TNP - Earnings call transcript Q2 2021 | Tsakos Energy Navigation Limited

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Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Tsakos Energy Navigation Conference Call on the Second Quarter 2021 Financial Results.

We have with us Mr. Takis Arapoglou, Chairman of the Board; Mr. Nikolas Tsakos, President and CEO; Mr. Paul Durham, Chief Financial Officer; and Mr. Officer Company. Operating Chief Saroglou, of the George At mode. all participants a listen-only are in this time, be presentation will There a question-and-answer session. followed by a Instructions] you recorded [Operator advise conference must being is that today. this I floor And now, Mr. to I'll the pass Nicolas Tsakos Navigation. of Relations Energy of Bornozis, Capital President Investor Advisor Link Please ahead, go sir.

Nicolas Bornozis

the slides right a accessed on webcast, there so slide to of for our live I you please presentation this call is and morning, and conference of to turning particularly slides, page forward-looking its be And Investor Thank next copy front to we on Relations case much, of meaning will the previous to conference today's at Tsakos that to the morning Securities today's parallel XX, XXXX. statements hosting second do conference Tsakos us on New York. your conference follow that at York. Litigation are will congratulate to www.tenn.gr. to like Mr. the the cautioned you presentation of Safe webcast Safe of say you presentation access XXXX. In also away. own. Bornozis This like Reform publicly call, Nicolas the call you floor call of or such by audio to statement. Arapoglou, contains New before The be within Company's e-mail the Harbor of by that of TEN's the York urge a webcast can copy archived Energy note user-controlled, that to good XXX-XXXX button, very which website over time, can is I'm that that the are will the days presentation in Investors in six-month Please results website. uncertainties, release, to couple of the New into may webcast not at of Jersey. June International after us and on I of he business in happy This Please And big the are on and be call. that and slides certain available the the which website have today move the Company call clicking provision note Association Also, like Hall a and ago, please a Company's presentation read the the Company inducted Adviser Harbor of a of organized the was or conference and note means would the the the and Act slides and financial this we actually, released you, forward-looking we would to the New ceremony affect the York have operations. all slide of that on please Navigation. from the period ten@capitallink.com, slide and e-mail results participants. earnings At involve quarter sent Capital to Port would Maritime him statements the Dr. I Link, risks ended Maritime the of (XXX) proper Private New by prospects Fame

Chairman pass ahead, further Mr. go please Navigation. Arapoglou, and New congratulations, any delighted So would the without Dr. I And to you of delay, the Tsakos, to Energy floor Tsakos in us to have York. with sir. like Arapoglou,

Takis Arapoglou

that we've this, a proving relatively today. joining indicate that Nicolas. our show model. everyone. Thank morning are more unscathed, memory. stay call you we worst managed and the have in afternoon today in for the Thank you, good we recent period that in despite clearly once We the to market results robust Good to operating And

charters blue-chip accretive in investments customers new always. countercyclical as of strategy and well-proven with our continued We

continue We vessels all a the maintain to fleet. young selling

to of predictable We at portion a time for, our costs, charter, percentage lower a keeping albeit spot increasing substantial revenue on a while flow content steadily ensure market. TEN vessels comfortable the strong continue All obligations, and a expected, maintaining cover containing as repaying costs. a dividends servicing very in while the rebound this, constantly debt, maintaining and position cash to our position,

Tsakos So this, what's us team the And for nothing and the excellent side. according focus and again, the congratulate my has same the from to we much well. Nikolas performance. very you in This I'll served Tsakos. Thank really need new, for to floor pass along model just tweaking all happened to market. Nikolas now the his

Nikolas Tsakos

you, all, we Good when We be would profits. wishes, We thank will be soon, big the start coming would you that words. Chairman. you, thank morning hope and to thank for to congratulated making but also your and your Nic for Bornozis good like

to and order the frankly from sure have sure Greece, at our men them board say, any but making that significant have to very go at a operation rules vessels recognized this XX vaccinating TEN's the the have would actually to the regions unsung thank the for we their families conditions families, ever environment; more to in spending of vessels in on the and the the heroes also get repatriations and environment, like for to and and We board utmost the will repatriation majority will a actually been on and areas on our team our cost, the tried people and before heroes to countries. we more back and only their sometimes not model And been the from And than navigating using women through navigating away the pandemic ships ships you conditions, that due whole around see safely from that and time in being difficult various been their it France, succeed world. and bottom make Philippines like, difficult operational would side, market I has facing, we to them do in will the costs line, board. hostile also our

head So a this through it strange very would has a I We keep storm. of been, time. clear try say, period to

good so Chairman as good. brightening The up. to be horizon And seems our so far, said,

we at as of I all think XXXX looked normalizing. fourth the time quarter start a things this have would that at

to on clients looking is vessels second that that of other markets we can something participating are many quarter the we emanation to the to their This today's are are dry us for And going bottom. makes forward. at have is beginning first environment pandemic. and happening. taking also the significantly you XXXX, have on rates as our Baltic seen year-to-date today they see basis put can, of $XX,XXX. the are of to like market see close and bouncing a as positive bottleneck we hands which the the of that And is advantage looking the with reports actually market All We of that cargo VLCCs do the majority here, container of average being an Index of market been the the is on from $XXX have of the in of than the the less

I thirst also world. with which to the do energy that's the for has So a jump, around from seasonality, but think significant

calmer than state-of-the-art the vessels, order, So the we fleet. them on maintaining meantime, started much to crisis model to delivered, XX renew are waters. of six of Dual-Fuel. taking the is a rest In lead that us four I our hope quarter the better six advantage of to going fourth also

For big term the design us, for turn, a significant it's a future. dramatic

pleasurable. to to proud hand-to-hand the going vessels new much a very results. think, forward give George, about charters shipping. the hopefully, in this, Mr. proud Saroglou, the also announce to we're but because think couple building Thank you. of be bit and So I a team -- I about better floor And next the this, with that talked would our to with we who And of past, our future be for the I new COO, will might able very for would designing that's you quarters, era hand us more

George Saroglou

to Nikos, joining call. you earnings all our good morning you, Thank of and

sustainable, of year until to to fourth quarter. a the the in start strong upcoming the U.S.A., of average. and all summer seasonally are enter pre-COVID based currently is of day levels current the XX% that months rates strong while rates. is of initial restored oil OPEC+ And continue me the current and Global geographies. And we agent XX the out, phased per be in to and improvement be at of currently be oil we're XXXX of average continues last the consider older, global low Europe continues average from economies five-year phase and and the the tankers happen as on almost levels supply considering and expect higher which China the we are of of expect anticipation the saying are adding demand environmental the demand will million supply than to part larger-sized expected statistics by out every below to plans. is recovery year-to-date barrels cuts The compared recover next end month the end to OPEC+ vessel are the August, from to the has fleet the to per we new for inventories types across cuts built XXXX. course, it grow big the fleet. all year of last the and this improvement, new X year. now to Mobility production continue demand let day million-plus of this demand at we to getting improving, third major barrels when freight quarter are average, and that markets XXX,XXX the regulations expected of XXXX on So losses historical that at by Xx vessels in Suezmax', continue year-to-date seeing X VLCCs bouncing Spot

four we thanks currently of decades and slide, the for tankers crises. fleet move forma in forma In Let's see XX% with four XX we the terms presentation. we annual out has XXXX, started its inception be have modern TEN the in the in next of see vessels tons is in pro current average crisis-resistant, to our to of this time, X, to We and Company, which have four faced profile. growth its come built the operate. stronger. that in an Slide of now pro XXXX, employment But major In model, since we a operating slides deadweight fleet we

in rate of light while have time in fleet the vessels blue charter the and exposure charters contracts, the ratings of the All spot dark market's in slides, currently a CoAs and flexible We the charters, upside. market's red upside. sharing, XX% capture with on water and colored XX or that the are vessels, have profit fixed fixed time in employment time color combination vessels blue

the the Plus capture operating the of options of to with will investments Company's So that older as once is positioned six means have course, first the bring a environment tanker four took LNG-powered Dual-Fuel of our first the model, in Suezmax sale buildings. and and tankers we TEN footprint that special key enhance available freight three tanker market the a new two will Aframax surveys in And Panamax freight newbuilding of vessels, fundamentals freight recovery to XXXX-built plus low And rebounds. Company's number of positive XXXX, that during these to the tankers, rates. of we the since are history. fleet market replaced well tanker two environmental modernity half target tankers, very is our which XXXX-built of the concluded be advantage such forward element scheduled a the vessels

the building long-term addition, presents with coming we side vessel the and Shuttle DPX the we in all-in operate left employment cost six attached. All LNG one one buildings new In for In are firm TEN. X, Tanker Slide are various types more breakeven carriers.

revenue As paying be of continues contracts the low. cost interest. time sufficient OpEx, charter see, overheads, during loan cover chartering half you the costs the the generated from first and base for the was all cash again Company's can And to 'XX, expenses, to vessel

of low achieved cornerstone fleet rates. and by management And general low power every fleet we TEN's TCM, to overall, costs, utilization the the and the Debt high $XXX it's repurchased continuous the dockings, capital maintain of in positive series spot cost reduction the we highlight of must repaid debt This for average number also after on profit-sharing a important, is of increase control impact market. rates. low of for shipbuilding fleet. Since element, very to we administrative two in $XXX million the preferred step-up vessels have exposure for allocation in OpEx part quarter, expenses, a sales to addition Quarter course, XXXX, forward very a the XX% thanks December despite $X.XX strategy utilization million that in $X,XXX EPS has of of the our efforts debt the purchasing spot in the and and peaked we chartering while Company. XX outstanding. annual have In the had of keeping currently plus bringing strategy a the of scheduled dry based of

growing the in shareholders $X.X the new $XX on reward billion payments acquisitions, XXXX. down common shareholders shareholders Company's million and building to the payments. July addition per Company paid $X.XX continued timely purchase In dividend bringing Exchange almost sale per York to rewarded in annum or and debt, since XX, with on XXXX. TEN to with the has we Stock listing dividend New dividend We share through average,

of demand XXXX. of was was oil losses per and X.X from day. XXX barrels and of contain million measures and it. jet of XXXX year pandemic approximately first the Year-end barrels continues recover Most in COVID the the recession markets, per were period since the million day demand approximately figures of Looking collapse global at the the unprecedented to negative fuel. aviation growth year-end XXXX because great of XXXX the to in the demand levels below the

barrels barrels X.X growth demand day XXXX. XXXX oil million of end reach growth expect non-foreseen demand X.X probably the COVID the will per most next year. pre-COVID developments per variants, and We with at we million of levels day in Bearing for

of barrels per front, -- meetings. day, the front in of Almost OPEC+ returned global have million day supply half supply scheduled to The continue monthly producers manage is plan which to supply on increases XX discipline. reduce global OPEC+ production XXX,XXX their with monthly market. per the the cuts the and barrels On for adjust

The Hemisphere the of Upcoming rates. positive the of and As let slide, Northern approaching to could over tanker currently of seasonal XX see the over removed years and additional of and the tanker at a prices We XXX or XXXX above market car] and years demand, in fleet with environmental or In was tanker year at release years XX.X for for weight. be With demand X. in recovering, should scrapping regulations the light the this drop strong demand oil August and we very tankers further to catalyst push enter XX winter we deadweight barrels a tankers had -- peak market. positive a order big highest fleet and million look us [cap the year $XXX Slide expected, forecast X.X% are before, was At is years. as the book per the is records, XX more or the from high fleet, ton scrapping. more years. September go XX next next year of cost. vessels the tankers that years lower. the scrap the with levels, almost or stands the as over X.X%, book the XX% order a same around X,XXX in which of supply than XXX part at of three lowest time, Last

strong vessels recovery have oil modern XX.X side regulations or further to so We the X.X% exiting summarize, seen far the years, demand, see With above to business. environmental million the we expect scrapping of XX we and XXX supply helping the To deadweight the fleet of numbers global continue. for increase, XXXX market ton.

least the average demand On are OPEC+, XXX,XXX more the are levels. oil, barrels increases is when oil to per the market the below of time monthly increasing global the levels, pre-COVID cargoes of bringing by supply and production at five-year towards at day stocks

to levels. phase-out big tankers, A the reaching the for to of is ratio is of to XX book which points at order the fleet book low of the months. and next current all tighter part historical fleet a On edge, order supply supply XX tankers

sheet, balance resistant crisis company's built Our a operating have we model.

have a capture fourth market to well modern seasonally enter quarter. fleet we positioned strong the We as the developments

rates and are lag can the both the rate always which, of a a that that strong short guidance debt, reduce and past and the future, business, lastly, spillover the environment. to will for allow the users how to view, nearby. banking our other be sectors is sheet Supporting increased carriers vote enjoy continue should market if is to very is containers sector to of shipping strong strong. be at there end be long-term to history the the lagging asset a prices activity opportunities be take shipping sectors and advantage Company presented. for for from confidence doing, recovery have the freight We And freight is of the And continue major above positive we in will bulk balance relationships time effect that looking better a tankers next shipping for

to and With the the you ahead, Paul? much financial of expectation through first highlights days the XXXX. ask Paul better I will of quarter walk second half

Paul Durham

George. Thank you,

time our some So [I] by TEN half for million despite for Suezmax', their million was after cover costs charter million, spot to Also, in total fuel million, they brought and tankers, dry where still debt the more four incurring X/X a hire times enough utilization and overheads successfully of fuel XX and quarter cash to the dry-docking. of full impacted sold find repaying costs, nearly in was still earnings loans to free in consumption $XX forward and continuing and eight of almost expenses, been over vessels the by which June, and lucrative charter of million, was managing Much our able earned squeezed during liquidity these spot to vessels stagnant and period, due six-month two million finance Antarctic time to revenue where revenue quarter a docking, includes oil for operating the prices. as moved our Of $XX significance due a loss voyage vessels cash vessels certain $X.X generate of rising completed all expenses, million. year. In billion. to our That XX our of in in charter-in that of the increased our but $XXX increase $XX secure was costs, to nearly this into large over reduce on with despite in of fleet $XX two, market, covering $XXX ability charter time modest market undergoing gross Arctic had the left almost possible. operate in of related to $XX market

loss the losses the to on million, $XX.X and just the Excluding a relatively was million, loss the sale were net operating decent of in circumstances. the Suezmax', held overall $X.X net

and Our average quarter U.S. overall on in compared reverse the A quarter technical two two, also vessel have Operating and to this trade. TCE costs, market expenses especially $XX,XXX, revise. the down the dry temporarily, conditions since dockings, left the time contributed expect charter major also a to LNG higher expenses performance vessel weaker an X%. to expenses condition in the to carrier, dollar continues by but of due included perfect which we only as economy per prior TCE LNG total further although which to daily up pushed this a averaged addition continue $X.X in vessel to difficult its to dockings. quarter rising strong increased dry by been by a TEN's our held the managers given million

increased and to fell months, quarter debt six that So exactly mind just average have level bearing margins. due interest over G&A two, same while years. in costs over $X,XXX, reduced and mainly -- rates as been stayed lower Finance fees increased, in fell in not at OpEx XX%, prior it for management XX fees costs per but to the vessel the moderately the

the of only and Nikolas. $X million. to remained hedge cost also valuation point, the our at call now While debt amounted hand X% at positive this bunker back movements has And over to I'll

Nikolas Tsakos

the with how it has Well, soon. even profits Paul, clear, very more trying sometimes and enthusiasm have Thank been suffered it big and business secondary period of it you, to period us, and people is sometime it period all been has be all world. has that's on been what around reporting I and a trying the for as think a trying we'll segment, the

able stronger I we Thank start back the Golden this, is course have. our the under rates spot work it stay period better you And very through thinning and finally, these becoming maintain to Chinese And we be rates to very that to questions a more start seeing out safe we good getting be people very next hope forward. to and expecting So and head Week clear you things happy circumstances. so are much. on see and week, to with any that might answer to would going even with the

Operator

ahead. today from question first Your of line Instructions] the Please Nolan [Operator comes from Ben Stifel. go

open. line is Your

Ben Nolan

and of with got given specific contract. couple. at is ordered. emissions I I is this this to it headed you're you say is Dual-Fuel, going you I to and customer of anything, or respect on with to I've what release you're the Dual-Fuel to that question moment, guess obviously, do So a Strategically, on be These and you where long-term strict press sort how the of believe, said maybe to But sort I'm be vessels are and conventional. wanted would if is request the was to looking probably Dual-Fuel? on build? be most fuel your a fair -- it less the that of what Or you're going LNG start that building uncertainty the

Nikolas Tsakos

Thank say, Ben. took you. many the, new we in would conventional invest And much, not anymore. you Thank I decision, very buildings we strategic

hold somebody's taking with when yourself. our which dive it always in into than partners strategic going So hand dive technology, it dive hand-to-hand, a better by it's into you to future is

is to until we uncertain from that the We take the now us. today seems XXXX. see way solution future -- The is the that and we today speak will as anybody where Dual-Fuel as the are be way that medium-term

ships. we know, you As building are

we XX took that's decision. why We this to are that ships last XX years, and would building

not we made have a the on too based model to we that a remember, decision came, most So the because new number have on a and the we of it piece vessels, and pass business in decision to been quite of conventional business was back future young you're XX created attractive of is XXXX. -- the offered decided on

had world's fleet On and I the convert whole think between started tanker had XXXX TEN the the time, we the that's full of soon new when this XXXX into way double-double aftermath future to the technology. the -- looking OPA fleet. design, And double-double-double in the very, and was this very before we XX, why that's what we're with

Ben Nolan

And as present of that, That's theory, again, helpful. Okay. it potential though, a problem whatever if charter to sort future. legacy or borne there on isn't is, time That carbon in I that through challenges And or the that -- fuel would part? of is, in understand that not-too-distant you compensate be -- owner. a your a mitigated tax in how carbon by How ship it the then or fact, whatnot, contract you to built how $XX following doesn't borne if you could, one the or be do have for do the, taxes think on of think you will manage handled ton that. it you is do

Nikolas Tsakos

foresee charters that the will between the on to In this And shared get time and I will we contracts, the charters say sure long-term time I wearing have something that my be is I ex-INTERTANKO most charter of colleagues hat, -- to think our owners. this most make would my of I other foreseen.

I is think that fair.

is the to paying the it for burden unfair The for this. something we of I new ships. carry think whole technology are the owners are owners new building like

I design the years a we be charterers. has making and with users with it together XX are But our shared did when We end as to double-double investment ago. the think

So, quite discerning I have we long-term few of in we have think arrangement. them, a -- our so and contracts

Ben Nolan

helpful. X, we're last, curiosity, report Okay. ago. company -- so to I just of behind the how was months out it's what color as Any I the mean That's then to October And last two schedule? tanker mean,

Nikolas Tsakos

come. Yes. to be to the lot Well, and road had results. in on wanted States this planning do COVID that was to the of September, were able because XX our to migration to months we two come of you ago. would I it trying long of not of were do The my after Hall a Fame, to finally We able August, a were -- a end days permit We for to we here come allow the get and end show. and United award legislation, only us reason to the do was

So, good do show could York, New block in said, it result the be a to we to be show. we do and not Immediately, here road would be in a period.

why award the that's XXXX. to in was it CMA award, was postponed. supposed Like I this March my So be getting at

alive. it got I glad I'm So

Ben Nolan

Well, to internationally congratulations, again. was U.S. nice to it felt use and my passport welcome the I And -- I traveled last week, and

much, so So Nik. anyway, it. Thanks appreciate I

Nikolas Tsakos

Thank you.

Operator

you. Thank

Magnus comes Wainwright. Please ahead. of Your next the go from from Fyhr line question H.C.

line Your open. is

Magnus Fyhr

to the Tsakos, Good and award Nikolas, Congratulations, new team, contracts the Aframax'. for the afternoon and

Nikolas Tsakos

Thank you. Thank Magnus. you,

Magnus Fyhr

of All Couple questions. right.

that that somewhere little of a should targeted know there's in that. what those would comment can give this a ballpark cost and Aframax the LNG years newbuild it you looks capability regular you. on contracts. additional like I know Can And a flavor contracts. Thank of kind cost? the be over few on you if I six $XXX further Just million. don't follow-up you on more stated returns a

Nikolas Tsakos

Yes.

to quite I you have accurate think said. that's what

to of companies from and that -- we faithful relationships country would country. to being, long I one shipbuilders to were have the able the say, our our I really of achieve because think always the contracts jumping been we and not

put there this building are technologically -- in not moving actually, building we have shipbuilding our are at keep another there, we vessels that new too to new we which and since us taking environment, So many gives comfort chances. because continued has without the the our trust that's 'XXs least Korean been on team

percent course, to gone an additional been as roof. able today, for the value, roof as have And the go steel to environment. least through those Of have know, steel sure, XX% cost, we were value XX% the because most have think you pre-explosion prices, as we the commodities at I through of ships achieve the prices XX going

So however, we -- for previous due we excitingly U.S. to the XX% vessels buildings. really build least pre-up are price those for the XX% six to higher new were prices a still, XX -- another four and very is major at significant at technology. the new complicated glad the company able to and there But oil

Magnus Fyhr

would these what timing And as Good. can comment kind of on vessels, far Okay. you as of see? frame financing time you and delivery

Nikolas Tsakos

we those certain hopeful, still very have right way. but in are meantime, we -- ships in now the are few delivery we every of are big lot the money a quite a very in we quarter And that will a taking deliveries Well, XXXX. start into

have LNG and the LNG January LNG for energy as seen happened has to in markets value. our you've is that which coming what We delivery to and the

if April, later with that is today we in paid good at think our to. have at here, I a the our could in for to hope vessel be for endeavor tanker. least million have $XX is next we Brazilian which more here, what And year, more situation we So million shuttle then flip than we $XX least in

will do Dual-Fuel the be to delivery. So from now for will things we have coming until

Magnus Fyhr

All right.

down and So assume that payments the spent you in XX% just regular down performance we should already XXXX? payment, then

Nikolas Tsakos

That's true.

Magnus Fyhr

a ask million with my sheet? you you the declined have night at and significant questions. on still sleep right. last question balance. have balance somebody let still $XXX I'll All cash But else can balance question cash to over The is, here, the to But

Nikolas Tsakos

now and there are we most turning the out Company been money delivery more obligations or for I've with These LNGs. of can way. obligations it do. said, the -- have as Well, the the management. have in yes, -- cash much we why sheet. shuttle cash our I think the in have not takes very that either we our And to And any its -- are we do to of tankers for correct are the hopeful the having we Don't had our are seriously forget, of and is see was that thing balance too criticized you -- I past market paid

peak all the And close $XXX $X.XX right step-up have top And our cash. of the from on that, million from of debt preferreds. billion, of $X.X XXXX reduced repaid in to now, have to we Company's that's billion. We

obligations, environment, X%. today and debt very So, we is we're are a significantly low are enjoying under very our we low enjoying which reducing --

So we I low, cost think that's do And to tons of million hope capital we billion very that X steel. forget have it close WAC lightweight of why and million we very, is our sorry, or that X.X X -- comfortable. feel not

of our fleet. about of $X.XX which values. $X still So debt very our scrap very, billion an supported is is by whole very, And our fleet young a excess fleet, in billion,

with this, a think environment, So market I all Paul, situation to today's comfortable of course. referred in

Magnus Fyhr

look at to award. Nikos, that's interesting congratulations Yes. it. way No, your to an

Nikolas Tsakos

Thank you. much. Thank you very

Operator

Your next go of Please line ahead. question Jefferies. comes from the

open. Your line is

Chris Robertson

Robertson you. Chris for How is on This are Randy.

Nikolas Tsakos

very I well. Thank you.

Finally, on of side the this Atlantic.

Chris Robertson

four put Congratulations award out following the the on two? build And up you then fair that the timing option I were of for say of Is down discuss on Yes. the new that additional questions period payments on as can the to you kind six? just on the asked. it well. guess,

Nikolas Tsakos

think That's yes. will I the January And situation. it be Yes, for XXXX.

Chris Robertson

And for be of any EEDI? comply then maybe requirements talk -- obviously, that can propulsion, the the from a the to we'll you III Okay. new or able design upgrade be that with will aside other new systems about the Phase

Nikolas Tsakos

have this -- I I be building our we an hope on think have is my I I to I one daughters new have engineering. going Well, to study But is And engineer's of line. think from the department threatening -- dream.

new a So our those become an to ships, engineer, teams. to in of have wants is I the vessels. I how for think she'll this. to really be to up family time in know someone all don't going the based construction good It but good LNG it follow what breaking very be she in But on experienced be we ground. already it's will our on

in sometimes the tanks Tri-Fuel being happens So we challenges profile The system spaces in LNG which vessels on vessels. are which to the knowledge gas, containment operating ships. the in retrofit the the will ships be those deck, I going that be Dual- due allocated or think similarity of have to of are for instead design the of

we new and of as starting charter, the the whole having we going very going said, -- are phase demanding So very, I ship. think think whole a And we design we're for high-class of that the this excited we're for ships. I are

in against a against XX-year long back a build ships. sorry, -- we we So again, did contract, a very our first as charter, XXXX when number first of XXXX, our double-double

Chris Robertson

on how between of about you common talk guess balanced kind about breakdown shares? thinking program, guys between ATM the the And moving that versus strategy the shares preferred two? can are in terms the I Sure. you to of the

Nikolas Tsakos

a common we the we about program we Well, about ATM in the ATM the a in as Yes. inexpensive way. think from have preferred the and in very million the I I continue made million way $XX I have efficient create and liquidity will And the breakdown release a program. press from $XX come And think to far. think, And so measured market. find have it

Chris Robertson

authorization on comment in briefly the you that remaining can And program?

Nikolas Tsakos

all is you're I what it think it's, or? George He's one Saroglou, keeping the listening. it, million George the -- if $XX who's is

George Saroglou

to level. close Yes, this

Nikolas Tsakos

X-X. million, another million, $XX $XX approximately

Chris Robertson

I think us. that's it for

Nikolas Tsakos

much. you very Thank

Operator

Thank the back will any I you. call closing hand now remarks. for

Nikolas Tsakos

we again, this hopefully week. spent with has in able it later a States out the be now pleasure have and next seeing to little back United real been our in our time and the a that have be results shareholders Well, to week

the of Company. We have phase new the for entered development

better us for we in news. visit. have come And call, about is have I very Company. in next Bornozis will now much let our in one-on-ones And your And the We that much Thank markets would And Nic following are looking in to we're calls signs big just a follow that phase will this feeling, way, environment. not and numbers take to finally expect development excited our we a and of and hope of always this we environmental greener this. the you to any you much. finally all like am the Thank better very continue. the and if to free please support you now team, on

Operator

conclude Thank for you. Thank our you today. conference does That participating. for

all disconnect. may You

Tsakos Energy Navigation Limited (TNP) 7 Oct 212021 Q2 Earnings call transcript