Alaska, 3,807 Arctic, Antarctic, 1,409 Sakura Princess) 9,556 450 Eurochampion 2004 Euronike 2,271 Archangel, Alaska, 5,058 Arctic, Antarctic, 1,777 Sakura Princess |
Long-term debt and other financ
Long-term debt and other financial liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term debt and other financial liabilities | 7. Long-term debt and other financial liabilities Long-term debt Long-term debt and other financial liabilities(Table) Facility June 30, 2023 December 31, 2022 Loans $ 1,382,619 $ 1,417,341 Less: Deferred finance costs, net (7,943) (7,354) Total long-term debt 1,374,676 1,409,987 Less: Current portion of debt (162,448) (194,353) Add: Deferred finance costs, current portion 2,495 2,272 Long-term debt, net of current portion and deferred finance costs $ 1,214,723 $ 1,217,906 Loan balances outstanding at June 30, 2023, amounted to $ 1,382,619 . These bank loans are payable in U.S. Dollars in semi-annual installments, with balloon payments due at maturity between May 2024 and December 2031. Interest rates on the outstanding loans as of June 30, 2023, are based on SOFR plus a spread, except for eight loan agreements based on LIBOR plus a spread. On January 20, 2023 , the Company signed a new five-year loan agreement amounting to $ 85,000 relating to the refinancing of the LNG carrier, Neo Energy Andromeda Decathlon On January 30, 2023 72,274 42,085 24,000 ten 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 , the Company signed a new five-year loan agreement amounting to $ 72,150 relating to the refinancing of the aframax tankers, Sola TS Oslo TS On March 31, 2023, the Company drew down the amount of $ 72,150 25,973 25,650 ten 3,006 42,090 On March 31, 2023 , the Company signed a new five-year loan agreement amounting to $ 70,000 relating to the refinancing of the aframax tankers, Marathon TS Stavanger TS On April 20, 2023, the Company drew down the amount of $ 70,000 63,364 ten 2,850 41,500 On June 6, 2023 , the Company signed a new five-year loan agreement amounting to $ 49,000 relating to the refinancing of the aframax tankers, Asahi Princess Parthenon TS On June 14, 2023, the Company drew down the amount of $ 49,000 35,596 ten 3,062.5 18,375 According to the debt extinguishment guidance of ASC 470-50 “Debt Modifications and Extinguishments”, the Company expenses any unamortized deferred financing costs on its prepaid loans, falling under the scope of debt extinguishments (Note 8). The weighted-average interest rates on the above executed loans for the applicable periods were: Long-term debt and other financial liabilities - Weighted-Average Interest Rates (Table) Three months ended June 30, 2023 6.65 Six months ended June 30, 2023 6.54 Three months ended June 30, 2022 2.75 Six months ended June 30, 2022 2.44 The term bank loans are secured by first priority mortgages on all vessels, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant vessel-owning subsidiaries. The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends if an event of default has occurred, sell vessels and assets, and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidit y 209,843 156,837 3,050 As of June 30, 2023, the Company and its wholly and majority owned subsidiaries had twenty-nine 1,382,619 . The Company fulfilled its requirements in respect of the financial covenants of all of its loan agreements as at June 30, 2023 . The Company ’ The annual principal payments, including balloon payments on loan maturity, required to be made after June 30, 2023, are as follows: Long-term debt and other financial liabilities- Principal Payments (Table) Period/ Year Amount July to December 2023 $ 78,141 2024 180,777 2025 215,816 2026 224,628 2027 354,731 2028 and thereafter 328,526 $ 1,382,619 Other financial liabilities, net The amounts in the accompanying consolidated balance sheets are analyzed as follows: Long-term debt and other financial liabilities - Other financial liabilities, net (Table) June 30, 2023 December 31, 2022 Other financial liabilities $ 165,577 $ 170,241 Less: Deferred finance costs, net (2,167) (2,351) Total other financial liabilities 163,410 167,890 Less: Current portion of other financial liabilities (9,328) (9,328) Add: Deferred finance costs, current portion 351 363 Other financial liabilities, net of current portion and deferred finance costs $ 154,433 $ 158,925 On December 21, 2021 a new ten-year sale and leaseback agreement for its under-construction LNG carrier, Tenergy January 12, 2022 , the Company took delivery of the LNG Tenergy , having a purchase obligation at the end of the tenth anniversary, as well as options to repurchase the vessel at any time following the fifth anniversary of the commencement date. In accordance with ASC 842-40, the Company did not derecognize the respective vessel from its balance sheet and accounted for the amounts received under the sale and leaseback agreement as other financial liabilities. The financing arrangement is repayable in forty quarterly installments of $ 2,332 , commencing three months after the drawdown date, plus a put option of $ 83,955 payable together with the last installment. The agreement has no covenants. The annual principal payments of Other financial liabilities required to be made after June 30, 2023, are as follows: Long-term debt and other financial liabilities - Schedule of annual lease liability (Table) Period/ Year Amount July to December 2023 $ 4,665 2024 9,328 2025 9,328 2026 9,328 2027 9,328 2028 and thereafter 123,600 $ 165,577 |
Interest and Finance Costs, net
Interest and Finance Costs, net | 6 Months Ended |
Jun. 30, 2023 | |
Interest And Finance Costs Net | |
Interest and Finance Costs, net | 8. Interest and Finance Costs, net Interest and Finance Costs, net (Table) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Interest expense 26,252 10,986 51,340 20,847 Less: Interest capitalized (1,166) (270) (2,090) (498) Interest expense, net 25,086 10,716 49,250 20,349 Bunkers swap, put and call options cash settlements — — — (9,912) Amortization of deferred finance costs 874 756 2,083 1,992 Bank charges 67 81 136 85 Discount of long-term receivables — — — 350 Amortization of deferred gain on termination of financial instruments (1,313) — (2,611) — Interest expense on redeemable preferred shares 663 — 663 — Change in fair value of non-hedging financial instruments (1,043) (561) (673) 1,428 Net total 24,334 10,992 48,848 14,292 In 2022, the Company discontinued ten of its cash flow hedge interest rate swaps through early termination agreements. The Company considered the forecasted transactions as still probable for seven of those interest rate swaps. The collected amounts are presented in accumulated other comprehensive income and are amortized until the expiry date of each interest rate swap. At December 31, 2022, the Company was committed to one floating-to-fixed interest rate swap with major financial institution which matured in April 2023. The interest rate swap agreement was designed and qualified as a cash flow hedge, to hedge its exposure to interest rate fluctuations associated with its debt covering notional amounts. On March 22, 2023, the Company committed to one 3.82 six-month SOFR 1,046 673 On March 16, 2022, the Company discontinued one of its cash flow hedge interest rate swaps associated with a secured loan facility which was refinanced. Upon completion of the refinancing on March 17, 2022, the hedge was de-designated as a hedging swap and the remaining gain included in accumulated other comprehensive income and for which the forecasted transaction is deemed no longer probable of occurring, was immediately classified into earnings. Following the de-designation, the change in its fair value has been included in change in fair value of non-hedging financial instruments and amounted to $ 561 (positive). For the three and six months of 2023, amortization of deferred gain on termination of hedging interest rate swaps, for which the Company has considered the forecasted transactions as still probable, amounted to $ 1,313 2,611 no During the first half of 2023, the Company entered into four 3 3 9,912 1,989 During the first half of 2023 and 2022, the Company has written-off unamortized deferred finance costs of $ 430 579 During the first half of 2023 and 2022, the Company recognized a discount on its lease liability (Note 4) amounting to $nil 0 350 On May 30, 2023 3,517,061 663 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | 9. Stockholders’ Equity During the first half of 2022, the Company issued 4,064,266 165 2,239 5,888 33,621 no On January 30, 2023, and May 1, 2023, the Company paid dividends of $ 0.59375 8,012 On February 28, 2023, and May 30, 2023, the Company paid dividends of $ 0.54687 3,848 0.57812 5,486 On March 16, 2023, the Company declared an annual dividend of $ 0.60 per common share, $ 0.30 per common share paid, $ 8,856 in total, on June 15, 2023, and $ 0.30 per common share, $ 8,850 0.10 per common share paid on July 20, 2022 . On May 30, 2023 3,517,061 25.00 0.243056 July 7, 2023 3,256 The Company had 459,286 Series G Redeemable Convertible Perpetual Preferred shares outstanding as of June 30, 2022. In September 2022, all 459,286 outstanding Series G Redeemable Convertible Perpetual Preferred Shares were converted into an aggregate of 306,190 common shares of the Company. The Company had 0 0 The Series B Cumulative Redeemable Perpetual Preferred Shares of Shyris Shipping (the “Shyris Shipping Preferred Shares”), a wholly owned subsidiary of the Company, par value $ 0.001 at a rate of 7.50% per annum, payable in arrears on the 1st day of March and September of each year , as, when and if declared by the Shyris Shipping Board of Directors. Shyris Shipping paid dividends on the Shyris Shipping Preferred Shares amounting to $ 756 in the period ended June 30, 2023, and $ 865 in the period ended June 30, 2022. While the Shyris Preferred Shares were outstanding, Shyris Shipping was not permitted to declare or pay dividends to the Company or incur additional indebtedness without the consent of the holder of Shyris Shipping Preferred Shares. The initial liquidation preference of the Shyris Shipping Preferred Shares is $ 10.00 y The holders of the Shyris Shipping Preferred Shares have no right to vote on matters on which shareholders of the Company are entitled to vote. The holders of the Shyris Shipping Preferred Shares generally do not have any other voting rights, howeve r ’ The Shyris Shipping Preferred Shares were non-convertible and perpetual, and redeemable by Shyris Shipping, in whole or in part, at redemption prices that decline over time from 112.5 % to 100 % of the deemed issuance price, plus any accrued and unpaid dividends. The Shyris Shipping Preferred Shares did not meet the criteria for mandatorily redeemable financial instruments and their value of $ 22,889 , upon issuance was included in non-controlling interest. Additionall y w On April 12, 2022, the Board of Directors of Shyris Shipping Company authorized the redemption of 75,000 of the outstanding Series B Cumulative Redeemable Perpetual Preferred Shares. On April 15, 2022, the Company repaid the amount of $ 750 , which was recognized as a reduction of non-controlling interest in the statement of stockholders’ equity. 100,000 of its outstanding Series B Cumulative Redeemable Perpetual Preferred Shares for an aggregate redemption price of $ 1,000 and was included in non-controlling interest in the accompanying Consolidated Balance Sheet as at June 30, 2023. On July 25, 2023, and September 1, 2023, Shyris Shipping redeemed 500,000 and 1,438,841 of the outstanding Series B Cumulative Redeemable Perpetual Preferred Shares for an aggregate redemption price of $ 5,000 and $ 14,388 , respectively. Following these redemptions, no Series B Cumulative Redeemable Perpetual Preferred Shares were outstanding. |
Accumulated other comprehensive
Accumulated other comprehensive income | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Accumulated other comprehensive income | 10. Accumulated other comprehensive income In the first half of 2023, accumulated other comprehensive income decreased with unrealized loss of $ 2,628 21,176 |
Earnings per common share
Earnings per common share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per common share | 11. Earnings per common share For the three and six-month periods ended June 30, 2023, all common shares issued are Tsakos Energy Navigation Limited common stock and have equal rights to vote and participate in dividends. Net income attributable to common shareholders is adjusted by the contractual amount of dividends on Series D Preferred Stock, Series E Preferred Stock, and Series F Preferred Stock that should be paid for the period. For the three and six months periods ended June 30, 2022, the Company calculates basic earnings per share in conformity with the two-class method required for companies with participating securities. Under the two-class method, basic earnings per share is calculated by dividing the net income 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 ’ Diluted earnings per share is computed by giving effect to all potentially dilutive common share equivalents outstanding for the period. For the three and six months ended June 30, 2022, securities that could potentially dilute basic earnings per share in the future that were included in the computation of diluted earnings per share, were the preferred convertible stock that requires the payment of cash by the holder upon conversion, the proceeds assumed to be received shall be assumed to be applied to purchase common stock under the treasury stock method and the convertible security shall be assumed to be converted under the if-converted method. Net income attributable to common stockholders of Tsakos Energy Navigation Limited for the three and six months ended June 30, 2022, is adjusted by the amount of dividends on Series G Convertible Preferred Shares and corresponding undistributed income to Series G participants, as set forth below. For the three and six months ended June 30, 2023, there were no convertible securities outstanding. The following table sets forth the computation of basic and diluted earnings per share: Earnings (Loss) per Common Share (Table) Three months ended June 30 Six months ended June 30, 2022 2023 2022 2023 2022 Numerator Net income attributable to Tsakos Energy Navigation Limited $ 60,641 $ 46,225 $ 237,196 $ 51,743 Preferred share dividends Series D (1,924) (1,924) (3,848) (3,846) Preferred share dividends Series E (2,743) (2,743) (5,486) (5,488) Preferred share dividends Series F (4,006) (4,006) (8,012) (8,012) Preferred share dividends, Convertible Series G — (31) — (31) Undistributed income to Series G participants — (370) — (353) Deemed dividend on redeemable Series D preferred shares (3,256) — (3,256) — Net income attributable to common stockholders of T 48,712 37,151 216,594 34,013 Preferred share dividends, Convertible Series G — 31 — 31 Undistributed income to Series G participants — 370 — 353 Net income attributable to common stockholders of Tsakos Energy Navigation Limited, for dilution purposes 48,712 37,552 216,594 34,397 Denominator W eighted average number of shares, basic 29,505,603 28,398,404 29,505,603 26,992,886 W eighted average number of shares, diluted 29,505,603 28,704,595 29,505,603 27,299,077 Earnings per share, basic attributable to T $ 1.65 $ 1.31 $ 7.34 $ 1.26 Earnings per share, diluted attributable to T $ 1.65 $ 1.31 $ 7.34 $ 1.26 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 2. Commitments and Contingencies As of June 30, 2023, the Company had eight vessels under construction, two DP2 shuttle tankers, four dual fuel LNG powered aframax tankers and two suezmax tankers The total contracted amount remaining to be paid for the eight vessels under construction plus the extra costs agreed as of June 30, 2023, was $ 591,627 144,891 180,380 266,356 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 ’ ’ 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 (FC P y Charters-out The future minimum revenues of vessels in operation at June 30, 2023 and vessels scheduled to be delivered as per contractual terms before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows: Commitments and Contingencies - Minimum Future Charter Revenue Period/ Year Amount July 1 to December 31, 2023 $ 234,815 2024 334,769 2025 201,580 2026 160,187 2027 146,001 2028 to 2038 454,963 Minimum charter revenues $ 1,532,315 These amounts do not assume any off-hire. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 13. Financial Instruments (a) Interest rate risk: (b) Concentration of credit risk: ’ y (c) Fair value: The fair values of the interest rate swap agreements and bunker swap agreements discussed in Note 8 above, are determined through Level 2 of the fair value hierarchy as defined in F V The estimated fair values of the Company ’ Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Table) Carrying June 30, 2023 Fair Value June 30, 2023 Carrying December 31, 2022 Fair Value December 31, 2022 Financial assets (liabilities) Cash and cash equivalents 529,217 529,217 304,367 304,367 Restricted cash 4,877 4,877 5,072 5,072 Margin deposits 4,270 4,270 4,270 4,270 Long-term receivable 23,558 23,558 23,307 23,307 Redemption of Series D Preferred Shares (87,927) (87,927) — — Debt and other financial liabilities (1,548,196) (1,548,196) (1,587,582) (1,587,582) The Company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the obligation to return cash collateral. The amount of collateral to be posted is defined in the terms of respective master agreement executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded. As of June 30, 2023, the Company deposited cash collateral related to its derivative instruments under its collateral security arrangements of $ 4,270 4,270 T abular Disclosu r 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 or in the consolidated balance sheets, as a component of accumulated other comprehensive income. Financial Instruments - Schedule of Derivative Instruments - Statements of Financial Position Location (Table) Asset Derivatives Liability Derivatives June 30, 2023 December 31,2022 June 30, 2023 December 31, 2022 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 — — Financial instruments - Fair value, net of current portion — — — 5 Subtotal — 193 — 5 Derivatives not designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value 854 — — — Financial instruments - Fair value, net of current portion — — 178 — Bunker swaps Current portion of financial instruments - Fair value 58 — 61 — Subtotal 912 — 239 — Total derivatives 912 193 239 5 Derivatives - Net effect on the consolidated statements of comprehensive income Financial Instruments - Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative (Effective Portion) (Table) Gain (Loss) Recognized in Accumulated Derivative Amount Amount 2023 2022 2023 2022 Interest rate swaps — 7,376 (132) 26,037 Reclassification due to de-designations to interest and finance costs, net (1,313) (2,623) (2,611) (4,959) Reclassification to depreciation expense 123 49 115 98 Total (1,190) 4,802 2,628 21,176 Derivatives – Net effect on the consolidated statement of comprehensive income Financial Instruments - Schedule of Derivatives Not Designated as Hedging Instruments - Net Effect on the Statement Of Comprehensive Income (Table) Net Realized and Unrealized Gain (Loss) recognized on Statement of Other Comprehensive Income Derivative Location Amount Amount 2023 2022 2023 2022 Interest rate swaps Interest and finance costs, net 1,046 561 676 561 Bunker swaps Interest and finance costs, net (3) — (3) 7,923 Total 1,043 561 673 8,484 The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of June 30, 2023, and December 31, 2022, using Level 2 inputs (significant other observable inputs): Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Table) Recurring measurements: June 30, 2023 December 31, 2022 Interest rate swaps 676 188 Bunker swaps (3) — Total 673 188 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events The Company evaluated subsequent events (other than those disclosed above), until the date these interim condensed consolidated financial statements were available to be issued. (a) On July 25 and September 1, 2023, the Company’s subsidiary, Shyris Shipping, paid aggregate dividends of $ 150 539.6 (b) On July 27, 2023, the Company paid dividends of $ 0.59375 9.50 (c) On August 4, 2023, the Company signed two shipbuilding contracts for the construction of two scrubber-fitted MR product tankers for delivery in 2026. (d) On August 25, 2023, the Company paid dividends of $ 0.57812 9.25 (e) On September 07, 2023, the Company declared a special dividend of $ 0.40 (f) On September 21, 2023 tanker Njord DF |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Accounting for Leases (Company act as lessee) – Subsequent measurement finance leases: | Accounting for Leases (Company act as lessee) – Subsequent measurement finance leases: 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. Upon exercise of the option to purchase the underlying asset and settlement of the remaining lease liability, if the right-of-use asset was not previously presented together with vessels, the Company reclassifies the right-of-use asset to Fixed Assets under the consolidated balances sheets and applies Topic 360 to the asset beginning on the date the purchase option was exercised. |
Preferred Shares: | Preferred Shares: |
New Accounting Pronouncements - Reference Rate Reform: | New Accounting Pronouncements - Reference Rate Reform: 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 |
Right-of-use assets and lease_2
Right-of-use assets and lease liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Right-of-use assets and lease liabilities - Operating Leases (Table) | Right-of-use assets and lease liabilities - Operating Leases (Table) Period/ Year Lease Commitment July 1 to December 31, 2023 $ 12,970 2024 25,958 2025 15,332 2026 4,992 Minimum net lease payments $ 59,252 Less: present value discount (8,815) Total obligations under operating leases and financial liability (current and non-current portion) $ 50,437 |
Long-term debt and other fina_2
Long-term debt and other financial liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term debt and other financial liabilities(Table) | Long-term debt and other financial liabilities(Table) Facility June 30, 2023 December 31, 2022 Loans $ 1,382,619 $ 1,417,341 Less: Deferred finance costs, net (7,943) (7,354) Total long-term debt 1,374,676 1,409,987 Less: Current portion of debt (162,448) (194,353) Add: Deferred finance costs, current portion 2,495 2,272 Long-term debt, net of current portion and deferred finance costs $ 1,214,723 $ 1,217,906 |
Long-term debt and other financial liabilities - Weighted-Average Interest Rates (Table) | Long-term debt and other financial liabilities - Weighted-Average Interest Rates (Table) Three months ended June 30, 2023 6.65 Six months ended June 30, 2023 6.54 Three months ended June 30, 2022 2.75 Six months ended June 30, 2022 2.44 |
Long-term debt and other financial liabilities- Principal Payments (Table) | Long-term debt and other financial liabilities- Principal Payments (Table) Period/ Year Amount July to December 2023 $ 78,141 2024 180,777 2025 215,816 2026 224,628 2027 354,731 2028 and thereafter 328,526 $ 1,382,619 |
Long-term debt and other financial liabilities - Other financial liabilities, net (Table) | Long-term debt and other financial liabilities - Other financial liabilities, net (Table) June 30, 2023 December 31, 2022 Other financial liabilities $ 165,577 $ 170,241 Less: Deferred finance costs, net (2,167) (2,351) Total other financial liabilities 163,410 167,890 Less: Current portion of other financial liabilities (9,328) (9,328) Add: Deferred finance costs, current portion 351 363 Other financial liabilities, net of current portion and deferred finance costs $ 154,433 $ 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) Period/ Year Amount July to December 2023 $ 4,665 2024 9,328 2025 9,328 2026 9,328 2027 9,328 2028 and thereafter 123,600 $ 165,577 |
Interest and Finance Costs, n_2
Interest and Finance Costs, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Interest And Finance Costs Net | |
Interest and Finance Costs, net (Table) | Interest and Finance Costs, net (Table) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Interest expense 26,252 10,986 51,340 20,847 Less: Interest capitalized (1,166) (270) (2,090) (498) Interest expense, net 25,086 10,716 49,250 20,349 Bunkers swap, put and call options cash settlements — — — (9,912) Amortization of deferred finance costs 874 756 2,083 1,992 Bank charges 67 81 136 85 Discount of long-term receivables — — — 350 Amortization of deferred gain on termination of financial instruments (1,313) — (2,611) — Interest expense on redeemable preferred shares 663 — 663 — Change in fair value of non-hedging financial instruments (1,043) (561) (673) 1,428 Net total 24,334 10,992 48,848 14,292 |
Earnings per common share (Tabl
Earnings per common share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Common Share (Table) | Earnings (Loss) per Common Share (Table) Three months ended June 30 Six months ended June 30, 2022 2023 2022 2023 2022 Numerator Net income attributable to Tsakos Energy Navigation Limited $ 60,641 $ 46,225 $ 237,196 $ 51,743 Preferred share dividends Series D (1,924) (1,924) (3,848) (3,846) Preferred share dividends Series E (2,743) (2,743) (5,486) (5,488) Preferred share dividends Series F (4,006) (4,006) (8,012) (8,012) Preferred share dividends, Convertible Series G — (31) — (31) Undistributed income to Series G participants — (370) — (353) Deemed dividend on redeemable Series D preferred shares (3,256) — (3,256) — Net income attributable to common stockholders of T 48,712 37,151 216,594 34,013 Preferred share dividends, Convertible Series G — 31 — 31 Undistributed income to Series G participants — 370 — 353 Net income attributable to common stockholders of Tsakos Energy Navigation Limited, for dilution purposes 48,712 37,552 216,594 34,397 Denominator W eighted average number of shares, basic 29,505,603 28,398,404 29,505,603 26,992,886 W eighted average number of shares, diluted 29,505,603 28,704,595 29,505,603 27,299,077 Earnings per share, basic attributable to T $ 1.65 $ 1.31 $ 7.34 $ 1.26 Earnings per share, diluted attributable to T $ 1.65 $ 1.31 $ 7.34 $ 1.26 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies - Minimum Future Charter Revenue | Commitments and Contingencies - Minimum Future Charter Revenue Period/ Year Amount July 1 to December 31, 2023 $ 234,815 2024 334,769 2025 201,580 2026 160,187 2027 146,001 2028 to 2038 454,963 Minimum charter revenues $ 1,532,315 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Table) | Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Table) Carrying June 30, 2023 Fair Value June 30, 2023 Carrying December 31, 2022 Fair Value December 31, 2022 Financial assets (liabilities) Cash and cash equivalents 529,217 529,217 304,367 304,367 Restricted cash 4,877 4,877 5,072 5,072 Margin deposits 4,270 4,270 4,270 4,270 Long-term receivable 23,558 23,558 23,307 23,307 Redemption of Series D Preferred Shares (87,927) (87,927) — — Debt and other financial liabilities (1,548,196) (1,548,196) (1,587,582) (1,587,582) |
Financial Instruments - Schedule of Derivative Instruments - Statements of Financial Position Location (Table) | Financial Instruments - Schedule of Derivative Instruments - Statements of Financial Position Location (Table) Asset Derivatives Liability Derivatives June 30, 2023 December 31,2022 June 30, 2023 December 31, 2022 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 — — Financial instruments - Fair value, net of current portion — — — 5 Subtotal — 193 — 5 Derivatives not designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value 854 — — — Financial instruments - Fair value, net of current portion — — 178 — Bunker swaps Current portion of financial instruments - Fair value 58 — 61 — Subtotal 912 — 239 — Total derivatives 912 193 239 5 |
Financial Instruments - Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative (Effective Portion) (Table) | Financial Instruments - Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative (Effective Portion) (Table) Gain (Loss) Recognized in Accumulated Derivative Amount Amount 2023 2022 2023 2022 Interest rate swaps — 7,376 (132) 26,037 Reclassification due to de-designations to interest and finance costs, net (1,313) (2,623) (2,611) (4,959) Reclassification to depreciation expense 123 49 115 98 Total (1,190) 4,802 2,628 21,176 |
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) Net Realized and Unrealized Gain (Loss) recognized on Statement of Other Comprehensive Income Derivative Location Amount Amount 2023 2022 2023 2022 Interest rate swaps Interest and finance costs, net 1,046 561 676 561 Bunker swaps Interest and finance costs, net (3) — (3) 7,923 Total 1,043 561 673 8,484 |
Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Table) | Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Table) Recurring measurements: June 30, 2023 December 31, 2022 Interest rate swaps 676 188 Bunker swaps (3) — Total 673 188 |
Transactions with Related Par_2
Transactions with Related Parties (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jan. 01, 2023 | Jan. 12, 2022 | Jan. 01, 2022 | Jul. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | May 01, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||||||||||
Due from related parties | $ 7,167,000 | $ 7,167,000 | $ 8,889,000 | |||||||
Other Liabilities | 6,469,000 | 6,469,000 | 7,439,000 | |||||||
Accrued Liabilities, Current | 44,256,000 | 44,256,000 | 36,196,000 | |||||||
Other Nonoperating Income (Expense) | (241,000) | $ 349,000 | (180,000) | $ 182,000 | ||||||
Tsakos Columbia Shipmanagement S.A. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Services rendered expense | 256,000 | 0 | ||||||||
Due from related parties | 7,153,000 | 7,153,000 | 8,889,000 | |||||||
Professional and Contract Services Expense | 171,000 | 476,000 | 374,000 | 1,058,000 | ||||||
Estimated Future Management Fees Remainder Of 2023 [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Services rendered expense | 10,371,000 | |||||||||
Estimated Future Management Fees Remainder Of 2024 [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Services rendered expense | 21,066,000 | |||||||||
Estimated Future Management Fees Remainder Of 2025 [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Services rendered expense | 20,796,000 | |||||||||
Estimated Future Management Fees Remainder Of 2026 [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Services rendered expense | 20,490,000 | |||||||||
Estimated Future Management Fees Remainder Of 2027 [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Services rendered expense | 20,130,000 | |||||||||
Estimated Future Management Fees Remainder Of 2028 To 2032 [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Services rendered expense | 87,221,000 | |||||||||
Tsakos Energy Management Limited [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Services rendered expense | 4,809,000 | 5,041,000 | 10,030,000 | 10,005,000 | ||||||
Supervisory services expenses | 473,000 | 302,000 | 879,000 | 599,000 | ||||||
Due from related parties | 14,000 | 14,000 | 165,000 | |||||||
Incentive Awards [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Selling, General and Administrative Expense | 5,000,000 | 0 | ||||||||
Tsakos Columbia Shipmanagement S.A. [Member] | Tsakos Shipping And Trading S.A. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Services rendered expense | 0 | 327,000 | ||||||||
Tsakos Shipping And Trading S.A. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Services rendered expense | 2,687,000 | 2,709,000 | $ 5,924,000 | 4,529,000 | ||||||
Chartering commission on all freights, hires and demurrages | 1.25% | |||||||||
Commissions In Connection With Delivery Of Each New Building | $ 250,000 | |||||||||
Other Liabilities | 3,754,000 | 3,754,000 | 3,217,000 | |||||||
Accrued Liabilities, Current | 328,000 | 328,000 | 506,000 | |||||||
Argosy Insurance Company Limited [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Services rendered expense | 3,351,000 | 2,890,000 | 6,642,000 | 5,141,000 | ||||||
Other Liabilities | 2,220,000 | 2,220,000 | 3,569,000 | |||||||
Accrued Liabilities, Current | 1,474,000 | 1,474,000 | 259,000 | |||||||
Other Nonoperating Income (Expense) | 3,593,000 | |||||||||
AirMania Travel S.A. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Services rendered expense | 1,661,000 | $ 1,636,000 | 3,223,000 | 2,892,000 | ||||||
Other Liabilities | $ 495,000 | 495,000 | $ 488,000 | |||||||
Operating conventional vessels [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Monthly Management Fees | $ 30,000 | $ 27,500 | $ 28,500 | |||||||
Third Party Managed Vessels [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Monthly Management Fees | 29,700 | 28,600 | 29,100 | |||||||
Afrodite, Ariadne and Ise Princess [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Monthly Management Fees | 28,900 | 27,500 | 27,500 | |||||||
Chartered out vessels on a bare-boat basis and vessels under construction [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Monthly Management Fees | 21,000 | 20,400 | 21,000 | |||||||
DP2 Shuttle Tankers [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Monthly Management Fees | 36,000 | 35,000 | 36,000 | |||||||
Neo Energy and Maria Energy - LNG carries [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Monthly Management Fees | 45,100 | $ 38,900 | 42,400 | |||||||
LNG carrier Tenergy [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Monthly Management Fees | 36,700 | $ 30,800 | 34,300 | |||||||
VLCC Dias I [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Monthly Management Fees | 28,700 | $ 28,700 | ||||||||
Suezmax Decathlon [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Monthly Management Fees | $ 28,400 | $ 28,500 | ||||||||
Afrodite And Ariadne [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Monthly Management Fees | 28,900 | |||||||||
Six Handymax Tankers and Two Handysize Tankers [Member] | Tsakos Shipping And Trading S.A. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Brokerage commission amount | 848,000 | |||||||||
Six Handymax Tankers and Two Handysize Tankers [Member] | Tsakos Shipping And Trading S.A. [Member] | Non executive member [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Brokerage commission amount | 250,000 | |||||||||
Aframax Proteas [Member] | Tsakos Shipping And Trading S.A. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Brokerage commission amount | 206,000 | |||||||||
Four Vessels [Member] | Tsakos Shipping And Trading S.A. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Costs and Expenses, Related Party | 500,000,000 | $ 0 | ||||||||
Fixed Assets [Member] | Argosy Insurance Company Limited [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Other Nonoperating Income (Expense) | $ 3,216,000 |
Revenue from contracts with c_2
Revenue from contracts with customers (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Deferred revenue | $ 7,317 | $ (1,938) | |||
Charter Hire Paid In Advance [Member] | |||||
Deferred revenue | 22,642 | $ 13,574 | |||
Charter Agreements With Varying Rates [Member] | |||||
Deferred revenue | 10,724 | $ 12,475 | |||
Voyage charters and contracts of affreightment [Member] | |||||
Revenue Not from Contract with Customer | $ 84,234 | $ 119,487 | 209,184 | 185,714 | |
Time Charter Hire Agreements [Member] | |||||
Operating Lease, Lease Income | $ 137,220 | $ 97,212 | $ 273,483 | $ 180,689 |
Right-of-use assets and lease_3
Right-of-use assets and lease liabilities - Operating Leases (Table) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
July 1 to December 31, 2023 | $ 12,970 |
2024 | 25,958 |
2025 | 15,332 |
2026 | 4,992 |
Minimum net lease payments | 59,252 |
Less: present value discount | (8,815) |
Total obligations under operating leases and financial liability (current and non-current portion) | $ 50,437 |
Right-of-use assets and lease_4
Right-of-use assets and lease liabilities (Details Narrative) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Feb. 28, 2023 | Feb. 21, 2023 | Feb. 14, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||||||||
Long-term receivable of seller's credit | $ 23,558 | $ 23,558 | $ 23,307 | ||||||
Impairment charges | 0 | $ 0 | |||||||
Operating Lease, Right-of-Use Asset | 47,748 | 47,748 | 58,706 | ||||||
Operating lease liability current | 21,381 | 21,381 | 21,737 | ||||||
Operating lease liability non current | 26,367 | $ 26,367 | 36,969 | ||||||
Sublease vessels | five vessels | seven vessels | |||||||
Sublease Income | 19,856 | $ 16,944 | $ 49,540 | $ 19,450 | |||||
Purchase price | 591,627 | 591,627 | |||||||
Operating Lease, Payments | $ 533 | ||||||||
Finance Lease, Liability, Current | 0 | 0 | 28,033 | ||||||
Finance Lease, Right-of-Use Asset, Amortization | 306 | $ 0 | |||||||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 0 | 0 | $ 41,851 | ||||||
Archangel and Alaska [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Sale Leaseback Transaction, Date | January 9, 2020 | ||||||||
Sale Leaseback Transaction, Lease Terms | five-year | ||||||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 61,070 | ||||||||
Lease incentive receivable | $ 11,800 | ||||||||
Long-term receivable of seller's credit | 11,334 | 11,334 | |||||||
Operating Lease, Right-of-Use Asset | $ 13,709 | $ 13,709 | |||||||
Operating Lease, Weighted Average Discount Rate, Percent | 3.59% | 3.59% | |||||||
Operating Lease, Weighted Average Remaining Lease Term | 1 year 6 months 10 days | 1 year 6 months 10 days | 2 years 7 days | ||||||
Sakura Princess [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Sale Leaseback Transaction, Date | December 21, 2020 | ||||||||
Sale Leaseback Transaction, Lease Terms | five-year | ||||||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 24,527 | ||||||||
Lease incentive receivable | $ 4,425 | ||||||||
Long-term receivable of seller's credit | $ 4,295 | $ 4,295 | |||||||
Finance Lease, Liability | $ 5,148 | ||||||||
Operating Lease, Right-of-Use Asset | $ 7,071 | $ 7,071 | |||||||
Operating Lease, Weighted Average Discount Rate, Percent | 2.54% | 2.54% | |||||||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 5 months 23 days | 2 years 5 months 23 days | 2 years 11 months 23 days | ||||||
Operating lease liability current | $ 1,051 | $ 1,051 | $ 1,031 | ||||||
Operating lease liability non current | 1,638 | 1,638 | 2,164 | ||||||
Operating Lease, Liability | 2,689 | 2,689 | $ 3,195 | ||||||
Arctic and Antarctic [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Sale Leaseback Transaction, Date | June 21, 2021 | ||||||||
Sale Leaseback Transaction, Lease Terms | five-year | ||||||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 52,304 | ||||||||
Lease incentive receivable | $ 8,415 | ||||||||
Long-term receivable of seller's credit | 7,929 | 7,929 | |||||||
Operating Lease, Right-of-Use Asset | $ 26,968 | $ 26,968 | |||||||
Operating Lease, Weighted Average Discount Rate, Percent | 2.98% | 2.98% | |||||||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 11 months 26 days | 2 years 11 months 26 days | 3 years 5 months 26 days | ||||||
Eurochampion 2004 and Euronike [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Sale Leaseback Transaction, Date | December 21, 2017 | ||||||||
Sale Leaseback Transaction, Lease Terms | five-year sale and leaseback agreement for each of the two suezmaxes | ||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 3.90% | ||||||||
Operating Lease, Weighted Average Remaining Lease Term | 18 days | ||||||||
Purchase price | $ 13,750 | $ 13,750 | |||||||
Increased amount of lease liability | 60 | ||||||||
Finance Lease, Liability, Current | 27,500 | $ 28,033 | |||||||
Finance Lease, Right-of-Use Asset, Amortization | 306 | ||||||||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | $ 41,545 | $ 41,851 | |||||||
Eurochampion 2004 and Euronike [Member] | October 2022 Addendum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Sale Leaseback Transaction, Lease Terms | option to extend the charter period for one year and additional two purchase options to repurchase the vessels | ||||||||
Eurochampion 2004 [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Sublease Income | $ 5,809 | ||||||||
Property, Plant and Equipment, Additions | 6,500 | ||||||||
Euronike [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Sublease Income | $ 4,601 | ||||||||
Property, Plant and Equipment, Additions | $ 6,500 |
Vessels (Details Narrative)
Vessels (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Gain on sale of property, plant and equipment | $ 0 | $ 299 | $ 81,198 | $ 299 |
Eurochampion 2004 and Euronike [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels acquired | two | |||
Tenergy [member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessel delivery date | January 12, 2022 | |||
Property, Plant and Equipment, Additions | $ 186,201 | |||
Handymax tankers (Afrodite, Artemis, Ariadne, Aris, Ajax and Apollon) and Handysize tankers (Arion, Amphitrite) [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain on sale of property, plant and equipment | $ 81,198 | |||
Proteas and Inca [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain on sale of property, plant and equipment | $ 299 |
Deferred charges and leasehol_2
Deferred charges and leasehold improvements (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Deferred Costs | $ 38,626 | $ 34,816 |
Leasehold Improvements, Gross | 6,919 | 9,556 |
Archangel and Alaska [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold Improvements, Gross | 1,703 | 2,271 |
Artict And Antartic [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold Improvements, Gross | 3,807 | 5,058 |
Sakura Princess [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold Improvements, Gross | $ 1,409 | 1,777 |
Eurochampion 2004 and Euronike [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold Improvements, Gross | $ 450 |
Long-term debt and other fina_3
Long-term debt and other financial liabilities(Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Loans | $ 1,382,619 | $ 1,417,341 |
Less: Deferred finance costs, net | (7,943) | (7,354) |
Total long-term debt | 1,374,676 | 1,409,987 |
Less: Current portion of debt | (162,448) | (194,353) |
Add: Deferred finance costs, current portion | 2,495 | 2,272 |
Long-term debt, net of current portion and deferred finance costs | $ 1,214,723 | $ 1,217,906 |
Long-term debt and other fina_4
Long-term debt and other financial liabilities - Weighted-Average Interest Rates (Table) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Disclosure [Abstract] | ||||
Weighted-average interest rates on the executed loans | 6.65% | 2.75% | 6.54% | 2.44% |
Long-term debt and other fina_5
Long-term debt and other financial liabilities- Principal Payments (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
July to December 2023 | $ 78,141 | |
2024 | 180,777 | |
2025 | 215,816 | |
2026 | 224,628 | |
2027 | 354,731 | |
2028 and thereafter | 328,526 | |
Total | $ 1,382,619 | $ 1,417,341 |
Long-term debt and other fina_6
Long-term debt and other financial liabilities - Other financial liabilities, net (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Other financial liabilities | $ 165,577 | |
Less: Deferred finance costs, net | (7,943) | $ (7,354) |
Less: Current portion of other financial liabilities | 0 | (28,033) |
Add: Deferred finance costs, current portion | 2,495 | 2,272 |
Financial Liabilities Net [Member] | ||
Other financial liabilities | 165,577 | 170,241 |
Less: Deferred finance costs, net | (2,167) | (2,351) |
Total other financial liabilities | 163,410 | 167,890 |
Less: Current portion of other financial liabilities | (9,328) | (9,328) |
Add: Deferred finance costs, current portion | 351 | 363 |
Other financial liabilities, net of current portion and deferred finance costs | $ 154,433 | $ 158,925 |
Long-term debt and other fina_7
Long-term debt and other financial liabilities - Schedule of annual lease liability (Table) (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
July to December 2023 | $ 4,665 |
2024 | 9,328 |
2025 | 9,328 |
2026 | 9,328 |
2027 | 9,328 |
2028 and thereafter | 123,600 |
Total | $ 165,577 |
Long-term debt and other fina_8
Long-term debt and other financial liabilities (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | |||||||
Feb. 17, 2023 | Jan. 30, 2023 | Jan. 20, 2023 | Apr. 03, 2023 | Mar. 31, 2023 | Mar. 29, 2023 | Apr. 20, 2023 | Jun. 14, 2023 | Jun. 06, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Short-Term Debt [Line Items] | ||||||||||||
Loans Payable to Bank | $ 1,382,619 | $ 1,417,341 | ||||||||||
Cash and cash equivalents | $ 529,217 | $ 161,148 | 304,367 | |||||||||
Number of loan agreements | twenty-nine | |||||||||||
Debt Instrument, Covenant Compliance | The Company fulfilled its requirements in respect of the financial covenants of all of its loan agreements as at June 30, 2023 | |||||||||||
Purchase Obligation | $ 591,627 | |||||||||||
Afrodite, Ajax, Apollon, Ariadne, Aris and Artemis [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Prepaid amount | $ 41,750 | |||||||||||
Arion and Amphitrite [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Prepaid amount | $ 6,815 | |||||||||||
Minimum liquidity requirement [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Cash and cash equivalents | 209,843 | $ 156,837 | ||||||||||
Three Loan Agreements [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Restricted Cash and Cash Equivalents | $ 3,050 | |||||||||||
NeoEnergy, Andromeda And Decathlon [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Debt Instrument, Maturity Date, Description | five-year | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 85,000 | |||||||||||
Long-Term Debt, Description | to the refinancing of the LNG carrier, Neo Energy, the handysize Andromeda and the suezmax tanker Decathlon. | |||||||||||
Proceeds from Issuance of Debt | $ 72,274 | |||||||||||
Prepaid amount | 42,085 | |||||||||||
Repayments of Debt | $ 24,000 | |||||||||||
Number of repayment installments | ten | |||||||||||
Debt Instrument, Frequency of Periodic Payment | 6,547.2 | |||||||||||
Balloon payment | $ 6,802 | |||||||||||
Sola TS and Oslo TS [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Debt Instrument, Maturity Date, Description | five-year | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 72,150 | |||||||||||
Long-Term Debt, Description | to the refinancing of the aframax tankers, Sola TS and Oslo TS. | |||||||||||
Proceeds from Issuance of Debt | 72,150 | |||||||||||
Prepaid amount | $ 25,650 | $ 25,973 | ||||||||||
Number of repayment installments | ten | |||||||||||
Debt Instrument, Frequency of Periodic Payment | 3,006 | |||||||||||
Balloon payment | $ 42,090 | |||||||||||
Marathon TS and Stavanger TS [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Debt Instrument, Maturity Date, Description | five-year | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 70,000 | |||||||||||
Long-Term Debt, Description | to the refinancing of the aframax tankers, Marathon TS and Stavanger TS. | |||||||||||
Proceeds from Issuance of Debt | $ 70,000 | |||||||||||
Prepaid amount | $ 63,364 | |||||||||||
Number of repayment installments | ten | |||||||||||
Debt Instrument, Frequency of Periodic Payment | 2,850 | |||||||||||
Balloon payment | $ 41,500 | |||||||||||
Asahi Princess Parthenon T S [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Debt Instrument, Maturity Date, Description | five-year | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 49,000 | |||||||||||
Long-Term Debt, Description | to the refinancing of the aframax tankers, Asahi Princess and Parthenon TS. | |||||||||||
Proceeds from Issuance of Debt | $ 49,000 | |||||||||||
Prepaid amount | $ 35,596 | |||||||||||
Number of repayment installments | ten | |||||||||||
Debt Instrument, Frequency of Periodic Payment | 3,062.5 | |||||||||||
Balloon payment | $ 18,375 | |||||||||||
Tenergy [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Number of repayment installments | forty | |||||||||||
Debt Instrument, Frequency of Periodic Payment | quarterly | |||||||||||
Sale Leaseback Transaction, Date | December 21, 2021 | |||||||||||
Sale Leaseback Transaction, Description of Asset(s) | a new ten-year sale and leaseback agreement for its under-construction LNG carrier, Tenergy | |||||||||||
Vessel delivery date | January 12, 2022 | |||||||||||
Description of scope | the Company took delivery of the LNG carrier Tenergy and chartered it back on a bareboat basis | |||||||||||
Debt Instrument, Periodic Payment | $ 2,332 | |||||||||||
Purchase Obligation | $ 83,955 | |||||||||||
All bank loans [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Loans Payable to Bank | $ 1,382,619 | |||||||||||
Debt Instrument, Payment Terms | These bank loans are payable in U.S. Dollars in | |||||||||||
Debt Instrument, Description of Variable Rate Basis | Interest rates on the outstanding loans as of June 30, 2023, are based on SOFR plus a spread, except for eight loan agreements based on LIBOR plus a spread. |
Interest and Finance Costs, n_3
Interest and Finance Costs, net (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest And Finance Costs Net | ||||
Interest expense | $ 26,252 | $ 10,986 | $ 51,340 | $ 20,847 |
Less: Interest capitalized | (1,166) | (270) | (2,090) | (498) |
Interest expense, net | 25,086 | 10,716 | 49,250 | 20,349 |
Bunkers swap, put and call options cash settlements | 0 | 0 | 0 | (9,912) |
Amortization of deferred finance costs | 874 | 756 | 2,083 | 1,992 |
Bank charges | 67 | 81 | 136 | 85 |
Discount of long-term receivables | 0 | 0 | 0 | 350 |
Amortization of deferred gain on termination of financial instruments | (1,313) | 0 | (2,611) | 0 |
Interest expense on redeemable preferred shares | 663 | 0 | 663 | 0 |
Change in fair value of non-hedging financial instruments | (1,043) | (561) | (673) | 1,428 |
Net total | $ 24,334 | $ 10,992 | $ 48,848 | $ 14,292 |
Interest and Finance Costs, n_4
Interest and Finance Costs, net (Details Narrative) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Mar. 22, 2023 | Mar. 16, 2022 | |
Amortization of Debt Discount (Premium) | $ 0 | $ 0 | $ 0 | $ 350 | ||
Series D Preferred Stock [Member] | ||||||
Redemption date | May 30, 2023 | |||||
Redemption of preferred shares | shares | 3,517,061 | |||||
Interest expense | $ 663 | |||||
Debt extinguishment guidance of ASC 470-50 [Member] | ||||||
Written-off unamortized deferred finance cost | $ 430 | 579 | ||||
Interest Rate Swap [Member] | ||||||
Number of floating-to-fixed interest rate swaps | 1 | 1 | ||||
Fixed interest rate | 3.82% | 3.82% | ||||
Floating rate basis | six-month SOFR | |||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||||
Description of Interest Rate Derivative Activities | In 2022, the Company discontinued ten of its cash flow hedge interest rate swaps through early termination agreements. The Company considered the forecasted transactions as still probable for seven of those interest rate swaps. | |||||
Amortization of deferred gain on termination of financial instruments | $ 1,313 | 0 | $ 2,611 | 0 | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Cash flow hedge gains/(losses) | $ 1,046 | 561 | $ 673 | |||
Bunker Swap [Member] | Designated as Hedging Instrument [Member] | ||||||
Number of floating-to-fixed interest rate swaps | 4 | 4 | ||||
Bunker Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Cash flow hedge gain | $ 3 | |||||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ 3 | $ 1,989 | $ 3 | 1,989 | ||
Bunker Swaps [Member] | ||||||
Cash received from swap terminations | $ 9,912 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Jan. 30, 2023 | Feb. 28, 2023 | Jun. 30, 2023 | Mar. 16, 2023 | Jun. 30, 2022 | Apr. 14, 2022 | Apr. 12, 2022 | May 01, 2023 | May 30, 2023 | Jun. 30, 2023 | Jun. 15, 2023 | Jun. 30, 2022 | Dec. 31, 2023 | Jul. 27, 2023 | Jul. 25, 2023 | Sep. 07, 2023 | Sep. 01, 2023 | Aug. 25, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Apr. 15, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 0 | ||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | $ 192 | |||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.30 | ||||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.30 | $ 0.10 | |||||||||||||||||||||
Dividends, Common Stock, Cash | $ 8,856 | ||||||||||||||||||||||
Deemed dividend on preferred shares | $ 3,256 | $ 0 | 3,256 | $ 0 | |||||||||||||||||||
Preferred Stock, Redemption Amount | $ 87,927 | $ 87,927 | $ 0 | ||||||||||||||||||||
Series D Preferred Stock [Member] | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 165 | ||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.243056 | ||||||||||||||||||||||
Dividends Payable, Date to be Paid | Jul. 07, 2023 | ||||||||||||||||||||||
Redemption date | May 30, 2023 | ||||||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 3,517,061 | ||||||||||||||||||||||
Liquidation preference | $ 25 | $ 25 | |||||||||||||||||||||
Deemed dividend on preferred shares | $ 3,256 | ||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 3,517,061 | 3,517,061 | 3,517,061 | ||||||||||||||||||||
Series E Preferred Stock [Member] | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,239 | ||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.57812 | $ 0.57812 | $ 0.57812 | ||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 5,486 | ||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 4,745,947 | 4,745,947 | 4,745,947 | ||||||||||||||||||||
Series F Preferred Stock [Member] | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 5,888 | ||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.59375 | ||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 6,747,147 | 6,747,147 | 6,747,147 | ||||||||||||||||||||
Series D, E and F Preferred Stock [Member] | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 33,621 | ||||||||||||||||||||||
9.50% Series F Preferred Shares [Member] | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.59375 | $ 0.59375 | |||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 8,012 | ||||||||||||||||||||||
8.75% Series D Preferred Shares [Member] | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.54687 | $ 0.54687 | |||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 3,848 | ||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.40 | ||||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.60 | ||||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.30 | $ 0.30 | ||||||||||||||||||||
Dividends, Common Stock, Cash | $ 8,856 | $ 8,850 | |||||||||||||||||||||
Dividends Payable, Date to be Paid | Jul. 20, 2022 | ||||||||||||||||||||||
Preferred Stock, Convertible, Shares Issuable | 306,190 | ||||||||||||||||||||||
Series G Convertible Preferred Shares [Member] | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 459,286 | ||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 0 | 459,286 | 0 | 459,286 | 0 | ||||||||||||||||||
Series B Cumulative Redeemable Perpetual Preferred Shares [Member] | Shyris Shipping Company S.A. [Member] | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.001 | ||||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 756 | $ 865 | |||||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 75,000 | 100,000 | 500,000 | 1,438,841 | |||||||||||||||||||
Preferred Stock, Redemption Terms | at a rate of 7.50% per annum, payable in arrears on the 1st day of March and September of each year | ||||||||||||||||||||||
Preferred Stock, Redemption Amount | $ 1,000 | $ 1,000 | $ 5,000 | $ 14,388 | $ 750 | ||||||||||||||||||
Shyris Shipping Preferred Shares [Member] | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 10 | $ 10 | |||||||||||||||||||||
Preferred Stock, Redemption Amount | $ 22,889 | ||||||||||||||||||||||
Shyris Shipping Preferred Shares [Member] | Minimum [Member] | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||
Preferred Stock, Conversion Basis | 112.5 | ||||||||||||||||||||||
Shyris Shipping Preferred Shares [Member] | Maximum [Member] | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||
Preferred Stock, Conversion Basis | 100 | ||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 4,064,266 |
Accumulated other comprehensi_2
Accumulated other comprehensive income (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | ||
Unrealized income | $ 2,628 | $ 21,176 |
Earnings (Loss) per Common Shar
Earnings (Loss) per Common Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator | ||||
Net income attributable to Tsakos Energy Navigation Limited | $ 60,641 | $ 46,225 | $ 237,196 | $ 51,743 |
Preferred share dividends Series D | (1,924) | (1,924) | (3,848) | (3,846) |
Preferred share dividends Series E | (2,743) | (2,743) | (5,486) | (5,488) |
Preferred share dividends Series F | (4,006) | (4,006) | (8,012) | (8,012) |
Preferred share dividends, Convertible Series G | 0 | (31) | 0 | (31) |
Undistributed income to Series G participants | 0 | (370) | 0 | (353) |
Deemed dividend on redeemable Series D preferred shares | (3,256) | 0 | (3,256) | 0 |
Net income attributable to common stockholders of Tsakos Energy Navigation Limited | 48,712 | 37,151 | 216,594 | 34,013 |
Preferred share dividends, Convertible Series G | 0 | 31 | 0 | 31 |
Undistributed income to Series G participants | 0 | 370 | 0 | 353 |
Net income attributable to common stockholders of Tsakos Energy Navigation Limited, for dilution purposes | $ 48,712 | $ 37,552 | $ 216,594 | $ 34,397 |
Denominator | ||||
Weighted average number of shares, basic | 29,505,603 | 28,398,404 | 29,505,603 | 26,992,886 |
Weighted average number of shares, diluted | 29,505,603 | 28,704,595 | 29,505,603 | 27,299,077 |
Earnings per share, basic attributable to Tsakos Energy Navigation Limited | $ 1.65 | $ 1.31 | $ 7.34 | $ 1.26 |
Earnings per share, diluted attributable to Tsakos Energy Navigation Limited | $ 1.65 | $ 1.31 | $ 7.34 | $ 1.26 |
Commitments and Contingencies -
Commitments and Contingencies - Minimum Future Charter Revenue (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
July 1 to December 31, 2023 | $ 234,815 |
2024 | 334,769 |
2025 | 201,580 |
2026 | 160,187 |
2027 | 146,001 |
2028 to 2038 | 454,963 |
Minimum charter revenues | $ 1,532,315 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) $ in Thousands | Jun. 30, 2023 USD ($) |
Property, Plant and Equipment [Line Items] | |
Number of vessels under construction. | 8 |
Purchase Obligation | $ 591,627 |
Eight Vessels Under Construction [Member] | |
Property, Plant and Equipment [Line Items] | |
Payable in 2023 | 144,891 |
Payable in 2024 | 180,380 |
Payable in 2025 | $ 266,356 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Fair Value Disclosures [Abstract] | |||
Cash and cash equivalents - Carrying Amount | $ 529,217 | $ 304,367 | $ 161,148 |
Cash and cash equivalents - Fair Value | 529,217 | 304,367 | |
Restricted cash - Carrying Amount | 4,877 | 5,072 | $ 10,648 |
Restricted cash - Fair Value | 4,877 | 5,072 | |
Margin deposits - Carrying Amount | 4,270 | 4,270 | |
Margin deposits - Fair Value | 4,270 | 4,270 | |
Long-term receivable (including short-term portion) - Carrying Amount | 23,558 | 23,307 | |
Long-term receivable (including short-term portion) - Fair Value | 23,558 | 23,307 | |
Redemption of Series D Preferred Shares - Carrying Amount | (87,927) | 0 | |
Redemption of Series D Preferred Shares - Fair Value | (87,927) | 0 | |
Debt and other financial liabilities - Carrying Amount | (1,548,196) | (1,587,582) | |
Debt and other financial liabilities - Fair Value | $ (1,548,196) | $ (1,587,582) |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Derivative Instruments - Statements of Financial Position Location (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Liability, Noncurrent | $ 178 | $ 5 |
Total Derivatives [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 912 | 193 |
Total Liabilities | 239 | 5 |
Designated as Hedging Instrument [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 0 | 193 |
Total Liabilities | 0 | 5 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Current | 0 | 193 |
Derivative Liability, Current | 0 | 0 |
Derivative Asset, Noncurrent | 0 | 0 |
Derivative Liability, Noncurrent | 0 | 5 |
Not Designated as Hedging Instrument [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 912 | 0 |
Total Liabilities | 239 | 0 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Current | 854 | 0 |
Derivative Liability, Current | 0 | 0 |
Derivative Asset, Noncurrent | 0 | 0 |
Derivative Liability, Noncurrent | 178 | 0 |
Not Designated as Hedging Instrument [Member] | Bunker Swaps [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset, Noncurrent | 58 | 0 |
Derivative Liability, Noncurrent | $ 61 | $ 0 |
Financial Instruments - Gain (L
Financial Instruments - Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative (Effective Portion) (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Effect on the consolidated statements | $ (1,190) | $ 4,802 | $ (2,628) | $ 21,176 |
Gain (Loss) Recognized in Accumulated Statement of Other Comprehensive Income (Loss) on Derivative (Effective Portion) [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Interest rate swaps | 0 | 7,376 | (132) | 26,037 |
Reclassification due to de-designations to interest and finance costs, net [Member} | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Effect on the consolidated statements | (1,313) | (2,623) | (2,611) | (4,959) |
Reclassification to deprecation expense [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Effect on the consolidated statements | 123 | 49 | 115 | 98 |
Total [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Effect on the consolidated statements | $ (1,190) | $ 4,802 | $ 2,628 | $ 21,176 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Total | $ 1,043 | $ 561 | $ 673 | $ (1,428) |
Total | 8,484 | |||
Reclassification due to de-designations to interest and finance costs, net [Member} | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Interest rate swaps | 1,046 | 561 | 676 | 561 |
Bunker swaps | $ (3) | $ 0 | $ (3) | $ 7,923 |
Financial Instruments - Sched_4
Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Interest rate swaps | $ 676 | $ 188 |
Bunker swaps | (3) | 0 |
Fair Value, Net Asset (Liability), Total | $ 673 | $ 188 |
Financial Instruments (Details
Financial Instruments (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Cash collateral | $ 4,270 | $ 4,270 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 2 Months Ended | 5 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | |||
Feb. 28, 2023 | May 30, 2023 | Jul. 27, 2023 | Jul. 25, 2023 | Sep. 07, 2023 | Sep. 01, 2023 | Aug. 25, 2023 | Sep. 21, 2023 | |
Aframax tanker Njord DF [Member] | ||||||||
Vessel delivery date | September 21, 2023 | |||||||
Shyris Shipping Preferred Shares [Member] | ||||||||
Dividends, Cash | $ 150,000 | $ 539,600 | ||||||
Series F Preferred Stock [Member] | ||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.59375 | |||||||
Preferred Stock, Dividend Rate, Percentage | 9.50% | |||||||
Series E Preferred Stock [Member] | ||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.57812 | $ 0.57812 | $ 0.57812 | |||||
Preferred Stock, Dividend Rate, Percentage | 9.25% | |||||||
Common Stock [Member] | ||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.40 |