Tsakos Energy Navigation Ltd. Files Q2 2024 6-K Report

TL;DR

TNP dropped its Q2 2024 6-K, showing updated financials and equity details.

AI Summary

Tsakos Energy Navigation Ltd. (TNP) filed a 6-K report for the period ending June 30, 2024. The filing includes financial data for Q2 2024 and the first six months of the year, comparing it to the same periods in 2023. It also details preferred stock series E and F, and various equity accounts as of December 31, 2022, and June 30, 2024.

Why It Matters

This filing provides investors with updated financial performance data for Tsakos Energy Navigation Ltd., crucial for assessing the company's operational and financial health in the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine financial filing (6-K) providing updated financial information, not a material event like an acquisition or significant debt issuance.

Key Players & Entities

• TSAKOS ENERGY NAVIGATION LTD (company) — Filer
• TNP (company) — Ticker Symbol
• June 30, 2024 (date) — Reporting Period End Date
• Q2 2024 (date) — Financial Quarter
• 2023 (date) — Comparison Year
• December 31, 2022 (date) — Balance Sheet Date

FAQ

Key Financial Figures

• $214.1 m — ree months ended June 30, 2024, totaled $214.1 million, a 3.3% decrease, compared to $22
• $221.5 million — 1 million, a 3.3% decrease, compared to $221.5 million earned in the three months ended June 3
• $86.8 million — d rate contracts increased by 27.7 % to $86.8 million in the second quarter of 2024 from $68.
• $68.0 million — lion in the second quarter of 2024 from $68.0 million in the second quarter of 2023, mainly d
• $0.9 m — to the maritime industry, amounting to $0.9 million, compared to $nil in the correspo
• $53.4 million — profit-share arrangements decreased to $53.4 million in the three months ended June 30, 2024
• $63.0 million — months ended June 30, 2024, compared to $63.0 million in the second quarter of 2023, the decr
• $0.8 m — hed by the impact of EUAs, amounting to $0.8 million, compared to $nil in the correspo
• $0.5 million — operating under pool arrangements. The $0.5 million reported as revenue from these vessels
• $415.6 million — 30, 2024, voyage revenues decreased to $415.6 million from $482.7 million in the first half o
• $482.7 million — venues decreased to $415.6 million from $482.7 million in the first half of 2023, a decrease o
• $67.1 m — n the first half of 2023, a decrease of $67.1 million, or 13.9%. For the first six mont
• $3.2 million — om time charters attached, amounting to $3.2 million and $6.3 million, respectively, during
• $6.3 m — attached, amounting to $3.2 million and $6.3 million, respectively, during the six mon
• $33,830 — 0, 2024, the average daily TCE rate was $33,830 compared to $40,182 for the equivalent

Filing Documents

• d875305d6k.htm (6-K) — 1258KB
• 0001193125-24-234389.txt ( ) — 6430KB
• tnp-20240630.xsd (EX-101.SCH) — 90KB
• tnp-20240630_cal.xml (EX-101.CAL) — 82KB
• tnp-20240630_def.xml (EX-101.DEF) — 183KB
• tnp-20240630_lab.xml (EX-101.LAB) — 516KB
• tnp-20240630_pre.xml (EX-101.PRE) — 323KB
• d875305d6k_htm.xml (XML) — 907KB

From the Filing

6-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --12-31 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of October 2024 JUNE 30, 2024 Commission File Number 001-31236 TSAKOS ENERGY NAVIGATION LIMITED (Translation of registrant's name into English) 367 Syngrou Avenue, 175 64 P. Faliro, Athens, Greece (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F Form 40-F TSAKOS ENERGY N A VIG A TION LIMITED FORM 6-K This report on Form 6-K is hereby incorporated by reference into the following Registration Statements of the Company: Registration Statement on Form F-3 (No. 333-273740) filed with the SEC on August 4, 2023; Registration Statement on Form F-3 (No. 333-234279) filed with the SEC on October 21, 2019; Registration Statement on Form F-3 (No. 333-206852) filed with the SEC on September 9, 2015; and Registration Statement on Form S-8 (No. 333-183007) initially filed with the SEC on August 2, 2012, as amended. Registration Statement on Form S-8 (No. 333-279039) initially filed with the SEC on May 1, 2024. 1 TSAKOS ENERGY N A VIG A TION LIMITED THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 MANAGEMENT'S DISCUSSION AND ANA L YSIS Results of operations (Pe r centage calculations a r e based on the actual amounts shown in the accompanying financial statements) V oyage revenues V oyage revenue earned for the three months ended June 30, 2024 and 2023: 2024 2023 $ million % of total $ million % of total T ime charter-bareboat 6.3 3% 6.3 3% T ime charter-fixed rate 86.8 41% 68.0 31% T ime charter-variable rate (profit-share) 53.4 25% 63.0 28% V oyage charter-spot market 66.9 30% 77.7 35% V oyage charter-contract of affreightment 0.7 1% 6.5 3% T otal voyage revenue 214.1 100% 221.5 100% V oyage revenue earned for the six months ended June 30, 2024 and 2023: 2024 2023 $ million % of total $ million % of total T ime charter-bareboat 12.5 3% 12.5 2% T ime charter-fixed rate 163.2 39% 130.8 27% T ime charter-variable rate (profit-share) 104.1 25% 120.9 25% V oyage charter-spot market 129.2 31% 196.4 41% Pool arrangement 0.5 0% 9.3 2% V oyage charter-contract of affreightment 6.1 2% 12.8 3% T otal voyage revenue 415.6 100% 482.7 100% Voyage revenue earned during the three months ended June 30, 2024, totaled $214.1 million, a 3.3% decrease, compared to $221.5 million earned in the three months ended June 30, 2023. The decrease was mostly due to softer market rates in the tanker industry compared to the equivalent period of 2023 despite the fact that the tanker market remains on a solid ground with high oil demand mainly due to seasonal factors and continuing geopolitical tensions in the Ukraine and the Middle East. T otal utilization achieved by the fleet (total days that the vessels were actually employed as a percentage of total days in the period that the Company owned or controlled the vessels) was 92.4% in the second quarter of 2024 compared to 94.2% in the second quarter of 2023. The lower employment rate in the second quarter of 2024 is mainly attributed to various vessel repositionings as well as the scheduled dry-docking of three vessels. The amount of revenue earned on time charter-fixed rate contracts increased by 27.7 % to $86.8 million in the second quarter of 2024 from $68.0 million in the second quarter of 2023, mainly due to higher number of vessels operating under fixed rate time charter arrangements. More specifically, the increase is attributed to the acquisition of two second-hand aframax tankers DF Montmartre, DF Mystras and one suezmax tanker Poppy S. , all of which were delivered within the fiscal year of 2024 and operated under time charter fixed-rate contracts during the second quarter of 2024 . The increase is also attributed to the acquisition of four newly built dual- fuel aframax tankers Njord DF, Ran DF, Chios DF and Ithaki DF , delivered between the third quarter of 2023 and the first quarter of 2024, all of which were employed on time charter fixed-rate contracts . Additionally, the respective increase was further strengthened by the impact of European Union (or EU) allowances (or EUAs), deriving from the expanded EU Emissions Trading System (or EU ETS) to the maritime industry, amounting to $0.9 million, compared to $nil in the corresponding period of 2023. These increases were counterbalanced by the lost days of panamax tanker Andes , which was undertaking her dry-docking during the second quarter of 2024, compared to the respective period in 2023 during which this vessel was fully operational under fixed rate time-charter-contract. Operating days on pure tim

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