TSAKOS ENERGY NAVIGATION Business Summary

Tsakos Energy Navigation Ltd (TEN) is a leading global provider of seaborne energy transportation services, generating revenue through the strategic chartering of a versatile fleet of crude oil and product tankers, alongside specialized liquefied natural gas (LNG) and DP2 shuttle tankers. The company employs a diversified "industrial shipping" business model, balancing long-term time charters that provide stable, predictable cash flows—often featuring profit-sharing components—with selective spot market exposure to capture rate spikes. Its primary business segments are categorized by vessel class, including Very Large Crude Carriers (VLCCs), Suezmax, Aframax, and Handysize tankers, supported by a substantial $4 billion backlog in contracted revenue as of early 2026. TEN competes directly with major maritime operators such as Frontline plc, Teekay Tankers, and DHT Holdings. Within the sector, TEN distinguishes itself through its consistently high fleet utilization rates and an aggressive 20-vessel newbuilding program aimed at fleet modernization and environmental compliance. Founded in 1993, TEN is led by Dr. Nikolas P. Tsakos, who serves as Founder and CEO, and is a prominent figure in the maritime industry with a legacy stemming from the Tsakos family’s deep shipping roots. The executive leadership team includes George V. Saroglou, President and Chief Operating Officer, and a dual-CFO structure comprising long-time executive Paul Durham and Harrys Kosmatos, who oversees corporate development and financial strategy. The company’s governance is bolstered by a distinguished board of directors, including Independent Chairman Efstratios-Georgios Arapoglou and Efthimios E. Mitropoulos, the Secretary-General Emeritus of the International Maritime Organization (IMO). With the Tsakos family maintaining a significant ownership stake, the company benefits from a stable, long-term strategic vision that has sustained its position as one of the oldest and most established publicly traded energy transporters on the New York Stock Exchange.