olivLaw · US equity research
Tsakos Energy Navigation Limited TEN
Deep Sea Foreign Transportation of Freight · SIC 4412 · Vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)
Tsakos Energy Navigation is an international operator of tankers for seaborne transport of crude oil, petroleum products and LNG, with a fleet of 64 vessels in operation at the end of March 2026. The company operates in a period when geopolitical tensions and rerouting of trade flows support demand for ships, and its fleet has a large share of long-term contracts.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Tsakos Energy Navigation Limited (TEN) stock was 44.10 USD (−5.77% on the day), with market capitalisation 1.3 bn USD, P/E 9.9 on diluted EPS of 4.45 USD over the last 12 months, dividend yield 1.13%, beta 0.61, 52-week range 21.71–56.40 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 33.8
- weak (30–45)
- Bollinger (20, 2)
- 46.07 – 57.64
- below the lower band · %B -0.17 · band width 22.3%
- SMA 50 / 200
- 49.16 / 40.31
- mixed trend
- MACD (12, 26, 9)
- -0.31 / 0.82
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.6% | −5.9% | −6.7 pp | — |
| 3 months | +12.9% | −4.6% | +17.5 pp | — |
| 6 months | +0.2% | +0.2% | +0.0 pp | — |
| Year to date | +96.7% | +7.4% | +89.3 pp | — |
| 1 year | +84.3% | +8.2% | +76.1 pp | +28.5% |
| 3 years | +97.0% | +68.4% | +28.5 pp | +24.6% |
| 5 years | +406.9% | +56.5% | +350.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 4-quarter history (min 2.5, median 3.1, max 5.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 529.9 m | 597.5 m | 644.1 m | 546.1 m | 860.4 m | 889.6 m | 804.1 m | 798.7 m |
| Revenue YoY | +0.1% | +12.8% | +7.8% | −15.2% | +57.5% | +3.4% | −9.6% | −0.7% |
| Net income | -99.2 m | 15.1 m | 24.0 m | -151.4 m | 204.2 m | 300.2 m | 176.2 m | 160.9 m |
| Net income YoY | −1,403.2% | unavailable | +58.7% | −730.8% | unavailable | +47.0% | −41.3% | −8.7% |
| Diluted EPS | unavailable | unavailable | -0.80 | -9.53 | 6.01 | 9.04 | 5.03 | 4.45 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | +50.4% | −44.4% | −11.5% |
| net % | -18.7% | 2.5% | 3.7% | -27.7% | 23.7% | 33.7% | 21.9% | 20.1% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 293.3 m USD
- Financial debt
- 1.8 bn USD
- Net debt
- 1.5 bn USD
- Equity
- 1.9 bn USD
- Total assets
- 4.0 bn USD
- Debt / equity
- 0.96x
- Current ratio
- 0.95x
- ROE
- 8.9%
- ROA
- 4.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 644.1 m | 546.1 m | 860.4 m | 889.6 m | 804.1 m | 798.7 m | SEC (XBRL)· 06 Apr 2026verified |
| Operating income | 96.7 m | -119.9 m | 256.4 m | 391.5 m | 278.6 m | 252.3 m | SEC (XBRL)· 06 Apr 2026verified |
| Depreciation & amortisation | 137.1 m | 143.3 m | 140.8 m | 144.2 m | 159.9 m | 170.1 m | SEC (XBRL)· 06 Apr 2026verified |
| EBITDA | 233.8 m ≈ | 23.4 m ≈ | 397.2 m ≈ | 535.7 m ≈ | 438.5 m ≈ | 422.4 m ≈ | SEC (XBRL)· 06 Apr 2026derived |
| Interest expense | 49.6 m | 38.6 m | 55.5 m | 101.8 m | 113.3 m | 94.0 m | SEC (XBRL)· 06 Apr 2026verified |
| Net income | 24.0 m | -151.4 m | 204.2 m | 300.2 m | 176.2 m | 160.9 m | SEC (XBRL)· 06 Apr 2026verified |
| Diluted EPS | -0.80 | -9.53 | 6.01 | 9.04 | 5.03 | 4.45 | SEC (XBRL)· 06 Apr 2026verified |
| Weighted average diluted shares | 18.8 m | 19.7 m | 28.2 m | 29.5 m | 29.5 m | 29.7 m | SEC (XBRL)· 06 Apr 2026verified |
| Dividend per share | 0.50 | 0.10 | 0.25 | 1.00 | 1.50 | 0.50 | SEC (XBRL)· 06 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 160.5 m | 117.2 m | 304.4 m | 372.0 m | 343.4 m | 293.3 m | SEC (XBRL)· 06 Apr 2026verified |
| Receivables | 25.3 m | 30.6 m | 78.2 m | 46.7 m | 26.5 m | 41.1 m | SEC (XBRL)· 06 Apr 2026verified |
| Inventories | 21.8 m | 22.9 m | 26.2 m | 22.5 m | 18.9 m | 12.6 m | SEC (XBRL)· 06 Apr 2026verified |
| Current assets | 321.5 m | 239.7 m | 513.1 m | 509.3 m | 451.8 m | 434.6 m | SEC (XBRL)· 06 Apr 2026verified |
| Property, plant & equipment, net | 2.6 bn | 2.4 bn | 2.6 bn | 2.6 bn | 2.9 bn | 3.2 bn | SEC (XBRL)· 06 Apr 2026verified |
| Total assets | 3.1 bn | 2.9 bn | 3.3 bn | 3.4 bn | 3.7 bn | 4.0 bn | SEC (XBRL)· 06 Apr 2026verified |
| Accounts payable | 55.3 m | 74.9 m | 48.2 m | 40.2 m | 55.8 m | 42.7 m | SEC (XBRL)· 06 Apr 2026verified |
| Short-term debt | 232.4 m | 172.9 m | 194.4 m | 185.5 m | 245.5 m | 295.5 m | SEC (XBRL)· 06 Apr 2026verified |
| Long-term debt | 1.3 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 06 Apr 2026verified |
| Current liabilities | 382.0 m | 332.1 m | 369.7 m | 323.2 m | 408.5 m | 458.0 m | SEC (XBRL)· 06 Apr 2026verified |
| Equity | 1.4 bn | 1.3 bn | 1.5 bn | 1.7 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 06 Apr 2026verified |
| Shares outstanding at year end | 18.2 m | 24.6 m | 29.5 m | 29.5 m | 30.1 m | 30.1 m | SEC (XBRL)· 06 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 205.4 m | 53.1 m | 288.5 m | 395.3 m | 307.7 m | 297.6 m | SEC (XBRL)· 06 Apr 2026verified |
| Investing cash flow | -94.6 m | -8.0 m | -301.8 m | -137.4 m | -441.6 m | -458.1 m | SEC (XBRL)· 06 Apr 2026verified |
| Financing cash flow | -136.8 m | -89.7 m | 195.5 m | -190.6 m | 105.5 m | 110.3 m | SEC (XBRL)· 06 Apr 2026verified |
| Dividends paid | 46.7 m | 36.3 m | 43.7 m | 61.9 m | 71.8 m | 60.1 m | SEC (XBRL)· 06 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 32 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality39
- Growth0
- Balance sheet22
- Returns65
- Valuation53
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.64 – 104.69 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA10.64 – 104.69 (Mid 49.61)13 companies used · median multiple 7.1x · quartiles 4.3x – 11.0xCMRE, DAC, DHT, DSX, ECO, EHLD, GNK, HSHP, LPG, NVGS, SMHI, TRMD, ZIM
- Peers: P/E17.82 – 73.78 (Mid 43.37)28 companies used · median multiple 9.7x · quartiles 4.0x – 16.6xASC, CISS, CMBT, CMRE, CTRM, DAC, DHT, DSX, ECO, EHLD, FRO, GASS, GNK, HSHP, IMPP, LPG, NMM, NVGS, PANL, PSHG, PXS, SBLK, SHIP, STNG, TK, TOPS, TRMD, ZIM
- Dividend discount (DDM)outside the aggregate6.57 – 8.84 (Mid 7.54)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 32/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.6% | 29 (vs peers) | 13% |
| Net margin · Quality | 20.1% | 56 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -2.5% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | -9.5% | 0 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 3.5x | 29 (vs peers) | 13% |
| Interest coverage · Balance sheet | 2.7x | 18 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.9x | 12 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 9.9x | 52 (vs peers) | 13% |
| EV/EBITDA · Valuation | 6.7x | 54 (vs peers) | 13% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.5% | 65 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet22/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality39/100 · 2/3 factors with a value
- Returns· partial65/100 · 1/2 factors with a value
- Valuation53/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TSAKOS ENERGY NAVIGATION LIMITED (TEN). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 798.7 m USD in 2025; YoY growth -0.7%; net margin 20.1%; ROE 9.1%; net debt/EBITDA 3.5x.
The estimated value range is 14.23–89.24 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 46.49 USD, the price of 44.10 USD leaves a potential of 5.4% (value / price − 1) and a margin of safety of 5.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 32/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 6.6%
- Revenue CAGR 3Y: -2.5%
- EPS CAGR 3Y: -9.5%
- Net debt / EBITDA: 3.5x
- Interest coverage: 2.7x
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, FCF yield, Payout ratio (FCF).
Versus the vertical median
Deep Sea Foreign Transportation of Freight (SIC 4412) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FROFrontline plc | 10.0 bn | 26.3 | 15.6% | 19.2% | −8.8% | +90% / +125% |
| CMBTCmb.tech NV | 5.2 bn | 3.7 | 49.1% | 92.6% | −23.9% | +51% / −8% |
| STNGScorpio Tankers Inc. | 4.2 bn | 11.5 | 11.4% | 36.7% | −24.6% | +41% / +49% |
| TRMDTORM plc | 3.5 bn | 12.0 | 13.3% | 21.3% | −14.1% | +60% / +22% |
| ZIMZim Integrated Shipping Services Ltd. | 3.3 bn | 6.9 | 11.9% | 6.9% | −18.1% | +34% / +292% |
| DHTDht Holdings, Inc. | 3.3 bn | 15.6 | 19.4% | 42.4% | −12.8% | +57% / +106% |
| SBLKStar Bulk Carriers Corp. | 3.0 bn | 36.3 | 3.4% | 8.1% | −17.6% | +33% / +25% |
| ECOOkeanis Eco Tankers Corp. | 2.9 bn | 21.5 | 25.0% | 31.4% | −0.4% | +120% / +237% |
| DACDanaos Corporation | 2.7 bn | 5.6 | 13.7% | 47.4% | +2.8% | +52% / +112% |
| NMMNavios Maritime Partners L.P. | 2.4 bn | 8.4 | — | 21.2% | +0.8% | +55% / +226% |
| LPGDorian Lpg Ltd. | 2.0 bn | 4.1 | 38.8% | 70.4% | +36.3% | +86% / +9% |
| SFLSFL Corporation Ltd. | 1.6 bn | — | -2.5% | -3.6% | −18.9% | +33% / −3% |
| CMRECostamare Inc. | 1.6 bn | 4.5 | 15.9% | 41.5% | −1.2% | −16% / +27% |
| TENTsakos Energy Navigation Limited | 1.3 bn | 9.9 | 9.1% | 20.1% | −0.7% | +84% / +97% |
| NVGSNavigator Holdings Ltd | 1.3 bn | 13.3 | 8.2% | 17.1% | +3.6% | +9% / +34% |
| GNKGenco Shipping & Trading Limited | 1.1 bn | 14.2 | 8.9% | 15.5% | −19.1% | +34% / +63% |
| TKTeekay Corporation Ltd. | 1.1 bn | 11.0 | 4.8% | 10.3% | −22.2% | +29% / +81% |
| SHIPSeanergy Maritime Holdings Corp. | 946.2 m | 13.7 | 7.8% | 13.4% | −5.6% | +31% / +90% |
| HSHPHimalaya Shipping Ltd. | 697.0 m | 39.3 | 11.2% | 13.4% | +6.7% | +66% / +149% |
| ASCArdmore Shipping Corp | 696.1 m | 19.4 | 6.6% | 13.2% | −23.6% | +40% / +26% |
| PANLPangaea Logistics Solutions Ltd. | 482.5 m | 6.4 | 16.3% | 9.7% | +17.8% | +5% / +5% |
| GASSStealthgas Inc. | 292.7 m | 4.8 | 9.2% | 35.0% | +3.5% | +15% / +18% |
| DSXDiana Shipping Inc. | 268.6 m | 21.1 | 3.5% | 8.3% | −6.4% | +18% / −32% |
| SMHISEACOR Marine Holdings Inc. | 235.1 m | — | -14.0% | -17.6% | −16.0% | +22% / −25% |
| IMPPImperial Petroleum Inc. | 192.9 m | 3.3 | 10.5% | 31.0% | +9.2% | −8% / +160% |
1- and 3-year price returns: for TEN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 29.10 Total return -33% · Per year -33% | 51.63 Total return 18% · Per year 18% | 78.02 Total return 79% · Per year 79% |
| 3 years | 24.43 Total return -42% · Per year -17% | 49.13 Total return 15% · Per year 5% | 82.05 Total return 91% · Per year 24% |
| 5 years | 20.52 Total return -49% · Per year -13% | 46.75 Total return 12% · Per year 2% | 86.29 Total return 104% · Per year 15% |
- Exit P/E± 12.28
- Net margin± 8.60
- Annual revenue growth± 7.56
- Annual dilution± 0.72
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Apr 2026; since then the company filed 6-K (17 Sept 2026), 6-K (22 May 2026), 6-K (17 Apr 2026).
In brief
Tsakos Energy Navigation is an international operator of tankers for seaborne transport of crude oil, petroleum products and LNG, with a fleet of 64 vessels in operation at the end of March 2026 1. The company operates in a period when geopolitical tensions and rerouting of trade flows support demand for ships, and its fleet has a large share of long-term contracts.
SWOT
Strengths
- A relatively modern, diversified fleet with long-term contracts for much of it.
- Long relationships with major oil companies and refiners that support high utilization.
- Technical management delegated to an entity holding quality and environmental certifications.
Weaknesses
- Dependence on a relatively small number of ships, where each unit weighs heavily on results.
- A management structure through affiliated entities may raise governance questions for investors.
- Rising operating costs reduced margins in fiscal 2025.
Opportunities
- Long-term contracts for DP2 shuttle tankers could expand the offshore segment.
- A limited orderbook could support vessel values and rates over the medium term.
- Demand for LNG transport could grow if use of this fuel expands.
Threats
- Falling oil demand, if geopolitical tensions cause demand destruction, could reduce rates.
- Environmental rules and the energy transition could lower the value of older ships over the long term.
- New ships entering the fleet could reduce rates if the orderbook grows.
Risks
- Tanker rate volatilityhigh
Revenues depend on a competitive charter market that can fall quickly if demand shifts.
- Geopolitical riskshigh
Conflicts and closures of sea routes can abruptly change transport flows and costs.
- Debt and financing costsmedium
Financing new ships involves debt, and changes in interest rates can affect profitability.
- Operating and maintenance costsmedium
Rising operating costs and dry-docking work can reduce operating margins.
- Environmental regulationlow
Stricter rules on emissions and fuels could require additional ship investment.
Investment thesis
What would need to be true (bull case)
- If geopolitical tensions and rerouting of trade persist, spot rates could stay high and the fleet could generate higher revenues.
- A limited orderbook and a relatively new fleet could support vessel values over the medium term.
- Long-term contracts for DP2 shuttle tankers could provide more predictable revenues in the coming years.
What would break the thesis
- If oil demand falls because of high prices, tanker rates could quickly return to lower levels.
- The energy transition could reduce long-term demand, especially for older vessels.
- High debt and rising costs could limit the company's capacity to pay dividends.
What to watch
- Trend in spot tanker rates and fleet utilization rateQ1 2027
- Delivery of DP2 shuttle tankers and other newbuildings under construction2027
- Developments in the Middle East and on maritime trade routesnext 10-K
- Level of dividends and debt after vessel sales2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Apr 2026; since then the company filed 6-K (17 Sept 2026), 6-K (22 May 2026), 6-K (17 Apr 2026).
The business
The company provides international seaborne transport of crude oil and petroleum products and, since 2007, of liquefied natural gas 1. The operating fleet includes VLCC, suezmax, aframax, panamax, handysize, MR tankers, LNG carriers and DP2 shuttle tankers for offshore operations 1. Technical and operational management is subcontracted to Tsakos Shipping and Trading S.A., based in Athens 1.
The company has built a reputation as a safe and cost-efficient operator with modern ships and an average fleet age below the industry average 1. Customers include major oil companies, refiners and traders, among them Equinor, BP, Exxonmobil, Shell and Vitol 1. The share of ships on fixed-rate charters makes revenues more predictable, but limits gains from rising spot rates.
A Bermuda company listed in New York under the symbol TEN since July 1, 2024, it reports annual and quarterly results in filings with regulators 1. For fiscal 2025, voyage revenues were 798.7 mn USD and net income attributable to the company was 160.9 mn USD 1.
Segments
Conventional crude and product tankers
The VLCC, suezmax, aframax and panamax fleet carries crude oil and products, especially on long-haul routes 1. In 2025, revenues in this segment were shaped by market rates, which fell slightly from the prior year 1.
Market context
Global oil demand reached a record level in 2025, and the International Energy Agency expects a rise for 2026, provided Middle East tensions do not strongly affect demand 1. The tanker orderbook is a relatively small share of the existing fleet, which could limit supply growth over the next two to three years 1.
The market is cyclical and sensitive to sanctions, route disruptions and vessel availability, factors that can change spot rates and asset values 1. The company believes that if these conditions persist, they could support a healthy tanker market 1.
Trends
- Reorientation of trade flowstailwind
Sanctions on Russian oil have led to longer routes, which increases demand for ships and supports rates 1. The effect could fade if trade flows stabilize.
- Middle East disruptionsmixed
Attacks on ships and closures of routes led to rerouting around the Cape of Good Hope and longer distances 1. If tensions persist, spot rates could stay high, but the risk of demand destruction rises.
- Limited tanker orderbooktailwind
The tanker orderbook is relatively small against the existing fleet, and shipyard capacity is limited until 2028 1. This factor could limit supply growth and support vessel values.
- Ageing global fleet and energy transitionmixed
Part of the global fleet is old, and discussions on alternative fuels could change future vessel designs 1. The energy transition could reduce long-term demand, although the company expects oil and LNG to remain important for longer than previously thought 1.
Competitive position
The company competes in the global tanker market with other public and private operators, and charter rates are set in a highly competitive environment 1. The advantages the company cites are its younger fleet, the diversity of vessel types and long-standing customer relationships 1.
- US-listed tanker operators
The source does not name competitors, so no ticker can be reliably given.
- Private tanker operators
Competition also comes from private fleets operating on similar routes that may offer competitive rates.
- Shadow fleet of sanctioned vessels
Ships carrying sanctioned oil compete indirectly by shaping the routes and rates available to others.
- LNG carrier operators
In the LNG segment, competition comes from specialized operators that manage larger fleets.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Tsakos Energy Navigation (TEN) Just Posted Its Best Half EverYahoo Finance — News · 13 Sept 2026 · EN
- Tsakos Energy Navigation Limited Q2 2026 Earnings Call SummaryYahoo Finance — News · 10 Sept 2026 · EN
- Tsakos Energy Navigation Q2 Earnings Call HighlightsYahoo Finance — News · 10 Sept 2026 · EN
The latest news item in our archive is from 13 Sept 2026; the newest SEC filing is from 17 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)17 Sept 2026
- Current report (foreign issuer)22 May 2026
- Current report (foreign issuer)17 Apr 2026
- Annual report (foreign issuer)06 Apr 2026
- Current report (foreign issuer)06 Mar 2026
- Current report (foreign issuer)21 Nov 2025
- Current report (foreign issuer)30 Oct 2025
- Current report (foreign issuer)30 Sept 2025
- Current report (foreign issuer)25 Jun 2025
- Current report (foreign issuer)30 Apr 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Tsakos Energy Navigation Limited · 06 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.