About Tsakos Energy Navigation

Tsakos Energy Navigation Limited (Tsakos) provides international seaborne crude oil and petroleum product transportation services. As of April 3, 2023, the company operated a fleet of 51 modern crude oil and petroleum product tankers (including five vessels chartered-in) that provide world-wide marine transportation services for national, major and other independent oil companies and refiners under long, medium and short-term charters. The company's fleet also includes three LNG carriers (including one chartered-in vessel) and four suezmax shuttle tankers with advanced dynamic positioning technology (DP2), bringing its total operating fleet to 58 vessels representing approximately 7.2 million deadweight tonnage (dwt). The company's fleet is managed by Tsakos Energy Management Limited (Tsakos Energy Management). Tsakos Energy Management provides the company with strategic advisory, financial, accounting, and administrative services, while subcontracting the commercial and technical management of its business to Tsakos Shipping & Trading S.A. (Tsakos Shipping). In its capacity as commercial manager, Tsakos Shipping provides various services for the company's vessels, including charterer relations, obtaining insurance and vessel sale and purchase, supervising newbuilding construction and vessel financing. Tsakos Energy Management subcontracts the technical and operational management of the company's fleet to Tsakos Shipping and Trading S.A. (TST). TST manages the technical and operational activities of all of the company's operating vessels apart from the LNG carriers Neo Energy, Maria Energy, Tenergy, the VLCCs Ulysses and Hercules I, the suezmax tanker Eurochampion 2004, and the aframax tankers Maria Princess, Sapporo Princess and Ise Princess which are technically managed by non-affiliated ship managers. TST is based in Athens, Greece. TST manages the company's day-to-day vessel operations, including provision of supplies, maintenance and repair, and crewing. Members of the Tsakos family are involved in the decision-making processes of Tsakos Energy Management and TST. As of April 3, 2023, the company's operational fleet consisted of 58 vessels. Sixteen of the operating vessels are of ice-class specification. This fleet diversity, which includes several sister ships, provides the company with the capability to be one of the more versatile operators in the market. The operating fleet totals 7.2 million dwt, all of which are double-hulled. As of April 3, 2023, the average age of the tankers in the company's operating fleet was 10.3 years. The company has arranged charters starting from the delivery of its DP2 suezmax shuttle tankers under construction, for period of five to eleven years, including charterer options for extension and from the deliveries of its four new dual fuel liquified natural gas (LNG) powered aframaxes, for a period of five to ten years, including charterer options for extension with minimum days. The newbuildings have a double hull design compliant with all classification requirements and prevailing environmental laws and regulations. Tsakos Shipping works closely with the shipyards in the design of the newbuildings and provides supervisory personnel during the construction. Fleet Deployment As of April 3, 2023, the company's fleet had 14 tankers operating on spot voyages. The company has also secured charters from the delivery of six of its newbuildings, its DP2 suezmax shuttle tankers and its four dual fuel LNG powered aframax tankers for periods from five to eleven years, including charterer options for extension. The company's suezmax tankers under construction which are scheduled for delivery to the company in the second and fourth quarters of 2025. Operations and Ship Management The company's tanker fleet's technical management, including crewing, maintenance and repair, and voyage operations, have been subcontracted by Tsakos Energy Management to TST. Tsakos Energy Management also engages Tsakos Shipping to arrange chartering of the company's vessels, provide sales and purchase brokerage services, procure vessel insurance, and arrange bank financing. The technical management of thirteen vessels (seven with Hyundai Ocean Services Co., Ltd, four with International Tanker Management, one with Bernhard Schulte Shipmanagement Ltd and one with LSC) was sub-contracted to third-party ship managers during 2022. Customers As of December 31, 2022, the company's customers were Exxonmobil; Equinor; Maersk Pool; Vitol; Litasco; Flopec Petrolera Ecuatoriana (Flopec); Shell; Petrobras; Chevron; Trafigura; BP Shipping; Gazprom; Clearlake; Uniper; CSSA; Sinopec; Mercuria; HMM; ST Shipping; and Valero. Regulation The International Maritime Organization (IMO) has adopted international conventions that impose liability for oil pollution in international waters and in a signatory's territorial waters, including amendments to Annex I of the 1973 International Convention for the Prevention of Pollution from Ships (MARPOL) which set forth upgraded requirements for oil pollution prevention for tankers. These regulations are effective in relation to tankers in many of the jurisdictions in which the company's tanker fleet operates. The company fully complies with the provisions of the International Convention on the Control of Harmful Anti-fouling Systems on Ships (Anti-fouling Convention). The company's LNG carriers meet IMO requirements for liquefied gas carriers, including those contained in the International Code for the Construction and Equipment of Ships carrying Liquefied Gases in Bulk (ICG Code), the Existing Ships Carrying Liquefied Gases in Bulk (EGC Code) and the Code of the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk (IGC Code). The operation of the company's vessels is also affected by the requirements set forth in the IMO's International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (ISM Code) which came into effect in relation to oil tankers in July 1998 and which was further amended on July 1, 2010. All of the company's vessels are ISM Code certified. The International Convention for the Safety of Life at Sea (SOLAS) Regulation II-2/4 has been amended to require that ships carrying oil fuel shall prior to bunkering with fuel be provided with a declaration signed and certified by the fuel oil supplier's representative that the oil fuel supplied is in conformity with regulation SOLAS II.2/4.2.1 and with the test method used for determining the flashpoint. These amendments come into effect on January 1, 2026. SOLAS Regulations II-2/4.5 and II-2/11.6 have been amended to clarify the provisions relating to the secondary means of venting cargo tanks in order to ensure adequate safety against over and under pressurization. SOLAS Regulation II-2/20 relating to the performance of ventilation systems was also amended. These changes apply to all tankers constructed on or after January 1, 2017. All of the company's tankers constructed on or after January 1, 2017 comply with, and its new buildings will meet, these requirements. The Nairobi Wreck Removal Convention 2007 (Wreck Convention) entered into force on April 14, 2015. The Wreck Convention provides a legal basis for sovereign states to remove, or have removed, shipwrecks that may have the potential to affect adversely the safety of lives, goods and property at sea, as well as the marine and coastal environment. Further, the Wreck Convention makes ship owners financially liable for wreck removal and requires them to take out insurance or provide other financial security to cover the costs of wreck removal. All of the company's fleet has complied with the certification requirements stipulated by the Wreck Convention with regards to financial security. The company's vessels are subject to the Clean Air Act (CAA) vapor control and recovery standards for cleaning fuel tanks and conducting other operations in regulated port areas and emissions standards for so-called 'Category 3' marine diesel engines operating in the U.S. waters. The International Labour Organization's Maritime Labour Convention was adopted in 2006 (MLC 2006). The MLC 2006 was ratified on August 20, 2012, and all the company's vessels were certified by August 2013, as required. The International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW Convention) and its associated Code was amended in June 2010 (the Manila Amendments) with such amendments entering into force on January 1, 2012, with a five-year transitional period until January 1, 2017. As of 2018 all seafarers are required to meet the STCW standards and be fully certified in accordance with the revised STCW amendments. Flag states that have ratified SOLAS and STCW generally employ the classification societies, which have incorporated SOLAS and STCW requirements into their class rules, to undertake surveys to confirm compliance. From January 1, 2017, all of the company's crew's STCW Convention certificates have been issued, renewed and revalidated in accordance with the provisions of the Manila Amendments. The company complies with the Vessel General Permit (the VGP) and the record keeping requirements. Competition Significant operators of multiple aframax and suezmax tankers in the Atlantic basin that compete with the company include public companies, such as Euronav; Teekay Tankers; Frontline; International Seaways, Inc.; Double Hull Tankers; and Nordic American Tankers. History The company was founded in 1993. It was incorporated in 1993 as an exempted company under the laws of Bermuda. The company was formerly known as Maritime Investment Fund Limited and changed its name to MIF Limited in 1996. Further, the company changed its name to Tsakos Energy Navigation Limited in 2001.