Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2018shares | |
Document And Entity Information [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | TSAKOS ENERGY NAVIGATION LTD |
Entity Central Index Key | 1,166,663 |
Trading Symbol | TNP |
Entity Current Reporting Status | Yes |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock Shares Outstanding | 87,336,453 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 272,501 | $ 189,763 |
Restricted cash | 9,924 | 12,910 |
Accounts receivable, net | 23,436 | 27,364 |
Capitalized voyage expenses | 525 | 0 |
Due from related companies (Note 2) | 16,534 | 14,210 |
Advances and other | 27,382 | 19,061 |
Vessels held for sale (Note 3) | 0 | 17,500 |
Inventories | 17,881 | 16,293 |
Prepaid insurance and other | 2,946 | 1,577 |
Current portion of financial instruments- Fair value (Note 11) | 7,045 | 5,715 |
Total current assets | 378,174 | 304,393 |
INVESTMENTS | 1,000 | 1,000 |
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11) | 1,848 | 1,430 |
LONG TERM RECEIVABLE (Note 3) | 13,000 | 13,000 |
FIXED ASSETS (Note 3) | ||
Advances for vessels under construction | 12,123 | 1,650 |
Vessels | 3,954,228 | 3,953,599 |
Accumulated depreciation | (993,040) | (925,195) |
Vessels' Net Book Value | 2,961,188 | 3,028,404 |
Total fixed assets | 2,973,311 | 3,030,054 |
DEFERRED CHARGES, net (Note 4) | 30,381 | 23,759 |
Total assets | 3,397,714 | 3,373,636 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt (Note 5) | 257,249 | 225,883 |
Payables | 44,542 | 46,916 |
Due to related companies (Note 2) | 10,047 | 7,442 |
Dividends payable | 4,379 | 0 |
Accrued liabilities | 54,788 | 43,693 |
Unearned revenue | 13,498 | 13,611 |
Current portion of financial instruments - Fair value (Note 11) | 336 | 1,378 |
Total current liabilities | 384,839 | 338,923 |
LONG-TERM DEBT, net of current portion (Note 5) | 1,414,836 | 1,525,986 |
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11) | 1,203 | 589 |
STOCKHOLDERS' EQUITY (Note 7): | ||
Preferred shares, $1.00 par value; 25,000,000 shares authorized & 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares, 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares & 5,400,000 Series F Preferred Shares issued & outstanding at June 30, 2018 & 25,000,000 shares authorized & 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares, 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares issued & outstanding at December 31, 2017 | 17,425 | 12,025 |
Common shares, $ 1.00 par value; 175,000,000 shares authorized at June 30, 2018 and December 31, 2017; 87,338,652 shares issued at June 30, 2018 and December 31, 2017, 87,336,453 and 86,319,583 shares outstanding at June 30, 2018 and December 31, 2017, respectively | 87,339 | 87,339 |
Additional paid-in capital | 983,107 | 857,998 |
Cost of treasury stock | (76) | (5,736) |
Accumulated other comprehensive loss | (4,519) | (5,305) |
Retained earnings | 501,113 | 547,937 |
Total Tsakos Energy Navigation Limited stockholders' equity | 1,584,389 | 1,494,258 |
Non-controlling Interest | 12,447 | 13,880 |
Total stockholders' equity | 1,596,836 | 1,508,138 |
Total liabilities and stockholders' equity | $ 3,397,714 | $ 3,373,636 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Preferred Shares - par value | $ 1 | $ 1 |
Preferred Shares - shares authorized | 25,000,000 | 25,000,000 |
Common Stock - par value | $ 1 | $ 1 |
Common Stock - shares authorized | 175,000,000 | 175,000,000 |
Common Stock - shares issued | 87,338,652 | 87,338,652 |
Common Stock - shares outstanding | 87,336,453 | 86,319,583 |
8% Series B Preferred Shares | ||
Preferred Shares - shares issued | 2,000,000 | 2,000,000 |
Preferred Shares - shares outstanding | 2,000,000 | 2,000,000 |
8.875% Series C Preferred Shares | ||
Preferred Shares - shares issued | 2,000,000 | 2,000,000 |
Preferred Shares - shares outstanding | 2,000,000 | 2,000,000 |
8.75% Series D Preferred Shares | ||
Preferred Shares - shares issued | 3,424,803 | 3,424,803 |
Preferred Shares - shares outstanding | 3,424,803 | 3,424,803 |
9.25% Series E Preferred Shares | ||
Preferred Shares - shares issued | 4,600,000 | 4,600,000 |
Preferred Shares - shares outstanding | 4,600,000 | 4,600,000 |
9.50% Series F Preferred Shares | ||
Preferred Shares - shares issued | 5,400,000 | 0 |
Preferred Shares - shares outstanding | 5,400,000 | 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
VOYAGE REVENUES: | $ 123,927 | $ 132,180 | $ 249,651 | $ 270,421 |
EXPENSES: | ||||
Voyage expenses | 29,407 | 28,121 | 56,683 | 58,204 |
Charter hire expense | 2,698 | 0 | 5,376 | 0 |
Vessel operating expenses | 44,169 | 43,894 | 91,704 | 83,905 |
Depreciation and amortization | 36,621 | 34,298 | 72,432 | 66,588 |
General and administrative expenses | 6,812 | 6,557 | 13,643 | 12,667 |
Loss on sale of vessel | 364 | 0 | 364 | 0 |
Total expenses | 120,071 | 112,870 | 240,202 | 221,364 |
Operating income | 3,856 | 19,310 | 9,449 | 49,057 |
OTHER INCOME (EXPENSES): | ||||
Interest and finance costs, net (Note 6) | (14,783) | (15,873) | (32,728) | (27,738) |
Interest income | 389 | 313 | 711 | 431 |
Other, net | 2 | 199 | (333) | 54 |
Total other expenses, net | (14,392) | (15,361) | (32,350) | (27,253) |
Net (loss) income | (10,536) | 3,949 | (22,901) | 21,804 |
Less: Net loss (income) attributable to the non-controlling interest | 983 | (374) | 1,433 | (751) |
Net (loss) income attributable to Tsakos Energy Navigation Limited | (9,553) | 3,575 | (21,468) | 21,053 |
Effect of preferred dividends | (6,713) | (6,524) | (13,355) | (10,492) |
Net (loss) income attributable to common stockholders of Tsakos Energy Navigation Limited | $ (16,266) | $ (2,949) | $ (34,823) | $ 10,561 |
(Loss) Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common shareholders (Note 9) | $ (0.19) | $ (0.03) | $ (0.40) | $ 0.13 |
Weighted average number of shares, basic and diluted (Note 9) | 86,942,159 | 84,284,281 | 86,634,907 | 84,126,285 |
STATEMENT OF CONSOLIDATED OTHER
STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME [Abstract] | ||||
Net (loss) income | $ (10,536) | $ 3,949 | $ (22,901) | $ 21,804 |
Unrealized gain (loss) from hedging financial instruments | ||||
Unrealized income (loss) on interest rate swaps, net | 1,808 | (125) | 786 | (3,196) |
Comprehensive (loss) income | (8,728) | 3,824 | (22,115) | 18,608 |
Less: comprehensive loss (income) attributable to the non-controlling interest | 983 | (374) | 1,433 | (751) |
Comprehensive (loss) income attributable to Tsakos Energy Navigation Limited | $ (7,745) | $ 3,450 | $ (20,682) | $ 17,857 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Preferred Shares | Common Shares | Additional Paid-in Capital | Treasury stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Tsakos Energy Navigation Limited | Non-controlling Interest | Dividends declared ($0.05 per common share) | Dividends declared ($0.05 per common share)Retained Earnings | Dividends declared ($0.05 per common share)Tsakos Energy Navigation Limited | Dividends paid ($0.05 per common share) | Dividends paid ($0.05 per common share)Retained Earnings | Dividends paid ($0.05 per common share)Tsakos Energy Navigation Limited | 8% Series B Preferred Shares | 8% Series B Preferred SharesRetained Earnings | 8% Series B Preferred SharesTsakos Energy Navigation Limited | 8.875% Series C Preferred Shares | 8.875% Series C Preferred SharesRetained Earnings | 8.875% Series C Preferred SharesTsakos Energy Navigation Limited | 8.75% Series D Preferred Shares | 8.75% Series D Preferred SharesPreferred Shares | 8.75% Series D Preferred SharesAdditional Paid-in Capital | 8.75% Series D Preferred SharesRetained Earnings | 8.75% Series D Preferred SharesTsakos Energy Navigation Limited | Common Shares | Common SharesAdditional Paid-in Capital | Common SharesTreasury stock | Common SharesRetained Earnings | Common SharesTsakos Energy Navigation Limited | 9.25% Series E Preferred Shares | 9.25% Series E Preferred SharesPreferred Shares | 9.25% Series E Preferred SharesAdditional Paid-in Capital | 9.25% Series E Preferred SharesRetained Earnings | 9.25% Series E Preferred SharesTsakos Energy Navigation Limited | 9.50% Series F Preferred Shares | 9.50% Series F Preferred SharesPreferred Shares | 9.50% Series F Preferred SharesAdditional Paid-in Capital | 9.50% Series F Preferred SharesTsakos Energy Navigation Limited |
BALANCE, at Dec. 31, 2016 | $ 1,417,450 | $ 7,400 | $ 87,339 | $ 752,001 | $ (20,173) | $ 582,889 | $ (4,313) | $ 1,405,143 | $ 12,307 | |||||||||||||||||||||||||||||||
Treasury stock shares, number of shares at Dec. 31, 2016 | 3,617,786 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 21,804 | 21,053 | 21,053 | 751 | ||||||||||||||||||||||||||||||||||||
Issuance of shares | $ 110,496 | $ 4,600 | $ 105,896 | $ 110,496 | ||||||||||||||||||||||||||||||||||||
Sale of Shares, shares | (650,717) | |||||||||||||||||||||||||||||||||||||||
Sale of Shares, value | $ 533 | $ 25 | $ 508 | $ 533 | $ 2,676 | $ (296) | $ 3,622 | $ (650) | $ 2,676 | |||||||||||||||||||||||||||||||
Common dividends | $ (4,221) | $ (4,221) | $ (4,221) | $ (4,214) | $ (4,214) | $ (4,214) | ||||||||||||||||||||||||||||||||||
Dividends paid on Preferred shares | $ (2,000) | $ (2,000) | $ (2,000) | $ (2,219) | $ (2,219) | $ (2,219) | (3,739) | $ (3,739) | (3,739) | (1,566) | $ (1,566) | (1,566) | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | (3,196) | (3,196) | (3,196) | |||||||||||||||||||||||||||||||||||||
BALANCE, at Jun. 30, 2017 | 1,531,804 | 12,025 | 87,339 | 858,109 | $ (16,551) | 585,333 | (7,509) | 1,518,746 | 13,058 | |||||||||||||||||||||||||||||||
Treasury stock shares, number of shares at Jun. 30, 2017 | 2,967,069 | |||||||||||||||||||||||||||||||||||||||
BALANCE, at Dec. 31, 2017 | 1,508,138 | 12,025 | 87,339 | 857,998 | $ (5,736) | 547,937 | (5,305) | 1,494,258 | 13,880 | |||||||||||||||||||||||||||||||
Treasury stock shares, number of shares at Dec. 31, 2017 | 1,019,069 | |||||||||||||||||||||||||||||||||||||||
Adoption of new accounting standard | (1,311) | (1,311) | (1,311) | |||||||||||||||||||||||||||||||||||||
Net income (loss) | (22,901) | (21,468) | (21,468) | (1,433) | ||||||||||||||||||||||||||||||||||||
Issuance of shares | $ 130,553 | $ 5,400 | $ 125,153 | $ 130,553 | ||||||||||||||||||||||||||||||||||||
Sale of Shares, shares | (1,016,870) | |||||||||||||||||||||||||||||||||||||||
Sale of Shares, value | $ 3,571 | $ (44) | $ 5,660 | $ (2,045) | $ 3,571 | |||||||||||||||||||||||||||||||||||
Common dividends | $ (4,379) | $ (4,379) | $ (4,379) | $ (4,337) | $ (4,337) | $ (4,337) | ||||||||||||||||||||||||||||||||||
Dividends paid on Preferred shares | $ (2,000) | $ (2,000) | $ (2,000) | $ (2,219) | $ (2,219) | $ (2,219) | $ (3,746) | $ (3,746) | $ (3,746) | $ (5,319) | $ (5,319) | $ (5,319) | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | 786 | 786 | 786 | |||||||||||||||||||||||||||||||||||||
BALANCE, at Jun. 30, 2018 | $ 1,596,836 | $ 17,425 | $ 87,339 | $ 983,107 | $ (76) | $ 501,113 | $ (4,519) | $ 1,584,389 | $ 12,447 | |||||||||||||||||||||||||||||||
Treasury stock shares, number of shares at Jun. 30, 2018 | 2,199 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parentheticals) - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY [Abstract] | ||
Common stock - dividends paid | $ 0.05 | $ 0.05 |
Common stock - Dividend declared | $ 0.05 | $ 0.05 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities: | ||
Net (loss) income | $ (22,901) | $ 21,804 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation | 67,940 | 63,288 |
Amortization of deferred dry-docking costs | 4,492 | 3,300 |
Amortization of loan fees | 2,074 | 1,464 |
Change in fair value of derivative instruments | (1,483) | 1,209 |
Loss on sale of vessel | 364 | 0 |
Payments for dry-docking | (11,114) | (6,970) |
(Increase) Decrease in: | ||
Accounts receivables | (8,666) | 7,423 |
Inventories | (1,972) | 3,471 |
Prepaid insurance and other | (1,369) | 314 |
Capitalized voyage expenses | (525) | 0 |
Increase (Decrease) in: | ||
Payables | 869 | 3,283 |
Accrued liabilities | 11,095 | 6,697 |
Unearned revenue | (113) | 5,625 |
Net Cash provided by Operating Activities | 38,691 | 110,908 |
Cash Flows from Investing Activities: | ||
Advances for vessels under construction and acquisitions | (10,473) | (1,979) |
Vessel acquisitions and/or improvements | (629) | (219,242) |
Proceeds from sale of vessel | 17,520 | 0 |
Net Cash provided by (used in) Investing Activities | 6,418 | (221,221) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term debt | 255,050 | 215,169 |
Financing costs | (3,044) | (2,214) |
Payments of long-term debt | (333,866) | (142,224) |
Sale of treasury stock, net | 3,571 | 2,676 |
Proceeds from preferred stock issuance, net | 130,553 | 111,029 |
Cash dividends | (17,621) | (13,738) |
Net Cash provided by Financing Activities | 34,643 | 170,698 |
Net increase in cash and cash equivalents and restricted cash | 79,752 | 60,385 |
Cash and cash equivalents and restricted cash at beginning of period | 202,673 | 197,773 |
Cash and cash equivalents and restricted cash at end of period | 282,425 | 258,158 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 272,501 | 250,408 |
Restricted cash | 9,924 | 7,750 |
Cash and cash equivalents and restricted cash at end of period | $ 282,425 | $ 258,158 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 1.Basis of Presentation The accompanying unaudited consolidated financial statements of Tsakos Energy Navigation Limited (the “Holding Company”) and subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 6-K and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. The consolidated balance sheet as of December 31, 2017, has been derived from the audited consolidated financial statements included in the Company’s annual report on Form 20-F filed with the Securities and Exchange Commission on April 27, 2018 (“Annual Report”), but does not include all of the footnotes required by U.S. GAAP for complete financial statements. A discussion of the Company’s significant accounting policies can be found in Note 1 of the Company’s consolidated financial statements included in the Annual Report. There have been no material changes to these policies in the six-month period ended June 30, 2018, except as discussed below: Statement of Cash Flows: In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230) - Restricted Cash, which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash and cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. On January 1, 2018, the Company adopted the aforementioned ASU. The only effect the adoption of ASU No. 2016-18 had is the presentation of the restricted cash on the statement of cash flows. More precisely, the line item “Increase in restricted cash” was removed from the financing activities section of the statement of cash flows and the beginning period and ending period cash balances now include restricted cash. Comparative period of the statement of cash flow has been retrospectively adjusted to reflect the adoption of ASU No. 2016-18. In August 2016, the FASB issued ASU No. 2016-15- Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments which addresses certain cash flow issues with the objective of reducing the existing diversity in practice: ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures. Treasury stock: Treasury stock is stock that is repurchased by the issuing entity, reducing the amount of outstanding shares in the open market. When shares are repurchased, they may either be cancelled or held for reissue. If not cancelled, such shares are referred to as treasury stock. Treasury stock is essentially the same as unissued capital and reduce ordinary share capital. The cost of the acquired shares should generally be shown as a deduction from stockholders’ equity. Dividends on such shares held in the entity’s treasury should not be reflected as income and not shown as a reduction in equity. Gains and losses on sales of treasury stock should be accounted for as adjustments to stockholders’ equity and not as part of income. Depending on whether the shares are acquired for reissuance or retirement, treasury stock is accounted for under the cost method or the constructive retirement method. The cost method is also used, when reporting entity management has not made decisions as to whether the reacquired shares will be retired, held indefinitely or reissued. The Company elected for the repurchase of its common shares to be accounted for under the cost method. Under this method, the treasury stock account is charged for the aggregate cost of shares reacquired. Revenue from Contracts with Customers: In May 2016, the FASB issued their final standard on revenue from contracts with customers. The standard, which was issued as ASU 2014-09 (Topic 606) by the FASB, and as amended, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers and supersedes most legacy revenue recognition guidance. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The standard is effective for public business entities from annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). Regarding the incremental costs of obtaining a contract with a customer and contract’s fulfilling costs, they should be capitalized and been amortized over the voyage duration, if certain criteria are met – for incremental costs if only they are chargeable to the customer and for contract’s fulfilling costs if each of the following criteria is met: (i) they relate directly to the contract, (ii) they generate or enhance entity’s resources that shall be used in performance obligation satisfaction and (iii) are expected to be recovered. Further, in case of incremental costs, entities may elect, in accordance with the practical expedient of ASC 340 “Other assets and deferred costs”, not to capitalize them in cases of amortization period (voyage period) is less than one year. On January 1, 2018, the Company adopted the aforementioned ASU using the modified retrospective method. Its adoption mainly changed the method of recognizing revenue over time for voyage charters from the discharge-to-discharge method to the loading-to-discharge method. Under the loading-to-discharge method the commencement date of each voyage charter shall be deemed to be upon the loading of the current cargo, decreasing the period of time for recognizing revenue for voyages. With respect to the recognition of voyage charters related costs, taking into consideration the aforementioned practical expedient, the related costs (i.e. commissions) continue to be expensed as incurred, on the basis that the Company’s voyage charters do not exceed one year. Additionally, the Company has identified that the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, during this period meet the capitalization criteria and are deferred and amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Capitalized voyage costs are included in the consolidated balance sheet under Current Assets. Regarding time charter and profit sharing contracts, no material changes related to Company’s accounting policies were identified. : profit sharing contracts are accounted for as variable consideration, and included in the transaction price if some or all of an amount of variable consideration can be estimated in accordance with paragraph 606-10-32-8 and only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved . The Company adopted ASU 2014-09 during the first quarter of 2018 using the modified retrospective transition method applied to those spot market voyage charter contracts which were not completed as of January 1, 2018. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to its opening balance of retained earnings as of January 1, 2018. Prior periods were not adjusted retrospectively. The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Comprehensive Loss: For the Three Months period ended June 30, 2018 As reported $ Balance without adoption of New Revenue Standard $ Effect of Change $ Voyage revenues 123,927 123,840 87 Voyage expenses 29,407 29,456 (49) Net loss (16,266) (16,402) 136 Net loss per share, basic and diluted (0.19) (0.19) 0.00 For the Six Months period ended June 30, 2018 As reported $ Balance without adoption of New Revenue Standard $ Effect of Change $ Voyage revenues 249,651 248,972 679 Voyage expenses 56,683 56,627 56 Net loss (34,823) (35,446) 623 Net loss per share, basic and diluted (0.40) (0.41) 0.01 The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Cash Flow: For the Six Months period ended June 30, 2018 As reported $ Balance without adoption of New Revenue Standard $ Effect of Change $ Cash Flows from Operating Activities: 38,691 38,068 623 Adjustments to reconcile net loss to net cash provided by operating activities: Increase in Receivables, net (8,666) (7,987) (679) Increase in Capitalized voyage expenses (525) 0 (525) The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening Consolidated Balance Sheet: Balance as at December 31, 2017 $ New Revenue Standard Adjustment $ Balance as at January 1, 2018 $ Assets: Current Assets: Accounts receivable, net 27,364 (1,949) 25,415 Capitalized voyage expenses - 638 638 Liabilities and Stockholders’ Equity: Current Liabilities: - - - Stockholders’ Equity: Retained earnings 547,937 (1,311) 546,626 Business combinations – Definition of a business: In January 2017, the FASB issued ASU No. 2017-01 – Business Combinations (Topic 805) – Clarifying the Definition of a Business which addresses business combination issues with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures. Leases: In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), and as amended, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-11, Leases (ASC 842) – Targeted Improvements. The amendments in this Update: (i) provide entities with an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers' requests and (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: (a) The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with Topic 606. The Company is currently analyzing the impact of the adoption of this new standard. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2018 | |
Transactions with Related Parties [Abstract] | |
Transactions with Related Parties | 2.Transactions with Related Parties The following amounts were charged by related parties for services rendered: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Tsakos Shipping and Trading S.A. (commissions) 1,549 1,621 3,092 3,350 Tsakos Energy Management Limited (management fees) 5,055 4,826 10,119 9,462 Tsakos Columbia Shipmanagement S.A. (special charges) 571 538 1,010 999 Argosy Insurance Company Limited (insurance premiums) 2,350 2,591 4,934 4,969 AirMania Travel S.A. (travel services) 1,235 1,487 2,815 2,710 Total expenses with related parties 10,760 11,063 21,970 21,490 Balances due from and due to related parties are as follows: June 30, 2018 December 31, 2017 Due from related parties Tsakos Columbia Shipmanagement S.A. 16,534 14,210 Total due from related parties 16,534 14,210 Due to related parties Tsakos Energy Management Limited 594 728 Tsakos Shipping and Trading S.A. 357 313 Argosy Insurance Company Limited 8,655 5,947 AirMania Travel S.A. 441 454 Total due to related parties 10,047 7,442 At June 30, 2018, an amount of $161 ($125 at December 31, 2017) due to Tsakos Shipping and Trading S.A. and an amount of $72 ($68 at December 31, 2017) due to Argosy Insurance Limited, is included in accrued liabilities which relates to services rendered by these related parties not yet invoiced. Tsakos Energy Management Limited (the “Management Company”): The Holding Company has a Management Agreement (“Management Agreement”) with the Management Company, a Liberian corporation, to provide overall executive and commercial management of its affairs for a monthly fee, which may be adjusted per the Management Agreement of March 8, 2007, effective from January 1, 2008, at the beginning of each year, in accordance with the terms of the Management Agreement, if both parties agree. Fees are also payable to a third-party manager for the LNG carriers Maria Energy, Neo Energy, the VLCCs Ulysses, Hercules I, the aframax tankers Sapporo Princess and Maria Princess and the suezmax tanker Eurochampion 2004 . In addition to the management fee, the Management Agreement provides for an incentive award to the Management Company, which is at the absolute discretion of the Holding Company’s Board of Directors. No such award was granted in the first six months of 2018. The Holding Company and the Management Company have certain officers and directors in common. The President, who is also the Chief Executive Officer and a Director of the Holding Company, is also the sole stockholder of the Management Company. The Management Company may unilaterally terminate its Management Agreement with the Holding Company at any time upon one year’s notice. In addition, if even a director is elected to the Holding Company without the recommendation of the existing Board of Directors, the Holding Company would be obligated to pay the Management Company an amount calculated in accordance with the terms of the Management Agreement. Under the terms of the Management Agreement between the Holding Company and the Management Company, the Holding Company may terminate the Management Agreement only under specific circumstances, without the prior approval of the Holding Company’s Board of Directors. Estimated future management fees payable over the next ten years under the Management Agreement, exclusive of any incentive awards and based on existing vessels and known vessels scheduled for future delivery, as at June 30, 2018, are: Period/Year Amount July to December 2018 10,295 2019 20,589 2020 20,760 2021 20,760 2022 20,760 2023 to 2028 111,506 204,670 Management fees for vessels are included in General and Administrative expenses in the accompanying Consolidated Statements of Comprehensive (Loss) Income. Also, under the terms of the Management Agreement, the Management Company provides supervisory services for the construction of new vessels for a monthly fee of $20.4. There were no such fees during the six months ended June 30, 2018, while fees amounting to $500 were charged during the six months ended June 30, 2017 and accounted for as part of construction costs for delivered vessels or included in Advances for vessels under construction. (b)Tsakos Columbia Shipmanagement S.A. (“TCM”): The Management Company appointed TCM to provide technical management to the Company’s vessels from July 1, 2010. TCM is owned jointly and in equal part by related party interests and by a private German group. TCM, at the consent of the Holding Company, may subcontract all or part of the technical management of any vessel to an alternative unrelated technical manager. Effective July 1, 2010, the Management Company, at its own expense, pays technical management fees to TCM and the Company bears and pays directly to TCM most of its operating expenses, including repairs and maintenance, provisioning and crewing of the Company’s vessels, as well as certain charges which are capitalized or deferred, including reimbursement of the costs of TCM personnel sent overseas to supervise repairs and perform inspections on Company vessels. TCM has a 25% share in a manning agency, located in the Philippines, named TCM Tsakos Maritime Philippines, which provides crew to certain of the Company’s vessels. The Company has no control or ownership directly in TCM Tsakos Maritime Philippines, nor had any direct transactions to date with the agency. (c)Tsakos Shipping and Trading S.A. (“Tsakos Shipping”): Tsakos Shipping provides chartering services for the Company’s vessels by communicating with third party brokers to solicit research and propose charters. For this service, the Company pays to Tsakos Shipping a chartering commission of approximately 1.25% on all freights, hires and demurrages. Such commissions are included in Voyage expenses in the accompanying Consolidated Statements of Comprehensive Income. Tsakos Shipping also provides sale and purchase of vessels brokerage service. For this service, Tsakos Shipping may charge brokerage commissions. In the first half of 2018 and 2017, there were no such charges. Tsakos Shipping may also charge a fee of $200 (or such other sum as may be agreed) on delivery of each new-building vessel in payment for the cost of design and supervision of the new-building by Tsakos Shipping. In the first half of 2017, $2,750 has been charged for thirteen vessels delivered between May 2016 and May 2017. In the first half of 2018, no such fee was charged. Certain members of the Tsakos family are involved in the decision-making processes of Tsakos Shipping and of the Management Company and are also shareholders and directors of the Holding Company. (d)Argosy Insurance Company Limited (“Argosy”): The Company places its hull and machinery insurance, increased value insurance and war risk and certain other insurance through Argosy, a captive insurance company affiliated with Tsakos Shipping. (e)AirMania Travel S.A. (“AirMania”): Apart from third-party agents, the Company also uses an affiliated company, AirMania, for travel services. |
Vessels
Vessels | 6 Months Ended |
Jun. 30, 2018 | |
Vessels [Abstract] | |
Vessels | 3. Vessels Acquisitions During the first six months of 2018 there were no vessel acquisitions. During the first six months of 2017, the Company took delivery of its newbuild VLCC tanker Hercules I , the newbuild aframaxes Marathon TS , Sola TS and Oslo TS and the newbuild shuttle tanker Lisboa for $383,125 in total. Held for sale At December 31, 2017, the VLCC Millennium was classified as held for sale. Sales On April 11, 2018, the Company sold the VLCC Millennium , for net proceeds of $17,520, realizing a net loss of $364. Sale and Leaseback On December 21, 2017, the Company entered into a five-year sale and leaseback agreement for each of the two suezmaxes, Eurochampion 2004 and Euronike . Under these leaseback agreements, there was a seller’s credit of $6,500 each on the sales price that becomes immediately payable to the Company by the owners at the end of the five-year charter or upon sale of the vessels during the charter period. The Company analyzed the classification of the leaseback agreements based on the primary lease classification criteria and the supplemental indicators in ASC 840, and determined that these agreements qualified as operating leases. Charter hire expense As at June 30, 2018, minimum commitments to be incurred by the Company under vessel operating leases by which the Company charters-in vessels were approximately $48,478, comprised of $5,456 (2018), $10,822 (2019), $10,852 (2020), $10,822 (2021), and $10,526 (2022). The Company recognizes the expense from these charters, which is included in time-charter hire expense in the accompanying Consolidated Statements of Comprehensive Income/(Loss), on a straight-line basis over the term of the charters. |
Deferred Charges
Deferred Charges | 6 Months Ended |
Jun. 30, 2018 | |
Deferred Charges [Abstract] | |
Deferred Charges | 4.Deferred Charges Deferred charges consisting of dry-docking and special survey costs, net of accumulated amortization, amounted to $30,381 and $23,759, at June 30, 2018 and December 31, 2017, respectively. Amortization of deferred dry-docking costs was $4,492 during the first six months of 2018 and $3,300 during the first six months of 2017 and is included in depreciation and amortization of deferred dry-docking costs in the accompanying Consolidated Statements of Comprehensive (Loss) Income. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 5.Long-Term Debt Facility June 30, 2018 December 31, 2017 (a) Credit Facilities 65,000 250,104 (b) Term Bank Loans 1,619,266 1,512,978 Total 1,684,266 1,763,082 Less deferred finance costs, net (12,181) (11,213) Total long-term debt 1,672,085 1,751,869 Less current portion of debt (260,619) (228,967) Add deferred finance costs, current portion 3,370 3,084 Total long-term portion, net of current portion and deferred finance costs 1,414,836 1,525,986 (a)Credit facilities As at June 30, 2018, the Company had one open reducing revolving credit facility, which is reduced in semi-annual installments with balloon payment due at maturity February 2019. Interest is payable at a rate based on LIBOR plus a spread. At June 30, 2018, the interest rate on the above facility was 3.08%. (b)Term bank loans Term loan balances outstanding at June 30, 2018, amounted to $1,619,266. These bank loans are payable in U.S. Dollars in quarterly or semi-annual installments, with balloon payments due at maturity between October 2018 and January 2027. Interest rates on the outstanding loans as at June 30, 2018 are based on LIBOR plus a spread. On February 15, 2018, the Company signed a new five-year loan for the refinancing of loans maturing between October 2018 and April 2019, relating to eleven vessels. The total new loan amounted to $162,575 and was drawn on April 3, 2018. The new loan is repayable in ten semi-annual installments of $11,561, commencing six months after the drawdown date, plus a balloon of $46,965 payable together with the last installment. On April 4, 2018, the Company prepaid $181,168 relating to the outstanding debt on the above eleven vessels. On April 27, 2018, the Company signed a supplemental agreement on the loan agreement dated January 31, 2012 for a $12,475 top-up tranche to the existing loan for the early refinancing of the shuttle tanker Rio 2016. The top-up was drawn down on April 30, 2018 and is repayable in twelve equal semi-annual installments of $3,203, plus a balloon payment of $38,438 payable together with the last installment. On June 7, 2018, the Company signed a new six-year loan agreement for $80,000 relating to the early refinancing of the shuttle tanker Brasil 2014. The Company repaid the amount of $66,658, which was outstanding at the refinancing date and drew down $80,000 on the same date. The new loan is repayable in twelve semi-annual installments of $3,745 for the first six installments and $3,412.5 for the following six installments, commencing six months after the drawdown date, plus a balloon of $37,055 payable together with the last installment. On June 28, 2018, the Company signed a new term bank loan for $48,650 relating to the refinancing of three aframax tankers, Maria Princess, Nippon Princess and Ise Princess, which were approaching maturity . The loan is repayable in ten semi-annual installments of $3,041, plus a balloon payment of $18,240 payable together with the last installment. At June 30, 2018, interest rates on these term bank loans ranged from 3.54% to 5.33%. The weighted-average interest rates on the above executed loans for the applicable periods were: Three months ended June 30, 2018 4.25% Three months ended June 30, 2017 3.42% Six months ended June 30, 2018 4.00% Six months ended June 30, 2017 3.32% The above revolving credit facilities and term bank loans are secured by first priority mortgages on all vessels, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant vessel-owning subsidiaries. The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends in an amount more than 50% of cumulative net income (as defined in the related agreements), sell vessels and assets and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidity, not legally restricted, of $107,435 at June 30, 2018 and $113,427 at December 31, 2017, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Three loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $3,250 and two other loan agreements require a monthly pro rata transfer to a retention account of any principal due but unpaid. As at June 30, 2018, the Company and its wholly and majority owned subsidiaries had thirty loan agreements, totaling $1,684,266. The Company fulfilled its requirements in respect of the financial covenants of all the agreements in relation to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirement in certain of its loan agreements in respect of which an amount of $6,833 has been reclassified within current liabilities at June 30, 2018. The Company’s liquidity requirements relate primarily to servicing its debt, funding the equity portion of investments in vessels and funding expected capital expenditure on dry-dockings and working capital. As of June 30, 2018, and December 31, 2017, the Company’s working capital (non-restricted net current assets), amounted to $20.0 million and $50.5 million deficit, respectively. The annual principal payments required to be made after June 30, 2018, are as follows: Period/Year Amount July to December 2018 87,381 2019 248,037 2020 264,759 2021 282,319 2022 221,151 2023 and thereafter 580,619 1,684,266 |
Interest and Finance Costs, net
Interest and Finance Costs, net | 6 Months Ended |
Jun. 30, 2018 | |
Interest and Finance Costs, net [Abstract] | |
Interest and Finance Costs, net | 6.Interest and Finance Costs, net Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Interest expense 18,295 15,368 35,016 29,472 Less: Interest capitalized (21) (120) (21) (384) Interest expense, net 18,274 15,248 34,995 29,088 Swaps termination cash settlements — — — (3,685) Bunkers swap cash settlements (2,149) (327) (3,560) (688) Amortization of loan fees 1,262 754 2,074 1,464 Bank charges 377 114 379 140 Change in fair value of non-hedging financial instruments (2,981) 84 (1,160) 1,419 Net total 14,783 15,873 32,728 27,738 At June 30, 2018, the Company was committed to six floating-to-fixed interest rate swaps with major financial institutions covering notional amounts aggregating to $337,787, maturing from July 2020 through October 2027, on which it pays fixed rates averaging 2.94% and receives floating rates based on the six-month London interbank offered rate (“LIBOR”) (Note 11). At June 30, 2018 and December 31, 2017, all interest rate swap agreements were designated and qualified as cash flow hedges, in order to hedge the Company’s exposure to interest rate fluctuations. The fair value of such financial instruments as of June 30, 2018 and December 31, 2017, in aggregate amounted to $951 (negative) and $1,967 (negative), respectively. The net amount of cash flow hedge losses at June 30, 2018, that is estimated to be reclassified into earnings within the next twelve months to June 30, 2019 is $115. During the first half of 2017, the Company entered into an early termination of four of its hedging interest rate swap agreements. Total cash received from those terminations amounted to $3,685. At June 30, 2018 and December 31, 2017, the Company held one call option agreement to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels. The value of the call option at June 30, 2018 and December 31, 2017, was $224 (positive) and $118 (positive), respectively. The change in fair values during the first half of 2018 and 2017 amounting to $106 (positive) and $866 (negative), respectively, have been included in Change in fair value of non-hedging financial instruments in the table above. In the first half of 2017, the Company entered into a call option agreement, and paid a premium of $118. At June 30, 2018 and December 31, 2017, the Company held thirteen and seven, respectively, bunker swap agreements to hedge its exposure to bunker price fluctuations associated with the consumptions of bunkers by its vessels. The fair value of bunker swap agreements at June 30, 2018 and December 31, 2017, was $4,121 (positive) and $3,763 (positive), respectively. The change in the fair value in the first half of 2018 and 2017 was $358 (positive) and $529 (positive), respectively, have been included in Change in fair value of non-hedging financial instruments in the table above. During 2016, the Company entered into three bunker swap agreements in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by the vessel Ulysses . The fair values of these financial instruments as of June 30, 2018 and December 31, 2017, were $3,960 (positive) and $3,264 (positive). The change in the fair value in the first half of 2018 and 2017 was $696 (positive) and $1,083 (negative), respectively and have been included in Change in fair value of non-hedging financial instruments in the table above. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 7.Stockholders’ Equity During the first half of 2018, the Company sold 1,016,870 common shares from its treasury stock for net proceeds of $3,571. During the first half of 2017, the Company sold 650,717 common shares from its treasury stock for net proceeds of $2,676 and 24,803 of its Series D Preferred Shares for net proceeds of $533. On January 30, 2018 and April 30, 2018, the Company paid dividends of $0.50 per share, $2,000 in total, for its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 in total, on its 8.875% Series C Preferred Shares. On January 30, 2017 and May 1, 2017, the Company paid dividends of $0.50 per share, $2,000 in total, for its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 in total, on its 8.875% Series C Preferred Shares. On February 28, 2018, and May 29, 2018, the Company paid dividends of $0.54687 per share for its 8.75% Series D Preferred Shares, $3,746 in total. On February 28, 2017 and May 30, 2017, the Company paid dividends of $0.546875 per share, $3,739 in total, for its Series D Preferred Shares. On April 5, 2017, the Company completed an offering of 4,600,000 of its Series E Cumulative Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $110,496, net of underwriter’s discount and other expenses. Dividends on the Series E Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 28 th day of February, May, August and November of each year, commencing May 28, 2017, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.25% per annum of the stated liquidation preference prior to May 28, 2027 and from and including May 28, 2027, at a floating rate equal to three-month LIBOR plus a spread of 6.881% per annum of the stated liquidation preference. On May 30, 2017, the Company paid dividends of $0.34045 per share each or $1,566 in total, on its Series E Preferred Shares. On February 28, 2018 and May 29, 2018, the Company paid dividends of $0.57812 per share or $5,319 in total, for its 9.25% Series E Preferred Shares. On June 28, 2018, the Company completed an offering of 5,400,000 of its Series F Cumulative Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $130,553, net of underwriter’s discount and other expenses. Dividends on the Series F Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 30 th day of January, April, July and October of each year, commencing October 30, 2018, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.50% per annum of the stated liquidation preference prior to July 30, 2028 and from and including July 30, 2028, at a floating rate equal to three-month LIBOR plus spread of 6.54% per annum of the stated liquidation preference. On May 10, 2018, the Company paid dividend of $0.05 per common share outstanding which was declared on March 12, 2018. On June 15, 2018, the Company declared a dividend of $0.05 per common share payable on August 8, 2018 to stockholders of record as of August 2, 2018. On April 28, 2017 and July 14, 2017, the Company paid dividend of $0.05 per common share outstanding, which was declared on March 17, 2017 and May 12, 2017, respectively. |
Accumulated other comprehensive
Accumulated other comprehensive income (loss) | 6 Months Ended |
Jun. 30, 2018 | |
Accumulated other comprehensive income (loss) [Abstract] | |
Accumulated other comprehensive income (loss) | 8.Accumulated other comprehensive income (loss) In the first half of 2018, Accumulated other comprehensive loss decreased with unrealized gains of $786 which resulted from changes in fair value of financial instruments. In the first half of 2017, Accumulated other comprehensive loss increased with unrealized losses of $3,196, which resulted from changes in fair value of financial instruments. |
(Loss) Earnings per Common Shar
(Loss) Earnings per Common Share | 6 Months Ended |
Jun. 30, 2018 | |
(Loss) Earnings per Common Share [Abstract] | |
(Loss) Earnings per Common Share | 9.(Loss) Earnings per Common Share The computation of basic (loss) earnings per share is based on the weighted average number of common shares outstanding during the period. Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Numerator Net (loss) income attributable to Tsakos Energy Navigation Limited (9,553) 3,575 (21,468) 21,053 Preferred share dividends Series B (1,000) (1,000) (2,000) (2,000) Preferred share dividends Series C (1,109) (1,109) (2,219) (2,219) Preferred share dividends Series D (1,874) (1,874) (3,746) (3,732) Preferred share dividends Series E (2,659) (2,541) (5,319) (2,541) Preferred share dividends Series F (71) — (71) — Net (loss) income attributable to common stockholders (16,266) $ (2,949) (34,823) $ 10,561 Denominator Weighted average common shares outstanding 86,942,159 84,284,281 86,634,907 84,126,285 Basic and diluted (loss) income per common share $ (0.19) $ (0.03) $ (0.40) $ 0 .13 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 10.Commitments and Contingencies On May 2, 2018, the Company signed two new building contracts for the construction of two aframax tankers for $51,720 each. The total contracted amount remaining to be paid for the two vessels under construction as at June 30, 2018 was $93,096 from November 2018 to January 2020. At June 30, 2018, there is a prepaid amount of $1,650 under an old shipbuilding contract which was terminated in 2014, which will be used against the contract price of future new buildings currently being discussed between the Company and the shipyard. In the ordinary course of the shipping business, various claims and losses may arise from disputes with charterers, agents and other suppliers relating to the operations of the Company’s vessels. Management believes that all such matters are either adequately covered by insurance or are not expected to have a material adverse effect on the Company’s results from operations or financial condition. Charters-out The future minimum revenues of vessels in operation at June 30, 2018, before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows: Period/Year Amount July to December 2018 149,712 2019 232,196 2020 201,453 2021 163,775 2022 to 2029 385,192 Minimum charter payments 1,132,328 These amounts do not assume any off-hire. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Financial Instruments [Abstract] | |
Financial Instruments | 11.Financial Instruments (a)Interest rate risk: The Company is subject to interest rate risk associated with changing interest rates with respect to its variable interest rate term loans and credit facilities as described in Notes 5 and 6. (b)Concentration of credit risk: Financial instruments that are subject to credit risks consist principally of cash, trade accounts receivable, investments, and derivatives. The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. The Company limits the exposure of non-performance by counterparties to derivative instruments by diversifying among counterparties with high credit ratings and performing periodic evaluations of the relative credit standing of the counterparties. (c)Fair value: The carrying amounts reflected in the accompanying Consolidated Balance Sheet of cash and cash equivalents, restricted cash, trade receivables and accounts payable approximate their respective fair values due to the short maturity of these instruments, as at June 30, 2018 and December 31, 2017. The fair value of long-term bank loans with variable interest rates approximate the recorded values, generally due to their variable interest rates. The Company performs relevant enquiries on a periodic basis to assess the recoverability of the long-term investment and estimates that the amount presented on the accompanying Consolidated Balance Sheet approximates the amount that is expected to be received by the Company in the event of sale of that investment. The fair values of the interest rate swap agreements, the bunker swap agreements, the put option agreements and the call option agreements as at June 30, 2018 and the fair value of the one long-term bank loan with a fixed interest rate as at December 31,2017, are determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined. The estimated fair values of the Company’s financial instruments, other than derivatives at June 30, 2018 and December 31, 2017, are as follows: Carrying Amount June 30, 2018 Fair Value June 30, 2018 Carrying Amount December 31, 2017 Fair Value December 31, 2017 Financial assets (liabilities) Cash and cash equivalents 272,501 272,501 189,763 189,763 Restricted cash 9,924 9,924 12,910 12,910 Investments 1,000 1,000 1,000 1,000 Debt (1,684,266) (1,684,266) (1,763,082) (1,762,938) Tabular Disclosure of Derivatives Location Derivatives are recorded in the consolidated balance sheet on a net basis by counterparty when a legal right of set-off exists. The following tables present information with respect to the fair values of derivatives reflected in the consolidated balance sheet on a gross basis by transaction. The tables also present information with respect to gains and losses on derivative positions reflected in the consolidated statement of comprehensive income (loss) or in the consolidated balance sheet, as a component of Accumulated other comprehensive income (loss). Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value — — 336 1,378 Financial instruments – Fair value, net of current portion 588 — 1,203 589 Subtotal 588 — 1,539 1,967 Asset Derivatives Liability Derivatives June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives not designated as hedging instruments Bunker swaps Current portion of financial instruments - Fair value 7,045 5,715 — — Financial instruments –Fair value, net of current portion 1,036 1,312 — — Bunker call options Financial instruments- Fair value, net of current portion 224 118 — — Subtotal 8,305 7,145 — — — Total derivatives 8,893 7,145 1,539 1,967 Derivatives designated as Hedging Instruments-Net effect on the Statement of Comprehensive Income (Loss) Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) Derivative Amount Three months ended June 30, Amount Six months ended June 30, 2018 2017 2018 2017 Interest rate swaps 1,604 (816) 83 (4,611) Total 1,604 (816) 83 (4,611) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Derivative Location Amount Three months ended June 30, Amount Six months ended June 30, 2018 2017 2018 2017 Interest rate swaps Depreciation expense (47) (51) (94) (76) Interest rate swaps Interest and finance costs, net (157) (640) (609) (1,339) Total (204) (691) (703) (1,415) Derivatives not designated as Hedging Instruments–Net effect on the Statement of Comprehensive Income (Loss) Gain (Loss) Recognized on Derivative Derivative Location Amount Three months ended June 30, Amount Six months ended June 30, 2018 2017 2018 2017 Bunker swaps Interest and finance costs, net 5,056 368 4,614 (174) Bunker call options Interest and finance costs, net 75 (124) 106 (557) Total 5,131 244 4,720 (731) The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Loss as of June 30, 2018 and December 31, 2017 was $4,519 and $5,305 respectively. The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of June 30, 2018 and December 31, 2017 using level 2 inputs (significant other observable inputs): Recurring measurements: June 30, 2018 December 31, 2017 Interest rate swaps (951) (1,967) Bunker swaps 8,081 7,027 Bunker call options 224 118 7,354 5,178 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12.Subsequent Events (a) On July 10, 2018, the Company received the net amount of $14,575 from the exercise of the green shoe on its Series F Preferred Shares with the sale of 600,000 additional units. (b) On July 30, 2018, the Company paid dividends of $0.50 and $0.55469 per share on its 8.00% Series B and its 8.875% Series C Preferred Shares, respectively. (c) On August 8, 2018, the Company paid a dividend of $0.05 per common share outstanding, which was declared on June 15, 2018. (d) On August 28, 2018, the Company paid dividends of $0.546875 per share on its 8.75% Series D Preferred Shares and $0.578125 per share payable on its 9.25% Series E Preferred Shares, respectively. (e) On September 7, 2018, the Company declared a dividend of $0.05 per common share payable on December 6, 2018 to shareholders of record as of November 30, 2018. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Significant Accounting Policies [Abstract] | |
Statement of Cash Flows: | Statement of Cash Flows: In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230) - Restricted Cash, which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash and cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. On January 1, 2018, the Company adopted the aforementioned ASU. The only effect the adoption of ASU No. 2016-18 had is the presentation of the restricted cash on the statement of cash flows. More precisely, the line item “Increase in restricted cash” was removed from the financing activities section of the statement of cash flows and the beginning period and ending period cash balances now include restricted cash. Comparative period of the statement of cash flow has been retrospectively adjusted to reflect the adoption of ASU No. 2016-18. In August 2016, the FASB issued ASU No. 2016-15- Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments which addresses certain cash flow issues with the objective of reducing the existing diversity in practice: ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures. |
Treasury stock: | Treasury stock: Treasury stock is stock that is repurchased by the issuing entity, reducing the amount of outstanding shares in the open market. When shares are repurchased, they may either be cancelled or held for reissue. If not cancelled, such shares are referred to as treasury stock. Treasury stock is essentially the same as unissued capital and reduce ordinary share capital. The cost of the acquired shares should generally be shown as a deduction from stockholders’ equity. Dividends on such shares held in the entity’s treasury should not be reflected as income and not shown as a reduction in equity. Gains and losses on sales of treasury stock should be accounted for as adjustments to stockholders’ equity and not as part of income. Depending on whether the shares are acquired for reissuance or retirement, treasury stock is accounted for under the cost method or the constructive retirement method. The cost method is also used, when reporting entity management has not made decisions as to whether the reacquired shares will be retired, held indefinitely or reissued. The Company elected for the repurchase of its common shares to be accounted for under the cost method. Under this method, the treasury stock account is charged for the aggregate cost of shares reacquired. |
Revenue from Contracts with Customers: | Revenue from Contracts with Customers: In May 2016, the FASB issued their final standard on revenue from contracts with customers. The standard, which was issued as ASU 2014-09 (Topic 606) by the FASB, and as amended, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers and supersedes most legacy revenue recognition guidance. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The standard is effective for public business entities from annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). Regarding the incremental costs of obtaining a contract with a customer and contract’s fulfilling costs, they should be capitalized and been amortized over the voyage duration, if certain criteria are met – for incremental costs if only they are chargeable to the customer and for contract’s fulfilling costs if each of the following criteria is met: (i) they relate directly to the contract, (ii) they generate or enhance entity’s resources that shall be used in performance obligation satisfaction and (iii) are expected to be recovered. Further, in case of incremental costs, entities may elect, in accordance with the practical expedient of ASC 340 “Other assets and deferred costs”, not to capitalize them in cases of amortization period (voyage period) is less than one year. On January 1, 2018, the Company adopted the aforementioned ASU using the modified retrospective method. Its adoption mainly changed the method of recognizing revenue over time for voyage charters from the discharge-to-discharge method to the loading-to-discharge method. Under the loading-to-discharge method the commencement date of each voyage charter shall be deemed to be upon the loading of the current cargo, decreasing the period of time for recognizing revenue for voyages. With respect to the recognition of voyage charters related costs, taking into consideration the aforementioned practical expedient, the related costs (i.e. commissions) continue to be expensed as incurred, on the basis that the Company’s voyage charters do not exceed one year. Additionally, the Company has identified that the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, during this period meet the capitalization criteria and are deferred and amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Capitalized voyage costs are included in the consolidated balance sheet under Current Assets. Regarding time charter and profit sharing contracts, no material changes related to Company’s accounting policies were identified. : profit sharing contracts are accounted for as variable consideration, and included in the transaction price if some or all of an amount of variable consideration can be estimated in accordance with paragraph 606-10-32-8 and only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved . The Company adopted ASU 2014-09 during the first quarter of 2018 using the modified retrospective transition method applied to those spot market voyage charter contracts which were not completed as of January 1, 2018. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to its opening balance of retained earnings as of January 1, 2018. Prior periods were not adjusted retrospectively. The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Comprehensive Loss: For the Three Months period ended June 30, 2018 As reported $ Balance without adoption of New Revenue Standard $ Effect of Change $ Voyage revenues 123,927 123,840 87 Voyage expenses 29,407 29,456 (49) Net loss (16,266) (16,402) 136 Net loss per share, basic and diluted (0.19) (0.19) 0.00 For the Six Months period ended June 30, 2018 As reported $ Balance without adoption of New Revenue Standard $ Effect of Change $ Voyage revenues 249,651 248,972 679 Voyage expenses 56,683 56,627 56 Net loss (34,823) (35,446) 623 Net loss per share, basic and diluted (0.40) (0.41) 0.01 The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Cash Flow: For the Six Months period ended June 30, 2018 As reported $ Balance without adoption of New Revenue Standard $ Effect of Change $ Cash Flows from Operating Activities: 38,691 38,068 623 Adjustments to reconcile net loss to net cash provided by operating activities: Increase in Receivables, net (8,666) (7,987) (679) Increase in Capitalized voyage expenses (525) 0 (525) The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening Consolidated Balance Sheet: Balance as at December 31, 2017 $ New Revenue Standard Adjustment $ Balance as at January 1, 2018 $ Assets: Current Assets: Accounts receivable, net 27,364 (1,949) 25,415 Capitalized voyage expenses - 638 638 Liabilities and Stockholders’ Equity: Current Liabilities: - - - Stockholders’ Equity: Retained earnings 547,937 (1,311) 546,626 |
Business combinations - Definition of a business: | Business combinations – Definition of a business: In January 2017, the FASB issued ASU No. 2017-01 – Business Combinations (Topic 805) – Clarifying the Definition of a Business which addresses business combination issues with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures. |
Leases: | Leases: In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), and as amended, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-11, Leases (ASC 842) – Targeted Improvements. The amendments in this Update: (i) provide entities with an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers' requests and (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: (a) The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with Topic 606. The Company is currently analyzing the impact of the adoption of this new standard. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Impact of the adoption of ASU 2014-09 | For the Three Months period ended June 30, 2018 As reported $ Balance without adoption of New Revenue Standard $ Effect of Change $ Voyage revenues 123,927 123,840 87 Voyage expenses 29,407 29,456 (49) Net loss (16,266) (16,402) 136 Net loss per share, basic and diluted (0.19) (0.19) 0.00 For the Six Months period ended June 30, 2018 As reported $ Balance without adoption of New Revenue Standard $ Effect of Change $ Voyage revenues 249,651 248,972 679 Voyage expenses 56,683 56,627 56 Net loss (34,823) (35,446) 623 Net loss per share, basic and diluted (0.40) (0.41) 0.01 For the Six Months period ended June 30, 2018 As reported $ Balance without adoption of New Revenue Standard $ Effect of Change $ Cash Flows from Operating Activities: 38,691 38,068 623 Adjustments to reconcile net loss to net cash provided by operating activities: Increase in Receivables, net (8,666) (7,987) (679) Increase in Capitalized voyage expenses (525) 0 (525) Balance as at December 31, 2017 $ New Revenue Standard Adjustment $ Balance as at January 1, 2018 $ Assets: Current Assets: Accounts receivable, net 27,364 (1,949) 25,415 Capitalized voyage expenses - 638 638 Liabilities and Stockholders’ Equity: Current Liabilities: - - - Stockholders’ Equity: Retained earnings 547,937 (1,311) 546,626 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Transactions with Related Parties [Abstract] | |
Related Party Transactions Disclosure | Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Tsakos Shipping and Trading S.A. (commissions) 1,549 1,621 3,092 3,350 Tsakos Energy Management Limited (management fees) 5,055 4,826 10,119 9,462 Tsakos Columbia Shipmanagement S.A. (special charges) 571 538 1,010 999 Argosy Insurance Company Limited (insurance premiums) 2,350 2,591 4,934 4,969 AirMania Travel S.A. (travel services) 1,235 1,487 2,815 2,710 Total expenses with related parties 10,760 11,063 21,970 21,490 |
Related Party Transactions Balances | June 30, 2018 December 31, 2017 Due from related parties Tsakos Columbia Shipmanagement S.A. 16,534 14,210 Total due from related parties 16,534 14,210 Due to related parties Tsakos Energy Management Limited 594 728 Tsakos Shipping and Trading S.A. 357 313 Argosy Insurance Company Limited 8,655 5,947 AirMania Travel S.A. 441 454 Total due to related parties 10,047 7,442 |
Related Party - Future Management Fees | Period/Year Amount July to December 2018 10,295 2019 20,589 2020 20,760 2021 20,760 2022 20,760 2023 to 2028 111,506 204,670 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Long-Term Debt [Abstract] | |
Debt Disclosure | Facility June 30, 2018 December 31, 2017 (a) Credit Facilities 65,000 250,104 (b) Term Bank Loans 1,619,266 1,512,978 Total 1,684,266 1,763,082 Less deferred finance costs, net (12,181) (11,213) Total long-term debt 1,672,085 1,751,869 Less current portion of debt (260,619) (228,967) Add deferred finance costs, current portion 3,370 3,084 Total long-term portion, net of current portion and deferred finance costs 1,414,836 1,525,986 |
Schedule of Weighted-Average Interest Rate | Three months ended June 30, 2018 4.25% Three months ended June 30, 2017 3.42% Six months ended June 30, 2018 4.00% Six months ended June 30, 2017 3.32% |
Debt Principal Payments | Period/Year Amount July to December 2018 87,381 2019 248,037 2020 264,759 2021 282,319 2022 221,151 2023 and thereafter 580,619 1,684,266 |
Interest and Finance Costs, n_2
Interest and Finance Costs, net (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Interest and Finance Costs, net [Abstract] | |
Interest and Finance Costs, net | Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Interest expense 18,295 15,368 35,016 29,472 Less: Interest capitalized (21) (120) (21) (384) Interest expense, net 18,274 15,248 34,995 29,088 Swaps termination cash settlements — — — (3,685) Bunkers swap cash settlements (2,149) (327) (3,560) (688) Amortization of loan fees 1,262 754 2,074 1,464 Bank charges 377 114 379 140 Change in fair value of non-hedging financial instruments (2,981) 84 (1,160) 1,419 Net total 14,783 15,873 32,728 27,738 |
(Loss) Earnings per Common Sh_2
(Loss) Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
(Loss) Earnings per Common Share [Abstract] | |
(Loss) Earnings per Common Share | Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Numerator Net (loss) income attributable to Tsakos Energy Navigation Limited (9,553) 3,575 (21,468) 21,053 Preferred share dividends Series B (1,000) (1,000) (2,000) (2,000) Preferred share dividends Series C (1,109) (1,109) (2,219) (2,219) Preferred share dividends Series D (1,874) (1,874) (3,746) (3,732) Preferred share dividends Series E (2,659) (2,541) (5,319) (2,541) Preferred share dividends Series F (71) — (71) — Net (loss) income attributable to common stockholders (16,266) $ (2,949) (34,823) $ 10,561 Denominator Weighted average common shares outstanding 86,942,159 84,284,281 86,634,907 84,126,285 Basic and diluted (loss) income per common share $ (0.19) $ (0.03) $ (0.40) $ 0 .13 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Charters-out [Abstract] | |
Minimum Future Charter Revenue | Period/Year Amount July to December 2018 149,712 2019 232,196 2020 201,453 2021 163,775 2022 to 2029 385,192 Minimum charter payments 1,132,328 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Financial Instruments [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments | Carrying Amount June 30, 2018 Fair Value June 30, 2018 Carrying Amount December 31, 2017 Fair Value December 31, 2017 Financial assets (liabilities) Cash and cash equivalents 272,501 272,501 189,763 189,763 Restricted cash 9,924 9,924 12,910 12,910 Investments 1,000 1,000 1,000 1,000 Debt (1,684,266) (1,684,266) (1,763,082) (1,762,938) |
Schedule of Derivative Instruments - Statements of Financial Position Location | Asset Derivatives Liability Derivatives June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives designated as hedging instruments Interest rate swaps Current portion of financial instruments - Fair value — — 336 1,378 Financial instruments – Fair value, net of current portion 588 — 1,203 589 Subtotal 588 — 1,539 1,967 Asset Derivatives Liability Derivatives June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives not designated as hedging instruments Bunker swaps Current portion of financial instruments - Fair value 7,045 5,715 — — Financial instruments –Fair value, net of current portion 1,036 1,312 — — Bunker call options Financial instruments- Fair value, net of current portion 224 118 — — Subtotal 8,305 7,145 — — — Total derivatives 8,893 7,145 1,539 1,967 |
Schedule of Cash Flow Hedges - Gain (Loss) Recognized In Accumulated Other Comprehensive Loss on Derivative (Effective Portion) | Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) Derivative Amount Three months ended June 30, Amount Six months ended June 30, 2018 2017 2018 2017 Interest rate swaps 1,604 (816) 83 (4,611) Total 1,604 (816) 83 (4,611) |
Schedule of Cash Flow Hedges - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Derivative Location Amount Three months ended June 30, Amount Six months ended June 30, 2018 2017 2018 2017 Interest rate swaps Depreciation expense (47) (51) (94) (76) Interest rate swaps Interest and finance costs, net (157) (640) (609) (1,339) Total (204) (691) (703) (1,415) |
Schedule of Derivatives Not Designated As Hedging Instruments - Net effect on the Statement Of Comprehensive Income | Gain (Loss) Recognized on Derivative Derivative Location Amount Three months ended June 30, Amount Six months ended June 30, 2018 2017 2018 2017 Bunker swaps Interest and finance costs, net 5,056 368 4,614 (174) Bunker call options Interest and finance costs, net 75 (124) 106 (557) Total 5,131 244 4,720 (731) |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | Recurring measurements: June 30, 2018 December 31, 2017 Interest rate swaps (951) (1,967) Bunker swaps 8,081 7,027 Bunker call options 224 118 7,354 5,178 |
Basis of Presentation - Impact
Basis of Presentation - Impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Comprehensive Loss (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Voyage revenues | $ 123,927 | $ 132,180 | $ 249,651 | $ 270,421 |
Voyage expenses | 29,407 | 28,121 | 56,683 | 58,204 |
Net loss | $ (16,266) | $ (2,949) | $ (34,823) | $ 10,561 |
Net loss per share, basic and diluted | $ (0.19) | $ (0.03) | $ (0.40) | $ 0.13 |
Balance without adoption of New Revenue Standard | ||||
Voyage revenues | $ 123,840 | $ 248,972 | ||
Voyage expenses | 29,456 | 56,627 | ||
Net loss | $ (16,402) | $ (35,446) | ||
Net loss per share, basic and diluted | $ (0.19) | $ (0.41) | ||
Effect of Change | ||||
Voyage revenues | $ 87 | $ 679 | ||
Voyage expenses | (49) | 56 | ||
Net loss | $ 136 | $ 623 | ||
Net loss per share, basic and diluted | $ 0 | $ 0.01 |
Basis of Presentation - Impac_2
Basis of Presentation - Impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Cash Flow (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities: | $ 38,691 | $ 110,908 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Increase in Receivables, net | (8,666) | 7,423 |
Decrease/ (Increase) in Capitalized voyage expenses | (525) | $ 0 |
Balance without adoption of New Revenue Standard | ||
Cash Flows from Operating Activities: | 38,068 | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Increase in Receivables, net | (7,987) | |
Decrease/ (Increase) in Capitalized voyage expenses | 0 | |
Effect of Change | ||
Cash Flows from Operating Activities: | 623 | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Increase in Receivables, net | (679) | |
Decrease/ (Increase) in Capitalized voyage expenses | (525) | |
As reported | ||
Cash Flows from Operating Activities: | 38,691 | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Increase in Receivables, net | (8,666) | |
Decrease/ (Increase) in Capitalized voyage expenses | $ (525) |
Basis of Presentation - Cumulat
Basis of Presentation - Cumulative effect of the adoption of the new revenue recognition guidance on the opening Consolidated Balance Sheet (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Accounts receivable, net | $ 23,436 | $ 27,364 |
Capitalized voyage expenses | 525 | 0 |
Liabilities and Stockholders' Equity: | ||
Retained earnings | $ 501,113 | 547,937 |
Update Balance as at January 1, 2018 | ||
Assets: | ||
Accounts receivable, net | 25,415 | |
Capitalized voyage expenses | 638 | |
Liabilities and Stockholders' Equity: | ||
Retained earnings | 546,626 | |
New Revenue Standard Adjustment | ||
Assets: | ||
Accounts receivable, net | (1,949) | |
Capitalized voyage expenses | 638 | |
Liabilities and Stockholders' Equity: | ||
Retained earnings | $ (1,311) |
Transactions with Related Par_3
Transactions with Related Parties - Statement of Income (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Related Party Transaction [Line Items] | ||||
Total expenses with related parties | $ 10,760 | $ 11,063 | $ 21,970 | $ 21,490 |
Tsakos Shipping and Trading S.A. | ||||
Related Party Transaction [Line Items] | ||||
Commissions | 1,549 | 1,621 | 3,092 | 3,350 |
Tsakos Energy Management Limited | ||||
Related Party Transaction [Line Items] | ||||
Management fees | 5,055 | 4,826 | 10,119 | 9,462 |
Tsakos Columbia Shipmanagement S.A. | ||||
Related Party Transaction [Line Items] | ||||
Special charges | 571 | 538 | 1,010 | 999 |
Argosy Insurance Company Limited | ||||
Related Party Transaction [Line Items] | ||||
Insurance premiums | 2,350 | 2,591 | 4,934 | 4,969 |
AirMania Travel S.A. | ||||
Related Party Transaction [Line Items] | ||||
Travel services | $ 1,235 | $ 1,487 | $ 2,815 | $ 2,710 |
Transactions with Related Par_4
Transactions with Related Parties - Balance Sheet (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Due from related parties | $ 16,534 | $ 14,210 |
Due to related parties | 10,047 | 7,442 |
Tsakos Columbia Shipmanagement S.A. | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 16,534 | 14,210 |
Tsakos Energy Management Limited | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 594 | 728 |
Tsakos Shipping and Trading S.A. | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 357 | 313 |
Argosy Insurance Company Limited | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 8,655 | 5,947 |
AirMania Travel S.A. | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 441 | $ 454 |
Transactions with Related Par_5
Transactions with Related Parties - Management Fees (Table) (Details) - Tsakos Energy Management Limited $ in Thousands | Jun. 30, 2018USD ($) |
Related Party Transaction [Line Items] | |
July to December 2018 | $ 10,295 |
2,019 | 20,589 |
2,020 | 20,760 |
2,021 | 20,760 |
2,022 | 20,760 |
2023 to 2028 | 111,506 |
Total | $ 204,670 |
Transactions with Related Par_6
Transactions with Related Parties - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Tsakos Shipping and Trading S.A. | ||
Related Party Transaction [Line Items] | ||
Accrued liabilities | $ 161 | $ 125 |
Argosy Insurance Limited | ||
Related Party Transaction [Line Items] | ||
Accrued liabilities | $ 72 | $ 68 |
Transactions with Related Par_7
Transactions with Related Parties - Tsakos Energy Management Limited (Details) - Tsakos Energy Management Limited - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Related Party Transaction [Line Items] | ||
Monthly fee for supervisory services, per vessel | $ 20,400 | |
Supervisory services expenses | $ 0 | $ 500,000 |
Transactions with Related Par_8
Transactions with Related Parties - Tsakos Columbia Shipmanagement S.A. (Details) | Jun. 30, 2018 |
Tsakos Columbia Shipmanagement S.A. (TCM) | TCM Tsakos Maritime Philippines | |
Related Party Transaction [Line Items] | |
Ownership percentage | 25.00% |
Transactions with Related Par_9
Transactions with Related Parties - Tsakos Shipping and Trading S.A. (Details) - Tsakos Shipping and Trading S.A. - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Related Party Transaction [Line Items] | ||
Chartering commission | 1.25% | |
Brokerage commission revenue | $ 0 | $ 0 |
Potential charge | ||
Related Party Transaction [Line Items] | ||
Payment for the cost of design and supervision services for each newbuilding vessel | 200 | |
13 vessels | ||
Related Party Transaction [Line Items] | ||
Payment for the cost of design and supervision services for newbuildings | $ 0 | $ 2,750 |
Vessels - Acquisitions and Sale
Vessels - Acquisitions and Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Apr. 11, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Property Plant And Equipment [Line Items] | |||||
Net proceeds from sale of vessels | $ 17,520 | $ 0 | |||
Gain/(loss) on sale of vessels | $ (364) | $ 0 | $ (364) | 0 | |
VLCC tanker Hercules I, aframaxes Marathon TS, Sola TS and Oslo TS and shuttle tanker Lisboa | |||||
Property Plant And Equipment [Line Items] | |||||
Acquisition of newly constructed vessels | $ 383,125 | $ 383,125 | |||
VLCC Millennium | |||||
Property Plant And Equipment [Line Items] | |||||
Net proceeds from sale of vessels | $ 17,520 | ||||
Gain/(loss) on sale of vessels | $ (364) |
Vessels - Sale and Leaseback (D
Vessels - Sale and Leaseback (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Line Items] | ||
Long-term lease receivable | $ 13,000 | $ 13,000 |
Eurochampion 2004 and Euronike | ||
Property Plant And Equipment [Line Items] | ||
Sale Leaseback Transaction, Date | Dec. 21, 2017 | |
Sale and leaseback terms | 5 years | |
Eurochampion 2,004 | ||
Property Plant And Equipment [Line Items] | ||
Long-term lease receivable | $ 6,500 | |
Euronike | ||
Property Plant And Equipment [Line Items] | ||
Long-term lease receivable | $ 6,500 |
Vessels - Charter hire expense
Vessels - Charter hire expense (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 5,456 |
2,019 | 10,822 |
2,020 | 10,852 |
2,021 | 10,822 |
2,022 | 10,526 |
Total minimum commitments | $ 48,478 |
Deferred Charges (Details)
Deferred Charges (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Deferred Charges [Abstract] | |||
Deferred charges consisted of dry-docking and special survey costs | $ 30,381 | $ 23,759 | |
Amortization of deferred dry-docking costs | $ 4,492 | $ 3,300 |
Long-Term Debt (Table) (Details
Long-Term Debt (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
(a) Credit Facilities | $ 65,000 | $ 250,104 |
(b) Term Bank Loans | 1,619,266 | 1,512,978 |
Total | 1,684,266 | 1,763,082 |
Less deferred finance costs, net | (12,181) | (11,213) |
Total long-term debt | 1,672,085 | 1,751,869 |
Less current portion of debt | (260,619) | (228,967) |
Add deferred finance costs, current portion | 3,370 | 3,084 |
Total long-term portion, net of current portion and deferred finance costs | $ 1,414,836 | $ 1,525,986 |
Long-Term Debt - Weighted-Avera
Long-Term Debt - Weighted-Average Interest Rates (Table) (Details) | Jun. 30, 2018 | Jun. 30, 2017 |
Three months ended | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rates on the executed loans | 4.25% | 3.42% |
Six months ended | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rates on the executed loans | 4.00% | 3.32% |
Long-Term Debt - Principal Paym
Long-Term Debt - Principal Payments (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Principal Payments [Abstract] | ||
July to December 2018 | $ 87,381 | |
2,019 | 248,037 | |
2,020 | 264,759 | |
2,021 | 282,319 | |
2,022 | 221,151 | |
2023 and thereafter | 580,619 | |
Total | $ 1,684,266 | $ 1,763,082 |
Long-Term Debt - Credit Facilit
Long-Term Debt - Credit Facilities (Details) - Revolving Credit Facility | 6 Months Ended |
Jun. 30, 2018 | |
Line Of Credit Facility [Line Items] | |
Number of open reducing credit facilities | 1 |
Reducing revolving credit facilities periodic payment | semi-annual |
Line Of Credit Facility Interest Rate Description | LIBOR |
Maturity date | Feb. 28, 2019 |
Debt Instrument, Interest Rate, Stated Percentage | 3.08% |
Long-Term Debt - Term Bank Loan
Long-Term Debt - Term Bank Loans (Details) | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | ||||
Feb. 15, 2018USD ($) | Apr. 04, 2018USD ($) | Apr. 03, 2018USD ($) | Apr. 30, 2018USD ($) | Apr. 27, 2018USD ($) | Jun. 07, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 28, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||||||||
Term loan balances outstanding | $ 1,619,266,000 | $ 1,512,978,000 | |||||||
Eleven vessels | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument Face Amount | $ 162,575,000 | ||||||||
Duration of term bank loan | 5 years | ||||||||
Amount drawn down | $ 162,575,000 | ||||||||
Number of repayment installments | 10 | ||||||||
Debt periodic payment | semi-annual | ||||||||
Debt periodic payment amount | $ 11,561,000 | ||||||||
Debt balloon payment | $ 46,965,000 | ||||||||
Prepaid amount | $ 181,168,000 | ||||||||
Debt Instrument Maturity Date, Start | Oct. 31, 2018 | ||||||||
Debt Instrument Maturity Date, End | Apr. 30, 2019 | ||||||||
Shuttle tanker Rio 2016 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument Face Amount | $ 12,475,000 | ||||||||
Amount drawn down | $ 12,475,000 | ||||||||
Number of repayment installments | 12 | ||||||||
Debt periodic payment | semi-annual | ||||||||
Debt periodic payment amount | $ 3,203,000 | ||||||||
Debt balloon payment | $ 38,438,000 | ||||||||
Shuttle tanker Brazil 2014 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument Face Amount | $ 80,000,000 | ||||||||
Duration of term bank loan | 6 years | ||||||||
Amount drawn down | $ 80,000,000 | ||||||||
Number of repayment installments | 12 | ||||||||
Debt periodic payment | semi-annual | ||||||||
Debt balloon payment | $ 37,055,000 | ||||||||
Maria Princess, Nippon Princess and Ise Princess | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument Face Amount | $ 48,650,000 | ||||||||
Number of repayment installments | 10 | ||||||||
Debt periodic payment | semi-annual | ||||||||
Debt periodic payment amount | $ 3,041,000 | ||||||||
Debt balloon payment | $ 18,240,000 | ||||||||
All Company's term bank loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt periodic payment | quarterly or semi-annual | ||||||||
Variable rate basis | LIBOR | ||||||||
Debt Instrument Maturity Date, Start | Oct. 31, 2018 | ||||||||
Debt Instrument Maturity Date, End | Jan. 31, 2027 | ||||||||
All Company's term bank loans | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.54% | ||||||||
All Company's term bank loans | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.33% | ||||||||
First six installments | Shuttle tanker Brazil 2014 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt periodic payment amount | 3,745,000 | ||||||||
Second six installments | Shuttle tanker Brazil 2014 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt periodic payment amount | 3,412,500 | ||||||||
8-year term loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of debt | $ 66,658,000 |
Long-Term Debt - Covenants (Det
Long-Term Debt - Covenants (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Debt Instrument [Line Items] | |||
Debt Instrument Covenant Description | The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends in an amount more than 50% of cumulative net income (as defined in the related agreements), sell vessels and assets and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidity, not legally restricted, of $107,435 at June 30, 2018 and $113,427 at December 31, 2017, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Three loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $3,250 and two other loan agreements require a monthly pro rata transfer to a retention account of any principal due but unpaid. | ||
Debt Instrument Covenant Compliance | As at June 30, 2018, the Company and its wholly and majority owned subsidiaries had thirty loan agreements, totaling $1,684,266. The Company fulfilled its requirements in respect of the financial covenants of all the agreements in relation to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirement in certain of its loan agreements in respect of which an amount of $6,833 has been reclassified within current liabilities at June 30, 2018. | ||
Cash and cash equivalents | $ 272,501 | $ 189,763 | $ 250,408 |
Carrying amount | 1,684,266 | 1,763,082 | |
Working capital | (20,000) | (50,500) | |
Thirty loan agreements | |||
Debt Instrument [Line Items] | |||
Carrying amount | 1,684,266 | ||
Minimum liquidity requirement | |||
Debt Instrument [Line Items] | |||
Cash and cash equivalents | 107,435 | $ 113,427 | |
Three loan agreements | |||
Debt Instrument [Line Items] | |||
Held in deposit account | 3,250 | ||
Certain of the loan agreements | |||
Debt Instrument [Line Items] | |||
Reclassification Of Long Term Debt | $ 6,833 |
Interest and Finance Costs, n_3
Interest and Finance Costs, net (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest and Finance Costs, net [Abstract] | ||||
Interest expense | $ 18,295 | $ 15,368 | $ 35,016 | $ 29,472 |
Less: Interest capitalized | (21) | (120) | (21) | (384) |
Interest expense, net | 18,274 | 15,248 | 34,995 | 29,088 |
Swaps termination cash settlements | 0 | 0 | 0 | (3,685) |
Bunkers swap cash settlements | (2,149) | (327) | (3,560) | (688) |
Amortization of loan fees | 1,262 | 754 | 2,074 | 1,464 |
Bank charges | 377 | 114 | 379 | 140 |
Change in fair value of non-hedging financial instruments | (2,981) | 84 | (1,160) | 1,419 |
Net total | $ 14,783 | $ 15,873 | $ 32,728 | $ 27,738 |
Interest and Finance Costs, n_4
Interest and Finance Costs, net (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016 | |
Derivatives Fair Value [Line Items] | ||||||
Change in fair value of non-hedging financial instruments | $ 2,981 | $ (84) | $ 1,160 | $ (1,419) | ||
Cash received from terminations | $ 0 | $ 0 | $ 0 | $ 3,685 | ||
Interest Rate Swaps | ||||||
Derivatives Fair Value [Line Items] | ||||||
Number of floating-to-fixed interest rate swaps | 6 | 6 | ||||
Notional amount of floating-to-fixed interest rate swaps | $ 337,787 | $ 337,787 | ||||
Fixed interest rate | 2.94% | 2.94% | ||||
Floating rate basis | six-month LIBOR | |||||
Interest Rate Swaps | Minimum | ||||||
Derivatives Fair Value [Line Items] | ||||||
Maturity date | Jul. 30, 2020 | |||||
Interest Rate Swaps | Maximum | ||||||
Derivatives Fair Value [Line Items] | ||||||
Maturity date | Oct. 31, 2027 | |||||
Bunker Call Options | ||||||
Derivatives Fair Value [Line Items] | ||||||
Number of bunker call option agreement entered into | 1 | |||||
Bunker Call Option Premium | $ 118 | |||||
Designated as Hedging Instrument | Interest Rate Swaps | ||||||
Derivatives Fair Value [Line Items] | ||||||
Fair value of hedging interest rate swaps | $ (951) | $ (951) | $ (1,967) | |||
Net amount of cash flow hedge losses to be reclassified into earnings within 12 months | $ 115 | $ 115 | ||||
Number of interest rate swaps terminated | 4 | 4 | ||||
Cash received from terminations | $ 3,685 | |||||
Not Designated as Hedging Instrument | Bunker Swaps | ||||||
Derivatives Fair Value [Line Items] | ||||||
Number of bunker swap agreements held | 13 | 13 | 7 | |||
Fair value of bunker swap agreement | $ 4,121 | $ 4,121 | $ 3,763 | |||
Change in fair value of non-hedging financial instruments | 358 | 529 | ||||
Not Designated as Hedging Instrument | Bunker Swaps | VLCC Ulysses | ||||||
Derivatives Fair Value [Line Items] | ||||||
Number of bunker swap agreements entered into | 3 | |||||
Fair value of bunker swap agreement | $ 3,960 | 3,960 | 3,264 | |||
Change in fair value of non-hedging financial instruments | $ 696 | (1,083) | ||||
Not Designated as Hedging Instrument | Bunker Call Options | ||||||
Derivatives Fair Value [Line Items] | ||||||
Number of bunker call option agreements held | 1 | 1 | ||||
Fair value of bunker call option agreements | $ 224 | $ 224 | $ 118 | |||
Change in fair value of non-hedging financial instruments | $ 106 | $ (866) |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | |||||||||||
Jan. 30, 2018 | Jan. 30, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | Apr. 05, 2017 | May 10, 2018 | Apr. 30, 2018 | May 01, 2017 | Apr. 28, 2017 | May 29, 2018 | May 30, 2017 | Jun. 30, 2018 | Jun. 28, 2018 | Jun. 15, 2018 | Jul. 14, 2017 | Jun. 30, 2017 | Dec. 31, 2017 | |
Net proceeds from sale of treasuy stock | $ 3,571 | $ 2,676 | |||||||||||||||
Preferred Shares - par value | $ 1 | $ 1 | |||||||||||||||
Net proceeds from issuance of preferred shares | $ 130,553 | $ 111,029 | |||||||||||||||
Cash dividends paid, per share | $ 0.05 | $ 0.05 | $ 0.05 | ||||||||||||||
Date declared | Mar. 12, 2018 | Mar. 17, 2017 | May 12, 2017 | ||||||||||||||
Common stock - Dividend declared | $ 0.05 | $ 0.05 | $ 0.05 | ||||||||||||||
Common stock - Dividends per share declared - payment date | Aug. 8, 2018 | ||||||||||||||||
Common stock - Dividends per share declared - record date | Aug. 2, 2018 | ||||||||||||||||
8% Series B Preferred Shares | |||||||||||||||||
Preferred Shares - shares issued | 2,000,000 | 2,000,000 | |||||||||||||||
Preferred stock - dividend paid | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | |||||||||||||
Dividends paid on preferred shares | $ 2,000 | $ 2,000 | |||||||||||||||
8.875% Series C Preferred Shares | |||||||||||||||||
Preferred Shares - shares issued | 2,000,000 | 2,000,000 | |||||||||||||||
Preferred stock - dividend paid | $ 0.55469 | $ 0.55469 | $ 0.55469 | $ 0.55469 | |||||||||||||
Dividends paid on preferred shares | $ 2,219 | 2,219 | |||||||||||||||
8.75% Series D Preferred Shares | |||||||||||||||||
Preferred Shares - shares issued | 3,424,803 | 3,424,803 | |||||||||||||||
Preferred stock - dividend paid | $ 0.54687 | $ 0.546875 | $ 0.54687 | $ 0.546875 | |||||||||||||
Dividends paid on preferred shares | $ 3,746 | 3,739 | |||||||||||||||
9.25% Series E Preferred Shares | |||||||||||||||||
Preferred Shares - shares issued | 4,600,000 | 4,600,000 | 4,600,000 | ||||||||||||||
Preferred Shares - par value | $ 1 | ||||||||||||||||
Liquidation preference, per share | $ 25 | ||||||||||||||||
Net proceeds from issuance of preferred shares | $ 110,496 | ||||||||||||||||
Preferred stock - dividend paid | $ 0.57812 | $ 0.57812 | $ 0.34045 | ||||||||||||||
Dividends paid on preferred shares | $ 5,319 | $ 1,566 | |||||||||||||||
9.50% Series F Preferred Shares | |||||||||||||||||
Preferred Shares - shares issued | 5,400,000 | 5,400,000 | 0 | ||||||||||||||
Preferred Shares - par value | $ 1 | ||||||||||||||||
Liquidation preference, per share | $ 25 | ||||||||||||||||
Net proceeds from issuance of preferred shares | $ 130,553 | ||||||||||||||||
Treasury stock | Common Shares | |||||||||||||||||
Sale of treasury stock | 1,016,870 | 650,717 | |||||||||||||||
Net proceeds from sale of treasuy stock | $ 3,571 | $ 2,676 | |||||||||||||||
Treasury stock | 8.75% Series D Preferred Shares | |||||||||||||||||
Sale of treasury stock | 24,803 | ||||||||||||||||
Net proceeds from sale of treasuy stock | $ 533 | ||||||||||||||||
Prior to May 28, 2027 | 9.25% Series E Preferred Shares | |||||||||||||||||
Preferred stock dividend rate percentage | 9.25% | ||||||||||||||||
From and including May 28, 2027 and thereafter | 9.25% Series E Preferred Shares | |||||||||||||||||
Preferred stock dividend payment rate | three-month LIBOR plus a spread of 6.881% | ||||||||||||||||
Prior to July 30, 2028 | 9.50% Series F Preferred Shares | |||||||||||||||||
Preferred stock dividend rate percentage | 9.50% | ||||||||||||||||
From and including July 30, 2028 | 9.50% Series F Preferred Shares | |||||||||||||||||
Preferred stock dividend payment rate | three-month LIBOR plus a spread of 6.54% |
Accumulated other comprehensi_2
Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated other comprehensive income (loss) [Abstract] | ||||
Unrealized gains/(losses) from changes in fair value of financial instruments | $ 1,808 | $ (125) | $ 786 | $ (3,196) |
Earnings per Common Share (Tabl
Earnings per Common Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Numerator | ||||
Net (loss) income attributable to Tsakos Energy Navigation Limited | $ (9,553) | $ 3,575 | $ (21,468) | $ 21,053 |
Preferred share dividends Series B | (1,000) | (1,000) | (2,000) | (2,000) |
Preferred share dividends Series C | (1,109) | (1,109) | (2,219) | (2,219) |
Preferred share dividends Series D | (1,874) | (1,874) | (3,746) | (3,732) |
Preferred share dividends Series E | (2,659) | (2,541) | (5,319) | (2,541) |
Preferred share dividends Series F | (71) | 0 | (71) | 0 |
Net (loss) income attributable to common stockholders | $ (16,266) | $ (2,949) | $ (34,823) | $ 10,561 |
Denominator | ||||
Weighted average common shares outstanding | 86,942,159 | 84,284,281 | 86,634,907 | 84,126,285 |
Basic and diluted (loss) income per common share | $ (0.19) | $ (0.03) | $ (0.40) | $ 0.13 |
Commitments and Contingencies_2
Commitments and Contingencies (Table) (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Charters-out [Abstract] | |
July to December 2018 | $ 149,712 |
2,019 | 232,196 |
2,020 | 201,453 |
2,021 | 163,775 |
2022 to 2029 | 385,192 |
Minimum charter payments | $ 1,132,328 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018USD ($) | May 02, 2018USD ($) | |
Long-term Purchase Commitment [Line Items] | ||
Prepaid amount which will be used against the contract price of future newbuildings | $ 1,650 | |
Aframax tanker 1 | ||
Long-term Purchase Commitment [Line Items] | ||
Contractual obligation | $ 51,720 | |
Aframax tanker 2 | ||
Long-term Purchase Commitment [Line Items] | ||
Contractual obligation | $ 51,720 | |
Two Aframax Tankers Under Construction | ||
Long-term Purchase Commitment [Line Items] | ||
Number of vessels under construction | 2 | |
Purchase obligations | ||
Contractual purchase obligation from November 2018 to January 2020 | $ 93,096 |
Financial Instruments - Fair Va
Financial Instruments - Fair Values (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Financial Instruments [Abstract] | |||
Cash and cash equivalents - Carrying Amount | $ 272,501 | $ 189,763 | $ 250,408 |
Restricted cash - Carrying Amount | 9,924 | 12,910 | $ 7,750 |
Investments - Carrying Amount | 1,000 | 1,000 | |
Debt - Carrying amount | (1,684,266) | (1,763,082) | |
Cash and cash equivalents - Fair Value | 272,501 | 189,763 | |
Restricted cash - Fair value | 9,924 | 12,910 | |
Investments - Fair Value | 1,000 | 1,000 | |
Debt - Fair Value | $ (1,684,266) | $ (1,762,938) |
Financial Instruments - Balance
Financial Instruments - Balance Sheet Location (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Total derivatives - Assets | $ 8,893 | $ 7,145 |
Total derivatives - Liabilites | 1,539 | 1,967 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liabilities, Noncurrent | 1,203 | 589 |
Designated as Hedging Instrument | ||
Derivatives designated as hedging instruments | ||
Subtotal - Assets | 588 | 0 |
Subtotal - Liabilities | 1,539 | 1,967 |
Designated as Hedging Instrument | Interest Rate Swaps | Current portion of financial instruments - Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset, Current | 0 | 0 |
Derivative Liability, Current | 336 | 1,378 |
Designated as Hedging Instrument | Interest Rate Swaps | Financial instruments - Fair Value, net of current portion | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset, Noncurrent | 588 | 0 |
Derivative Liabilities, Noncurrent | 1,203 | 589 |
Not Designated as Hedging Instrument | ||
Derivatives not designated as hedging instruments | ||
Subtotal - Assets | 8,305 | 7,145 |
Subtotal - Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | Bunker Swaps | Current portion of financial instruments - Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset, Current | 7,045 | 5,715 |
Derivative Liability, Current | 0 | 0 |
Not Designated as Hedging Instrument | Bunker Swaps | Financial instruments - Fair Value, net of current portion | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset, Noncurrent | 1,036 | 1,312 |
Derivative Liabilities, Noncurrent | 0 | 0 |
Not Designated as Hedging Instrument | Bunker Call Options | Financial instruments - Fair Value, net of current portion | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset, Noncurrent | 224 | 118 |
Derivative Liabilities, Noncurrent | $ 0 | $ 0 |
Financial Instruments - Derivat
Financial Instruments - Derivatives Designated as Hedging Instruments - Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative (Effective Portion) (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments Gain/Loss [Line Items] | ||||
Total | $ 1,808 | $ (125) | $ 786 | $ (3,196) |
Gain/(Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) | ||||
Derivative Instruments Gain/Loss [Line Items] | ||||
Interest rate swaps | 1,604 | (816) | 83 | (4,611) |
Total | $ 1,604 | $ (816) | $ 83 | $ (4,611) |
Financial Instruments - Deriv_2
Financial Instruments - Derivatives Designated as Hedging Instruments - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative | ||||
Total | $ (204) | $ (691) | $ (703) | $ (1,415) |
Depreciation expense | ||||
Derivative | ||||
Interest rate swaps | (47) | (51) | (94) | (76) |
Interest and finance costs, net | ||||
Derivative | ||||
Interest rate swaps | $ (157) | $ (640) | $ (609) | $ (1,339) |
Financial Instruments - Deriv_3
Financial Instruments - Derivatives Not Designated as Hedging Instruments - Net effect on the Statement of Comprehensive Income (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative | ||||
Total | $ 5,131 | $ 244 | $ 4,720 | $ (731) |
Interest and finance costs, net | ||||
Derivative | ||||
Bunker swaps | 5,056 | 368 | 4,614 | (174) |
Bunker call options | $ 75 | $ (124) | $ 106 | $ (557) |
Financial Instruments - Fair _2
Financial Instruments - Fair Value of Assets and Liabilities Measured on Recurring Basis (Table) (Details) - Recurring Basis - Significant Other Observable Inputs Assets / (Liabilities) (Level 2) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | $ (951) | $ (1,967) |
Bunker swaps | 8,081 | 7,027 |
Bunker call options | 224 | 118 |
Total | $ 7,354 | $ 5,178 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accumulated loss from derivatives designated as Hedging Instruments | $ 4,519 | $ 5,305 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | ||||||||||||
Jan. 30, 2018 | Jan. 30, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | May 10, 2018 | Apr. 30, 2018 | May 01, 2017 | Apr. 28, 2017 | May 29, 2018 | May 30, 2017 | Jul. 10, 2018 | Jun. 30, 2018 | Jun. 15, 2018 | Jul. 14, 2017 | Jun. 30, 2017 | Aug. 08, 2018 | Jul. 30, 2018 | Sep. 07, 2018 | Aug. 28, 2018 | |
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock - Dividend declared | $ 0.05 | $ 0.05 | $ 0.05 | ||||||||||||||||
Dividends per share declared - payment date | Aug. 8, 2018 | ||||||||||||||||||
Dividends per share declared - record date | Aug. 2, 2018 | ||||||||||||||||||
Net proceeds from sale of treasuy stock | $ 3,571 | $ 2,676 | |||||||||||||||||
Cash dividends paid, per share | $ 0.05 | $ 0.05 | $ 0.05 | ||||||||||||||||
Date declared | Mar. 12, 2018 | Mar. 17, 2017 | May 12, 2017 | ||||||||||||||||
Subsequent Event | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock - Dividend declared | $ 0.05 | ||||||||||||||||||
Dividends per share declared - payment date | Dec. 6, 2018 | ||||||||||||||||||
Dividends per share declared - record date | Nov. 30, 2018 | ||||||||||||||||||
Cash dividends paid, per share | $ 0.05 | ||||||||||||||||||
Date declared | Jun. 15, 2018 | ||||||||||||||||||
8% Series B Preferred Shares | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock - dividend paid | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | |||||||||||||||
8% Series B Preferred Shares | Subsequent Event | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock - dividend paid | $ 0.5 | ||||||||||||||||||
8.875% Series C Preferred Shares | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock - dividend paid | $ 0.55469 | $ 0.55469 | $ 0.55469 | $ 0.55469 | |||||||||||||||
8.875% Series C Preferred Shares | Subsequent Event | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock - dividend paid | $ 0.55469 | ||||||||||||||||||
8.75% Series D Preferred Shares | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock - dividend paid | $ 0.54687 | $ 0.546875 | $ 0.54687 | $ 0.546875 | |||||||||||||||
8.75% Series D Preferred Shares | Subsequent Event | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock - dividend paid | $ 0.546875 | ||||||||||||||||||
9.25% Series E Preferred Shares | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock - dividend paid | $ 0.57812 | $ 0.57812 | $ 0.34045 | ||||||||||||||||
9.25% Series E Preferred Shares | Subsequent Event | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock - dividend payable | $ 0.578125 | ||||||||||||||||||
9.50% Series F Preferred Shares | Subsequent Event | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Sale of treasury stock | 600,000 | ||||||||||||||||||
Net proceeds from sale of treasuy stock | $ 14,575 |