TEN Tsakos Energy Navigation

Tankers Crude Β· VLCC / Suezmax / Aframax / LR2 / MR Β· 35 documents

Tsakos Energy Navigation's 63-vessel crude tanker fleet β€” 24 Aframax, 14 Suezmax, 9 Panamax LR1 and 16 across 6 other classes β€” should earn about $51,382 a day in 2026Q3 and pay $1.00 a share. That is our forecast (PATTERN). 85% of those vessel-days are already fixed at rates Tsakos Energy Navigation has disclosed; the rest are priced at 80% of the index, the share it has historically captured.

Last paid Β· 2026Q1
$1.00
3.9% annualised
$46,100/d earned
TTM $2.00 (3.9% trailing)
2026Q3 Β· our model
$1.00
3.9% annualised
$51,382/d modelled
PATTERN
medium EPS $4.69 Β· 85% booked Β· twice-yearly dividend held at its last amount

Yields annualise each payment Γ—2 at the last close, $51.18 (2026-10-16). Our model is not company guidance.

What will Tsakos Energy Navigation pay for 2026Q3?

Company said
Tsakos Energy Navigation has booked 85% of its 2026Q3 days (2026-09-17; by class on the right). It does not say what it will pay β€” turning its rates into a dividend is our job.
$44,280/d
booked average
β€”
no dividend given
Our model
Booked days at those rates, open days at 80% of spot; dividend by twice-yearly dividend held at its last amount.
$51,382/d
modelled
$1.00
medium confidence Β· PATTERN

Booked vs market $/day

ClassBookedAtSpot now
Fleet Β· applied to every class 84.8% $44,280 β€”

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q3Market now8 weeks
VLCC Β· 2 $46,1002026Q2 Β· fleet avg $44,28085% of days $720,1962026-10 median Β· 4 routes +264%
Suezmax Β· 14 $46,1002026Q2 Β· fleet avg $44,28085% of days $540,6212026-10 median Β· 4 routes +222%
Aframax Β· 24 $46,1002026Q2 Β· fleet avg $44,28085% of days $314,9382026-10 median Β· 5 routes +224%
LR2 Β· 2 $46,1002026Q2 Β· fleet avg $44,28085% of days $282,5022026-10 median Β· 2 routes +132%
MR Β· 2 $46,1002026Q2 Β· fleet avg $44,28085% of days $68,3172026-10 median Β· 2 routes +136%
Handysize_Mr1 Β· 2 $46,1002026Q2 Β· fleet avg $44,28085% of days β€”no open $/day series
Lng_Carrier Β· 2 $46,1002026Q2 Β· fleet avg $44,28085% of days β€”no open $/day series
Panamax_Lr1 Β· 9 $46,1002026Q2 Β· fleet avg $44,28085% of days β€”no open $/day series
Suezmax_Dp2_Shuttle Β· 6 $46,1002026Q2 Β· fleet avg $44,28085% of days β€”no open $/day series

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β€” a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates open days only β€” booked days stay at the booked rate

VLCC 85% booked at $44,280 Β· 26 open days
Suezmax 85% booked at $44,280 Β· 183 open days
Aframax 85% booked at $44,280 Β· 314 open days
LR2 85% booked at $44,280 Β· 26 open days
MR 85% booked at $44,280 Β· 26 open days
Handysize_Mr1 85% booked at $44,280 Β· 22 open days
Lng_Carrier 85% booked at $44,280 Β· 22 open days
Panamax_Lr1 85% booked at $44,280 Β· 100 open days
Suezmax_Dp2_Shuttle 85% booked at $44,280 Β· 67 open days

2026Q3 P&L and cash

LineModelYour scenarioΞ”
Vessel-days, days pattern

Net of off-hire and drydock: its own median utilization.

 5,172 5,172
By class
ClassDaysModel $/dayYours $/day
VLCC17273,59873,598
Suezmax1,20560,03660,036
Aframax2,06549,60949,609
LR217256,76056,760
MR17241,68741,687
Handysize_Mr114644,28044,280
Lng_Carrier14644,28044,280
Panamax_Lr165644,28044,280
Suezmax_Dp2_Shuttle43844,28044,280
Fleet TCE, $/day modelled 51,382 51,382
Revenue (TCE basis), $m modelled

Vessel-days Γ— fleet TCE.

 265.7 265.7
Vessel opex, $m assumed

2026Q2: $57.7m over 5,420 vessel-days, held per day.

 (55.1) (55.1)
G&A, $m assumed

2026Q2: $14.8m over 5,420 vessel-days, held per day.

 (14.1) (14.1)
EBITDA, $m assumed 196.6 196.6
Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

 β€” β€”
Interest expense, $m assumed

2026Q2: $20.8m over 5,420 vessel-days, held per day.

 (19.8) (19.8)
Scheduled debt amortisation, $m stated

2026Q4: $47.4m over 5,796 vessel-days, held per day (the issuer’s scheduled principal).

 (42.3) (42.3)
Drydock cost, $m

No separate drydock cash line on file; off-hire is in the vessel-day count above.

 β€” β€”
Cash break-even, $/day assumed

Ξ£ cash costs above Γ· vessel-days.

 25,387 25,387
Cushion vs fleet TCE, $/day 25,995 25,995
Free cash flow to equity, $m assumed

Revenue βˆ’ cash costs: the cash available for distribution.

 134.4 134.4
Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

 β€”

Dividend policy pattern

No stated payout policy on file.

Dividend by twice-yearly dividend held at its last amount; it does not move with the rate, so your scenario leaves it unchanged.

OutputModelYour scenarioΞ”
Estimated DPS, $/share pattern $1.00
Forward yield, run-rate % 3.9%
vs last declared ($1.00, 2026Q1) +0%

Yield annualises the quarter’s DPS Γ— 2 (a run-rate, not a forecast of the year) against the $51.18 close on 2026-10-16.

This dividend is set by twice-yearly dividend held at its last amount, not by the rate β€” your scenario moves the cash line, not the DPS.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared Β· model

$0.602025Q1$1.002025Q3$1.002026Q1$1.002026Q3solid = declared Β· dashed = our model

Market context β€” rates, the dividend, and the price

Rates and dividend β€” realized rate and declared

Realized fleet TCEModelDeclared DPS
forecast →
$0k
$40k
$80k
2025Q1
2025Q2
2025Q3
2025Q4
2026Q1
2026Q2
2026Q3
2026Q4
Declared DPS, USD/share — solid: declared · dashed: model
$0.60
$1.00
$1.00
$1.00

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate β€” see Dividend forecast.

The line is the declared dividend per share β€” dashed where it is the model's estimate. Model estimate β€” not issuer guidance.

Forward (our model β€” model payment Γ—2): $2.00/yr Β· @ $51.18 (as of 2026-10-16) = 3.9% yield (forward, model) Β· Trailing TTM $2.0/yr = 3.9%

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β†’

Where TEN departs from that

  • This issuer declares twice a year, not quarterly; quarters without a declaration carry no dividend.
  • The forecast has not been scored against an outcome yet β€” there is no track record here to judge it by.
  • Fewer than four quarters of paired rate-and-dividend history, so the payout relationship is indicative rather than fitted.
  • VLCC: index realized at 80% β€” this issuer captured 80% of the index across 3 closed quarters (range 40%-887%; 1 on its fleet TCE less its printed time charters; 2 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index.
  • VLCC: using issuer guidance 84% fixed @ $44,280/day β€” a FLEET-wide figure applied to this class; the issuer did not split coverage by class.

What drives it β€” fleet TCE, 2026Q3

Expected fleet TCE
$51,382/d
89% STATED Β· 11% MODELLED
Days already fixed
85%
at disclosed rates
Index capture on open days
80%
historically captured

Earnings bridge β€” 2026Q2 β†’ 2026Q3

Booked cover β€” issuer guidance targets a different quarter than the anchor β€” no same-vintage comparison TBD
Open cover (spot-exposed) β€” VLCC 15% of days without booked cover Β· Suezmax 15% of days without booked cover Β· Aframax 15% of days without booked cover Β· LR2 15% of days without booked cover Β· MR 15% of days without booked cover Β· Handysize mr1 15% of days without booked cover Β· Lng carrier 15% of days without booked cover Β· Panamax lr1 15% of days without booked cover Β· Suezmax dp2 shuttle 15% of days without booked cover β€” spot-exposed TBD
Expected DPS (2026Q3) $1.00

Dividend history & forecast accuracy

Upcoming

QuarterEx-date (est.)Forecast DPSActual DPS
2026Q3 Eβ€”$1.00β€”
PeriodDPSKindEx-datePay dateSource
paid 2026-07-30 $1.00/share regular β€” 2026-07-30 as of 2026-07-30 declaration
paid 2026-02-19 $0.50/share regular β€” 2026-02-19 as of 2026-02-19 declaration
paid 2025-12-19 $1.00/share regular β€” 2025-12-19 as of 2025-12-19 declaration
paid 2025-07-18 $0.60/share regular β€” 2025-07-18 as of 2025-07-18 declaration
paid 2024-07-18 $0.60/share regular β€” 2024-07-18 as of 2024-07-18 declaration
paid 2023-10-26 $0.40/share special β€” 2023-10-26 as of 2023-10-26 declaration

DPS method: twice-yearly dividend held at its last amount.

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet
63
Realized TCE
$46,100/d 2026Q2
Declared DPS
$1.00 2026Q1
TTM DPS
$2.0
Coverage
β€”
Revenue
$298.4M
Opex
$57.7M
Net income
$139.3M

24Γ— aframax Β· 2Γ— aframax_lr2 Β· 2Γ— handysize_mr1 Β· 2Γ— LNG carrier Β· 2Γ— mr Β· 9Γ— panamax_lr1 Β· 14Γ— suezmax Β· 6Γ— suezmax_dp2_shuttle Β· 2Γ— vlcc current

Fleet model β€” 2026Q3

Fleet model estimate β€” not issuer guidance.

ClassShipsTCSpot% FixedGuided $/dSpot $/dBlended $/dQTD rev $MModeled Q rev $M
VLCC2β€”β€” 85% 44,280 298,164 73,598 β€” 12.7
Suezmax14β€”β€” 85% 44,280 185,993 60,036 β€” 72.3
LR224β€”β€” 85% 44,280 99,747 49,609 β€” 102.4
LR22β€”β€” 85% 44,280 158,894 56,760 β€” 9.8
MR2β€”β€” 85% 44,280 34,223 41,687 β€” 7.2
Handysize_Mr12β€”β€” 85% 44,280 β€” 44,280 β€” 6.5
Lng_Carrier2β€”β€” 85% 44,280 β€” 44,280 β€” 6.5
Panamax_Lr19β€”β€” 85% 44,280 β€” 44,280 β€” 29.0
Suezmax_Dp2_Shuttle6β€”β€” 85% 44,280 β€” 44,280 β€” 19.4
Total63 51,382 β€” 265.8

Guided rates are issuer-booked cover for 2026Q3 blended with Gibson and route-basket spot medians and the company's own guidance for the open days.

Expected DPS
$1.00/share
Annualized
$2.00/yr
Revenue if rates hold
$265.8M
Confidence
MEDIUM

Bear uses booked coverage only; Base adds open vessels at this issuer's realized share of the latest Gibson median; Bull reruns them at the same share of the recent 3-month peak index.

Declared $1.00 in each of the last 2 quarters β€” the forward figure is the rate itself, not a TCE-linked model. Coverage below shows how far modelled cash after debt service goes toward it.

Model gaps & assumptions

vlcc: index realized at 80% β€” this issuer captured 80% of the index across 3 closed quarters (range 40%-887%; 1 on its fleet TCE less its printed time charters; 2 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· vlcc: using issuer guidance 84% fixed @ $44,280/day β€” a FLEET-wide figure applied to this class; the issuer did not split coverage by class Β· suezmax: index realized at 80% β€” this issuer captured 80% of the index across 3 closed quarters (range 40%-887%; 1 on its fleet TCE less its printed time charters; 2 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· suezmax: using issuer guidance 84% fixed @ $44,280/day β€” a FLEET-wide figure applied to this class; the issuer did not split coverage by class Β· aframax: index realized at 80% β€” this issuer captured 80% of the index across 3 closed quarters (range 40%-887%; 1 on its fleet TCE less its printed time charters; 2 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· aframax: using issuer guidance 84% fixed @ $44,280/day β€” a FLEET-wide figure applied to this class; the issuer did not split coverage by class Β· lr2: index realized at 80% β€” this issuer captured 80% of the index across 3 closed quarters (range 40%-887%; 1 on its fleet TCE less its printed time charters; 2 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· lr2: using issuer guidance 84% fixed @ $44,280/day β€” a FLEET-wide figure applied to this class; the issuer did not split coverage by class Β· mr: index realized at 80% β€” this issuer captured 80% of the index across 3 closed quarters (range 40%-887%; 1 on its fleet TCE less its printed time charters; 2 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· mr: using issuer guidance 84% fixed @ $44,280/day β€” a FLEET-wide figure applied to this class; the issuer did not split coverage by class Β· handysize_mr1: guidance-only pricing (no market index for this class, owner ruling 2026-09-08) β€” issuer guidance 84% covered @ $44,280/day; the open 16% is unpriced and excluded from the mean Β· LNG carrier: guidance-only pricing (no market index for this class, owner ruling 2026-09-08) β€” issuer guidance 84% covered @ $44,280/day; the open 16% is unpriced and excluded from the mean Β· panamax_lr1: guidance-only pricing (no market index for this class, owner ruling 2026-09-08) β€” issuer guidance 84% covered @ $44,280/day; the open 16% is unpriced and excluded from the mean Β· suezmax_dp2_shuttle: guidance-only pricing (no market index for this class, owner ruling 2026-09-08) β€” issuer guidance 84% covered @ $44,280/day; the open 16% is unpriced and excluded from the mean Β· aframax: 2026Q3 has ended β€” open days are priced at the mean of its own monthly medians, $99,747/day, not the newest month (owner 2026-10-19) Β· lr2: 2026Q3 has ended β€” open days are priced at the mean of its own monthly medians, $158,894/day, not the newest month (owner 2026-10-19) Β· mr: 2026Q3 has ended β€” open days are priced at the mean of its own monthly medians, $34,223/day, not the newest month (owner 2026-10-19) Β· suezmax: 2026Q3 has ended β€” open days are priced at the mean of its own monthly medians, $185,993/day, not the newest month (owner 2026-10-19) Β· vlcc: 2026Q3 has ended β€” open days are priced at the mean of its own monthly medians, $298,164/day, not the newest month (owner 2026-10-19) Β· estimate base 2025Q4 predates 2026Q2, the quarter before the 2026Q3 forecast Β· DPS is the declared rate: $1.000 in each of the last 2 twice-yearly declarations (2025Q3, 2026Q1) β€” held, not modelled from TCE (owner 2026-09-25)

Profit statement highlights

Line2026Q22026Q1YoY Ξ”
Revenue $298.4M $253.0M +54.4%
Opex $57.7M $53.3M β€”
Net income $139.3M β€” +419.1%
Full P&L grid β€” 5 quarters
Line item2026Q22026Q12025Q32025Q22025Q1
Revenue $M298.4253.0186.2193.3197.1
Voyage expenses $M52.1β€”β€”β€”β€”
Vessel opex $M57.753.3β€”β€”β€”
G&A $M14.812.4β€”β€”β€”
Depreciation $M46.3β€”β€”β€”β€”
Interest expense, gross $Mβ€”20.8β€”22.9β€”
Net income $M139.3β€”β€”26.8β€”
Declared DPSβ€”1.001.00β€”0.60

Profit statement – highlights SEC EDGAR company facts

LineFY2009FY2010H1 2011FY20112011Q2H1 2012FY20122012Q2H1 2013FY20132013Q2H1 2014FY20142014Q2H1 2015FY20152015Q2H1 2016FY20162016Q2H1 2017FY20172017Q2H1 2018FY20182018Q2H1 2019FY20192019Q2H1 2020FY20202020Q2H1 2021FY20212021Q2H1 2022FY20222022Q2H1 2023FY20232023Q2H1 2024FY20242024Q2H1 2025FY20252025Q2YoY Ξ”
Revenue 444.9408.0200.5395.2101.3201.3394.099.0205.8418.4108.1242.7501.0112.4302.9587.7154.0241.9481.8119.9270.4529.2132.2249.7529.9123.9291.1597.5144.0369.7644.1190.8275.4546.1136.4366.4860.4216.7482.7889.6221.5415.6804.1214.1390.4798.7193.3 -0.7%
EBITDA / operating income 72.480.713.7-37.7-1.711.11.310.118.34.98.633.076.08.594.9188.149.257.489.824.349.163.519.39.4-28.13.946.885.919.0101.796.746.9-10.7-119.9-12.966.9256.457.4281.7391.582.6179.2278.6103.0110.7252.350.0 -9.4%
Operating expenses β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€” β€”
Net result 30.221.0-8.6-89.0-18.0-14.4-49.1-5.7-1.2-38.6-2.414.733.70.278.6158.441.341.756.516.421.89.23.9-22.9-101.0-10.510.414.0-0.555.227.233.3-25.1-150.6-20.353.2208.547.0239.6305.162.1132.0181.677.667.2164.928.3 -9.2%
Declared DPS β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€” β€”
Full P&L grid β€” 4 lines Γ— 47 quarters
Line itemFY2009FY2010H1 2011FY2011Q2 2011H1 2012FY2012Q2 2012H1 2013FY2013Q2 2013H1 2014FY2014Q2 2014H1 2015FY2015Q2 2015H1 2016FY2016Q2 2016H1 2017FY2017Q2 2017H1 2018FY2018Q2 2018H1 2019FY2019Q2 2019H1 2020FY2020Q2 2020H1 2021FY2021Q2 2021H1 2022FY2022Q2 2022H1 2023FY2023Q2 2023H1 2024FY2024Q2 2024H1 2025FY2025Q2 2025
Operating revenues444.9408.0200.5395.2101.3201.3394.099.0205.8418.4108.1242.7501.0112.4302.9587.7154.0241.9481.8119.9270.4529.2132.2249.7529.9123.9291.1597.5144.0369.7644.1190.8275.4546.1136.4366.4860.4216.7482.7889.6221.5415.6804.1214.1390.4798.7193.3
Operating expensesβ€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Operating income72.480.713.7-37.7-1.711.11.310.118.34.98.633.076.08.594.9188.149.257.489.824.349.163.519.39.4-28.13.946.885.919.0101.796.746.9-10.7-119.9-12.966.9256.457.4281.7391.582.6179.2278.6103.0110.7252.350.0
Profit for the period30.221.0-8.6-89.0-18.0-14.4-49.1-5.7-1.2-38.6-2.414.733.70.278.6158.441.341.756.516.421.89.23.9-22.9-101.0-10.510.414.0-0.555.227.233.3-25.1-150.6-20.353.2208.547.0239.6305.162.1132.0181.677.667.2164.928.3

Realized fleet TCE

Realized fleet TCE versus benchmark: 4 points, 2025-01-01 to 2026-04-01; Realized fleet TCE latest 46,100.00.

image/svg+xml 2025 Apr Jul Oct 2026 Apr 30,000 32,000 34,000 36,000 38,000 40,000 42,000 44,000 46,000 46,100 Realized fleet TCE USD/day

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources

Issuer guidance β€” forward-looking

No current-quarter guidance on file.

Historical guidance (1 rows)
PeriodMetricValueCoverageAs ofSource
2026Q3Fleet time charters, fixed + profit-share (Q2 2026, carried) $44,280 84.8% 2026-09-17 β€”
Sources β€” press, filings & documents

Press & filings by quarter

QuarterReportPresentationDividendOther
2026Q3 6-K β€” β€” β€”
2026Q2 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 20-F β€” β€” β€”
2026Q1 6-K β€” β€” β€”
2025Q4 6-K, 6-K exhibit, 6-K β€” β€” β€”
2025Q3 6-K β€” β€” β€”
2025Q2 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 20-F β€” β€” β€”
2024Q4 6-K, 6-K exhibit, 6-K β€” β€” β€”
2024Q2 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 20-F β€” β€” β€”

Recent documents