UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

--12-31

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 September 2026

JUNE 30, 2026

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 ☐

TSAKOS ENERGY NAVIGATION LIMITED FORM 6-K

This report on Form 6-K is hereby incorporated by reference into the following Registration Statements of Tsakos Energy Navigation Limited

• Registration Statement on Form F-3 (No. 333-297239) filed with the SEC on July 2, 2026;

• Registration Statement on Form F-3 (No. 333-273740) filed with the SEC on August 4, 2023;

• Registration Statement on Form F-3 (No. 333-234279) filed with the SEC on October 21, 2019;

• Registration Statement on Form F-3 (No. 333-206852) filed with the SEC on September 9, 2015; and

• Registration Statement on Form S-8 (No. 333-279039) initially filed with the SEC on May 1, 2024.

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: September 17, 2026

TSAKOS ENERGY NAVIGATION LIMITED

THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

MANAGEMENT’S DISCUSSION AND ANALYSIS

Results of operations

(Percentage calculations are based on the actual amounts shown in the accompanying financial statements)

Voyage revenues

Voyage revenue earned for the three months ended June 30, 2026 and 2025:

Voyage revenue earned for the six months ended June 30, 2026 and 2025:

Voyage revenue earned during the three months ended June 30, 2026, totaled $298.4 million, a 54.4% increase, compared to $193.3 million earned in the three months ended June 30, 2025. The increase was primarily driven by strong tanker market rates compared to the equivalent period of 2025. The effect of the war in the Middle East and the ongoing closure in the Straits of Hormuz resulted in elevated crude and product prices that affected global oil demand. Despite higher prices, these geopolitical events have significantly added to the market strength. The tanker freight market has continued to improve and the Company’s diversified fleet with each new charter renewal and the fleet’s market exposure to spot and profit-sharing rates has benefited from this unprecedented market dislocation.

Total utilization achieved by the fleet (total days that the vessels were actually employed as a percentage of total days in the period that the Company owned or controlled the vessels) was 94.8% in the second quarter of 2026 compared to 96.6% in the second quarter of 2025.The primary driver behind the significant decrease in fleet utilization was the high volume of days lost to dry-dockings and repairs compared to the previous year.

The amount of revenue earned on time charter-fixed rate contracts increased by 50.7% to $135.2 million in the second quarter of 2026 from $89.7 million in the second quarter of 2025, mainly due to a higher number of vessels operating under fixed rate time charter arrangements. More specifically, the increase is partially attributed to the acquisition of the newly-built DP2 suezmax shuttle tanker Athens 04 that was delivered during the second quarter of 2025, the acquisition of the newly-built DP2 suezmax shuttle tanker Paris 24 and the suezmax tanker Silia T that were delivered within the third and fourth quarter of 2025, respectively, as well as the acquisition of the newly-built MRs Delos T and Dion that were both delivered in the first quarter of 2026, and operated under fixed-rate time charter contracts, resulting in an overall increase of $17.6 million. Additionally, the respective increase was further attributed to the four panamax tankers (World Harmony, Chantal, Socrates, Selecao), the two suezmax tankers (Archangel and Alaska) and the VLCC tanker Hercules that operated under time-charter-fixed rate contracts during the second quarter of 2026, compared to the respective period in 2025, during which those vessels were employed under time-charter with profit-share arrangements resulting in an overall increase of $25.1 million. Moreover, the LNG carrier Maria Energy and the aframax tanker Asahi Princess, that although operated under time-charter-fixed rate contracts in both second quarters of 2026 and 2025, were chartered at more favorable terms during the second quarter of 2026, resulting in an overall increase of $8.3 million in the second quarter of 2026, compared to previous year quarter. These increases were counterbalanced by two aframax tankers, Maria Princess and Sapporo Princess that operated under spot market during the second quarter of 2026, compared to the respective period in 2025, during which those vessels were employed under time-charter-fixed rate contracts, resulting in a decrease of $4.8 million. Operating days on pure time charters increased to 3,569 days in the second quarter of 2026 from 2,969 days in the second quarter of 2025.

Revenue earned by vessels operating on time-charter with profit-share arrangements increased to $70.7 million in the three months ended June 30, 2026, compared to $56.2 million in the second quarter of 2025, the increase being mainly attributed to the strengthening of the market despite the fact that operating days utilized on time-charter with profit-share arrangements decreased to 1,081 days in the second quarter of 2026 from 1,589 days in the second quarter of 2025.

Operating days for pool employment were 182 days for both the second quarter of 2026 and 2025. The only vessels in the fleet operating under pool arrangements are Byzantion and Bosporos. The $4.1 million increase in revenue generated from pooling arrangements in the second quarter of 2026 compared to previous year’s second quarter derives exclusively from the strengthening of the market.

Similarly to revenue from pooling arrangements, revenue earned under spot contracts increased by 107.6% due to favorable market conditions, although operating days in the second quarter of 2026 were 652 compared to 708 in the equivalent period of 2025.

Overall increase in voyage revenue was also attributed to the impact of European Union Allowances (EUAs), amounting to $10.7 million for the second quarter of 2026, compared to $5.1 million in the corresponding period of 2025, due to the fact that the percentage of emissions subject to the EU ETS increased from 70% in 2025 to 100% in 2026.

In the first half of 2026, voyage revenues increased to $551.4 million from $390.4 million in the first half of 2025, an increase of $161.0 million, or 41.2%, which is primarily attributable to stronger market rates in the tanker industry compared to the equivalent period of 2025. However, for the first six months of 2026, the fleet’s utilization rate decreased to 96.5% compared to 96.9% for the first six months of 2025. Lost days arose mainly from the dry-dockings and repairs of the suezmax tankers Archangel, Alaska, Spyros K, the panamax tankers Sunrise and Selecao, the DP2 suezmax shuttle tanker Brasil 2014 DP and the LNG carrier Maria Energy. Apart from the lost days related to dry-dockings, the six-month period ended June 30, 2026, also includes lost days on the repositioning voyages of certain other vessels. Overall increase was also attributed to the impact of EUAs amounting to $18.6 million during the six months ended June 30, 2026, compared to $8.9 million in the corresponding period of the previous year.

For the second quarter of 2026, the average daily TCE rate was $46,100 per day compared to $30,767 per day for the previous year’s second quarter, a 49.8% increase. For the six months ended June 30, 2026, the average daily TCE rate was $43,503 compared to $30,754 for the equivalent period of 2025, a 41.5% increase. Average daily TCE rate earned for the three and six-month periods ended June 30, 2026 and 2025, per vessel category were:

TCE is calculated by taking voyage revenue less voyage costs divided by the number of revenue days less 63 days lost for the second quarter of 2026 and 137 days lost for the first half of 2026 as a result of calculating revenue on a Loading-to-Discharge basis compared to 193 days lost for the second quarter and 350 days lost for the first half of 2025. In the case of a bare-boat charter, we add an estimate of operating expenses of $10,000 per day in order to render the bare-boat charter comparable to a time-charter. Time charter equivalent revenue and TCE rate are not measures of financial performance under U.S. GAAP and may not be comparable to similarly titled measures of other companies. However, TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in shipping performance despite changes in the mix of charter types (i.e. spot voyage charters, time charters and bareboat charters) under which the vessels may be employed during the periods. The following table reflects the calculation of our TCE rate for the periods presented (amount in thousands of U.S. dollars, except for TCE rate, which is expressed in U.S. dollars, and net earnings (operating) days):

Voyage expenses

Voyage expenses for the three months ended June 30, 2026 and 2025 were:

Voyage expenses for the six months ended June 30, 2026 and 2025 were:

Voyage expenses include port charges, agents’ fees, canal dues, commissions, European union allowances (EUAs) and bunker (fuel) costs relating to spot charters. These voyage expenses are borne by the Company unless the vessel is on time charter or bareboat charter, in which case they are borne by the charterer. Commissions are borne by the Company for all types of charters. Voyage expenses were $52.1 million during the quarter ended June 30, 2026, compared to $31.9 million during the prior year’s second quarter, a 63.6% increase, primarily due to bunker expenses and high EUAs.

Voyage expenses are highly dependent on the voyage patterns followed and the size of vessels employed on spot charter. Bunker purchases typically constitute the largest part of voyage expenses and therefore the usual volatility and price swings of crude oil in any given period affect bunker prices and consequently voyage expenses. In addition, European Union Allowances (EUAs), traded under the European Union Emissions Trading System (EU ETS), directly impact voyage expenses by adding a carbon cost to fuel consumption.

Bunker expenses increased by 87.7% during the second quarter of 2026, compared to prior year quarter, reflecting the increase in global bunker prices. The average daily bunker expenses increased to $35,684 in the second quarter of 2026, from $17,510 in the second quarter of 2025, an increase of 103.8%, while the average delivered price paid by the Company for the supplied bunkers was 51.3% higher in the second quarter of 2026 compared to the respective period of 2025. The EUAs increased to $13.5 million in the second quarter of 2026, compared to $7.5 million in the prior year quarter, an increase of 80.5%. The average daily EUAs expense increased from $10,549 to $20,670, reflecting the increase in the percentage of emissions subject to the EU ETS from 70% in 2025 to 100% in 2026. Total port and other expenses decreased by $0.6 million or 10% for the second quarter of 2026 compared to the second quarter of 2025, while the average port expenses per vessel per day reduced to $8,443 from $8,468, a 0.3% reduction. Moreover, during the second quarter of 2026, commissions increased to $9.9 million from $6.0 million in the second quarter of 2025, an increase of 64.6%, as a result of increased revenue compared to the equivalent period of 2025. Daily commissions increased from $8,554 to $15,151 in the second quarter of 2026 compared to the prior year period.

Voyage expenses were $82.0 million in the first six months of 2026, compared to $68.0 million in the first six months of 2025, a 20.5% increase. The increase in voyage expenses between the six-month periods is mainly attributed to EUAs, with the average daily expense to increase to $19,608 in the first half of 2026 compared to $8,650 in the prior year half, an increase of 126.7%, reflecting the increase in the percentage of emissions subject to the EU ETS from 70% to 100% along with the increased number of vessels trading within European Union ports. Bunker price paid by the Company increased by 23.8%, resulting to an increase in daily bunker expenses to $27,585 from $19,699 per day, although the employment days under spot decreased to 1,165 from 1,507. The increase in voyage expenses between the six-month periods was further reinforced by the commission expenses, reflecting the increased revenue generated by the Company by 41.2%. Port and other expenses decreased by $3.3 million, or 26.4%, between the six-month periods, primarily due to lower number of vessels employed under spot.

Vessel operating expenses

Operating expenses for the three months ended June 30, 2026, and 2025 were:

Operating expenses for the six months ended June 30, 2026 and 2025 were:

Vessel operating expenses include crew expenses, insurances, repairs and maintenance, spares, stores, lubricants, and other expenses relating to quality and safety, tonnage tax, registration fees, communications and foreign currency (gains) or losses.

Total operating costs were $57.7 million during the quarter ended June 30, 2026, compared to $52.7 million during the second quarter of 2025, an increase of 9.5%. The increase was primarily attributable to other operating expenses, which increased by $2.0 million, mainly due to legal expenses. In addition, repairs and maintenance, and spares increased by $1.4 million, due to increased dry docking activity, with four vessels performing the scheduled dry dockings during the second quarter of 2026, compared to three vessels during the corresponding period of 2025. The increase was further supported by higher stores expenses, which rose by $0.6 million, mainly reflecting purchases of additional emissions-reduction products to support vessel compliance with environmental regulations, as well as increased purchases of safety stores.

Operating expenses for the first six months of 2026 and 2025 were $111.0 million and $102.3 million, respectively, representing an increase of 8.5%, mainly attributable to higher legal expenses associated with resolved matters in the normal course of business and increased dry-docking activity, with six vessels undergoing scheduled dry dockings, one being the LNG carrier Maria Energy, during the first half of 2026, compared to five vessels during the corresponding period of 2025.

The Company’s earnings capacity days increased during the first half of 2026 compared to the corresponding period of 2025. The increase primarily reflects the full-period contribution of the newly delivered vessels, the DP2 suezmax tankers Athens 04 and Paris 24, the suezmax tankers, Dr. Irene Tsakos and Silia T. and the MRs Delos T and Dion was partially counterbalanced by the sale of the VLCC tanker Ulysses, the aframax tanker Ise Princess and the handysize tankers Aegeas and Andromeda. As of June 30, 2026, the Company operated a fleet of 64 vessels, compared to 63 vessels as of June 30, 2025.

Average daily operating expenses experienced a modest increase of $658 to $10,640 for the second quarter of 2026 from $9,982 in the second quarter of 2025, an increase of 6.6%, primarily attributable to the increase in the average size of the fleet, the higher number of vessels undergoing dry-dockings, including one LNG carrier, increased legal expenses and the ongoing inflationary pressures. For the six-month periods, average daily operating expenses per vessel rose by $555 to $10,298 in the first half of 2026 from $9,743 in the first half of 2025, driven by a larger average vessel size and higher legal expenses.

Depreciation and amortization

Depreciation and amortization charges totaled $46.3 million in the second quarter of 2026 compared to $42.1 million in the second quarter of 2025, a 10.0% increase. For the first half of 2026 depreciation and amortization increased to $90.4 million from $83.2 million for the first half of 2025.

Depreciation amounted to $39.0 million in the second quarter of 2026 and $36.4 million in the second quarter of 2025, a 7.2% increase. For the first half of 2026, depreciation was $77.2 million compared to $71.8 million in the first six months of 2025, a $5.3 million increase. The increase being due to fleet renewal with the average number of operating vessels having increased from 62 to 63.5 during the first half of 2026.

Amortization of deferred dry-docking charges and leasehold improvements amounted to $5.9 million during the second quarter of 2026, compared to $5.7 million during the second quarter of 2025, a $0.2 million increase. For the six-month period ended June 30, 2026, amortization of deferred dry-docking charges and leasehold improvements was $11.9 million compared to $11.4 million in the corresponding period of 2025, an increase of $0.5 million. The increase in the three month and six month periods ended June 30, 2026, relates primarily to the amortization due to the increased number of vessels in the fleet that underwent their dry-dock special surveys.

The amortization of the right-of-use assets under finance lease amounted to $1.3 million in the first half of 2026 and the second quarter of 2026 compared to zero in the respective periods of 2025, as the suezmax tankers Arctic and Antarctic classified as finance leases (classified previously as operating leases from April 1, 2026 to April 7, 2026) from April 7, 2026 until the repurchase dates May 28, 2026 and June 11, 2026, respectively.

Gain on sale of vessel

During the first half of 2026, the Company sold its VLCC tanker Ulysses, for net proceeds of $106.4 million, recognizing gain on sale of $37.9 million. During the first half of 2025, the Company sold its suezmax tanker Pentathlon, for net proceeds of $39.5 million, recognizing gain on sale of $3.55 million. During the second quarter of 2026, the Company sold the VLCC tanker Ulysses. There were no vessel sales during the second quarter of 2025.

Impairment

The Company reviews and tests all vessels and vessels under construction for impairment at each quarter-end and when indications exist. As of June 30, 2026, vessel values had increased compared to the respective period during the prior year. As of June 30, 2026, one of our vessels had carrying value in excess of market value. Our fleet is for the most part young, with an average age of 10.5 years as of June 30, 2026, and every vessel in the fleet is expected to generate considerably more cash during their remaining expected lives than their carrying values. The Company’s cash flow tests per vessel for assessing whether an impairment charge was required did not indicate that such an impairment charge was required for any vessel of the fleet intended to be held and used at June 30, 2026 and 2025. In addition, the Company reviews and tests its right-of-use assets for impairment at each reporting date. The review of the carrying amounts in connection with the estimated recoverable amount for the Company’s right-of-use assets as of June 30, 2026, and June 30, 2025, indicated no impairment charge.

General and administrative expenses

General and administrative expenses include management fees, administrative expenses, management incentive awards and stock compensation expense.

General and administrative expenses increased to $14.8 million in the second quarter of 2026 compared to $13.2 million in the second quarter of 2025, an increase of $1.6 million which is attributed to increased legal expenses by $0.9 million. For the first six months of 2026 general and administrative expenses increased by $4.1 million, compared to the equivalent period of 2025. The increase is mainly due to the $2.0 million increase in management incentive award, the $1.2 million increase in legal expenses and the $4.4 million increase in management fees (including an one-off payment of $3.5 million in management fees to correspond to a strengthening of the Euro against the U.S. dollar exchange rate in 2025), which were counterbalanced by a $3.6 million decrease in stock compensation expense.

The Company pays Tsakos Energy Management fixed fees per vessel under a management agreement. The fee includes compensation for services that cover both the management of the individual vessels, as described below, and of the enterprise as a whole. Management fees, including those paid to third-party ship management companies, totaled $6.2 million during the quarter ended June 30, 2026, compared to $5.8 million in the second quarter of 2025. For the six months ended June 30, 2026, management fees increased by $4.4 million, to $16.0 million compared to $11.6 million in the first half of 2025, mainly due to the one-off payment of $3.5 million, corresponding to the strengthening of the Euro against the U.S. dollar in 2025, at the beginning of the year. All vessels in the fleet are technically managed by Tsakos Shipping and Trading, apart from the LNG carriers, Maria Energy, Tenergy, the VLCCs Ulysses (up to the sale on May 20, 2026), Hercules I, Dias I, the suezmax tankers Decathlon and Popi Sazaklis, the aframax tankers Maria Princess, DF Montmartre, DF Mystras, Alpes and Aspen, which have been managed by third-party managers. Vessel monthly fees payable to the management company for owned conventional operating vessels amounted to $32,500, for chartered in vessels or chartered out on a bareboat basis and for vessels under construction monthly fees were $22,500, for the DP2 suezmax shuttle tankers monthly fees were $38,500. Monthly fees incurred increases of $1,500 for all conventional vessels, $1,300 for DP2 suezmax shuttle tankers and $800 for vessels under construction in 2026 compared to 2025.

In 2026, monthly fees for third-party managed vessels increased to $30,417 from $29,256 for the suezmax tanker Decathlon, for the LNG carrier Maria Energy to $49,357 from $46,358, for the LNG carrier Tenergy to $41,267 from $38,833, for the aframax tanker Maria Princess to $32,456 from $30,649, respectively. Monthly fees for the VLCCs Ulysses and Hercules I decreased to $30,208 from $30,649 and for the VLCC Dias I increased to $30,208, from $29,208. For the aframax tankers Alpes, Aspen, and the suezmax tanker Popi Sazaklis, monthly fees amounted to $28,750 for both periods. The dual fuel LNG aframax tankers DF Montmartre and DF Mystras, increased to $28,542 from $28,375, respectively.

Office administrative expenses consist primarily of professional fees, office supplies, investor relations, advertising costs, directors’ liability insurance, directors’ fees and travel-related expenses. Administrative expenses totaled $3.0 million during the second quarter ended June 30, 2026, compared to $2.1 million during the respective prior year quarter. For the six-months ended June 30, 2026, administrative expenses totaled $5.2 million, compared to $4.0 million for the six month period ended June 30, 2025.

In the first six months of 2026, the Company’s Board of Directors approved an award to the management company, based on various performance criteria and taking into account cash availability and market conditions, amounting to $5.0 million, compared to $3.0 million in the first six months of 2025.

In 2024, Tsakos Energy Navigation Limited granted 625,000 restricted common shares under its newly approved 2024 Equity Incentive Plan to directors, officers, employees, and service providers. The awards vest in four equal installments on January 1, 2025; July 1, 2025; January 1, 2026; and July 1, 2026, subject to both continued service and performance-based conditions requiring fleet utilization of at least 85% over specified periods. The Company recognized $1.0 million in stock-based compensation expense in the first half of 2026 compared to $4.6 million in the prior year and $0.5 million in the quarter ended June 30, 2026 compared to $2.3 million in the prior year quarter, related to these restricted shares.

General and administrative expenses, including the management fee, plus any incentive or stock compensation award, represent the overhead of the Company. On a per vessel basis, the daily overhead was $2,558 and $2,347 for the second quarter of 2026 and 2025, respectively. For the six-month period ended June 30, 2026, the daily overhead per vessel was $2,370 compared to $2,063 for the six-month period ended June 30, 2025. 

Operating income

Income from vessel operations was $162.7 million during the second quarter of 2026, compared to $50.0 million during the second quarter of 2025, the increase being mainly attributed to higher net voyage revenues by $84.9 million and gains on sale of vessel during the second quarter of 2026 for the amount of $37.9 million. During the first half of 2026, operating income from vessel operations was $272.6 million, compared to $110.7 million during the first half of 2025, the increase being mainly attributed to strong market rates. In addition, gains on sale of vessels increased to $37.9 million in the first half of 2026, compared to $3.6 million in the prior year period, an increase of $34.3 million. Operating expenses, excluding gain on sale of vessels, presented an increase of $33.4 million for the six-month period ended June 30, 2026 from $283.3 million for the six-month period ended June 30, 2025 to $316.6 million for the six-month period ended June 30, 2026, which is mainly attributed to increased vessel operating expenses, general and administrative expenses, and depreciation and amortization expenses, as the average number of operating vessels increased from 62.0 to 63.5 counterbalanced by decreased charter-hire expenses.

Interest and finance costs

Interest and finance cost analysis in the table below is not presented according to U.S. GAAP guidelines. However, management believes that this analysis may provide its users a better understanding of the Company’s finance cost. Management also uses this analysis in making financial and planning decisions.

Interest and finance costs, net, were $22.6 million for the second quarter of 2026, compared to $25.0 million for the second quarter of 2025, a 9.3% decrease, mainly attributed to the positive change in the fair value of non-hedging interest rate swaps of $0.9 million that resulted in a decrease of $1.9 million between the second quarter of 2026 and the previous year second quarter, along with $0.4 million cash receipts from interest rate swaps in the second quarter of 2026 compared to $0.1 million in the second quarter of 2025. For the six months ended June 30, 2026, interest and finance costs, net, were $43.4 million compared to $49.0 million for the six months ended June 30, 2025, a 11.3% decrease, mainly attributed to the positive change in the fair value of non-hedging interest rate swaps of $1.4 million that resulted in a decrease of $2.7 million between the first half of 2026 and the first half of 2025, as well as the positive change in the fair value of bunker and other commodities non-hedging instruments of $1.9 million that resulted in a decrease of $2.4 million between the first half of 2026 and the first half of 2025.

Loan interest expense for the second quarter of 2026 was $25.9 million compared to $26.2 million in the second quarter of 2025, a decrease of $0.3 million, that despite the increase of the outstanding debt, reflected the lower margins achieved on new loans drawn for newly acquired vessels and refinancings on existing loans, as well as lower global interest rates. More specifically, average interest rate paid on outstanding debt decreased to 4.75% for the second quarter of 2026 from 5.74% in the second quarter of 2025. Loan interest expense amounted to $52.1 million in the six months ended June 30, 2026 and 2025, reflecting the decrease in the average loan interest rate to 4.9% from 5.8%, compensating for the increase in the average loan balance. For the six-month period ended June 30, 2026, interest received on non-hedging interest rate swaps amounted to $0.9 million compared to $0.1 million for the six-month period ended June 30, 2025, whereas for the second quarter of 2026, interest received on non-hedging interest rate swaps amounted to $0.4 million compared to $0.1 million for the second quarter of 2025.

During the first half of 2026, the suezmax tankers Arctic and Antarctic were classified as finance leases from April 7, 2026, until May 28, 2026, and June 11, 2026, respectively, when both vessels were repurchased. Interest expense on the lease liability was $0.3 million in the second quarter and the first half of 2026, compared to $nil in the second quarter and the first half of 2025.

Capitalized interest is based on expenditure incurred to date on vessels under construction. Capitalized interest amounted to $2.8 million and $5.7 million for the three and six-month periods ended June 30, 2026, compared to $3.1 million and $5.7 million for the equivalent periods of 2025. During the first half of 2026, the Company had ten DP2 shuttle tankers, two MR tankers, three VLCC tankers, two LNG carriers and five LR1 tankers under construction, compared to twelve DP2 shuttle tankers, two suezmax tankers, two MR tankers and five LR1 tankers under construction, in the respective prior year period.

At June 30, 2026, the Company held eight floating-to-fixed interest rate swap with a major financial institution maturing from September 2026 through March 2028, on which it pays an average fixed rate of 3.13% and receives floating rates based on three-month SOFR and six-month SOFR. Seven out of the eight interest rate swaps have an option for extension at the financial institutions’ discretion, maturing from November 2027 through September 2031. The interest rate swap agreements were designated and qualified as non-hedging interest rate swaps. The change in fair value amounted to $0.9 million (positive) for the second quarter of 2026 and $1.4 million (positive) for the six-months ended June 30, 2026, compared to $1.0 million (negative) and $1.3 million (negative) for the three and six-months ended June 30, 2025, respectively.

During 2022, the Company discontinued ten of its cash flow hedge interest rate swaps through early termination agreements. The Company considered the forecasted transactions as still probable for seven of those interest rate swaps, and presented the amount received in accumulated other comprehensive income. Respective amounts are amortized into Company’s earnings until the expiry date of each interest rate swap. The amortization for the second quarter of 2026 and the first half of 2026 amounted to $0.4 million (positive) and $0.6 million (positive), respectively, compared to $0.2 million (positive) and $0.7 million (positive) for the three and six-months ended June 30, 2025, respectively.

During the first half of 2026, the Company entered into five bunker swap agreements and seven other commodities swap agreements, in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels and the European Union Allowances (“EUAs”) exposure, respectively, with maturity dates between July 2026 through August 2027. As at June 30, 2026, the Company held eight bunker agreements and eight EUAs swap agreements. The fair value of bunker swap agreements and EUAs swap agreements was $0.9 million (positive) as at June 30, 2026, compared to $1.0 million (negative) as at December 31, 2025. As a result, the change in fair value of those agreements amounted to $1.9 million (positive) compared to $0.5 million (negative) for the first half of 2026 and 2025, respectively. The change in fair value of those agreements amounted to $0.6 million (negative) compared to $0.4 million (negative) for the second quarter of 2026 and 2025, respectively. Cash received for those agreements amounted to $0.5 million in the second quarter of 2026 and the first half of 2026, compared to $0.1 million cash paid for those agreements during the second quarter of 2025 and cash received of $0.1 million during the first half of 2025.

Loan expenses amortization increased to $0.9 million in the second quarter of 2026, from $0.7 million in the second quarter of 2025 primarily due to increased debt financing. Similarly, for the first half of 2026 the amortization of loan expenses increased by $0.3 million compared to the first half of 2025, due to the increased debt financing.

Interest income

During the second quarters of 2026 and 2025, interest income was $3.4 million and $3.2 million, respectively, an increase of $0.2 million or 5.4%. For the six-month periods ended June 30, 2026 and 2025, interest income was $5.6 million and $5.5 million, respectively, an increase of $0.1 million or 1.2%. The increase is mostly attributed to higher cash reserves over the six-month period of 2026.

Non-controlling interest

There is a non-controlling interest of 49% in the subsidiary Mare Success S.A., which owns 100% of each of the companies that own the panamax tankers, Selini and Salamina, and the handysize vessels Byzantion and Bosporos.

The net income attributable to the non-controlling interest of Mare Success S.A during the second quarter of 2026 amounted to $4.2 million, compared to $1.5 million in the second quarter of 2025. There was net income attributable to the non-controlling interest in the first half of 2026 amounting to $6.6 million, compared to $2.6 million in the first half of 2025. The increase in net income is attributable to higher market spot rates for two vessels operating under pool employment, as well as higher time charter rates following the execution of new charter party agreements at higher contracted rates for the remaining two vessels, during the first half of 2026.

Liquidity and capital resources

Liquidity requirements relate to servicing debt, funding the equity portion of investments in vessels, funding working capital and controlling fluctuations in cash flow. In addition, our new building commitments, other expected capital expenditure on dry-dockings and vessel improvements and/or acquisitions, which in total equaled $316.5 million in the first six months of 2026, will again require us to expend cash in the remainder of 2026 and in future years. Net cash flow generated by operations is the main source of liquidity. Apart from the possibility of raising further funds through the capital markets, additional sources of cash include proceeds from asset sales and borrowings, although all borrowing arrangements to date are related to the acquisition, construction and refinancing of specific vessels.

If market conditions worsen significantly, then our cash resources may decline to a level that may put at risk our ability to service timely our debt and capital expenditure commitments. To avoid such an eventuality, management would expect to be able to raise extra capital through the alternative sources described above.

Non-restricted cash balances were $464.0 million as of June 30, 2026, compared to $293.3 million as of December 31, 2025, mainly affected by the strong market rates and proceeds from sale of vessels during the first half of 2026.

Working capital (non-restricted net current assets) amounted to $171.0 million (positive) as of June 30, 2026, compared to $31.3 million (negative) as of December 31, 2025. The increase was primarily attributable to the increase in cash and cash equivalents.

Current assets increased to $616.3 million at June 30, 2026 from $434.6 million at December 31, 2025, an increase of $181.6 million, attributable mainly to the increase of $170.7 million in cash and cash equivalents and an increase of $25.5 million in trade receivables relating to European Union Allowance (EUAs) recoverable from charterers and the $6.2 million increase in advances and other, mainly due to expected insurance recoveries over the year, as well as EUAs held by the Company intended to be used to settle its EUAs obligations. In addition, the sharp increase of bunker fuel prices in the second quarter of 2026 as geopolitical disruptions affected global fuel supplies, contributed to an increase of $9.1 million in the Company’s inventories. Current liabilities decreased to $440.2 million at June 30, 2026 from $458.0 million at December 31, 2025, a decrease of $17.8 million, as the current portion of debt outstanding decreased by $51.4 million, unearned revenue decreased by $5.4 million due to the timing of hire collections which was counterbalanced by an increase in dividends payable of $15.1 million, $1.00 per common share dividend declaration during the first half of 2026 payable in July 2026, compared to $0.50 per common share dividend declared during the first half of 2025 payable in July 2025 and an increase of $14.7 million of accrued liabilities mainly due to dry-docking of vessels.

Net cash provided by operating activities was $281.2 million in the six-month period ended June 30, 2026, compared to $115.9 million in the first six months of 2025. The $165.3 million increase is primarily attributable to the strong tanker market with TCE rates positively impacting voyage revenues by $161.0 million as fully described in the paragraph “Voyage Revenues” in the “Results of operations” above. Total cash expenditure on voyage expenses, operating expenses, charter-in costs, G&A expenses, finance expenses, net of interest income and other, net expenses amounted to $266.1 million during the first six months of 2026, compared to $241.0 million in the first six months of 2025, an increase of $25.1 million or 10.4%. The expense movements are fully described in the respective paragraphs in the “Results of operations” above.

Receivables and advances and other increased by $13.7 million due to EUAs receivables from charterers during the first half of 2026 compared to the prior year first half period. Inventories, mainly consisting of bunker fuel, increased by $9.1 million in the first half of 2026, compared to a decrease of $2.8 million in the six-month period ended June 30, 2025, due to a sharp increase in bunker prices and a modest increase in quantities supplied compared to the prior year period. Unearned revenue, arising from collection of time-charter hire for services not rendered in the first half of 2026, decreased by $5.4 million attributed to the timing of payments.

Payments for dry-docking expenses increased by $5.8 million in the first half of 2026, as six vessels (including the LNG carrier Maria Energy) underwent their scheduled dry-dockings compared to five vessels in the prior-year six-month period. Accrued liabilities increased by $14.6 million in the six months ended June 30, 2026, compared to $7.8 million in the six-months ended June 30, 2025, due to EUAs.

During the first half of 2026, the Company deposited as cash collateral the amount of $0.2 million related to its derivative instruments. Net cash provided by operating activities increased by $120.2 million in the second quarter of 2026, compared to $20.9 million decrease in the previous year. The $120.2 million increase is primarily attributable to the increase in voyage revenues by $105.1 million, or 54.4%, due to a stronger tanker market with higher charter rates between the respective periods.

Net cash provided by investing activities was $3.8 million for the second quarter of 2026, compared to $233.5 million used in investing activities for the equivalent period of 2025. Proceeds from the sale of the VLCC Ulysses amounted to $106.4 million and cash received from time deposits amounted to $5.0 million were counterbalanced by $27.3 million in advances for the twenty vessels under construction, $40.0 million for the acquisition of the suezmax tankers Arctic and Antarctic, $0.6 million for improvements on existing vessels and $39.7 million investments in debt securities.

Net cash used in investing activities was $248.3 million for the six months ended June 30, 2026, compared to $236.1 million used in investing activities during the six months ended June 30, 2025. During the first half of 2026, the Company paid $207.9 million for the twenty under construction vessels, ten DP shuttle tankers, five LR1s, three VLCCs and the two LNG carriers, $96.0 million for the acquisition of the MRs Delos T and Dion and the repurchase of the suezmax tankers Arctic and Antarctic and $0.5 million for improvements on existing vessels. In addition, the Company invested $75.7 million in debt securities and received $10.0 million from early redemption in one of its debt securities, held to maturity and $15.4 million from one of its debt securities, available for sale. The Company entered into new time deposits with the amount of $5.0 million in total, and received proceeds of $5.0 million in total from two-time deposits held to maturity. Proceeds from the sale of the VLCC Ulysses amounted to $106.4 million.

In the first half of 2025, cash outflow from investing activities related to payments for the acquisition of the DP2 shuttle tanker Athens 04 and the suezmax tanker Dr Irene Tsakos amounted to $136.3 million, $3.1 million for improvements on existing vessels and $126.2 million for vessels under construction and received cash from the sale of suezmax tanker Pentathlon, amounting to $39.5 million. 

As at June 30, 2026, the Company had twenty vessels under construction and the remaining yard installments to be paid for those vessels amounted to $2.2 billion ($228.3 million in the second half of 2026, $723.0 million in 2027, $1,127.4 million in 2028 and $154.7 million in 2029), the majority of which is expected to be covered through secured debt that we have arranged or that we expect to arrange.

Net cash used in financing activities was $43.0 million for the second quarter of 2026, compared to $107.3 million provided by financing activities for the equivalent period of 2025. During the second quarter of 2026, the Company drew down $142.0 million as part of the refinancing of the aframax tankers Elias Tsakos, Leontios H, Thomas Zafiras, Bergen TS and the panamax tanker Sunray, and prepaid the amount of $100.7 million as part of the refinancing of the five vessels and the amount of $23.2 million due to the sale of the VLCC, Ulysses. The debt principal repayments in the 2026 second quarter amounted to $52.1 million and payments of dividends of $6.8 million.

During the second quarter of 2025, proceeds from bank loans amounted to $270.7 million, repayments of debt amounted to $49.6 million, prepayments amounted to $106.6 million, and payments of dividends amounted to $6.8 million.

Net cash provided by financing activities was $135.2 million for the first half of 2026, compared to $59.1 million provided by financing activities during the prior year’s first half. During the first half of 2026, the Company (1) drew down (i) $159.0 million for the financing of ten DP2 shuttle tankers under construction, Anfield, Hull 2733, Hull 2734, Hull 2735, Hull 2736, Hull 2738, Hull 2739, Hull 2740 and Hull 2741, (ii) $65.8 million for the two newly acquired vessels Delos T and Dion and (iii) $262.0 million as part of the refinancing of the aframax tankers Elias Tsakos, Leontios H, Thomas Zafiras, Bergen TS, the panamax tanker Sunray and the LNG carrier Maria Energy, (2) paid in scheduled installments the amount of $94.8 million, (3) prepaid the amount of (i) $23.2 million due to the sale of the VLCC tanker Ulysses and (ii) $185.0 million of the two refinancings and (4) paid dividends amounting to $28.6 million.

In the first half of 2025, proceeds from bank loans amounted to $283.6 million, repayments of debt amounted to $93.6 million, debt prepayments amounted to $116.7 million and payments of dividends amounted to $13.5 million.

Total debt outstanding increased from $1.93 billion at December 31, 2025, to $2.114 billion at June 30, 2026.

Dividends of $0.5781 per share for the 9.25% Series E Preferred Shares were paid on March 2, 2026 and May 28, 2026, totaling $5.5 million, and on August 28, 2026, $2.7 million. Dividends of $0.59375 per share for the 9.50% Series F Preferred Shares were paid on January 30, 2026 and April 30, 2026, totaling $8.0 million, and on July 28, 2026, $4.0 million.

On February 19, 2026, the Company paid a dividend of $0.50 per common share amounting to $15.1 million which was declared on November 20, 2025 and on June 15, 2026, the Company declared a dividend of $1.00 per common share and paid the amount of $30.1 million on July 30, 2026, to the shareholders of record as of July 23, 2026.

The Company continues to be fully compliant with its scheduled debt service requirements, repaying capital and paying interest promptly in accordance with respective bank agreements without fail. As a percentage of total liabilities against total assets at fair value, our consolidated leverage (a non-GAAP measure) as computed in accordance with our loan agreements at June 30, 2026 was below the loan covenant maximum of 70%, which is applicable to all the above loans on a fleet and total liabilities basis. As at June 30, 2026, the Company and its wholly and majority owned subsidiaries were compliant with the financial covenants in its thirty-four loan agreements totaling $2.114 billion. See Note 7, Long Term Debt and other financial liabilities, to our unaudited interim condensed consolidated financial statements included elsewhere in this report.

Inflation

During the first half of 2026, global economic conditions have seen a resurgence of inflationary pressures driven by geopolitical conflicts. These macroeconomic developments, alongside corresponding central bank measures, have maintained elevated borrowing costs and increased interest rates payable under floating-rate agreements. To date, inflation has had a moderate impact on our operating expenses, dry-docking expenses and corporate overhead, as well as our management fees, which increased in the first half of 2026. Should a disinflationary trend develop and persist, it is expected that there will be limited impact on our operating and financing expenses, and to the extent inflation increases, it could result in increased operating and financing expenses.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements 

Tsakos Energy Navigation Limited [Member]