Q3 2025 Tsakos Energy Navigation Ltd Earnings Call

November 20, 2025

Speaker #1: Thank you for standing by, ladies and gentlemen, and welcome to TSAKOS ENERGY NAVIGATION CONFERENCE CALL on the third quarter, 2025, financial results. We have with us Mr. Takis Arapoglou, Chairman of the Board.

Operator: Thank you for standing by, ladies and gentlemen, and welcome to Tsakos Energy Navigation conference call on the Q3 2025 financial results. We have with us Mr. Tsakos Arapoglou, Chairman of the Board, Dr. Nicholas Tsakos, Founder and CEO, Mr. George Saroglou, President and Chief Operating Officer, and Mr. Harrys Kosmatos, Co-CFO of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session, at which time, if you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced. I must advise that this conference is being recorded today. Now, I pass the floor to Mr. Nicholas Bornozis, President of Capital Inc. and Investor Relations Advisor to Tsakos Energy Navigation Ltd. Please go ahead, sir.

Operator: Thank you for standing by, ladies and gentlemen, and welcome to Tsakos Energy Navigation conference call on the Q3 2025 financial results. We have with us Mr. Takis Arapoglou, Chairman of the Board, Dr. Nikolas Tsakos, Founder and CEO, Mr. George Saroglou, President and Chief Operating Officer, and Mr. Harrys Kosmatos, Co-CFO of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session, at which time, if you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced. I must advise that this conference is being recorded today. Now, I pass the floor to Mr. Nicolas Bornozis, President of Capital Link and Investor Relations Advisor to Tsakos Energy Navigation Ltd. Please go ahead, sir.

Speaker #1: Dr. Nicolas Tsakos, Founder and CEO; Mr. George Saroglou, President and Chief Operating Officer; and Mr. Harrys Kosmatos, Co-CFO of the company. At this time, all participants are in a listen-only mode.

Speaker #1: There will be a presentation followed by a question-and-answer session. At which time, if you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced.

Speaker #1: I must advise that this conference is being recorded today. And now, I pass the floor to Mr. Nicolas Bornozis, President of Capital Inc. and Investor Relations Advisor to TSAKOS ENERGY NAVIGATION LTD. Please go ahead, sir.

Speaker #3: Thank you very much, and good morning to all of our participants. As you mentioned, I'm Nicolas Bornozis, President of Capital Inc. and Investor Relations Advisor to Tsakos Energy Navigation.

Nicolas Bornozis: Thank you very much, and good morning to all of our participants. As you mentioned, I'm Nicolas Bornozis, President of Capital Inc. and Investor Relations Advisor to Tsakos Energy Navigation Ltd. This morning, the company publicly released its financial results for the nine months and Q3 ended 30 September 2025. In case you do not have a copy of today's earnings release, please call us at 212-661-7566 or email us at 10TEN@capitalinc.com, and we will have a copy for you emailed right away. Please note that parallel to today's conference call, there is also a live audio and slide webcast, which can be accessed on the company's website on the front page at www.tenn.gr. The conference call will follow the presentation slides, so please, we urge you to access the presentation slides on the company's website.

Nicolas Bornozis: Thank you very much, and good morning to all of our participants. As you mentioned, I'm Nicolas Bornozis, President of Capital Link and Investor Relations Advisor to Tsakos Energy Navigation Ltd. This morning, the company publicly released its financial results for the nine months and Q3 ended 30 September 2025. In case you do not have a copy of today's earnings release, please call us at 212-661-7566 or email us at ten@capitalinc.com, and we will have a copy for you emailed right away. Please note that parallel to today's conference call, there is also a live audio and slide webcast, which can be accessed on the company's website on the front page at www.tenn.gr. The conference call will follow the presentation slides, so please, we urge you to access the presentation slides on the company's website.

Speaker #3: This morning, the company publicly released its financial results, for the nine months and third quarter ended September 30, 2025. In case you do not have a copy of today's earnings release, please call us at 212-661-7566, or email us at 10tn@capitalinc.com, and we will have a copy for you emailed right away.

Speaker #3: Please note that parallel to today's conference call, there is also a live audio and slide webcast. It can be accessed on the company's website on the front page at www.tnn.gr.

Speaker #3: The conference call will follow the presentation slides, so please, we urge you to access the presentation slides on the company's website. Please note that the slides of the webcast presentation will be available and archived on the website of the company after the conference call.

Nicolas Bornozis: Please note that the slides of the webcast presentation will be available and archived on the website of the company after the conference call. Also, please note that the slides of the webcast presentation are user-controlled, and that means that by clicking on the proper button, you can move to the next or to the previous slide on your own. At this time, I would like to read the Safe Harbor Statement. This conference call and slide presentation of the webcast contains certain forward-looking statements within the meaning of the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties which may affect TEN's business prospects and results of operations. Before turning the call over to Mr. Arapoglou, let me take the opportunity to congratulate Dr.

Please note that the slides of the webcast presentation will be available and archived on the website of the company after the conference call. Also, please note that the slides of the webcast presentation are user-controlled, and that means that by clicking on the proper button, you can move to the next or to the previous slide on your own. At this time, I would like to read the Safe Harbor Statement. This conference call and slide presentation of the webcast contains certain forward-looking statements within the meaning of the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties which may affect TEN's business prospects and results of operations. Before turning the call over to Mr. Arapoglou, let me take the opportunity to congratulate Dr.

Speaker #3: Also, please note that the slides of the webcast presentation are user-controlled and that means that by clicking on the proper button, you can move to the next, or to the previous slide on your own.

Speaker #3: At this time, I would like to read the safe harbor statement. This conference call and slide presentation of the webcast contains certain forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995.

Speaker #3: Investors are cautioned that such forward-looking statements involve risks and uncertainties which may affect tense business prospects and results of operations. And before turning the call over to Mr. Arapoglou, let me take the opportunity to congratulate Dr. Tsakos for your recent recognition in New York by the Philoctetes Society of the Greek Orthodox Cathedral, paying tribute to your personal and the group's contribution to the global maritime industry to philanthropy, education, and community welfare.

Nicolas Bornozis: Tsakos, for your recent recognition in New York by the Philopto Society of the Greek Orthodox Cathedral, paying tribute to your personal and the group's contribution to the global maritime industry, to philanthropy, education, and community welfare. Congratulations. At this moment, I would like to pass the floor to Mr. Arapoglou, the Chairman of Tsakos Energy Navigation Ltd. Please go ahead, sir.

Tsakos, for your recent recognition in New York by the Philopto Society of the Greek Orthodox Cathedral, paying tribute to your personal and the group's contribution to the global maritime industry, to philanthropy, education, and community welfare. Congratulations. At this moment, I would like to pass the floor to Mr. Arapoglou, the Chairman of Tsakos Energy Navigation. Please go ahead, sir.

Speaker #3: Congratulations. And at this moment, I would like to pass the floor to Mr. Arapoglou, the Chairman of TSAKOS ENERGY NAVIGATION. Please go ahead,

Speaker #3: sir. Thank

Speaker #4: you, Nicolas. Good morning and good afternoon to all. Thank you for joining us today. For the announcement of the nine-month and third-quarter results, of 2025.

Efstratios Arapoglou: Thank you, Nicholas. Good morning and good afternoon to all. Thank you for joining us today for the announcement of the nine-month and Q3 results of 2025. No surprises. Our business model continues producing sustainable profits, beating estimates, as you saw, while at the same time building up a solid stream of $4 billion of accretive future contracted revenue. This provides stability and more predictability in our results going forward, as we explained many times in the past, and mitigates volatility in our stock price while maintaining a very solid cash position of nearly $300 million. These results are a product of high fleet utilization, best-in-class operating efficiency, by now a trademark for TEN. We're reminding the market of our record 20-vessel new building program, with deliveries starting Q1 2026 until Q4 2028, 10 of which are the shuttle tankers with long-term accretive employment.

Takis Arapoglou: Thank you, Nicolas. Good morning and good afternoon to all. Thank you for joining us today for the announcement of the nine-month and Q3 results of 2025. No surprises. Our business model continues producing sustainable profits, beating estimates, as you saw, while at the same time building up a solid stream of $4 billion of accretive future contracted revenue. This provides stability and more predictability in our results going forward, as we explained many times in the past, and mitigates volatility in our stock price while maintaining a very solid cash position of nearly $300 million. These results are a product of high fleet utilization, best-in-class operating efficiency, by now a trademark for TEN. We're reminding the market of our record 20-vessel new building program, with deliveries starting Q1 2026 until Q4 2028, 10 of which are the shuttle tankers with long-term accretive employment.

Speaker #4: No surprises. Our business model continues producing sustainable profits, beating estimates, as you saw. At the same time, we are building up a solid stream of $4 billion in accretive future contracted revenue.

Speaker #4: This provides stability and more predictability in our results, going forward. As we explained many times in

Speaker #1: solid cash A position of nearly $300 million . These results are a product of high fleet utilization , best in class operating efficiency .

Speaker #1: By now , a trademark for for ten , we're reminding the market of our record 20 vessel new building program with deliveries starting Q1 2026 until Q4 2028 , ten of which the shuttle tankers with long term accretive employment .

Speaker #1: The program includes , of course , three Vlccs materially growing our presence in the sector . In this sector of the market . At the same time , and as mentioned earlier , in earlier communications , we are focusing on selling our older tonnage in order to continue maintaining a young and very modern fleet .

Efstratios Arapoglou: The program includes, of course, three VLCCs, materially growing our presence in this sector of the market. At the same time, as mentioned earlier in earlier communications, we are focusing on selling our older tonnage in order to continue maintaining a young and very modern fleet. Lastly, as mentioned in our press release, after the $0.60 per share interim dividend in July, we declare payment of an additional $1 per share dividend. This will be paid in two equal tranches of $0.50 each, one on 19 December 2025 and one on 19 February 2026, in order to, going forward, gradually align dividend dates with the timing of audited results, as Nicholas Tsakos will explain later. At today's stock price, the total dividend of $1.60 per share for the year represents a very attractive yield of over 4%. Congratulations once again to Nicholas Tsakos and his team.

The program includes, of course, three VLCCs, materially growing our presence in this sector of the market. At the same time, as mentioned earlier in earlier communications, we are focusing on selling our older tonnage in order to continue maintaining a young and very modern fleet. Lastly, as mentioned in our press release, after the $0.60 per share interim dividend in July, we declare payment of an additional $1 per share dividend. This will be paid in two equal tranches of $0.50 each, one on 19 December 2025 and one on 19 February 2026, in order to, going forward, gradually align dividend dates with the timing of audited results, as Nicholas Tsakos will explain later. At today's stock price, the total dividend of $1.60 per share for the year represents a very attractive yield of over 4%. Congratulations once again to Nicholas Tsakos and his team.

Speaker #1: Lastly , as mentioned in our press release , after the $0.60 per share interim dividend in July , we declare payment of an additional $1 per share dividend .

Speaker #1: This will be paid in two equal tranches of $0.50 each one in December 19th , 2025 and one in February 19th , 2026 .

Speaker #1: In order to going forward , gradually align dividend dates with the timing of audited results as Nikolas Tsakos will explain later at today's stock price , the total dividend of $1.60 per share for the year represents a very attractive yield of over 4% .

Speaker #1: So congratulations again to once Nikolas Tsakos and his team . Their proven track record and business model in a market with stronger tanker fundamentals and and turbulent geopolitics .

Efstratios Arapoglou: Their proven track record and business model in a market with stronger tanker fundamentals and turbulent geopolitics ensures continued success. Thank you very much, and over to you, Nicholas.

Their proven track record and business model in a market with stronger tanker fundamentals and turbulent geopolitics ensures continued success. Thank you very much, and over to you, Nicholas.

Speaker #1: This ensures continued success . Thank you very much . And over to you Nikos . Chairman . Thank you .

Speaker #2: And welcome everybody to our 32nd year , nine month call . First of all , I would like to . Congratulate Cleo Hatzimichalis for becoming a full is our she's our lawyer .

Nicholas Tsakos: Chairman, thank you, and welcome everybody to our 32nd year nine-month call. First of all, I would like to congratulate Cleo Hadjimharis for becoming a full CESAR lawyer. She kept us out of trouble for all these years, so we're very happy for her to join the main board of the company, and looking to spend much more productive time. Well, in September, when we reported our six-month results, I think we were all satisfied. They were good results. We did not expect the market to become even better, even stronger, and that's where we are today. I think we're perhaps more than 50% higher on the spot market than we were back in September, which we were very satisfied having gone through the typical seasonal period, and being with a lot of profitability.

Nikolas Tsakos: Chairman, thank you, and welcome everybody to our 32nd year nine-month call. First of all, I would like to congratulate Cleo Hadjimharis for becoming a full CESAR lawyer. She kept us out of trouble for all these years, so we're very happy for her to join the main board of the company, and looking to spend much more productive time. Well, in September, when we reported our six-month results, I think we were all satisfied. They were good results. We did not expect the market to become even better, even stronger, and that's where we are today. I think we're perhaps more than 50% higher on the spot market than we were back in September, which we were very satisfied having gone through the typical seasonal period, and being with a lot of profitability.

Speaker #2: She kept us out of trouble for all these years, so we're very happy for her to join the main board of the company.

Speaker #2: And to looking spend much more time productive time . Well , in September we reported our six month results . I think we were all satisfied they were good results .

Speaker #2: We did not expect the market to take to become even better . Even stronger . And that's where we are today . I think we're perhaps more than 50% higher on the spot market than we were back in September , which we were very satisfied .

Speaker #2: Having gone through the typical seasonal and being period with a lot of profitability , we had a couple of months of of of lull waiting for the developments of the IMO saga .

Nicholas Tsakos: We had a couple of months of lull waiting for the developments of the IMO saga, I would say. I think rightly so, a postponement has been achieved, and that allows the ship owners and the related parties to this industry to be able to put more input and find solutions going forward. I think we welcome this development. Since that development has put the world at peace, the end of too much tariffing each other has also been achieved, and the market has gone from strength to strength. We are seeing a market which has a limited supply of tonnage, and all our vessels right now are in very high demand. I was glad that we, of course, were way ahead of or beat the estimates, and we're looking forward because I think the quarter we're going through now is also going to be a very strong quarter.

We had a couple of months of lull waiting for the developments of the IMO saga, I would say. I think rightly so, a postponement has been achieved, and that allows the ship owners and the related parties to this industry to be able to put more input and find solutions going forward. I think we welcome this development. Since that development has put the world at peace, the end of too much tariffing each other has also been achieved, and the market has gone from strength to strength. We are seeing a market which has a limited supply of tonnage, and all our vessels right now are in very high demand. I was glad that we, of course, were way ahead of or beat the estimates, and we're looking forward because I think the quarter we're going through now is also going to be a very strong quarter.

Speaker #2: I would say I think rightly so . A postponement has been achieved and that allows the ship owners and the related parties to this industry to be able to put more input and find solutions going for the going forward .

Speaker #2: So I think we welcome this development since that development has put the world in at peace . The end of too much tariff in each other has also been achieved .

Speaker #2: And the market has gone from strength to strength . We are seeing a market which has limited supply of tonnage and all our vessels right now are in very high demand .

Speaker #2: I was glad that we , of course , ahead of were way our or beat estimates and the we're looking forward because I think the quarter we're going through now is also going to be a very strong quarter .

Speaker #2: We just concluded our fourth long term profit sharing almost arrangement today on our Vlccs with a very accretive minimum rates , minimum rates that we would be happy to have as fixed rates many years before .

Nicholas Tsakos: We just concluded our fourth long-term profit-sharing almost arrangement today on our VLCCs with very accretive minimum rates, minimum rates that we would be happy to have as fixed rates many years before. That would be a minimum rate, with unlimited upside for the company. With this part of good news, I will ask George Saroglou, our president, to give us a quick update of what has happened in the last nine months. Thanks.

We just concluded our fourth long-term profit-sharing almost arrangement today on our VLCCs with very accretive minimum rates, minimum rates that we would be happy to have as fixed rates many years before. That would be a minimum rate, with unlimited upside for the company. With this part of good news, I will ask George Saroglou, our president, to give us a quick update of what has happened in the last nine months. Thanks.

Speaker #2: And that would be a minimum rate . And and then with unlimited upside for , for the company . And with this part of news , I good will ask George George Saroglou , our president , to give us a quick update of what has happened in the last nine months .

Speaker #2: Thanks .

Speaker #3: Thank you . Nikos . We pleased are to report today on another profitable quarter . Tanker markets have remained healthy during the course of the year , and as Nikos mentioned , energy majors continue to approach our company for time charter business .

Harrys Kosmatos: Thank you, Nicholas. We are pleased to report today on another profitable quarter. Tanker markets have remained healthy during the course of the year, and as Nicholas mentioned, energy majors continue to approach our company for time charter business. Since the start of the year, we have 40 new time charter fixtures and extension of time charters, and today we have a backlog of approximately $4 billion as minimum fleet contracted revenue. We have a 32-year history as a public company. From four vessels in 1993, we have turned every crisis the world and shipping has faced through the years into a growth opportunity, and we have faced many crises since the start of the new decades, a lot of which we did not actually expect. We faced a global COVID crisis in 2020 with lockdowns and unprecedented collapse in global oil demand.

George Saroglou: Thank you, Nicholas. We are pleased to report today on another profitable quarter. Tanker markets have remained healthy during the course of the year, and as Nicholas mentioned, energy majors continue to approach our company for time charter business. Since the start of the year, we have 40 new time charter fixtures and extension of time charters, and today we have a backlog of approximately $4 billion as minimum fleet contracted revenue. We have a 32-year history as a public company. From four vessels in 1993, we have turned every crisis the world and shipping has faced through the years into a growth opportunity, and we have faced many crises since the start of the new decades, a lot of which we did not actually expect. We faced a global COVID crisis in 2020 with lockdowns and unprecedented collapse in global oil demand.

Speaker #3: Since the start of the year , we have 14 new time charter fixtures and extension of time charters . And today we have a backlog of approximately 4 billion as minimum fleet contracted revenue .

Speaker #3: We have a 32 year history as a public company from four vessels . In 1993 . We have turned every crisis the world and shipping has faced through the years into a growth opportunity .

Speaker #3: And we have faced many crises since the start . Since the start of the new decades , a lot of which we did not actually expect .

Speaker #3: We faced a global Covid crisis in 2020 with lockdowns and unprecedented collapse in global oil demand . Then , as the world was exiting Covid and we were trying to go back to normal , we had the war in Ukraine in 2022 and a major , which resulted in major disruption in energy trading .

Harrys Kosmatos: As the world was exiting COVID and we were trying to go back to normal, we've had the war in Ukraine in 2022, which resulted in major disruption in energy trading. In late 2023, we had the attack of Hamas in Israel and the ensuing war, and the continuous attacks of merchant vessels in the Red Sea until most of the shipping people decided not to cross the Red Sea anymore. The turmoil in the whole of the Middle East, the unwinding of globalization, the introduction of tariffs in 2025, trade wars between the United States and China and the rest of the world, and the decarbonization effort of many global industries, including shipping, which, as you know, has the lowest carbon footprint when we compare, while at the same time is the most efficient way to transport different large-scale cargoes around the world.

As the world was exiting COVID and we were trying to go back to normal, we've had the war in Ukraine in 2022, which resulted in major disruption in energy trading. In late 2023, we had the attack of Hamas in Israel and the ensuing war, and the continuous attacks of merchant vessels in the Red Sea until most of the shipping people decided not to cross the Red Sea anymore. The turmoil in the whole of the Middle East, the unwinding of globalization, the introduction of tariffs in 2025, trade wars between the United States and China and the rest of the world, and the decarbonization effort of many global industries, including shipping, which, as you know, has the lowest carbon footprint when we compare, while at the same time is the most efficient way to transport different large-scale cargoes around the world.

Speaker #3: Then in late 2023 , we had the attack of Hamas in Israel and the ensuing war and the continuous attacks of merchant vessels in the Red sea until the most of the shipping people decided not to cross the Red sea anymore .

Speaker #3: The turmoil in the whole of Middle East , the unwinding of globalization , the introduction of tariffs in 2025 , trade wars between the United States and China , and the rest of the world , and the decarbonization effort of many global industries , including shipping , which , as you know , has the lowest carbon footprint .

Speaker #3: When we compare , while at the same time is the most efficient way to transport different large scale cargoes around the world . So a lot to do in such a short time .

Speaker #3: So far, we have managed to navigate the ship safely through these challenges. Thanks to the company's crisis-resistant model, we go on. Let's hope for a return to more peaceful and normal times for all very soon.

Harrys Kosmatos: A lot to chew in such a short time. So far, we have managed to navigate the TEN ship safely through these challenges, thanks to the company's crisis-resistant model. Let's hope we go back to more peaceful and normal times for all very soon. Today, TEN is one of the largest energy transporters in the world with a young, diversified, versatile fleet of 82 vessels, a pro forma fleet of 82 vessels. In slide four, we will list this pro forma fleet, and we start with the conventional tankers, both crude and product tankers. The red color shows the vessels that trade in the spot market, and we have seven as we speak, and our new buildings under construction.

A lot to chew in such a short time. So far, we have managed to navigate the TEN ship safely through these challenges, thanks to the company's crisis-resistant model. Let's hope we go back to more peaceful and normal times for all very soon. Today, TEN is one of the largest energy transporters in the world with a young, diversified, versatile fleet of 82 vessels, a pro forma fleet of 82 vessels. In slide four, we will list this pro forma fleet, and we start with the conventional tankers, both crude and product tankers. The red color shows the vessels that trade in the spot market, and we have seven as we speak, and our new buildings under construction.

Speaker #3: Today , ten is one of the largest energy transporters in the world , with a young , diversified , versatile fleet of 82 vessels , a pro forma fleet of 82 vessels .

Speaker #3: So in slide four , we will list this . We list this pro forma fleet and we start with the conventional tankers , both crude and product tankers .

Speaker #3: red The color shows the vessels that trade in the spot market . And we have seven as we speak . And our new buildings under construction with light blue .

Speaker #3: We have the vessels that are on time charter with profit sharing . 16 vessels and with dark blue , the vessels that are on fixed rate time charters 39 vessels .

Harrys Kosmatos: With light blue, we have the vessels that are on time charter with profit-sharing, 16 vessels, and with dark blue, the vessels that are on fixed rate time charters, 39 vessels. In the next slide, we list the pro forma diversified fleet, which consists of our two LNG vessels and our 16-vessel shuttle tanker fleet. We are one of the largest shuttle tanker operators in the world, with very young and technologically advanced vessels, following the tender we won earlier in the year in Brazil to build in the Samsung Heavy Industries shipyard in South Korea nine shuttle tankers for Transpetro. We have six shuttle tankers in full operation after recently taking delivery of both Athens 04 and Paris 24, which commenced long-time charters to an energy major.

With light blue, we have the vessels that are on time charter with profit-sharing, 16 vessels, and with dark blue, the vessels that are on fixed rate time charters, 39 vessels. In the next slide, we list the pro forma diversified fleet, which consists of our two LNG vessels and our 16-vessel shuttle tanker fleet. We are one of the largest shuttle tanker operators in the world, with very young and technologically advanced vessels, following the tender we won earlier in the year in Brazil to build in the Samsung Heavy Industries shipyard in South Korea nine shuttle tankers for Transpetro. We have six shuttle tankers in full operation after recently taking delivery of both Athens 04 and Paris 24, which commenced long-time charters to an energy major.

Speaker #3: In the next slide , we list the pro forma diversified fleet , which consists of our two LNG vessels and our 16 vessel shuttle tanker fleet .

Speaker #3: We are one of the largest shuttle tanker operators in the world with very young and technologically advanced vessels . Following the tender , we won earlier in the year in Brazil to build in the Samsung shipyard in South Korea .

Speaker #3: Nine shuttle tankers for trans Petro . We have six shuttle tankers in full operation after recently taking delivery of both Athens zero four and Paris 24 , which commenced long time charters to an energy major .

Speaker #3: If we combine the two slides and account only for the current operating fleet of 62 vessels , 23 vessels , or 37% of the operating fleet has market exposure , spot and time charter with profit sharing , while 55 vessels or 89% of the fleet is in secured revenue contracts .

Harrys Kosmatos: If we combine the two slides and account only for the current operating fleet of 62 vessels, 23 vessels, or 37% of the operating fleet, has market exposure, spot, and time charter with profit-sharing, while 55 vessels, or 89% of the fleet, is in secured revenue contracts, that is, time charters and time charters with profit-sharing. Our clients, with whom we do business through the years, are the blue chip list of our world. ExxonMobil is the largest revenue client, followed by Equinor, Shell, Chevron, TotalEnergies, and BP. We believe that over the years, we have become the carrier of choice to energy majors thanks to the fleet that we built, the operational and safety record, the disciplined financial approach, and the strong balance sheet and financial performance. The left side of slide seven presents the all-in break-even cost for the various vessel types we operate in TEN.

If we combine the two slides and account only for the current operating fleet of 62 vessels, 23 vessels, or 37% of the operating fleet, has market exposure, spot, and time charter with profit-sharing, while 55 vessels, or 89% of the fleet, is in secured revenue contracts, that is, time charters and time charters with profit-sharing. Our clients, with whom we do business through the years, are the blue chip list of our world. ExxonMobil is the largest revenue client, followed by Equinor, Shell, Chevron, TotalEnergies, and BP. We believe that over the years, we have become the carrier of choice to energy majors thanks to the fleet that we built, the operational and safety record, the disciplined financial approach, and the strong balance sheet and financial performance. The left side of slide seven presents the all-in break-even cost for the various vessel types we operate in TEN.

Speaker #3: That is , time , charters and time charters with profit sharing . Our clients , with whom we do repeat business through the years , are the blue , the the blue chip list of our world .

Speaker #3: ExxonMobil is the largest revenue client , followed by Equinor's shell , Chevron , total and BP . We believe that over the years we have become the carrier of choice to energy majors .

Speaker #3: Thanks to the fleet that we built, the operational and safety record, the disciplined financial approach, and the strong balance sheet and financial performance.

Speaker #3: The left side , the left side of slide seven presents the all in break even cost for the various vessel types . We operate in .

Speaker #3: Ten our operating model is simple . We try to have our time charter vessels generate revenue to cover the company's cash expenses . Paying for the vessel , operating and finance expenses for overheads , chartering costs and commissions , and let the revenue from the spot and profit sharing trading vessels contribute to the profitability of the company .

Harrys Kosmatos: Our operating model is simple. We try to have our time charter vessels generate revenue to cover the company's cash expenses, paying for the vessel operating and finance expenses, overheads, chartering costs, and commissions, and let the revenue from the spot and profit-sharing trading vessels contribute to the profitability of the company. Thanks to the profit-sharing element, for every $1,000 per day increase in spot rates, we have a positive $0.09 impact on the annual EPS based on the number of TEN vessels that we currently operate in the spot, have exposure to spot rates, and that is 23 vessels. We have a solid balance sheet with strong cash reserves. The fair market value of the operating fleet is approximately $4 billion against $1.9 billion debt, and the net debt to cap is around 47%.

Our operating model is simple. We try to have our time charter vessels generate revenue to cover the company's cash expenses, paying for the vessel operating and finance expenses, overheads, chartering costs, and commissions, and let the revenue from the spot and profit-sharing trading vessels contribute to the profitability of the company. Thanks to the profit-sharing element, for every $1,000 per day increase in spot rates, we have a positive $0.09 impact on the annual EPS based on the number of TEN vessels that we currently operate in the spot, have exposure to spot rates, and that is 23 vessels. We have a solid balance sheet with strong cash reserves. The fair market value of the operating fleet is approximately $4 billion against $1.9 billion debt, and the net debt to cap is around 47%.

Speaker #3: to the And thanks profit sharing element , for every $1,000 per day increase in spot rates , we have a positive $0.09 impact on the annual EPs based on the number of ten vessels that we currently operate in , the spot have exposure to spot rates , and that is 23 vessels .

Speaker #3: We have a solid balance sheet with strong cash reserves . The fair market value of the operating fleet is approximately 4 billion , against 1.9 billion debt , and the net debt to cap is around 47% .

Speaker #3: Fleet renewal and investing in eco friendly , greener tankers has been key to our operating model since January 1st , 2023 . We have further upgraded the quality of the fleet , but by divesting from our first generation conventional tanker them with , replacing more energy efficient new buildings and modern secondhand tankers including dual fuel vessels .

Harrys Kosmatos: Fleet renewal and investing in eco-friendly, greener tankers has been key to our operating model. Since 1 January 2023, we have further upgraded the quality of the fleet by divesting from our first-generation conventional tanker, replacing them with more energy-efficient new buildings and modern second-hand tankers, including dual-fuel vessels. In summary, we have sold 17 vessels with an average age of 17.3 years and capacity of 1.4 million deadweight tons, and replaced them with 33 contracted and modern acquired tankers with an average age of 0.6 years and 3.4x the deadweight capacity of the vessels we sold. We continue to transition our fleet to greener and dual-fuel vessels. We are currently one of the largest owners of dual-fuel, LNG-powered Aframax tankers with six vessels in the water. Global oil demand continues to grow year after year.

Fleet renewal and investing in eco-friendly, greener tankers has been key to our operating model. Since 1 January 2023, we have further upgraded the quality of the fleet by divesting from our first-generation conventional tanker, replacing them with more energy-efficient new buildings and modern second-hand tankers, including dual-fuel vessels. In summary, we have sold 17 vessels with an average age of 17.3 years and capacity of 1.4 million deadweight tons, and replaced them with 33 contracted and modern acquired tankers with an average age of 0.6 years and 3.4x the deadweight capacity of the vessels we sold. We continue to transition our fleet to greener and dual-fuel vessels. We are currently one of the largest owners of dual-fuel, LNG-powered Aframax tankers with six vessels in the water. Global oil demand continues to grow year after year.

Speaker #3: In summary , we have sold 17 vessels with an average age of 17.3 years and capacity of 1.4 million deadweight ton and replaced them with 33 contracted and modern acquired tankers with an average age of 0.6 years and 3.4 times the deadweight capacity of the vessels , we sold , we continue to transition our to fleet greener and dual fuel vessels .

Speaker #3: We are currently one of the largest owners of dual fuel LNG powered Aframax tankers , with six vessels in the world . Global oil demand continues to grow year after year .

Speaker #3: Opec+ accelerated their voluntary production cuts , wars , economic sanctions , sanctions listed tankers geopolitical and events positively affect the tanker market and tanker freight rates , while the tanker order book remains at very healthy levels .

Harrys Kosmatos: OPEC+ accelerated their voluntary production cuts, wars, economic sanctions, sanctions-listed tankers, and geopolitical events positively affect the tanker market and tanker freight rates. While the tanker order book remains at very healthy levels as a big part of the global tanker fleet is over 20 years, as we speak, almost 50% of the fleet is over 15 years and needs to be replaced soon. I will pass the floor to Harrys Kosmatos, who will walk us through the financial performance for the third quarter. Harry.

OPEC+ accelerated their voluntary production cuts, wars, economic sanctions, sanctions-listed tankers, and geopolitical events positively affect the tanker market and tanker freight rates. While the tanker order book remains at very healthy levels as a big part of the global tanker fleet is over 20 years, as we speak, almost 50% of the fleet is over 15 years and needs to be replaced soon. I will pass the floor to Harrys Kosmatos, who will walk us through the financial performance for the third quarter. Harry.

Speaker #3: As a big part of the global tanker fleet is over 20 years . As we speak , almost 50% of the fleet is over 15 years and needs to be replaced soon .

Speaker #3: And with that , I will pass the floor to Harrys Kosmatos will who the financial performance for the third quarter . Harry .

Speaker #2: Thank you George .

Speaker #4: Thank you , thank you George and welcome everyone to So I'll start our call . with the nine month highlights . So as the tanker markets continue their upward trajectory , propelled by the crude sector and vlccs in particular , available term rates for crude vessels merited a shift towards fixed employment in order to provide earnings visibility and further safeguard the cash generating ability of the fleet .

Nicholas Tsakos: Thank you, George.

Nikolas Tsakos: Thank you, George.

Harrys Kosmatos: Thank you. Thank you, George, and welcome everyone to our call. I'll start with the nine-month highlights. As the tanker markets continued their upward trajectory, propelled by the crude sector and VLCCs in particular, available term rates for crude vessels merited a shift towards fixed employment in order to provide earnest visibility and further safeguard the cash-generating ability of the fleet. To this effect, and in line with the company's tried-and-tested employment model, bar some occasional aberrations for opportunistically capturing short-term peaks, reverted to the norm and operated most of the fleet during the first nine months of the year in secured revenue contracts.

Speaker #4: To this effect , and in line with the company's tried and tested employment model , borrows some occasional aberrations for opportunistically capturing short term peaks , reverted to the norm , and operated most of the fleet during the first nine months of the year .

Speaker #4: In secured contracts in particular with the fleet of almost 62 vessels in the water , similar to the corresponding 2024 nine month period .

Harrys Kosmatos: In particular, with a fleet of almost 62 vessels in the water, similar to the corresponding 2024 nine-month period, days under secured employment, that is, vessels on fixed time charters and time charters with profit-sharing provisions, increased by 12%, while days on pure spot experienced a 32% decline. Of interest, days on profit-sharing contracts alone increased by 18%, signifying TEN's commitment to maintaining a meaningful presence in the still lucrative spot market. Today, 23 vessels in the fleet, 7 on spot, and 16 on profit shares, do provide TEN with such operational latitude. As a result of this employment recalibration, for the nine months of 2025, TEN generated $577 million in gross revenues and operate income of $171 million, which incorporated $12.5 million of capital gains from the sale of four older vessels.

In particular, with a fleet of almost 62 vessels in the water, similar to the corresponding 2024 nine-month period, days under secured employment, that is, vessels on fixed time charters and time charters with profit-sharing provisions, increased by 12%, while days on pure spot experienced a 32% decline. Of interest, days on profit-sharing contracts alone increased by 18%, signifying TEN's commitment to maintaining a meaningful presence in the still lucrative spot market. Today, 23 vessels in the fleet, 7 on spot, and 16 on profit shares, do provide TEN with such operational latitude. As a result of this employment recalibration, for the nine months of 2025, TEN generated $577 million in gross revenues and operate income of $171 million, which incorporated $12.5 million of capital gains from the sale of four older vessels.

Speaker #4: Days , and secured employment , that is , vessels on fixed time charters and time charters with profits and provisions increased by 12% , while based on pure spot , experienced a 32% decline of interest based on spot on profit sharing contracts alone increased by 18% , signifying 10th commitment to maintaining a meaningful presence in the still lucrative spot market .

Speaker #4: To date , 23 vessels in the fleet , seven spot and 16 on profit shares do provide ten with such operational latitude as a result of this employment recalibration for the nine months of 2025 , ten generated 577 million in gross revenues and operating excuse me in operating income of 171 million , which incorporated 12.5 million of capital gains from the sale of four older vessels .

Speaker #4: Capital gains during the 2024 period equivalent were at 49 million from the sale of five vessels . Highlight intense policy to continue the strategic recycling of the fleet with newer , more eco friendly vessels .

Harrys Kosmatos: Capital gains during the equivalent 2024 period were at $49 million from the sale of five vessels, highlighting TEN's policy to continue the strategic recycling of the fleet with newer, more eco-friendly vessels, new buildings in the majority. In line with the above employment pattern and fewer vessels on dry dock compared to the 2024 nine months, nine now from 11 last year, fleet utilization increased from 92.2% to 96.2% during the 2025 nine months. The fleet's time charter equivalent rate for the first nine months of 2025 settled at a healthy $30,703. During the nine-month period, and in line with the reduction of the fleet's spot exposure explained above, voyage expenses declined from $180 million in the 2024 nine months to $95 million now, a $23 million betterment.

Capital gains during the equivalent 2024 period were at $49 million from the sale of five vessels, highlighting TEN's policy to continue the strategic recycling of the fleet with newer, more eco-friendly vessels, new buildings in the majority. In line with the above employment pattern and fewer vessels on dry dock compared to the 2024 nine months, nine now from 11 last year, fleet utilization increased from 92.2% to 96.2% during the 2025 nine months. The fleet's time charter equivalent rate for the first nine months of 2025 settled at a healthy $30,703. During the nine-month period, and in line with the reduction of the fleet's spot exposure explained above, voyage expenses declined from $180 million in the 2024 nine months to $95 million now, a $23 million betterment.

Speaker #4: New buildings are in the majority in line with the above employment pattern, and there are fewer vessels in dry dock compared to the 2024 nine-month period.

Speaker #4: Nine now from 11 last year , fleet utilization increased from 92.2% to 96.2% during the 2025 nine months . The fleet Time charter equivalent for the equivalent rate first nine months of a 2025 settled at healthy $30,703 during the nine month period , and in line with the reduction of the fleet spot exposure explained above , voyages , expenses declined from 180 million in the 2024 nine months to 95 million now a 23 million betterment charter .

Speaker #4: Higher expenses also decreased by 4.6 million , whilst vessel operating expenses increased by just 7 million from over the 2024 same period . To settle at 155 million .

Harrys Kosmatos: Charter hire expenses also decreased by $4.6 million, whilst vessel operating expenses increased by just over $7 million from the 2024 same period to settle at $155 million. As a result, operating expenses per ship per day for the 2025 nine months averaged a still competitive $9,797, just 1/3 of the time charter equivalent rate mentioned above. Depreciation and amortization came in at $126 million for the nine months of 2025 from $118 million in the 2024 nine months, reflecting the introduction of three new built-in vessels and the new depreciation calculation on the two vessels repurchased from leasing structures. General and administrative expenses were at $32 million, reflecting the amortization of stock compensation awarded in July 2024 and scheduled to fully vest by July 2026.

Charter hire expenses also decreased by $4.6 million, whilst vessel operating expenses increased by just over $7 million from the 2024 same period to settle at $155 million. As a result, operating expenses per ship per day for the 2025 nine months averaged a still competitive $9,797, just 1/3 of the time charter equivalent rate mentioned above. Depreciation and amortization came in at $126 million for the nine months of 2025 from $118 million in the 2024 nine months, reflecting the introduction of three new built-in vessels and the new depreciation calculation on the two vessels repurchased from leasing structures. General and administrative expenses were at $32 million, reflecting the amortization of stock compensation awarded in July 2024 and scheduled to fully vest by July 2026.

Speaker #4: As a result , operating expenses per seat per day for the 2025 nine months averaged still competitive $9,797 . Just a third of the Charter time .

Speaker #4: equivalent rate mentioned above . Depreciation and amortization came in at 126 million for the nine months of 2025 , from 118 million in the 2024 nine months , reflecting the introduction of three new building and the vessels new depreciation calculation on the two vessels repurchased from lesion structures , general and administrative expenses were at 32 million , reflecting the amortization of stock compensation awarded in July 2024 and scheduled to fully vest by July 2026 .

Speaker #4: On the other hand , significant improvements were made in our interest costs as a result of decline in global interest rates and despite $126 million increase in the company's debt obligations from the 2024 nine months due to new loans for new building program , 72.7 million of interest costs now , compared to the 87.4 million in 2024 nine months .

Harrys Kosmatos: On the other hand, significant improvements were made in our interest costs as a result of declining global interest rates, despite a $126 million increase in the company's debt obligations from the 2024 nine months due to new loans for TEN's new building program. $72.7 million of interest costs now compared to $87.4 million in the 2024 nine months, a near $15 million saving. At the end of the 2025 nine-month period, with 61.2 vessels on average in the water and a 20-vessel new building program, our total debt obligations were at $1.9 billion, while net debt to cap stood at a comfortable 47.3%. TEN's loan-to-value for the 2025 nine-month period was at a conservative 50%. Interest income came in at $7.7 million and meaningful contributions.

On the other hand, significant improvements were made in our interest costs as a result of declining global interest rates, despite a $126 million increase in the company's debt obligations from the 2024 nine months due to new loans for TEN's new building program. $72.7 million of interest costs now compared to $87.4 million in the 2024 nine months, a near $15 million saving. At the end of the 2025 nine-month period, with 61.2 vessels on average in the water and a 20-vessel new building program, our total debt obligations were at $1.9 billion, while net debt to cap stood at a comfortable 47.3%. TEN's loan-to-value for the 2025 nine-month period was at a conservative 50%. Interest income came in at $7.7 million and meaningful contributions.

Speaker #4: And near $15 million savings at the end of the 2025 nine-month period, with 61.2 vessels on average in the water and a 20-vessel newbuilding program.

Speaker #4: Our total debt obligations were at $1.9 billion, while net debt to capital stood at a comfortable 47.3%. The loan to value for the 2025 nine-month period was at a conservative 50%. Interest income came in at $7.7 million, and as a meaningful contribution, as a result of the above, the company, during the first nine months of 2025, generated a healthy net income of $103 million, which translates to $2.75 in earnings per share.

Harrys Kosmatos: As a result of the above, the company during the first nine months of 2025 generated a healthy net income of $103 million, which translates to $2.75 in earnings per share. Adjusted EBITDA for the 2025 nine months was at about $290 million, while cash at hand as of the end of September 2025 stood at a healthy $264 million after having paid $135 million in scheduled principal payments, $178 million in yard pre-delivery installments and capitalized costs, and $20.3 million in preferred share coupons. Now let's move to the Q3 highlights. The third quarter of 2025 experienced similar movement in fleet employment patterns, which led to fleet utilization increasing from 92.8% in last year's third quarter to 94.8% during this year's third quarter, despite four vessels undergoing scheduled dry dockings during the period compared to three vessels in the 2024 third quarter.

As a result of the above, the company during the first nine months of 2025 generated a healthy net income of $103 million, which translates to $2.75 in earnings per share. Adjusted EBITDA for the 2025 nine months was at about $290 million, while cash at hand as of the end of September 2025 stood at a healthy $264 million after having paid $135 million in scheduled principal payments, $178 million in yard pre-delivery installments and capitalized costs, and $20.3 million in preferred share coupons. Now let's move to the Q3 highlights. The third quarter of 2025 experienced similar movement in fleet employment patterns, which led to fleet utilization increasing from 92.8% in last year's third quarter to 94.8% during this year's third quarter, despite four vessels undergoing scheduled dry dockings during the period compared to three vessels in the 2024 third quarter.

Speaker #4: Adjusted EBITDA for the 2025 nine months was at about $290 million, while cash at hand as of the end of September 2025 stood at a healthy $220.64 million.

Speaker #4: After having paid 135 million in scheduled principal payments , 100 178 million in Pre-delivery installments and capitalized costs , and 20.3 million in preferred share coupons .

Speaker #4: And now move to let's the quarter . Three highlights . The third quarter of 2025 experienced similar movements in fleet employment patterns , which led to utilization increasing from 92.8% in last year's third to 94.8% during this year's third quarter .

Speaker #4: Despite for vessels undergoing scheduled dry dockings during the period , compared to three vessels in the 2024 third quarter . With in the vessels water slightly under the level of .

Speaker #4: Of the 2024 third quarter, the fleet generated $186 million in gross revenues and $60.5 million in operating income, which included $8.9 million.

Harrys Kosmatos: With vessels in the water slightly under the level of the 2024 third quarter, the fleet generated $186 million of gross revenues and $60.5 million in operating income, which included $8.9 million, $9 million of capital gains from the sale of three older vessels, and not the similar performance from last year's third quarter, which did not incorporate any gains or losses from vessel sales. The resulting time charter equivalent per ship per day was at $30,601, in line with the focus of diminishing our presence in the spot markets. Naturally, voyage expenses during the year's third quarter were lower compared to last year's third quarter, experiencing a $7.7 million decline to settle at $27.4 million. Operating expenses, on the other hand, increased in line with the introduction of three larger vessels and settled at $52 million.

With vessels in the water slightly under the level of the 2024 third quarter, the fleet generated $186 million of gross revenues and $60.5 million in operating income, which included $8.9 million, $9 million of capital gains from the sale of three older vessels, and not the similar performance from last year's third quarter, which did not incorporate any gains or losses from vessel sales. The resulting time charter equivalent per ship per day was at $30,601, in line with the focus of diminishing our presence in the spot markets. Naturally, voyage expenses during the year's third quarter were lower compared to last year's third quarter, experiencing a $7.7 million decline to settle at $27.4 million. Operating expenses, on the other hand, increased in line with the introduction of three larger vessels and settled at $52 million.

Speaker #4: Call it $9 million of capital gains from the sale of three older vessels, and not dissimilar performance from last year's third quarter, which did not incorporate any gains or losses from vessel sales.

Speaker #4: The result in time equivalent charter per sea per day was at $30,601 , in line with the focus of diminishing our presence in the spot markets .

Speaker #4: Naturally , Voyager's expenses during the year's third quarter were lower compared to last year's third quarter , experiencing a 7.7 million decline to settle at 27.4 million .

Speaker #4: Operating expenses . On the other hand , increased with the in line introduction of three larger vessels and settled at 52 million . The result ?

Speaker #4: Operating expenses per seat per day for the third quarter of 2025 , came in at 9904 , again a third of the fleet average .

Harrys Kosmatos: The resulting operating expenses per ship per day for the third quarter of 2025 came in at $9,904, again 1/3 of the fleet's average TCE, and still competitive thanks to the efficient and proactive management performed by TEN's technical managers. Depreciation and amortization were a touch higher from the 2024 third quarter levels at $42.4 million, again reflecting the new vessel introductions and the two Suezmaxes repurchased from sale and leaseback agreements. General and administrative expenses were $5 million lower from last year's third quarter at $9.2 million. Interest costs, again following the downward trend in interest rates, came in at $23.7 million from $32.2 million during last year's third quarter. In other words, savings of $8.5 million. On top of that, another $2.1 million in cash gains was realized through the interest income generated during the 2025 third quarter.

The resulting operating expenses per ship per day for the third quarter of 2025 came in at $9,904, again 1/3 of the fleet's average TCE, and still competitive thanks to the efficient and proactive management performed by TEN's technical managers. Depreciation and amortization were a touch higher from the 2024 third quarter levels at $42.4 million, again reflecting the new vessel introductions and the two Suezmaxes repurchased from sale and leaseback agreements. General and administrative expenses were $5 million lower from last year's third quarter at $9.2 million. Interest costs, again following the downward trend in interest rates, came in at $23.7 million from $32.2 million during last year's third quarter. In other words, savings of $8.5 million. On top of that, another $2.1 million in cash gains was realized through the interest income generated during the 2025 third quarter.

Speaker #4: TCE , and still competitive . Thanks to the efficient and proactive management performed by technical managers . Depreciation , amortization were a touch higher from the 2024 third quarter levels at 42.4 million , again reflecting the new vessel introductions and the two Suez marches repurchased from repurchased from sale and leaseback agreements .

Speaker #4: General and administrative expenses were 5 million lower from last year's third quarter . At 9.2 million . Interest costs . Again following the the downward trend in interest rates came in at 23.7 million from 32.2 million during last year's third quarter .

Speaker #4: In other words , savings of 8.5 million . On top of that , another 2.1 million in cash gains was realized through the interest income generated during the 2025 third quarter .

Speaker #4: As a result of all the above ten during the third quarter of 2025 reported 38.3 million of net income , or $1 , and $0.05 in earnings per share .

Harrys Kosmatos: As a result of all the above, TEN during the third quarter of 2025 reported $38.3 million of net income, or $1.05 in earnings per share. The adjusted EBITDA during the third quarter of 2025 settled at about $96 million, reflecting the shift towards longer-term, secured revenue contracts to meet our clients' increase in long-term demands. With this, I pass it back to Nick. Thank you.

As a result of all the above, TEN during the third quarter of 2025 reported $38.3 million of net income, or $1.05 in earnings per share. The adjusted EBITDA during the third quarter of 2025 settled at about $96 million, reflecting the shift towards longer-term, secured revenue contracts to meet our clients' increase in long-term demands. With this, I pass it back to Nick. Thank you.

Speaker #4: The adjusted EBITDA during the third quarter of 2025 settled at about 96 million , reflecting the shift towards longer term secured revenue contracts to meet our clients , increasing long term demand .

Speaker #4: And with this , I pass it on , pass it back to Nick . Thank you .

Speaker #2: Good . Thank you . Harry . Since the figures are good , we'll let you talk about them a lot . You know , it's but as I said , I think we had had good results in the first six months .

Nicholas Tsakos: Good. Thank you, Harry. Since the figures are good, we'll let you talk about them a lot. As I said, I think we had good results in the first six months. The market had a lull period, really expecting the developments of the net zero discussions at the IMO. After the extension of the discussions, the market has taken off again, and we are looking at the business coming very strong in the spot market and a lot of employment. As we said today, one of our VLCCs has been extended for another two years, and there's a huge appetite for business out there. There's an increasing presence of the gray fleet, a lot of breakdowns on those ships.

Nikolas Tsakos: Good. Thank you, Harry. Since the figures are good, we'll let you talk about them a lot. As I said, I think we had good results in the first six months. The market had a lull period, really expecting the developments of the net zero discussions at the IMO. After the extension of the discussions, the market has taken off again, and we are looking at the business coming very strong in the spot market and a lot of employment. As we said today, one of our VLCCs has been extended for another two years, and there's a huge appetite for business out there. There's an increasing presence of the gray fleet, a lot of breakdowns on those ships.

Speaker #2: The market had a lull period really expecting the developments of the net zero . Discussions at the IMO . And as after the extension of the discussions , the market has taken off of again and we we are looking at the coming business very strong in the spot market and a lot of employment .

Speaker #2: As we said today on our Vlccs has been extended for another two years and there's a huge appetite for for business out there .

Speaker #2: There's an increasing presence of the Gray fleet . A of breakdowns on those ships . And of course , we are going through again , more than expected geopolitical challenges with hijackings of vessels like the recent one from from Iran and the Somalia .

Nicholas Tsakos: Of course, we are going through, again, more than expected geopolitical challenges with hijackings of vessels like the recent one from Iran and the Somalia piracy on both Greek vessels, quite outside, 500mi away from the Somalia coast. There is a lot of interference. In the meantime, this has created a nervousness in the market going forward, which we are able to take advantage of with our chartering strategy, as described, with 40 new ships totaling $4 billion of extended business over the next five years. With that, we would like to open the floor to any questions.

Of course, we are going through, again, more than expected geopolitical challenges with hijackings of vessels like the recent one from Iran and the Somalia piracy on both Greek vessels, quite outside, 500mi away from the Somalia coast. There is a lot of interference. In the meantime, this has created a nervousness in the market going forward, which we are able to take advantage of with our chartering strategy, as described, with 40 new ships totaling $4 billion of extended business over the next five years. With that, we would like to open the floor to any questions.

Speaker #2: Piracy on both on Greek vessels outside , quite outside , 500 miles away from from the Somalia coast . So there's a lot of interference and in the meantime , this has created a nervousness in the market going forward , which we are able to take advantage with , with our chartering strategy as described with 40 new ships totaling $4 billion of extended business over the next five years .

Speaker #2: And with that , we would like to open open the floor to to any questions .

Speaker #5: Thank you . As a reminder , if you'd like to ask a question , please press star one on your telephone keypad . A confirmation tone will indicate your line is in the question queue .

Operator: Thank you. As a reminder, if you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. Our first question comes from the line of Clement Mullins with Value Investors Edge. Please proceed with your question.

Speaker #5: may You press star two if you'd like to remove your question from the queue for participant using speaker be necessary to pick up your handset before pressing the keys star .

Speaker #5: One moment please , while we pull for questions . Our first question comes from the line of Clément Molins with value Investors Edge .

Speaker #5: Please proceed with your question .

Speaker #6: Hi , good afternoon and thank you for taking my questions . I wanted to start by asking about the two vlccs coming open throughout month .

Clement Mullins: Hi, good afternoon, and thank you for taking my questions. I wanted to start by asking about the 12 VLCCs coming open throughout this month. You mentioned in the press release that the employment on the DS1 has been extended for two years. Could you clarify at what terms? Secondly, based on your data kit, the Ulysses should also come open this month. How do you plan to employ this vessel? Is there any appetite to trade it on spot?

Speaker #6: this You mentioned in the press release that the employment on the DS1 has been extended for two years . Could you clarify at what terms ?

Speaker #6: And secondly , based on your data kit , the list should also come open . This month . How do you plan to employ this vessel ?

Speaker #6: Is there any to treat it on appetite spot ?

Speaker #2: Yes . Thank you . Thank you for for your questions . We are trying right now to to protect our ships from being actually hijacked by the major oil companies .

Nicholas Tsakos: Yes, thank you. Thank you for your questions. We are trying right now to protect our ships from being actually hijacked by the major oil companies. Joking apart, I think we are seeing a significant increase, a 20% increase from our profit-sharing arrangements of the past, from our minimum profit-sharing arrangements. There is a significant appetite for the vessels out there. I cannot. Perhaps if you next week, when you see Harrys in the States, he can give you more details on that. Of course, it's quite a positive situation.

Nikolas Tsakos: Yes, thank you. Thank you for your questions. We are trying right now to protect our ships from being actually hijacked by the major oil companies. Joking apart, I think we are seeing a significant increase, a 20% increase from our profit-sharing arrangements of the past, from our minimum profit-sharing arrangements. There is a significant appetite for the vessels out there. I cannot. Perhaps if you next week, when you see Harrys in the States, he can give you more details on that. Of course, it's quite a positive situation.

Speaker #2: So it's . But the joking apart , I think we are seeing a significant increase . A 20% increase from our profit sharing arrangements over the past from our minimum profit sharing arrangement .

Speaker #2: So there is a significant, significant appetite for the vessels out there. I cannot, perhaps if you next week when you see.

Speaker #2: Harris in the States , he can give you more detail , more details on that . But of course it's a it's quite a positive situation .

Speaker #6: I'll Makes sense . reach out . I also wanted to ask about the marine energy . is It fixed until February of next year , but the long term contract you signed a while ago doesn't start until May .

Clement Mullins: Makes sense. I'll reach out. I also wanted to ask about the Maria Energy. It is fixed until February of next year, but the long-term contract you signed a while ago doesn't start until May, if I remember correctly. Do you plan to trade the vessel on spot once it comes off its current contract and before it starts the next one?

Speaker #6: If I remember correctly . Do you to plan trade the once vessel it comes on spot off its current contract and before it starts the next one ?

Speaker #2: The vessel is actually fixed back to back to her 15 year employment . So there won't be there won't be any downtime between that other than the survey will have the that she scheduled survey , which she will have to go before the delivery of , of of this in April .

Nicholas Tsakos: The vessel is actually fixed back to back to her 15-year employment. There won't be any downtime between that other than the survey that she will have, the scheduled survey, which she will have to go before the delivery of this in April. The vessel has been chartered back to back until she goes to her new charter. There won't be any downtime.

Nikolas Tsakos: The vessel is actually fixed back to back to her 15-year employment. There won't be any downtime between that other than the survey that she will have, the scheduled survey, which she will have to go before the delivery of this in April. The vessel has been chartered back to back until she goes to her new charter. There won't be any downtime.

Speaker #2: So the vessel has been chartered back to back . Until she goes to her new charter . So there won't be any downtime .

Speaker #6: Perfect . Thanks for the color and final question from me . You have a couple of newbuilds delivering in early 26 . Should we expect those to be fixed on long term contracts before delivery ?

Clement Mullins: Perfect. Thanks for the call. Final question from me. You have a couple of MR new builds delivering in early 2026. Should we expect those to be fixed on long-term contracts before delivery? Should that be the case, what kind of duration are you looking at?

Speaker #6: And should that be the case ? What kind of duration are you looking at ?

Speaker #2: We're contemplating , as I said , there's a big appetite . You know , we're here with our chartering team . They have , I think , 5 or 6 major oil companies looking for those ships .

Nicholas Tsakos: Well, we're contemplating. As I said, there's a big appetite. We're here with our chartering team. They have, I think, five or six major oil companies looking for those ships. As you know, we're a big participant in the Cargill-Maersk pool. We're very happy with that performance of that pool. I've been saying that for us, the best method, or the only method of consolidation in our industry, is through commercial pooling because whoever has a fleet of our size or smaller or around there or bigger does not really—you do not gain any economies of scale of just ordering more and more and more ships and running more ships because the ships are always there. We are supporting the pool, so we are going. The pool has performed quite well, and we might be considering also pooling.

Nikolas Tsakos: Well, we're contemplating. As I said, there's a big appetite. We're here with our chartering team. They have, I think, five or six major oil companies looking for those ships. As you know, we're a big participant in the Cargill-Maersk pool. We're very happy with that performance of that pool. I've been saying that for us, the best method, or the only method of consolidation in our industry, is through commercial pooling because whoever has a fleet of our size or smaller or around there or bigger does not really—you do not gain any economies of scale of just ordering more and more and more ships and running more ships because the ships are always there. We are supporting the pool, so we are going. The pool has performed quite well, and we might be considering also pooling.

Speaker #2: As you know, we're a big participant in the Cargill-Maersk pool, where we're very happy with the performance of that pool.

Speaker #2: And I've been saying that for us , the best method or the only method of consolidation in our industry is , is through commercial pooling , because whoever has a fleet of our size or smaller or around there or bigger does not really you do not gain any economies of scale .

Speaker #2: Scale of just ordering more and more and more and more ships and running more ships , because the ships are always there . So we are supporting the pools and we are the pool has performed quite well , and we might be considering also pulling a pooling gives you the upside of gives you full utilization and the upside of a spot market .

Nicholas Tsakos: Pooling gives you full utilization and the upside of a spot market.

Pooling gives you full utilization and the upside of a spot market.

Speaker #6: Yeah . Makes sense . I'll turn it over . Thank you for taking my questions .

Speaker #2: Thank you , thank you .

Clement Mullins: Yeah, makes sense. I'll turn it over. Thank you for taking my questions.

Speaker #5: Thank you . Our next question comes from the line of Po Frat with Alliance Global Partners . Please proceed with your question .

Nicholas Tsakos: Thank you.

Nikolas Tsakos: Thank you.

Operator: Thank you. Our next question comes from the line of Poe Fratt with Alliance Global Partners. Please proceed with your question.

Speaker #7: Yeah . Good afternoon the . Some of questions were covered already , but when I look at your new build program , you know , close to 20 major commitment .

Nicolas Bornozis: Yeah, good afternoon. Some of the questions were covered already, but when I look at your new build program, close to 20 major commitments, what are you looking at as far as the fleet renewal side? You've been active selling assets. Asset values are fairly firm in my mind. What should we anticipate over the next, call it, year or so as far as on the asset sales side?

Poe Fratt: Yeah, good afternoon. Some of the questions were covered already, but when I look at your new build program, close to 20 major commitments, what are you looking at as far as the fleet renewal side? You've been active selling assets. Asset values are fairly firm in my mind. What should we anticipate over the next, call it, year or so as far as on the asset sales side?

Speaker #7: What looking at as far as the fleet renewal side ? You've been active assets , asset values are fairly firm mind . in my what should we So anticipate over the next year or so ?

Speaker #7: As far as on the asset sales side ?

Speaker #2: Our I said we are closely negotiating five of our first generation vessels . And so if you put it in in a 12 month , if you put it , if you take a 12 month forward , I think it could be , you know , perhaps double that ten vessels we're looking to the transactions we have in mind will release close to $250 million of net cash , which is more than enough of what we need for for our new building program .

Nicholas Tsakos: I say we are closely negotiating five of our first-generation vessels. If you put it in a 12-month—if you take a 12-month forward, I think it would be perhaps double that, 10 vessels. We're looking to the transactions we have in mind, we'd release close to $250 million of net cash, which is more than enough of what we need for our new building program.

Nikolas Tsakos: I say we are closely negotiating five of our first-generation vessels. If you put it in a 12-month—if you take a 12-month forward, I think it would be perhaps double that, 10 vessels. We're looking to the transactions we have in mind, we'd release close to $250 million of net cash, which is more than enough of what we need for our new building program.

Speaker #7: Great . Thank you .

Speaker #4: Good .

Nicolas Bornozis: Great. Thank you.

Poe Fratt: Great. Thank you.

Speaker #5: Thank you . Ladies and gentlemen , that concludes our question and answer session . I'll turn the floor back to Doctor Tsakos for any final comments .

Nicholas Tsakos: Good.

Nikolas Tsakos: Good.

Operator: Thank you. Ladies and gentlemen, that concludes our question and answer session. I'll turn the floor back to Dr. Tsakos for any final comments.

Speaker #2: Thank you . Well , I hope first of all , thank you for listening in the market is looks getting to be firmer and firmer .

Nicholas Tsakos: Thank you. Well, I hope, first of all, thank you for listening in. The market looks to be getting firmer and firmer. From what I understand from my kids that are studying on the East Coast, the weather is not enough yet. We're looking for further calls. We're looking forward to continue with this positive market. Right now, we're taking advantage as much as possible with the team. I would like to wish everybody a happy Thanksgiving next week. Don't forget that the TEN share price is right now on Black Friday prices. Before next Black Friday, before next Black Friday, you buy some more of that. I will ask our Chairman to have a final word. Thank you.

Nikolas Tsakos: Thank you. Well, I hope, first of all, thank you for listening in. The market looks to be getting firmer and firmer. From what I understand from my kids that are studying on the East Coast, the weather is not enough yet. We're looking for further calls. We're looking forward to continue with this positive market. Right now, we're taking advantage as much as possible with the team. I would like to wish everybody a happy Thanksgiving next week. Don't forget that the TEN share price is right now on Black Friday prices. Before next Black Friday, before next Black Friday, you buy some more of that. I will ask our Chairman to have a final word. Thank you.

Speaker #2: And from what I understand from my kids that are studying on the East Coast , the weather is not buff we're looking for further cold .

Speaker #2: We're looking forward to continue with this positive market . Right now . We're taking advantage as much as possible with with the team , and I would like to wish everybody Happy Thanksgiving .

Speaker #2: Next week and don't forget that the ten share price is right now on Black Friday . Prices . So before next Black Friday , before next Black Friday , you buy some some more of of that .

Speaker #2: And I would ask our chairman to have a final word . Thank you .

Speaker #1: Happy Thanksgiving from me to I think that we're looking forward to to beating all estimates next time around . Touch wood . And again , congratulations to Nikolas Tsakos and team for excellent performance .

Operator: Happy Thanksgiving from me too. I think that we're looking forward to beating all estimates next time around, touch wood. Again, congratulations to Nick Tsakos and the team for excellent performance.

Takis Arapoglou: Happy Thanksgiving from me too. I think that we're looking forward to beating all estimates next time around, touch wood. Again, congratulations to Nick Tsakos and the team for excellent performance.

Speaker #2: Thank you all . Happy Thanksgiving .

Speaker #1: you . Thank Thank you .

Speaker #2: Bye bye .

Nicholas Tsakos: Thank you to all. Happy Thanksgiving. Thank you.

Nikolas Tsakos: Thank you to all. Happy Thanksgiving. Thank you.

Operator: Thank you. Bye.

Takis Arapoglou: Thank you. Bye.

Nicholas Tsakos: Bye.

Nikolas Tsakos: Bye.

Operator: Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

Q3 2025 Tsakos Energy Navigation Ltd Earnings Call

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