Tsakos Energy Navigation Q3 2025 Earnings Report

Tsakos Energy Navigation EPS Results

• Actual EPS: $1.05
• Consensus EPS: $0.94
• Beat/Miss: Beat by +$0.12
• One Year Ago EPS: N/A

Tsakos Energy Navigation Revenue Results

• Actual Revenue: $158.84 million
• Expected Revenue: $170.78 million
• Beat/Miss: Missed by -$11.94 million
• YoY Revenue Growth: N/A

Tsakos Energy Navigation Announcement Details

• Quarter: Q3 2025
• Date: 11/20/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, November 20, 2025
• Conference Call Time: 10:00AM ET

Tsakos Energy Navigation (NYSE:TEN). is a Greek-based international tanker company that owns and operates vessels serving the global energy transportation industry. Its fleet has historically included crude oil tankers, product tankers, shuttle tankers and liquefied natural gas carriers, enabling the company to transport crude oil, refined petroleum products and other energy commodities.

Founded in 1993, Tsakos Energy Navigation developed a diversified fleet serving oil companies, refiners, commodity traders and other charterers. Its vessels have operated on international routes across major energy-producing and consuming regions, including the Atlantic Basin, the Mediterranean, the Middle East and Asia-Pacific markets. The company has also pursued longer-term charter arrangements alongside voyage and spot-market business.

The company is associated with the Tsakos shipping group and has been led by Nikolaos P. Tsakos, who has served as president and chief executive officer. Tsakos Energy Navigation was formerly listed on the New York Stock Exchange under the symbol TEN.

Tsakos Energy Navigation Q3 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Company reported strong results for 9M/2025 with $577M revenue, operating income of $171M, 9M net income of $103M (EPS $2.75) and Q3 net income of $38.3M (EPS $1.05), driven by high fleet utilization and lower interest costs.
• Positive Sentiment: TEN has built a large, predictable backlog of approximately $4 billion in contracted minimum revenue and reports that ~89% of the fleet is on secured contracts (time charters or profit‑sharing), reducing near‑term volatility.
• Positive Sentiment: The company is aggressively renewing its fleet with a 20‑vessel newbuilding program (deliveries 2026–2028) including 10 shuttle tankers and 3 VLCCs and is shifting toward dual‑fuel/eco‑friendly vessels while selling older tonnage.
• Positive Sentiment: Balance sheet and liquidity remain healthy with cash around $264–300M, total debt ~$1.9B, net debt to capital ~47%, declining interest expense, and planned older‑vessel sales expected to free ≈$250M of net cash.
• Positive Sentiment: Board declared an additional $1.00 per share dividend (bringing full‑year payouts to $1.60 per share), to be paid in two tranches, representing a yield of over 4% at current stock levels.

Presentation

[Operator]

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

[Nicolas Bornozis, Investor Relations Advisor at Tsakos Energy Navigation Ltd]

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

[Nicolas Bornozis, Investor Relations Advisor at Tsakos Energy Navigation Ltd]

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

[Nicolas Bornozis, Investor Relations Advisor at Tsakos Energy Navigation Ltd]

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

[Takis Arapoglou, Chairman of the Board at Tsakos Energy Navigation Ltd]

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

[Takis Arapoglou, Chairman of the Board at Tsakos Energy Navigation Ltd]

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

[Takis Arapoglou, Chairman of the Board at Tsakos Energy Navigation Ltd]

Congratulations once again to Nikos Tsakos and his team, their proven track record and business model. In a market with stronger tanker fundamentals and turbulent geopolitics, this ensures continued success. Thank you very much and over to you, Nikos.

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

Chairman.

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

Thank you and welcome everybody to our 32nd year nine month call. First of all, I would like to congratulate Clio Hatzimichalis for becoming a full. She's our lawyer, has kept us out of trouble for all this year. So we're very happy for her to join the main board of the company and looking to spend much more time, productive time. In September when we reported our six month results, I think we were all satisfied. There were good results. We did not expect the market to take to become even better, even stronger. That is where we are today. I think we're perhaps more than 50% higher on the spot market than we were back in September, which we were very satisfied. Having gone through the typical seasonal period and being with a lot of profitability.

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

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

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

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

[George Saroglou, President and COO at Tsakos Energy Navigation Ltd]

Thank you Nikos.

[George Saroglou, President and COO at Tsakos Energy Navigation Ltd]

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

[George Saroglou, President and COO at Tsakos Energy Navigation Ltd]

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

[George Saroglou, President and COO at Tsakos Energy Navigation Ltd]

A lot to chew in such a short time. So far we have managed to navigate the TEN ship safely through these challenges thanks to the company's crisis resistant model. Let's hope we go back to more peaceful and normal times for all very soon. Today TEN is one of the largest energy transporters in the world with a young diversified versatile fleet of 82 vessels. A pro forma fleet of 82 vessels. In slide 4 we list this pro forma fleet and we start with the conventional tankers, both crude and product tankers. The red color shows the vessels that trade in the spot market and we have seven as we speak and our new buildings under construction. With light blue we have the vessels that are on time charter with profit sharing, 16 vessels, and with dark blue the vessels that are on fixed rate.

[George Saroglou, President and COO at Tsakos Energy Navigation Ltd]

Time charters 39 vessels. In the next slide we list the pro forma diversified fleet, which consists of our two LNG vessels and our 16 vessel shuttle tanker fleet. We are one of the largest shuttle tanker operators in the world with very young and technologically advanced vessels. Following the tender we won earlier in the year in Brazil, built in the Samsung shipyard in South Korea, north nine shuttle tankers for Transpetro, we have six shuttle tankers in full operation after recently taking delivery of both Athens 04 and Paris 24, which commenced long time charters to an energy major.

[George Saroglou, President and COO at Tsakos Energy Navigation Ltd]

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

[George Saroglou, President and COO at Tsakos Energy Navigation Ltd]

The left side of slide seven presents the all-in breakeven cost for the various vessel types we operate in. Our operating model is simple. We try to have our time charter vessels generate revenue to cover the company's cash expenses, paying for the vessel operating and finance expenses, for overheads, shuttering costs, and commissions, and let the revenue from the spot and profit sharing trading vessels contribute to the profitability of the company. Thanks to the profit sharing element, for every $1,000 per day increase in spot rates, we have a positive $0.09 impact on the annual EPS based on the number of TEN vessels that we currently operate that have exposure to spot rates, and that is 23 vessels. We have a solid balance sheet with strong cash reserves.

[George Saroglou, President and COO at Tsakos Energy Navigation Ltd]

The fair market value of the operating fleet is approximately $4 billion against $1.9 billion debt and the net debt to CAP is around 47%. Fleet renewal and investing in eco friendly greener tankers has been key to our operating model. Since January 1st, 2023 we have further upgraded the quality of the fleet by divesting from our first generation conventional tanker, replacing them with more energy efficient new buildings and modern secondhand tankers including dual fuel vessels. In summary, we have sold 17 vessels with an average age of 17.3 years and capacity of 1.4 million deadweight ton and replaced them with 33 contracted and modern acquired tankers with an average age of 0.6 years and 3.4 times the net weight capacity of the vessels we sold. We continue to transition our fleet to greener and dual fuel vessels.

[George Saroglou, President and COO at Tsakos Energy Navigation Ltd]

We are currently one of the largest owners of dual-fuel LNG powered Aframax tankers with six vessels in the water. Global oil demand continues to grow year after year. OPEC+ accelerated their voluntary production cuts, wars, economic sanctions, sanctions-listed tankers, and geopolitical events positively affect the tanker market and tanker freight rates. While the tanker order book remains at very healthy levels as a big part of the global tanker fleet is over 20 years as we speak, almost 50% of the fleet is over 15 years and needs to be replaced soon. With that I will pass the floor to Harrys Kosmatos who will walk us through the financial performance for the third quarter.

[George Saroglou, President and COO at Tsakos Energy Navigation Ltd]

Harry?

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

Thank you George.

[Harrys Kosmatos, Co-CFO at Tsakos Energy Navigation Ltd]

Thank you, thank you George and welcome everyone to our call. I'll start with the nine month highlights. As the tanker markets continue their upward trajectory propelled by the crude sector and VLCCs in particular, available term rates for crude vessels merited a shift towards fixed employment in order to provide earnest visibility and further safeguard the cost generating ability of the fleet. To this effect and in line with the company's tried and tested employment model, bar some occasional aberrations for opportunistically capturing short term peaks, reverted to the norm and operated most of the fleet during the first nine months of the year in secure revenue contracts. In particular, with a fleet of almost 62 vessels in the water, similar to the corresponding 2024 nine month period, these undersecured employment I.e.

[Harrys Kosmatos, Co-CFO at Tsakos Energy Navigation Ltd]

Vessels on fixed time charters and time charters with profit sharing provisions increased by 12% while based on pure spot experienced a 32% decline of interest. Based on spot on profit sharing contracts alone increased by 18%, signifying TEN's commitment to maintaining a meaningful presence in the still lucrative spot market. Today, 23 vessels in the fleet, 7 on spot and 16 on profit shares, do provide TEN with such operational latitude. As a result of this employment recalibration, for the nine months of 2025 TEN generated $577 million in gross revenues and, operating, excuse me, an operating income of $171 million, which incorporated $12.5 million of capital gains from the sale of four older vessels. Capital gains during the equivalent 2024 period were at $49 million from the sale of five vessels.

[Harrys Kosmatos, Co-CFO at Tsakos Energy Navigation Ltd]

Highlight intense policy to continue the strategic recycling of the fleet with newer, more eco-friendly vessels, new builders in the majority in line with the above employment pattern, and fewer vessels on dry dock compared to the 2024 nine months, nine now from 11 last year. Fleet utilization increased from 92.2% to 96.2% during the 2025 nine months. The fleet time charter equivalent rate for the first nine months of 2025 settled at a healthy $30,703 during the nine month period, and in line with the reduction of the fleet spot exposure explained above, voyage expenses declined from $180 million in the 2024 nine months to $95 million now at $23 million. Betterment. Charterhouse expenses also decreased by $4.6 million whilst vessel operating expenses increased by just over $7 million from the 2024 same period to settle at $155 million.

[Harrys Kosmatos, Co-CFO at Tsakos Energy Navigation Ltd]

As a result, operating expenses per ship per day for the 2025 nine months averaged a still competitive $9,797.

[Harrys Kosmatos, Co-CFO at Tsakos Energy Navigation Ltd]

Just a.

[Harrys Kosmatos, Co-CFO at Tsakos Energy Navigation Ltd]

Third of the Time Charter Equivalent rate mentioned above. Depreciation and amortization came in at $126 million for the ninth month of 2025 from $118 million in the 2024 ninth month, reflecting the introduction of three newbuilding vessels and the new depreciation calculation on the two vessels repurchased from leasing structures. General and administrative expenses were at $32 million, reflecting the amortization of stock compensation awarded in July 2024 and scheduled to fully vest by July 2026.

[Harrys Kosmatos, Co-CFO at Tsakos Energy Navigation Ltd]

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

[Harrys Kosmatos, Co-CFO at Tsakos Energy Navigation Ltd]

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

[Harrys Kosmatos, Co-CFO at Tsakos Energy Navigation Ltd]

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

[Harrys Kosmatos, Co-CFO at Tsakos Energy Navigation Ltd]

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

[Harrys Kosmatos, Co-CFO at Tsakos Energy Navigation Ltd]

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

[Harrys Kosmatos, Co-CFO at Tsakos Energy Navigation Ltd]

Thank you.

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

Good.

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

Thank you, Harrys. Since the figures are good, we'd like to talk about them a lot, you know, but as I said, I think we had good results in the first six months. The market had a lulled period, really expecting the developments of the net zero discussions at the IMO. After the extension of the discussions, the market has taken off again and we are looking at the business coming very strong in the spot market and a lot of employment as we said today on our VLCC has been extended for another two years and there's a huge appetite for business out there.

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

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

[Operator]

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

[Clement Mullins, Analyst at Value Investors Edge]

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

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

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

[Clement Mullins, Analyst at Value Investors Edge]

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

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

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

[Clement Mullins, Analyst at Value Investors Edge]

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

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

We're contemplating. As I said, there's a big appetite. You know, we're here with our chartering team. They have, I think, five or six major oil companies looking for those ships. As you know, we're a big participant in the Cargill Maersk pool. We're very happy with that performance of that pool. I've been saying that for us the best method or the only method of consolidation in our industry is through commercial pooling.

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

Because whoever has a fleet of ours.

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

Size or smaller or around there or bigger does not really. You do not gain any economies of scale of just ordering more and more and more ships and running more ships because the ships are always there. We are supporting the pools and we are going. The pool has performed quite well and we might be considering also pooling. Pooling gives you the upside of, gives you full utilization and the upside of a spot market.

[Clement Mullins, Analyst at Value Investors Edge]

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

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

Thank you.

[Operator]

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

[Poe Fratt, Managing Director of Equity Research and Senior Transportation Analyst at Alliance Global Partners]

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

[Poe Fratt, Managing Director of Equity Research and Senior Transportation Analyst at Alliance Global Partners]

Sales side.

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

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

[Poe Fratt, Managing Director of Equity Research and Senior Transportation Analyst at Alliance Global Partners]

Great.

[Poe Fratt, Managing Director of Equity Research and Senior Transportation Analyst at Alliance Global Partners]

Thank you.

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

Good.

[Operator]

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

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

Thank you.

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

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

[Takis Arapoglou, Chairman of the Board at Tsakos Energy Navigation Ltd]

Happy Thanksgiving from me, too. I think that we're looking forward to beating all estimates next time around. Touch wood. Again, congratulations to Nikolas Tsakos and his team for excellent performance.

[Nikolas Tsakos, Founder and CEO at Tsakos Energy Navigation Ltd]

Thank you to all. Happy Thanksgiving. Thank you.

[Takis Arapoglou, Chairman of the Board at Tsakos Energy Navigation Ltd]

Thank you. Bye.

[Operator]

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

Participants

Executives

• Nikolas Tsakos, Founder and CEO
• Nicolas Bornozis, Investor Relations Advisor
• Harrys Kosmatos, Co-CFO
• Takis Arapoglou, Chairman of the Board
• George Saroglou, President and COO

Analysts

• Clement Mullins, Analyst at Value Investors Edge
• Poe Fratt, Managing Director of Equity Research and Senior Transportation Analyst at Alliance Global Partners