Tsakos Energy Navigation Ltd (TEN) 2026 Q1 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Tsakos Energy Navigation conference call on the first-quarter 2026 financial results. We have with us Mr. Takis Arapoglou, Chairman of the Board; Mr. Nikolas Tsakos, Founder and CEO; Mr. George Saroglou, President and Chief Operating Officer; and Mr. Harrys Kosmatos, CFO of the company.

感謝各位女士、先生耐心等候，歡迎參加 Tsakos Energy Navigation 2026 年第一季財務業績電話會議。今天與會者包括董事會主席 Takis Arapoglou 先生；創辦人兼執行長 Nikolas Tsakos 先生；總裁兼營運長 George Saroglou 先生；以及本公司財務長 Harrys Kosmatos 先生。

(Operator Instructions) I must advise that this conference is being recorded today. And now I pass the floor over to Mr. Nicolas Bornozis, President of Capital Link and Investor Relations Adviser for Tsakos Energy Navigation Limited. Please go ahead, sir.

(接線員指示) 我必須提醒各位，本次會議將於今日錄音。現在我把時間交給 Capital Link 總裁、同時也是 Tsakos Energy Navigation Limited 投資人關係顧問的 Nicolas Bornozis 先生。先生，請開始。

Thank you very much, and good morning to all of our participants. I'm Nicolas Bornozis, President of Capital Link and Investor Relations Adviser to Tsakos Energy Navigation. This morning, the company publicly released its financial results for the three months ended March 31, 2026. In case we do not have a copy of today's earnings release, please call us at (212) 661-7566 or e-mail us at ten@capitallink.com, and we will have a copy for you e-mailed right away.

非常感謝，各位與會者早安。我是 Nicolas Bornozis，Capital Link 總裁，並擔任 Tsakos Energy Navigation 的投資人關係顧問。今天上午，公司已公開發布截至 2026 年 3 月 31 日止三個月的財務業績。若您尚未取得今日的財報新聞稿，請致電 (212) 661-7566 或電郵至 ten@capitallink.com，我們將立即以電子郵件寄送一份給您。

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.

請注意，除今日電話會議外，亦同步提供即時音訊與簡報投影片的網路直播，可於公司網站首頁 www.tenn.gr 進入。電話會議將依照簡報投影片進行，因此我們建議您至公司網站開啟簡報投影片。

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.

請注意，網路直播簡報的投影片將於電話會議結束後在公司網站上提供並存檔。另外請注意，網路直播簡報投影片可由使用者自行控制，亦即您可點選相應按鈕，自行切換至下一張或上一張投影片。

At this time, I would like to read the safe harbor statement. This conference call and slide presentation of the webcast contain 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.

此刻我將宣讀「安全港」聲明。本次電話會議及網路直播的投影片簡報，包含若干前瞻性陳述，符合 1995 年《私人證券訴訟改革法》安全港條款之定義。投資人應注意，此類前瞻性陳述涉及風險與不確定性，可能影響 TEN 的業務前景與營運成果。

And at this moment, I would like to pass the floor to Mr. Arapoglou, the Chairman of Tsakos Energy Navigation. Please go ahead, Mr. Arapoglou.

現在我想把時間交給 Tsakos Energy Navigation 董事會主席 Arapoglou 先生。Arapoglou 先生，請開始。

Thank you, Nicolas. Good morning, good afternoon to everyone. It's even another time when the TEN model has proved it works in good and in bad markets. That's the way structured. It's been run as a portfolio of vessels rather than a number of individual vessels. This has led to sustainable profitability throughout the years, while continuously increasing dividends.

謝謝你，Nicolas。各位早安、午安。這再次證明 TEN 的營運模式在景氣好與景氣差的市場中都行得通。我們的架構就是如此設計。公司是以船隊投資組合的方式來經營，而非把它視為多艘獨立船舶的集合。這使我們多年來維持可持續的獲利能力，同時持續提高股利。

It was just highlighted to me that the total dividend per share paid since inception to every preferred or common share of TEN is $1 every year. So while at the same time, renewing fleet and always maintaining a cash buffer of above -- well above [$350 million], although this number increases in the -- as the quarters roll out.

剛才有人提醒我，自公司成立以來，TEN 每一股特別股或普通股每年支付的每股股利合計為 1 美元。因此，在同時更新船隊並始終維持高於——遠高於——[3.5 億美元]的現金緩衝之際，當然這個數字會隨著季度推進而增加。

This number is not a static number. It's a number that rolls over through the sale and purchase situation. So it's not because we want to have [$350 million] steady there. That's not the policy. It's the policy to be able to have either a buffer or the ability to make acquisitions. At the moment, this model has booked upfront revenues for the next two years of $3.6 billion of all kinds, profit sharing and time charters, which is part of the strength that we have.

這個數字不是固定不變的。它會隨著船舶買賣的情況而滾動變動。所以並不是因為我們想要一直維持[3.5 億美元]放在那裡。那不是政策。政策是要能夠保有緩衝，或具備進行併購的能力。目前，這個模式已為未來兩年鎖定各類型的預收收入 36 億美元，包括利潤分成與期租合約，這也是我們實力的一部分。

And all this is benefiting, allow me to say, in a way, ironically from strong market fundamentals. The result is continued strong business growth as evidenced by the steadily increasing stock price, which I'm sure you have noticed. Thank you all. I now wish to once again congratulate Nikos Tsakos and his team for the excellent performance on all fronts. So Nikos, the floor is yours.

而這一切，容我說一句，在某種程度上也可說是「諷刺地」受惠於強勁的市場基本面。其結果是業務持續強勁成長，從股價穩步上升即可見一斑，我相信各位也都注意到了。謝謝大家。我也想再次祝賀 Nikos Tsakos 及其團隊在各方面的卓越表現。那麼 Nikos，時間交給你。

Chairman, thank you very much, and good morning and good afternoon to everybody. It's with great pleasure that we announce another successful and very productive quarter. However, the first quarter is, as I said, or as it was said in our press release, is -- reflects market conditions, market fundamentals and has a small effect in its latter part on geopolitics.

主席，非常感謝，也向各位道早安、午安。我們很高興宣布又一個成功且非常高產出的季度。不過，第一季如我所說——或如我們新聞稿所述——反映了市場狀況與市場基本面，並在後段受到地緣政治的些微影響。

However, the quarter that we are actually into now, and we were more than halfway into the second quarter is a quarter that when we will report, it will be -- we will have the very strong market effects. So it's going to be -- or it looks like it's going to be a much stronger quarter either than this record quarter because of geopolitical effects.

然而，我們目前正處於的這一季——也就是第二季已經過半——當我們公布該季業績時，將會——我們將看到非常強勁的市場效應。因此，這一季將會——或看起來將會因地緣政治因素而比這個創紀錄的季度更為強勁。

And of course, the company is placed in a way over the last 33 years that it can sustain prolonged periods of crisis and also grow at the same time, modernize at the same time and distribute significant dividends to its shareholders, having the, I would say, the management being the largest shareholder since inception of this company and continuing growing its shareholding.

當然，公司在過去 33 年的布局，使我們能夠承受長期危機，同時也能成長、同時現代化，並向股東配發可觀股利；而且我想說，自公司成立以來，管理層一直是最大股東，並持續增加持股。

And I think the statistic our Chairman mentioned is that through thick and thin, since -- we've been 24 years public on the New York Stock Exchange and 33 years public all over, is a period that we have been able to pay an average of $1 a share to our shareholders, both to our 30 million outstanding shares of the common stock and the $10-plus million of our preferred.

我想主席提到的統計是：無論順境逆境，自——我們在紐約證券交易所上市已 24 年、整體而言公開營運已 33 年——在這段期間，我們能夠平均每股向股東支付 1 美元，涵蓋我們 3,000 萬股流通在外的普通股，以及 1,000 多萬美元的特別股。

So this -- so as I said, the year started with events in Venezuela that created, again, dislocation, but opened new ton miles and new barriers. And then, of course, more than halfway in that -- in the first quarter, we have had the Hormuz Strait, which as we speak right now, has really isolated more than 20,000 seafarers who are trapped for the last three months. So we have a very important issue with -- for our seafarers, a grave situation.

因此——如我所說，今年一開始委內瑞拉的事件再次造成市場錯位，但也帶來新的運距（ton-miles）與新的障礙。接著，當然在第一季過半之後，我們遇到荷姆茲海峽事件；就目前而言，該事件確實使超過 20,000 名海員在過去三個月受困。因此，對我們的海員而言，這是一個非常重要的議題，是嚴峻的情勢。

And of course, we are in a situation where almost 5% of the world's tonnage is being blocked, and this is a big number. But even more than that, more than 10% of the world's VLCCs, which are the vessels that usually trade the Hormuz trades are being blocked. So it's a time of dislocation that has created opportunities. We, as I mainly say, we prefer for us to earn a living when the seas are open, when there are no tariffs, there's no sanctions, but we have to navigate things the way we are.

當然，我們正處於一種情況：全球近 5% 的運力正被阻斷，這是很大的數字。更甚者，全球超過 10% 的 VLCC（超大型原油輪）——也就是通常從事荷姆茲航線交易的船舶——正被阻斷。因此，這是一段造成錯位、並創造機會的時期。我們——我一向主要強調——更希望在海路暢通、沒有關稅、沒有制裁的情況下謀生，但我們必須以現況來航行與應對。

And with that, George, would you like to give us a bit more detailed developments of what has happened. It's been, as I said, operationally, emotionally because of the human factor, a roller coaster of a quarter, and we had to think more than once outside the box to be able to navigate and maintain the efficient chain of supply of energy for our clients. George?

那麼，George，你是否願意為我們更詳細地說明一下所發生的最新進展。正如我所說，從營運層面、以及因人為因素而在情緒層面而言，這一季就像坐雲霄飛車一樣，我們不得不不只一次跳脫框架思考，才能在為客戶提供能源的高效率供應鏈上順利應對並維持運作。George？

Thank you, Nikos. We are pleased to report today on another profitable quarter. We maintain a steady course in the most turbulent geopolitical environment in recent memory. The year started with the political developments in Venezuela and escalated with the war in the Middle East and the closure of the state of Hormuz.

謝謝你，Nikos。我們很高興今天報告另一個獲利的季度。在近年記憶中最動盪的地緣政治環境下，我們仍維持穩健航向。今年一開始先是委內瑞拉的政治發展，隨後中東戰爭升級，並且荷姆茲海峽關閉。

Even before geopolitics took center stage at the end of February, tanker market fundamentals were strong. 2026 was forecasted to be another year with growth in global oil demand with each passing year after 2022, establishing a new record for oil demand, while at the same time, tonnage supply remained very balanced.

即使在2月底地緣政治成為焦點之前，油輪市場的基本面已相當強勁。市場預測2026年將是全球石油需求持續成長的又一年；自2022年以來，石油需求逐年攀升並創下新高；同時，運力供給仍維持相當平衡。

Since March and so far, for the most part of the second quarter, geopolitical events have significantly added to the market strength. TEN's diversified fleet with its new charter renewal, together with the spot fleet and the profit-sharing market exposure will continue to further benefit from this unprecedented market dislocation. We have a 33-year history as a public company.

自3月以來，且截至目前第二季大部分時間，地緣政治事件已顯著增強市場力道。TEN多元化船隊透過新的租約續約安排，結合現貨船隊以及利潤分成的市場曝險，將持續進一步受惠於這場前所未有的市場錯位。我們作為上市公司已有33年歷史。

From four vessels back in 1993, we have turned every crisis the world and shipping has faced through the years into a growth opportunity. Today, TEN is one of the largest energy transporters in the world with a young, diversified versatile pro forma fleet of 83 vessels.

從1993年僅有4艘船開始，我們將多年來世界與航運業所面臨的每一次危機都轉化為成長機會。如今，TEN是全球最大的能源運輸業者之一，擁有年輕、多元且具彈性的備考船隊，共83艘船舶。

In slide 4, we list the pro forma fleet of conventional tankers, both crude and product carriers. The red color shows the vessels that trade in the spot market, and we have currently 11 tankers and our new buildings under construction. With light blue, we have the vessels that are on time charter with profit sharing, 12 vessels and with dark blue, the vessels that are on fixed rate time charters, 40 vessels.

在第4頁投影片中，我們列示備考的傳統油輪船隊，包括原油與成品油船。紅色代表在現貨市場營運的船舶；目前我們有11艘油輪以及正在建造中的新造船。淺藍色為採利潤分成的期租船舶，共12艘；深藍色為固定租金的期租船舶，共40艘。

In the next slide, we have -- we list the pro forma diversified fleet, which consists of 3 LNG vessels plus 1 LNG newbuilding option 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. We have 6 shuttle tankers in full operation after we took delivery of both Athens 04 and Paris 24 last year, which immediately commenced long time charters to an energy major.

在下一張投影片中，我們列示備考的多元化船隊，包括3艘LNG船舶、另加1艘LNG新造船選擇權，以及我們16艘穿梭油輪船隊。我們是全球最大的穿梭油輪營運商之一，船舶非常年輕且技術先進。在去年交付Athens 04與Paris 24之後，我們已有6艘穿梭油輪全面投入營運，並立即開始與一家大型能源公司簽訂長期期租合約。

If we combine the 2 slides together and account only for the current operating fleet of 63 vessels, 23 vessels or 37% of the operating fleet has market exposure that is spot and time charter with profit sharing, while 55 vessels or 83% of the fleet is in secured revenue contracts, that is time charters and time charters with profit sharing.

若將這兩張投影片合併，並僅以目前營運中的63艘船計算，則有23艘、亦即營運船隊的37%，具有現貨與利潤分成期租的市場曝險；同時，有55艘、亦即船隊的83%，處於已鎖定收入的合約之下，也就是期租與附利潤分成的期租。

In the next slide, we list our clients with whom we do repeat business through the years, thanks to our industrial model. 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 have built, the operational and safety record, the disciplined financial approach, the strong balance sheet and the strong financial performance.

在下一張投影片中，我們列出多年來與我們持續重複合作的客戶，這要歸功於我們的產業化營運模式。ExxonMobil是最大的收入來源客戶，其次為Equinor、Shell、Chevron、TotalEnergies以及BP。我們相信，多年來我們已成為大型能源公司的首選承運人，原因在於我們打造的船隊、營運與安全紀錄、嚴謹的財務方針、強健的資產負債表以及強勁的財務表現。

Slide 7 presents the all-in breakeven cost for the various vessel types we operate in the company. We have a very simple operating model. We try to have our time charter vessels generate enough revenue to cover the company's cash expenses that is paying for vessel operating and finance expenses for overheads, chartering costs, commissions, and we let the revenue from the spot and profit-sharing trading vessels make contributions to the profitability of the company.

第7頁投影片呈現本公司所營運各類船型的全包式損益兩平成本。我們的營運模式非常簡單。我們力求讓期租船舶產生足夠收入，以涵蓋公司的現金支出，也就是支付船舶營運與融資費用、管理費用、租船成本、佣金等；並讓現貨與利潤分成交易船舶的收入，對公司獲利作出貢獻。

Thanks to the profit-sharing element, every $1,000 per day increase in spot rates has a positive $0.13 impact on the annual earnings per share based on the number of 10 vessels that currently have exposure to the spot rates, 23 vessels. We have a solid balance sheet with strong cash reserves.

由於利潤分成機制，現貨運價每上升每日1,000美元，將對每股年度盈餘帶來0.13美元的正面影響；此係以目前對現貨運價有曝險的船舶數量（23艘）為基礎，其中現貨曝險船舶為10艘。我們擁有穩健的資產負債表與充裕的現金儲備。

The fair market value of the operating fleet exceeds $4.6 billion against $2.1 billion of debt and net debt to cap is around 48.4%. Fleet renewal and investing in eco-friendly greener vessel has been key to our operating model. Since January 1, 2023, we have further upgraded the quality of the fleet by divesting from a first generation of conventional tankers, replacing them with more energy-efficient newbuildings and modern secondhand tankers, including dual fuel vessels.

營運船隊的公允市值超過46億美元，對比負債21億美元，淨負債占資本比率約為48.4%。船隊汰舊換新並投資於更環保、更綠色的船舶，一直是我們營運模式的關鍵。自2023年1月1日起，我們透過處分第一代傳統油輪，並以更節能的新造船與現代化二手油輪（包括雙燃料船舶）取而代之，進一步提升船隊品質。

In summary, we sold 18 vessels with an average age of 17 years and capacity of 1.7 million deadweight ton and replaced 34 contracted and modern acquired tankers with an average age of 0.5 years and 4.7 million deadweight capacity. We announced today the sale and delivery to the new owners of a 10-year-old VLCC and TEN agreement to buy until the end of July 2 in the money 2007-built Suezmax tankers currently operating under a sale and leaseback agreement.

總結而言，我們出售了18艘船舶，平均船齡17年、載重噸合計170萬噸；並以34艘已簽約及現代化購入的油輪取代，平均船齡0.5年、載重噸合計470萬噸。我們今日宣布出售並交付給新船東一艘10年船齡的VLCC；同時，TEN亦同意在7月底前買入2艘目前在售後回租協議下營運、2007年建造且處於價內的蘇伊士型油輪。

We continue to transition our fleet to greener and dual fuel vessels. We are currently one of the largest owners of dual fuel LNG-powered Aframax tankers with six vessels in the water. Tanker market fundamentals remain positive with the global order book still at a level equal to about one-third of the number of vessels over 15 years of age.

我們持續將船隊轉型為更綠色及雙燃料船舶。目前我們是全球最大的雙燃料、以LNG為燃料的Aframax油輪船東之一，已有6艘船舶投入營運。油輪市場基本面仍然正向，全球新船訂單簿仍維持在約等於船齡超過15年船舶數量三分之一的水準。

Shipyards are operating at full capacity, scrapping activity is increasing and global oil demand is at record levels. The recent war in Iran, which resulted in the closure of the Strait of Hormuz has provided further support to an already robust tanker market. And with that, I will pass the floor to Harrys Kosmatos, who will walk us through the financial performance of the first quarter. Harrys?

造船廠滿載運轉，拆船活動增加，全球石油需求處於歷史高位。近期伊朗戰爭導致荷姆茲海峽關閉，進一步支撐了本已強勁的油輪市場。接下來我把時間交給Harrys Kosmatos，他將帶領我們回顧第一季的財務表現。Harrys？

Thank you, George. Well, as both Nikos and George mentioned, 2026 started on a high note for the tanker market as the event in Venezuela allowed for more barrels to be transported on non-sanctioned vessels, adding to global ton miles, already at high levels as a result of the war in Ukraine and the ongoing sanctions of Russian exports.

謝謝你，George。如Nikos與George所提到，2026年油輪市場以強勁態勢開局；委內瑞拉事件使更多原油得以由非制裁船舶運輸，推升全球噸海里需求；而噸海里原本就因烏克蘭戰爭以及對俄羅斯出口的持續制裁而處於高位。

On top of that, the war in Iran, which has led to over 5% of the global tanker fleet to be stranded within the Persian Gulf has made countries like China and India to seek barrels from alternative sources, primarily from the Atlantic Basin, adding further miles to global seaborne transportation.

除此之外，伊朗戰爭導致全球油輪船隊中超過5%滯留在波斯灣，使中國與印度等國轉而尋求替代來源的原油，主要來自大西洋盆地，進一步增加全球海運運輸里程。

Against this backdrop, which spurred major oil companies to secure reliable tonnage for their long-term needs, TEN with its modern fleet and operational expertise was a prime beneficiary, which resulted in fleet utilization almost touching but practically unattainable the perfect 100%, 98.3% compared to 97.2% in the 2025 first quarter, quarters where each had just two vessels undergoing scheduled dry dockings.

在此背景下，促使主要石油公司為其長期需求確保可靠運力，TEN 憑藉其現代化船隊與營運專業成為主要受益者，使船隊利用率幾乎觸及但實際上難以達到的完美 100%，達 98.3%，相較於 2025 年第一季的 97.2%；兩個季度各僅有兩艘船舶進行例行進塢維修。

This, combined with the fleet slightly larger than the one of the 2025 first quarter, both in terms of vessels and deadweight tons and vessels under secured revenue contracts, that is fixed time charters or time charters with provisions were 15% higher than the 2025 first quarter assisted and assisted TEN to generate voyage revenues of $253 million, $56 million higher from the first quarter of 2025.

再加上本季船隊規模較 2025 年第一季略大，無論以船舶數量、載重噸，或已簽訂保證收入合約（即固定期租或含條款的期租）之船舶計算，均較 2025 年第一季高出 15%，上述因素共同協助 TEN 產生 2.53 億美元的航次收入，較 2025 年第一季增加 5,600 萬美元。

The resulting time charter equivalent rate per ship per day, reflecting the continuous robustness of the tanker market reached almost $41,000 per day from about $31,000 per day in the 2025 first quarter, a 33% increase. The significant reduction of vessels operating in the spot trades, 48% lower from the 2025 first quarter, resulted in a $6.2 million drop in voyage expenses to settle at $29.8 million.

由此得出的每船每日期租等價（TCE）費率，反映油輪市場持續強勁，從 2025 年第一季約每日 31,000 美元上升至接近每日 41,000 美元，增幅 33%。現貨市場營運船舶大幅減少，較 2025 年第一季低 48%，使航次費用下降 620 萬美元至 2,980 萬美元。

Vessel operating expenses during the 2026 first quarter were at $53.3 million from $49.6 million in the 2025 corresponding quarter, a modest increase as a result of a bigger fleet in terms of vessels and deadweight tons. The resulting operating expenses per ship per day came in at a still competitive $9,952, about 1/4 of the TCE rate mentioned above, a very comfortable level.

2026 年第一季船舶營運費用為 5,330 萬美元，較 2025 年同期的 4,960 萬美元小幅增加，主要因船隊在船舶數量與載重噸方面擴大。由此計算的每船每日營運費用為仍具競爭力的 9,952 美元，約為上述 TCE 費率的四分之一，屬於非常舒適的水準。

Depreciation and amortization expenses, reflecting the increase in vessel sizes since the end of the 2025 first quarter came in at $44.1 million from $41.1 million in the last -- in last year's same quarter. General and administrative expenses were at $12.4 million from $10 million in the 2025 first quarter, a still competitive level in the fleet of over 63 vessels.

折舊與攤銷費用反映自 2025 年第一季末以來船舶尺寸增加，為 4,410 萬美元，高於去年同期的 4,110 萬美元。一般及行政費用為 1,240 萬美元，高於 2025 年第一季的 1,000 萬美元；以超過 63 艘船舶的船隊規模而言，仍屬具競爭力的水準。

As a result of all the above, TEN for the first quarter of 2026 generated an operating income of just about $110 million without having any gains or losses from vessel sales from $57 million in last year's first quarter, net of a $3.5 million capital gain. In other words, a $53 million increase or 93% higher from the levels of the 2025 first quarter.

綜合以上因素，TEN 於 2026 年第一季產生約 1.10 億美元的營業利益，且未有任何船舶出售損益；相較之下，去年第一季為 5,700 萬美元（已扣除 350 萬美元資本利得）。換言之，較 2025 年第一季增加 5,300 萬美元，或提高 93%。

Despite an increase in our overall loans to correspond to the growth of the fleet, $2.1 billion this quarter from $1.9 billion at the end of the 2025 first quarter, interest costs fell by $3.2 million, the result of a lower interest rate environment and lower spreads. Interest income remained more or less the same as last year's quarter at $2.2 million.

儘管我們的整體借款為配合船隊成長而增加，本季為 21 億美元，高於 2025 年第一季末的 19 億美元，但利息成本反而下降 320 萬美元，主要受惠於較低的利率環境與較低的利差。利息收入與去年同期大致相同，為 220 萬美元。

Reflecting the above performance, both in terms of commercial and operational efficiencies and positive tanker market fundamentals, the result in net income reached one of our highest levels over the last 10 years, $89 million from $37.7 million in the 2025 first quarter, a 136% increase or in dollar terms, a $51 million betterment. In terms of earnings per share, $2.72 this time from $1.04 in last year's first quarter with a almost similar share count. Adjusted EBITDA for the quarter was higher by almost $55 million from the 2025 first quarter at $154 million, a 55% increase.

反映上述表現（包括商業與營運效率，以及油輪市場基本面向好），淨利達到我們過去 10 年中最高水準之一，為 8,900 萬美元，高於 2025 年第一季的 3,770 萬美元，增幅 136%；以金額計算，改善 5,100 萬美元。以每股盈餘而言，本次為 2.72 美元，高於去年第一季的 1.04 美元，且流通股數幾乎相近。本季調整後 EBITDA 較 2025 年第一季增加近 5,500 萬美元，達 1.54 億美元，增幅 55%。

These results have enabled the company to reward common shareholders with a handsome dividend, $1 per common share to be paid within July of this year, which is 67% higher the level paid at the same time last year or if we are to include the February $0.50 payment, which we should, 36% higher from the total distributions made during 2025 from $1.10 in 2025 to $1.50 today, a very healthy $45 million distribution.

這些成果使公司得以以可觀股利回饋普通股股東：每股普通股 1 美元，將於今年 7 月內支付，較去年同期支付水準高出 67%；或者若將 2 月支付的 0.50 美元納入（我們也應該納入），則較 2025 年全年總配發增加 36%，從 2025 年的 1.10 美元提高至目前的 1.50 美元，合計為相當健康的 4,500 萬美元配發。

And on this happy note, I'll pass it back to Nikos. Thank you.

在這個令人愉快的時刻，我把話筒交回給 Nikos。謝謝。

Thank you, Harrys, and I hope you keep on bringing happy news in the quarters that follow. Again, I think as we said, it's been a period that we have not seen before. In general, the last six years have been years of continuous turmoil. We started for all of us that we remember, we started with the pandemic, with COVID.

謝謝你，Harrys，我也希望你在接下來的季度持續帶來好消息。再次強調，我想正如我們所說，這是一段我們前所未見的時期。整體而言，過去六年一直是持續動盪的年份。我們大家都記得，一開始是疫情，也就是 COVID。

All of a sudden, we had the world pausing for a while. And then we had the events in Ukraine followed immediately almost by October '24 and then followed by the events in the more recent events. So it's been -- geopolitics have been driving part of the market. But even looking under those effects, the market still has legs, has good fundamentals. And we believe that in a peaceful normalized open border world, the market will continue to be healthy.

突然之間，全世界暫停了一段時間。接著是烏克蘭事件，幾乎緊接著又發生了 24 年 10 月的事件，然後又接續到近期的事件。因此一直以來——地緣政治在某種程度上推動了市場。但即便撇開這些影響來看，市場仍然有後勁，基本面良好。我們相信，在一個和平、正常化且邊境開放的世界裡，市場將會持續健康。

And with that, as I said, we would open the floor for any questions.

那麼，如我所說，我們將開放現場供大家提問。

(Operator Instructions)

(接線員指示)

Omar Nokta, Clarksons Securities.

Omar Nokta，Clarksons Securities。

Hi, guys. Good afternoon and good morning. Just a couple of questions. And maybe just first, perhaps maybe big picture on the shuttle tankers. That segment provides a good amount of revenue visibility and also built-in earnings growth.

嗨，各位。下午好以及早安。我有幾個問題。也許先從大方向談談穿梭油輪（shuttle tankers）。該業務板塊提供了相當程度的收入可見度，也內建獲利成長。

And that's obviously being built out quite a bit here over the next couple of years as you take delivery of those newbuildings. How do you envision that business looking forward after those ships deliver? Do you kind of think that they coexist within the broader conventional tanker business? Does it stay within TEN? Or do you consider carving that out as its own separate vehicle?

而且顯然在未來幾年，隨著你們接收這些新造船交付，該板塊將大幅擴張。你們如何看待在這些船舶交付後，該業務未來的樣貌？你們是否認為它會與更廣泛的傳統油輪業務共存？它會繼續留在 TEN 之內嗎？還是你們會考慮將其切割出來，作為獨立的載體（vehicle）？

Well, it's -- we are open to suggestions from people of your experience and not only, but I mean, we are working as exactly one entity right now. Our new building department is busy making sure that the sea trials are happening and the ships are being delivered. So the focus right now is the operational focus.

嗯，這個——我們對來自像你這樣有經驗人士的建議保持開放，不僅如此；但我的意思是，我們目前完全以單一實體運作。我們的新造船部門正忙於確保海試順利進行並完成交付。因此目前的重點是營運面的聚焦。

We're not planning to do the first -- well, the third delivery of the series is at the end of July. I think sea trials are taking part in Samsung. And the ships are state-of-the-art, very modern vessels at one of the best yards in the world. But I think we have time to take this decision. No decision has been taken. But right now, they are an integral part of TEN.

我們並不打算在第一——嗯，該系列的第三艘交付是在 7 月底。我想海試正在三星進行。這些船舶是最先進、非常現代化的船型，出自全球最好的船廠之一。但我認為我們還有時間做出這個決定。目前尚未做出任何決定。但就目前而言，它們是 TEN 不可或缺的一部分。

And then a follow-up just on the LNG business. You recently ordered that newbuilding plus one option. What does it look like in terms of employment opportunities now? I know there's been this interesting kind of stunted LNG market where there was concern for this year that we were oversupplied.

接著再追問一下 LNG 業務。你們最近下單了一艘新造船，另外還有一個選擇權。就目前而言，就業（租用）機會看起來如何？我知道 LNG 市場一直有點有趣、像是被壓抑的狀態，先前還擔心今年會供給過剩。

But that as you look out towards '28, '29 as that vessel delivers or those two would deliver, there's a lot more -- it's much more constructive. What does the charter market look like? Or what does interest look like for securing that ship today on a long-term contract?

但當你把時間拉到 2028、2029 年，等那艘船交付、或那兩艘交付時，情況就好很多——整體更具建設性。租船市場看起來如何？或者說，若要今天就以長期合約鎖定那艘船，市場的興趣／意願如何？

Well, I mean, the market right now is in turmoil because you know better than me, part of the fleet and part of the production is being trapped or kind of damaged. So I wouldn't say that today really reflects things going forward. The market is still healthy. I think you can see fixtures, which I don't consider something that would be interested, starting for five or seven years in the '80s. We are following this market closely.

嗯，我的意思是，市場現在正處於動盪之中，因為你比我更清楚，船隊的一部分以及產量的一部分正被困住，或某種程度上受到破壞。所以我不會說今天的狀況真的能反映未來。市場仍然健康。我想你可以看到一些租約成交（fixtures），我不認為那是我們會感興趣的那種，年期五年或七年，價格在 80 多（區間）。我們正密切關注這個市場。

We have been initially one of the first movers in this market back in 2007 when we took delivery of our first steam turbine in the Neo Energy. But being a diversified fleet, we have the luxury that we do not have to run under every single low-digit, mid-digit business that is out there, like most of the companies that just specialize in gas.

我們在 2007 年就算是這個市場最早的一批先行者之一，當時我們在 Neo Energy 接收了第一艘蒸汽渦輪 LNG 船。但由於我們的船隊多元化，我們有餘裕不必像多數只專注於天然氣的公司那樣，去參與市場上每一個低個位數、中個位數的業務。

So we have another 78 vessels at least to carry forward. And for us, it's a market which is very interesting operationally. We believe there is a future, but it's not a market that we are depending on. And that's why we're taking smaller steps, all of them depending on developments of technology.

所以我們至少還有另外 78 艘船可以持續推進。對我們而言，這在營運面是一個非常有意思的市場。我們相信它有未來，但這不是我們所依賴的市場。因此我們採取較小步伐，且每一步都取決於技術發展。

And if I may add, there is very strong energy demand throughout the world. Demand is going up. And there are no indications that this demand will dry up anytime soon.

另外我補充一下，全球各地的能源需求非常強勁。需求正在上升。而且沒有任何跡象顯示這個需求會在短期內消失。

As very right, our Chairman says, we have very strong indications for energy demand, including us from all our clients. I mean today, we could charter -- all our unchartered new buildings, including our later delivery VLs, which we ordered than at a very timely manner six months ago.

正如我們董事長所說，我們從所有客戶那裡都看到非常強烈的能源需求訊號。我的意思是，就今天而言，我們其實可以把——我們所有尚未簽租約的新造船都租出去，包括我們較晚交付的 VL（船），那是我們在六個月前非常適時地下單的。

But we have the luxury to have more than $3.5 billion of backlog and waiting for the right trade and the right opportunities with the right client going forward.

但我們有餘裕，因為我們有超過 35 億美元的在手訂單／合約積壓（backlog），可以等待未來與合適的客戶，在合適的交易與機會上出手。

Okay. That's clear. And then maybe just one final one, and I'll hop off the queue. Do you mind just maybe mentioning the Asahi Princess that you referenced in the release, loading the Aframax cargo using road trucks. Can you just talk about what that is in terms of -- is that a means to bypass the Black Sea? And how do you see this application being used in other areas?

好的。很清楚。最後再問一個，我就退出排隊。你介意再提一下你們在新聞稿中提到的 Asahi Princess，用公路卡車裝載 Aframax 貨物那件事嗎？你能談談那在操作上是什麼——那是否是一種繞過黑海的方式？你如何看待這種做法在其他地區的應用？

I think, Omar, it's closer to your parts of the world. It's bypassing the Red Sea and of course, the almost trade. And this was one of our big Middle East clients wanting to load from these parts of the world, but we felt that it was too risky for our seafarers and for the crew and for the vessel and for the cargo. And so they -- we gave them the idea, and they came with it to load from Eastern Mediterranean on product that was carried by 7,800 trucks.

我想，Omar，這比較接近你所在的那一帶。這是在繞過紅海，當然也繞過（幾乎的）貿易航線。這是我們一位重要的中東客戶，希望從那一帶裝貨，但我們認為對我們的海員、船員、船舶以及貨物而言風險太高。因此——我們給了他們這個想法，他們採用後，改為在東地中海裝載產品，該產品是由 7,800 輛卡車運來的。

Actually, the loading took about two weeks. But it's -- we have to try and think out of the box. It was successful. We were able to maintain (inaudible) for crude was able not to have to shut down. And that's -- we are just the messengers. We just carry the stuff. So we try to do the most we can do safely to make sure that the energy chain continues.

實際上，裝載花了大約兩週。但我們——必須嘗試跳脫框架思考。這次是成功的。我們得以維持（聽不清）使原油能夠不必停產。而且——我們只是傳話的人。我們只是運送這些貨物。所以我們會在安全前提下盡我們所能，確保能源供應鏈能持續運作。

Well, thank you. That's very interesting. I'll pass it back.

好的，謝謝。這非常有意思。我把時間交回去。

Poe Fratt, Alliance Global Partners.

Poe Fratt，Alliance Global Partners。

I have a couple of questions. The first of which is, can you just talk about the knock-on impact of cargo switching to the Atlantic. I've heard on another call that there's a squeeze on transits through the Panama Canal. Can you confirm that and then sort of discuss what sort of the impact is on the overall flows would be?

我有幾個問題。第一個是，你能談談貨物改走大西洋所帶來的連鎖影響嗎？我在另一場電話會議上聽說巴拿馬運河的通行出現擠壓。你能確認一下，並說明這對整體貨物流向會造成什麼影響嗎？

Yes. Again, it goes back to the new routings, and that's another imaginative way. We've been seeing increasing calls to the Far East this time through the Panama Canal. And of course, this really triples the ton mile distance. And yes, more activity in the Atlantic, but it's actually through passage through the canal. So you do West Africa through Panama Canal to the Far East, which is really something that we would have never thought of 6 months ago. In this way, you avoid having --

是的。同樣地，這又回到新的航線安排，這也是另一種富有想像力的做法。我們看到這段時間透過巴拿馬運河前往遠東的航次增加。當然，這實際上把噸海里距離拉長到三倍。是的，大西洋的活動增加，但其實是透過運河的通行。所以你會看到西非經由巴拿馬運河到遠東，這在六個月前是我們從未想過的。用這種方式，你就能避免--

And is -- are transit starting to become an issue there, Nikos? Or is that sort of a minor issue in the scheme of the global trade?

那麼——Nikos，那邊的通行是否開始成為問題？還是說，放在全球貿易的大局裡，這只是個小問題？

I think the way we see it, if things do not normalize in the next three months, we will be seeing more delays also happening on that side, on this canal.

我想以我們的觀察，如果接下來三個月情況沒有正常化，我們也會看到在那一側、在這條運河上出現更多延誤。

Okay. Great. And then Harrys, in the last conference call, you talked about the impact of profit sharing on the fourth quarter operating results. Do you have a number on the impact for the first quarter results from profit sharing agreements?

好的。了解。另外，Harrys，在上一次電話會議中，你談到利潤分成對第四季營運結果的影響。你們有沒有第一季因利潤分成協議而對業績造成影響的數字？

Sure, Poe. Well, let me answer this differently. I mean, last year, in the last quarter, when we spoke last time, we made $27 million from profit sharing. And for the entire year, for the entire 2025, profit sharing revenue came in at $45 million. So far this year, in the first quarter alone, profit sharing revenues are in excess of $40 million. So as you can imagine, we are very comfortable that this trajectory will be.

當然，Poe。我換個方式回答。我的意思是，去年我們上次談到的第四季，利潤分成帶來了 2,700 萬美元。而全年、整個 2025 年，利潤分成收入是 4,500 萬美元。今年到目前為止，光是第一季，利潤分成收入就超過 4,000 萬美元。所以你可以想像，我們對這個走勢會非常有信心。

That's a good number.

這是個不錯的數字。

We're not already on the number that we laid last year in just the first quarter.

我們在第一季就已經快達到去年給出的那個數字了。

Yes. That's really helpful. And then can you just talk about your operating expenses looking forward? And it looked like there was a onetime impact to G&A of about $3.5 million just due to the exchange rate changes last year. Can you just talk about G&A levels going forward, too?

是的。這真的很有幫助。接著您能談談未來的營運費用展望嗎？看起來去年因匯率變動，對一般及行政費用（G&A）有約350萬美元的一次性影響。也請您談談未來的G&A水準？

Well, we believe that we will be able to maintain them. However, the dollar has weakened on us and our major expenses are, I would say, the euro. So yes, this is an effect we might have. But again, it's a marginal cost in comparison to where we are. And I think what we're also very focused on is to maintain our daily running expenses in this demanding environment steady.

我們相信我們將能夠維持在這些水準。不過，美元對我們而言走弱，而我們的主要費用，我會說，是以歐元計價。所以是的，這可能會帶來一些影響。但再說一次，相較於我們目前的規模，這只是邊際成本。而我認為我們也非常專注於在這個充滿挑戰的環境中，維持日常營運開支的穩定。

And we were able to be under $10,000 on an average, very diversified fleet, which includes anything from LNGs to shuttle tankers down to the MRs. So yes, the -- I mean, the euro is -- I mean, it's not -- the weak dollar has an effect on our balance sheet.

而我們能夠把平均成本控制在1萬美元以下，船隊非常多元，涵蓋從LNG船到穿梭油輪，再到MR型油輪。所以是的——我的意思是，歐元——我的意思是，美元走弱確實會對我們的資產負債表產生影響。

Okay. Great. And then looking into July, it looks like you're going to buy into sale leasebacks. Can you quantify the amount you're going to spend there?

好的。很好。那再看7月，似乎你們會買回售後回租的資產。你們能量化一下那邊預計要花多少嗎？

We cannot give all the secrets. But anyway, I will -- Harrys comes up with imaginative ways of describing things, but being from (inaudible). But the -- I would say that we are buying assets that we -- that have been working for us that we have built on the leaseback at less than 50% their current market value, less than 50% the current market value. So it's going to be a good situation.

我們不能把所有祕密都說出來。但不管怎樣，我會——Harrys總能用很有想像力的方式來描述事情，但因為來自(聽不清)。不過——我會說，我們正在買回一些資產——也就是一直為我們運作、我們在回租架構下建立起來的資產——其買回價格低於其目前市價的50%，低於目前市價的50%。所以這會是一個很好的情況。

(Operator Instructions)

(接線員指示)

Climent Molins, Value Investor's Edge.

Climent Molins，Value Investor's Edge。

Hi, good afternoon and thank you for taking my questions. I wanted to start by following up on Omar's question on the LNG side. Could you clarify until when is the option you hold for a second newbuild exercisable? And how are you currently thinking about that?

嗨，午安，謝謝讓我提問。我想先跟進Omar關於LNG那邊的問題。你能否說明你們持有的第二艘新造船選擇權可行使到什麼時候？以及你們目前對此是怎麼思考的？

Well, we have, as you I'm sure know, you've seen, we have our AGM nicely timed next week just before the Posidonia events here in Greece. And I think that's when we will be discussing with our Board, the option of going forward. So it won't be that long. I think we'll have in the next couple of weeks. Within this quarter, we will have -- we will take a decision.

嗯，我們有——如你我相信你知道、你也看到了——我們的年度股東大會（AGM）安排得很好，就在下週、希臘這裡Posidonia活動開始前。我想那時我們會與董事會討論是否往前推進這個選擇權。所以不會等太久。我想在接下來幾週內。在本季之內，我們會——我們會做出決定。

Okay. Makes sense. And you sold your leases at very solid pricing. As you think about your fleet positioning, is there, let's say, any appetite to pursue additional sales over the coming months? You have several at (inaudible) and even some smaller vessels built for 2010. How do you balance the free cash flow you are currently generating in the market versus a potential sale?

好的。合理。另外，你們以非常不錯的價格出售了租約。在思考船隊配置時，未來幾個月是否有意願再進行更多出售？你們有幾艘在(聽不清)，甚至還有一些2010年建造的較小船舶。你們如何在目前市場中正在產生的自由現金流與潛在出售之間取得平衡？

Well, this is a very good point. And I mean, this is what we try to do is to balance, as I said, our aim is to part with our first-generation vessels. And I think the market conditions today are making -- giving us a lot of chances to do so. So we will be seeing, I would say, a maximum of half a dozen sales.

嗯，這是個很好的觀點。我的意思是，我們努力做的就是取得平衡；如我所說，我們的目標是處分第一代船舶。而我認為今天的市場狀況正在——給我們很多機會去做到這點。所以我會說，我們可能會看到最多大約半打的出售。

Don't forget, we have a newbuilding program of 26 vessels. It's the largest newbuilding program than any of our peer group by far, thanks to our newbuilding department here. And we have taken delivery of four of those vessels so far, two late last year and two early this year. So we still have a very, very big modernization program. So it is -- I think we will be selling at today's strong prices, at least half a dozen ships from now to the end of the year.

別忘了，我們有一個26艘船的新造船計畫。這是我們同業群中迄今規模最大的造船計畫，遠遠超過任何同業，這要歸功於我們這裡的新造船部門。到目前為止，我們已交付其中4艘，去年底兩艘、今年初兩艘。所以我們仍有一個非常、非常龐大的現代化計畫。因此——我想我們會在今天的強勁價格下，從現在到年底至少出售半打船舶。

And final question from me, which is more on the modeling side. So Harrys, this one may be for you. Could you confirm that the increase in net income attributable to noncontrolling interest is attributable to the (inaudible) where you hold a 51% stake?

我最後一個問題，偏向模型假設。所以Harrys，這題可能是問你的。你能否確認，歸屬於非控制性權益的淨利增加，是因為(聽不清)而你們持有51%持股？

Sorry, can you repeat because you were cutting off.

抱歉，你能再說一次嗎？你剛剛有點斷斷續續。

Yes. I was asking about the increase in net income attributable to noncontrolling interest and whether that's attributable to the (inaudible).

可以。我是在問歸屬於非控制性權益的淨利增加，是否是因為(聽不清)。

Correct. Yes.

正確。是的。

Perfect. That's everything from me. I'll turn it over. Thank you for taking my questions.

太好了。我這邊就這些。我把時間交回去。謝謝回答我的問題。

We have no further questions at this time. Mr. Tsakos, I'd like to turn the floor back over to you for closing comments.

目前沒有其他問題。Tsakos先生，我想把時間交還給您做結語。

Well, again, thank you very much for attending our first quarter results. If anybody is in Greece for the Posidonia, we are having our annual meeting during that time, and we would love to host you so you could see the operation also. They have been very challenging times. We have to be continuously alert and take action, and this is what we do.

那麼，再次非常感謝各位參加我們第一季的業績說明。如果有人在希臘參加Posidonia活動，我們會在那段期間舉行年度會議，我們也很樂意接待各位，讓各位也能看看我們的營運。這段時間非常具挑戰性。我們必須持續保持警覺並採取行動，而這正是我們在做的事。

We want to thank our men and women on the ships and those that are going through difficult times, we're here to support them. And we're looking forward to announce, knocking on wood, even better results and hopefully, in a peaceful environment for the second quarter. And with that, thank you very much. Enjoy the dividend, and we will also too. Thank you.

我們要感謝船上的男男女女，以及正在經歷艱難時刻的人們，我們會在這裡支持他們。我們也期待在敲敲木頭保佑之下，第二季能公布更好的結果，並希望是在一個和平的環境中。那麼，就非常感謝各位。請享用股利，我們也會。謝謝。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與，祝您有美好的一天。