Tsakos Energy Navigation Ltd. Files 20-F Annual Report

TL;DR

<b>Tsakos Energy Navigation Ltd. has submitted its annual 20-F report detailing financial performance and structure for the fiscal year 2023.</b>

AI Summary

TSAKOS ENERGY NAVIGATION LTD (TEN-PF) filed a Foreign Annual Report (20-F) with the SEC on April 19, 2024. Tsakos Energy Navigation Ltd. filed its 20-F annual report for the period ending December 31, 2023. The filing covers the fiscal year 2023. The company's principal business is deep sea foreign transportation of freight. The filing includes financial data for the years 2023, 2022, and 2021. Key financial statement components such as common stock, preferred stock, additional paid-in capital, retained earnings, and treasury stock are detailed for multiple periods.

Why It Matters

For investors and stakeholders tracking TSAKOS ENERGY NAVIGATION LTD, this filing contains several important signals. This 20-F filing provides a comprehensive overview of the company's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial data, including equity components and historical comparisons, allows stakeholders to analyze trends in capital structure and profitability within the maritime transportation sector.

Risk Assessment

Risk Level: low — TSAKOS ENERGY NAVIGATION LTD shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant new risks or disclosures beyond routine financial reporting.

Analyst Insight

Review the detailed financial statements and segment information within the 20-F filing to understand Tsakos Energy Navigation's performance and capital structure for fiscal year 2023.

Key Numbers

• 2023-12-31 — Conformed Period of Report (Fiscal year end)
• 2024-04-19 — Filed As Of Date (Date of filing)
• 2023 — Fiscal Year (Reporting period)
• 2022 — Previous Fiscal Year (Comparative period)
• 2021 — Prior Fiscal Year (Comparative period)

Key Players & Entities

• TSAKOS ENERGY NAVIGATION LTD (company) — Filer
• 2023-12-31 (date) — Conformed Period of Report
• 2024-04-19 (date) — Filed as of Date
• 4412 (sic_code) — Standard Industrial Classification
• 367 SYNGROU AVENUE (address) — Business Address
• ATHENS (city) — Business Address City

FAQ

Risk Factors

• Risk Factors [low — operational]: The filing is a standard 20-F and does not contain specific new risk factors beyond general disclosures typical for an annual report.

Industry Context

Tsakos Energy Navigation Ltd. operates in the deep sea foreign transportation of freight sector, a segment of the global shipping industry.

Regulatory Implications

As a foreign private issuer, Tsakos Energy Navigation Ltd. files annual reports on Form 20-F with the SEC, adhering to specific disclosure requirements.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for FY2023.
2. Examine the balance sheet for changes in debt, equity, and assets compared to prior years.
3. Review any disclosed risk factors or business descriptions for operational and market insights.

Key Dates

• 2024-04-19: Filing Date — Submission of the 20-F annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date for the financial reporting period covered by the 20-F.

Year-Over-Year Comparison

This filing is the 20-F annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $5.00 — h registered Common Shares, par value $5.00 per share TNP NYSE Series E Fixed-t
• $1.00 — Perpetual Preferred Shares, par value $1.00 per share TNP.PRE NYSE Series F Fix

Filing Documents

• d800736d20f.htm (20-F) — 3035KB
• d800736dex23.htm (EX-2.3) — 55KB
• d800736dex8.htm (EX-8) — 64KB
• d800736dex121.htm (EX-12.1) — 10KB
• d800736dex122.htm (EX-12.2) — 8KB
• d800736dex131.htm (EX-13.1) — 6KB
• d800736dex132.htm (EX-13.2) — 5KB
• d800736dex151.htm (EX-15.1) — 4KB
• d800736dex971.htm (EX-97.1) — 26KB
• g800736image_001.jpg (GRAPHIC) — 19KB
• 0001193125-24-102899.txt (&nbsp;) — 10879KB
• tnp-20231231.xsd (EX-101.SCH) — 100KB
• tnp-20231231_cal.xml (EX-101.CAL) — 86KB
• tnp-20231231_def.xml (EX-101.DEF) — 295KB
• tnp-20231231_lab.xml (EX-101.LAB) — 599KB
• tnp-20231231_pre.xml (EX-101.PRE) — 421KB
• d800736d20f_htm.xml (XML) — 1561KB

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers 2

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable 2

Key Information

Item 3. Key Information 2

Information on the Company

Item 4. Information on the Company 25

Unresolved Staff Comments

Item 4A. Unresolved Staff Comments 45

Operating and Financial Review and Prospects

Item 5. Operating and Financial Review and Prospects 46

Directors, Senior Management and Employees

Item 6. Directors, Senior Management and Employees 68

Major Shareholders and Related Party Transactions

Item 7. Major Shareholders and Related Party Transactions 76

Financial Information

Item 8. Financial Information 79

The Offer and Listing

Item 9. The Offer and Listing 80

Additional Information

Item 10. Additional Information 80

Quantitative and Qualitative Disclosures About Market Risk

Item 11. Quantitative and Qualitative Disclosures About Market Risk 96

Description of Securities Other than Equity Securities

Item 12. Description of Securities Other than Equity Securities 97 PART II 97

Defaults, Dividend Arrearages and Delinquencies

Item 13. Defaults, Dividend Arrearages and Delinquencies 97

Material Modifications to the Rights of Security Holders and Use of Proceeds

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 97

Controls and Procedures

Item 15. Controls and Procedures 97

Audit Committee Financial Expert

Item 16A. Audit Committee Financial Expert 98

Code of Ethics

Item 16B. Code of Ethics 98

Principal Accountant Fees and Services

Item 16C. Principal Accountant Fees and Services 99

Exemptions from the Listing Standards for Audit Committees

Item 16D. Exemptions from the Listing Standards for Audit Committees 99

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 99

Change in Registrant's Certifying Accountant

Item 16F. Change in Registrant's Certifying Accountant 99

Corporate Governance

Item 16G. Corporate Governance 99

Mine Safety Disclosure

Item 16H. Mine Safety Disclosure 100

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 100

Insider Trading Policies

Item 16J Insider Trading Policies 100

Cybersecurity

Item 16K Cybersecurity 100 PART III 100

Financial Statements

Item 17. Financial Statements 100

Financial Statements

Item 18. Financial Statements 100

Exhibits

Item 19. Exhibits 100 i FORWARD-LOOKING INFORMATION All statements in this Annual Report on Form 20-F that are not statements of historical fact are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. The disclosure and analysis set forth in this Annual Report on Form 20-F includes assumptions, expectations, projections, intentions and beliefs about future events in a number of places, particularly in relation to our operations, cash flows, financial position, plans, strategies, business prospects, changes and trends in our business and the markets in which we operate. These statements are intended as forward-looking statements. In some cases, predictive, future-tense or forward-looking words such as "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should" and "expect" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements include, but are not limited to, such matters as

Forward-looking statements include, but are not limited to, such matters as: future operating or financial results and future revenues and expenses; future, pending or recent business and vessel acquisitions, business strategy, areas of possible expansion and expected capital spending and our ability to fund such expenditures; operating expenses including the availability of key employees, crew, length and number of off-hire days, dry-docking requirements and fuel and insurance costs; general market conditions and shipping industry trends, including charter rates, vessel values and factors affecting supply and demand of crude oil, petroleum products and LNG, including the impact of the conflict in Ukraine and related sanctions; our financial condition and liquidity, including our ability to make required payments under our credit facilities, comply with our loan covenants and obtain additional financing in the future to fund capital expenditures, acquisitions and other corporate activities, as well as higher inflation and increasing interest rate levels; the overall health and condition of the U.S. and global financial markets, including the value of the U.S. dollar relative to other currencies; the carrying value of our vessels and the potential for any asset impairments; our expectations about the time that it may take to construct and deliver new vessels or the useful lives of our vessels; our continued ability to enter into period time charters with our customers and secure profitable employment for our vessels in the spot market; the ability and willingness of our counterparties, including our charterers and shipyards, to honor their contractual obligations; our expectations relating to dividend payments and ability to make such payments; our ability to leverage to our advantage the relationships and reputation of Tsakos Shipping & Trading S.A. within the shipping industry; our anticipated general and administrative expenses; environ

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers Not Applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not Applicable.

Key Information

Item 3. Key Information Capitalization The following table sets forth our (i) cash and cash equivalents, (ii) restricted cash and (iii) consolidated capitalization as of December 31, 2023. This table should be read in conjunction with our consolidated financial statements and the notes thereto, and "Item 5. Operating and Financial Review and Prospects," included elsewhere in this Annual Report. In thousands of U.S. Dollars As of December 31, 2023 Cash Cash and cash equivalents $ 372,032 Restricted cash 4,662 Total cash 376,694 Capitalization Debt: Long-term secured debt obligations and other financial liabilities (including current portion) $ 1,562,657 Stockholders' equity: 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 11,493 Common shares, $5.00 par value; 60,000,000 shares authorized; 30,183,776 shares issued, and 29,505,603 shares outstanding 150,919 Additional paid-in capital 912,214 Cost of treasury stock (6,791) Accumulated other comprehensive income 2,485 Retained earnings 548,237 Non-controlling interest 34,090 Total stockholders' equity 1,652,647 Total capitalization $ 3,215,304 1 Obligations under operating leases are not included. Table of Contents 2 Reasons for the Offer and Use of Proceeds Not Applicable.

Risk Factors

Risk Factors Summary of Risk Factors An investment in our common shares or preferred shares is subject to a number of risks, including risks related to our industry, business and corporate structure. The following summarizes some, but not all, of these risks. Please carefully consider all of the information discussed in "Item 3. Key Information— Risk Factors" in this annual report for a more thorough description of these and other risks. Risks Related To Our Industry If rates in the cyclical tanker charter market, which can be volatile, again decline to low levels and remain at low levels for any significant period it will have an adverse effect on our results of operations. Disruptions in world financial markets and economic conditions, including as a result of the conflict in Ukraine, as well as protectionist trade measures and other governmental action, could have a material adverse impact on our results of operations. The tanker industry is highly dependent upon the crude oil and petroleum products industries, with the level of availability and demand for oil and petroleum products impacting demand for tankers and, in turn, charter rates. An increase in the supply of vessels could cause charter rates to decline, adversely affecting our results. We face substantial competition for charters, including from state and independent oil companies. We operate internationally, and terrorist attacks, international hostilities, economic sanctions and economic conditions could adversely affect our business. Failure to comply with the U.S. Foreign Corrupt Practices Act and other anti-bribery legislation could result in fines, criminal penalties, contract terminations and adversely affect our business. We are subject to regulation and liability under environmental, health and safety laws that could require significant expenditures, including with respect to climate change and greenhouse gas emissions, and customers and investors' concerns related thereto.

View Full Filing

View this 20-F filing on SEC EDGAR