6-K
TSAKOS ENERGY NAVIGATION LTD (TEN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2025
Commission File Number 001-31236
TSAKOS ENERGY NAVIGATION LIMITED
(Translation of registrant’s name into English)
367 Syngrou Avenue, 175 64 P.
Faliro, Athens, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
| 99.1 | Tsakos Energy Navigation Limited press release, dated November 20, 2025, announcing results for the three and nine months ended September 30, 2025 |
|---|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: November 21, 2025
| TSAKOS ENERGY NAVIGATION LIMITED | |
|---|---|
| By: | /s/ George Saroglou |
| George Saroglou | |
| President and Chief Operating Officer |
EX-99.1
Exhibit 99.1
TEN, Ltd.
367 Syngrou Avenue, 175 64 P. Faliro, Hellas
Tel: 30210 94 07 710-3, Fax: 30210 94 07 716, e-mail: ten@tenn.gr
Website: http://www.tenn.gr
Press Release
November 20, 2025
TEN, LTD. REPORTS PROFITS FOR THE NINE MONTHS AND THIRD QUARTER ENDED SEPTEMBER 2025 AND DECLARES COMMON SHARE DIVIDEND OF $1
$4 billion in Minimum Contracted Revenue
Gross Revenues of $577 million and net income of $103 million, or $2.75 per share
$1.00 New Common Share Dividend, following $0.60 July 2025 Semi- Annual Payment
Dynamic growth – 20 Vessel Total Newbuilding Program Including Three VLCCs
Stronger Tanker Fundamentals Supported by Market Tightness and Geopolitics
November 20, 2025 – TEN, Ltd (TEN) (NYSE: TEN) (the “Company”) today reported results (unaudited) for the nine months and third quarter ended September 30, 2025.
NINE MONTHS 2025 SUMMARY RESULTS
TEN’s fleet generated $577 million in gross revenues resulting in approx. $171 million in operating income inclusive of $12.5 million in capital gains from the sale of four older vessels.
The net income for the first nine months of 2025 was $103 million or $2.75 per share.
Adjusted EBITDA for the first nine months of 2025 was $289 million.
Fleet utilization in the first nine months of 2025 increased to 96.2% from 92.2% in the corresponding period of 2024 due to the aforementioned recalibration of fleet employment.
The average Time Charter Equivalent (TCE) per vessel per day for the nine months of 2025 remained at a solid $30,703.
Total operating expenses per vessel per day, however, remained competitive at $9,797.
Depreciation and amortization totaled $125.6 million, reflecting the continuous addition of newer and larger vessel classes to the fleet.
Total debt obligations at the end of the 2025 nine-months stood at $1.9 billion.
Interest and finance costs for the nine-months of 2025 were $15 million lower from the 2024 corresponding period, at $72.7 million principally due to lower global interest rates.
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At the end of September 2025, TEN’s cash position stood at a healthy $264.3 million after $134.6 million in scheduled principal payments, $178 million in yard predelivery installments and capitalized expenses and $20.3 million in preferred share dividend payments during the first nine months of 2025.
Q3 2025 SUMMARY RESULTS
In the third quarter of 2025, TEN’s gross revenues reached $186.2 million while operating income, after $9 million in gains from the sale of three older vessels, was at $60.5 million.
Net income in the third quarter of 2025 increased to $38.3 million translating to $1.05 per share from $26.5 million and $0.67 per share in the third quarter of 2024. A $11.8 million increase.
Preferred dividends for the third quarter of 2025 were $6.8 million, identical to the levels of the 2024 third quarter.
Adjusted EBITDA for the third quarter of 2025 was at $95.6 million.
Fleet utilization during the third quarter of 2025 was 95%.
Average TCE per vessel per day in the third quarter of 2025 was $30,601.
Operating expenses per vessel per day in the third quarter of 2025 remained at a competitive $9,904, the result of efficient vessel management by TEN’s technical managers.
General and administrative expenses in the third quarter of 2025 experienced a $5.0 million drop from the 2024 third quarter levels and settled at $9.2 million.
Depreciation and amortization expenses during the third quarter of 2025 were in line with the continuous addition of newer and larger vessel classes to the fleet at $42.4 million.
SUBSEQUENT EVENTS
On October 1, 2025, TEN took delivery, from HD Hyundai Heavy Industries of South Korea, of the eco scrubber suezmax tanker Silia T which simultaneously entered a minimum three-year employment to a major US oil concern.
On October 24, 2025, Nikolas P. Tsakos, Founder & CEO of TEN was honored at the annual “Chrysanthemum Ball” Gala in New York, a leading social and philanthropic event. This year’s event paid tribute to Mr. Tsakos’s enduring contribution to the global maritime industry and his lifelong dedication to philanthropy, education, and community welfare.
In November 2025, TEN extended for a minimum two years, its VLCC Dias to a US major concern with an accretive minimum rate and profit-sharing features.
CORPORATE AFFAIRS – COMMON SHARE DIVIDEND
The Company’s Board of Directors approved a dividend distribution to holders of TEN’s common stock of $1.00 per share, $0.50 of which to be paid on December 19, 2025 to shareholders of record as of December 15, 2025, and $0.50 on February 19, 2026 to shareholders of record as of February 11, 2026.
On July 18, 2025, TEN paid a dividend of $0.60 per share to common shareholders.
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Since the Company’s NYSE listing in 2002, TEN has consistently demonstrated its commitment to reward long-standing shareholders, having distributed over $945 million in common and preferred share dividends.
CORPORATE STRATEGY
The first nine months of the year have been marked by the turmoil created by tariffs and trade restrictions. The rising global oil demand, low inventories, increasing geopolitical tensions and the uncertainty created by the IMO delayed decision, has further strengthened freight rates and asset prices.
In this exciting environment, TEN continues to navigate steadily, safely and increasingly profitably. With growing interest from oil majors for long-term contracts at attractive rates, management is pursuing fixtures that offer cash flow visibility and upside potential.
“With a fleet value in excess of $6 billion including an aggressive new-building program, TEN is increasing its critical mass in the areas it operates as it divests from its first-generation assets,” Mr. George Saroglou, President & COO commented. “With 62 vessels in the water and 20 under construction, many on long-term employment to major oil concerns, TEN will continue to provide an attractive proposition to those looking to participate in the energy transportation universe going forward,” Mr. Saroglou concluded.
TEN’s CURRENT NEWBUILDING PROGRAM
| # | Name | Type | Delivery(exp) | Status | Employment |
|---|---|---|---|---|---|
| CONVENTIONAL TANKERS | |||||
| 1 | Dr Irene Tsakos | Suezmax – Scrubber Fitted | Q2 2025 | DELIVERED | Yes |
| 2 | Silia T | Suezmax – Scrubber Fitted | Q4 2025 | DELIVERED | Yes |
| 3 | Delos T | MR – Scrubber Fitted | Q1 2026 | Under Construction | TBA |
| 4 | Dilon | MR – Scrubber Fitted | Q1 2026 | Under Construction | TBA |
| 5 | TBN | Panamax LR1 – Scrubber Fitted | Q2 2027 | Under Construction | TBA |
| 6 | TBN | Panamax LR1 – Scrubber Fitted | Q3 2027 | Under Construction | TBA |
| 7 | TBN | Panamax LR1 – Scrubber Fitted | Q4 2027 | Under Construction | TBA |
| 8 | TBN | VLCC – Scrubber Fitted | Q4 2027 | Under Construction | TBA |
| 9 | TBN | VLCC – Scrubber Fitted | Q1 2028 | Under Construction | TBA |
| 10 | TBN | VLCC – Scrubber Fitted | Q2 2028 | Under Construction | TBA |
| 11 | TBN | Panamax LR1 – Scrubber Fitted | Q3 2028 | Under Construction | TBA |
| 12 | TBN | Panamax LR1 – Scrubber Fitted | Q3 2028 | Under Construction | TBA |
| SHUTTLE TANKERS | |||||
| 13 | Athens 04 | DP2 Shuttle Tanker | Q2 2025 | DELIVERED | Yes |
| 14 | Paris 24 | DP2 Shuttle Tanker | Q3 2025 | DELIVERED | Yes |
| 15 | Anfield | DP2 Shuttle Tanker | Q3 2026 | Under Construction | Yes |
| 16 | TBN | DP2 Shuttle Tanker | Q3 2027 | Under Construction | Yes |
| 17 | TBN | DP2 Shuttle Tanker | Q4 2027 | Under Construction | Yes |
| 18 | TBN | DP2 Shuttle Tanker | Q1 2028 | Under Construction | Yes |
| 19 | TBN | DP2 Shuttle Tanker | Q2 2028 | Under Construction | Yes |
| 20 | TBN | DP2 Shuttle Tanker | Q3 2028 | Under Construction | Yes |
| 21 | TBN | DP2 Shuttle Tanker | Q3 2028 | Under Construction | Yes |
| 22 | TBN | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes |
| 23 | TBN | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes |
| 24 | TBN | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes |
Visit our company website at: http://www.tenn.gr
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ABOUT TEN LTD.
Founded in 1993 and celebrating 32 years as a public company, TEN is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 82 vessels, including ten DP2 shuttle tankers, three VLCCs, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers totaling approx. 11 million dwt.
FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Conference Call Details:
As announced previously, today, Thursday, November 20, 2025, at 10:00 a.m. Eastern Time, TEN will host a conference call to review the results as wellas management’s outlook for the business. The call, which will be hosted by TEN’s senior management, may contain information beyond what is included in the earnings press release.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877-405-1226 (US Toll-Free Dial In) or +1 201- 689-7823 (US and Standard International Dial In). Please quote“Tsakos” to the operator and/or conference ID 13757066.
Click here for additional participant International Toll-Free access numbers.Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
Simultaneous Slides and Audio Webcast:
There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.tenn.gr and click on Webcasts & Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
For further information, please contact:
Tsakos EnergyNavigation Ltd.
George Saroglou
President & COO
+30210 94 07 710
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis/ Markella Kara
+212 661 7566 / ten@capitallink.com
Visit our company website at: http://www.tenn.gr
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TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES
Selected Consolidated Financial and Other Data
(In Thousands of U.S. Dollars, except share, per share and fleet data)
| Three months ended<br>September 30 (unaudited) | Nine months ended<br>September 30 (unaudited) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| STATEMENT OF OPERATIONS DATA | 2025 | 2024 | 2025 | 2024 | ||||||||
| Voyage revenues | $ | 186,228 | $ | 200,158 | $ | 576,588 | $ | 615,801 | ||||
| Voyage expenses | 27,385 | 35,059 | 95,365 | 118,482 | ||||||||
| Charter hire expense | 3,382 | 3,503 | 9,985 | 14,611 | ||||||||
| Vessel operating expenses | 52,269 | 49,088 | 154,578 | 147,416 | ||||||||
| Depreciation and amortization | 42,417 | 41,335 | 125,637 | 118,356 | ||||||||
| General and administrative expenses | 9,220 | 14,222 | 32,363 | 29,453 | ||||||||
| Gain on sale of vessels | (8,902 | ) | — | (12,456 | ) | (48,662 | ) | |||||
| Total expenses | 125,771 | 143,207 | 405,472 | 379,656 | ||||||||
| Operating income | **** | 60,457 | **** | **** | 56,951 | **** | **** | 171,116 | **** | **** | 236,145 | **** |
| Interest and finance costs, net | (23,710 | ) | (32,209 | ) | (72,690 | ) | (87,407 | ) | ||||
| Interest income | 2,127 | 3,217 | 7,665 | 11,152 | ||||||||
| Other, net | (3 | ) | 46 | (24 | ) | 120 | ||||||
| Total other expenses, net | (21,586 | ) | (28,946 | ) | (65,049 | ) | (76,135 | ) | ||||
| Net income | **** | 38,871 | **** | **** | 28,005 | **** | **** | 106,067 | **** | **** | 160,010 | **** |
| Less: Net income attributable to the noncontrolling interest | (530 | ) | (1,465 | ) | (3,178 | ) | (3,051 | ) | ||||
| Net income attributable to Tsakos Energy Navigation Limited | $ | 38,341 | **** | $ | 26,540 | **** | $ | 102,889 | **** | $ | 156,959 | **** |
| Effect of preferred dividends | (6,750 | ) | (6,750 | ) | (20,250 | ) | (20,250 | ) | ||||
| Undistributed income allocated to non-vested restricted<br>common stock | (326 | ) | — | (887 | ) | (481 | ) | |||||
| Net income attributable to common stockholders of Tsakos Energy Navigation Limited | $ | 31,265 | **** | $ | 19,790 | **** | $ | 81,752 | **** | $ | 136,228 | **** |
| Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common<br>stockholders | $ | 1.05 | $ | 0.67 | $ | 2.75 | $ | 4.62 | ||||
| Weighted average number of shares, basic and diluted | 29,816,603 | 29,505,603 | 29,713,506 | 29,505,603 | ||||||||
| BALANCE SHEET DATA | September 302025 | December 312024 | ||||||||||
| Cash | 264,324 | 348,312 | ||||||||||
| Other assets | 178,436 | 192,035 | ||||||||||
| Vessels, net | 3,101,486 | 2,919,783 | ||||||||||
| Advances for vessels under construction | 355,764 | 246,392 | ||||||||||
| Total assets | $ | 3,900,010 | $ | 3,706,522 | ||||||||
| Debt and other financial liabilities, net of deferred finance costs | 1,905,133 | 1,747,094 | ||||||||||
| Other liabilities | 154,932 | 192,231 | ||||||||||
| Stockholders’ equity | 1,839,945 | 1,767,197 | ||||||||||
| Total liabilities and stockholders’ equity | $ | 3,900,010 | $ | 3,706,522 | ||||||||
| Three months endedSeptember 30 | Nine months endedSeptember 30 | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | 2025 | 2024 | |||||||||
| OTHER FINANCIAL DATA | ||||||||||||
| Net cash provided by operating activities | $ | 85,460 | $ | 59,657 | $ | 201,404 | $ | 219,879 | ||||
| Net cash used in investing activities | $ | (166,973 | ) | $ | (66,349 | ) | $ | (403,097 | ) | $ | (422,861 | ) |
| Net cash provided by financing activities | $ | 58,617 | $ | (29,328 | ) | $ | 117,705 | $ | 172,189 | |||
| TCE per ship per day | $ | 30,601 | $ | 32,539 | $ | 30,703 | $ | 33,390 | ||||
| Operating expenses per ship per day | $ | 9,904 | $ | 9,188 | $ | 9,797 | $ | 9,306 | ||||
| Vessel overhead costs per ship per day | $ | 1,636 | $ | 2,493 | $ | 1,921 | $ | 1,741 | ||||
| 11,540 | 11,681 | 11,718 | 11,047 | |||||||||
| FLEET DATA | ||||||||||||
| Average number of vessels during period | 61.2 | 62.0 | 61.7 | 61.8 | ||||||||
| Number of vessels at end of period | 61.0 | 62.0 | 61.0 | 62.0 | ||||||||
| Average age of fleet at end of period | Years | 10.1 | 10.0 | 10.1 | 10.0 | |||||||
| Dwt at end of period (in thousands) | 7,591 | 7,613 | 7,591 | 7,613 | ||||||||
| Time charter employment - fixed rate | Days | 3,440 | 3,044 | 9,281 | 8,529 | |||||||
| Time charter and pool employment - variable rate | Days | 1,469 | 1,484 | 4,987 | 4,237 | |||||||
| Spot voyage employment at market rates | Days | 431 | 767 | 1,938 | 2,835 | |||||||
| Total operating days | 5,340 | 5,295 | 16,206 | 15,601 | ||||||||
| Total available days | 5,634 | 5,704 | 16,850 | 16,921 | ||||||||
| Utilization | 94.8 | % | 92.8 | % | 96.2 | % | 92.2 | % | ||||
| Non-GAAP Measures<br><br><br>Reconciliation of Net income to Adjusted EBITDA | <br><br><br> | |||||||||||
| Three months endedSeptember 30 | Nine months endedSeptember 30 | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Net income attributable to Tsakos Energy Navigation Limited | $ | 38,341 | $ | 26,540 | $ | 102,889 | $ | 156,959 | ||||
| Depreciation and amortization | 42,417 | 41,335 | 125,637 | 118,356 | ||||||||
| Interest Expense | 23,710 | 32,209 | 72,690 | 87,407 | ||||||||
| Gain on sale of vessels | (8,902 | ) | — | (12,456 | ) | (48,662 | ) | |||||
| Adjusted EBITDA | $ | 95,566 | $ | 100,084 | $ | 288,760 | $ | 314,060 |
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP measures used within the financial community may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods as well as comparisons between the performance of Shipping Companies. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. We are using the following Non-GAAP measures:
| (i) | TCE which represents voyage revenue less voyage expenses is divided by the number of operating days less 29<br>days lost for the third quarter and 177 days for the nine-month of 2025 and 108 days for the prior year quarter of 2024 and 378 days for nine-month period of 2024, respectively, as a result of calculating revenue on a loading to discharge basis.<br> |
|---|---|
| (ii) | Vessel overhead costs are General & Administrative expenses, which also include Management fees, Stock<br>compensation expense and Management incentive award. |
| --- | --- |
| (iii) | Operating expenses per ship per day which exclude Management fees, General & Administrative expenses,<br>Stock compensation expense and Management incentive award. |
| --- | --- |
| (iv) | Adjusted EBITDA. See above for reconciliation to net income. |
| --- | --- |
Non-GAAP financial measures should be viewed in addition to and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.
The Company does not incur corporation tax.