Tsakos Energy Navigation (TEN) is a tanker shipping company that transports crude oil, petroleum products, and LNG for major oil companies including Equinor, ExxonMobil, BP, Shell, and Petrobras. TEN operates a fleet of 64 vessels totaling roughly 8 million dwt, spanning VLCCs, Suezmax, Aframax/LR2, Panamax, MR tankers, LNG carriers, and specialized DP2 shuttle tankers. TEN earns revenue by chartering vessels to oil companies and refiners under three structures: fixed-rate time charters (roughly 59% of fleet days), time charters with profit sharing (roughly 30%), and spot voyages (roughly 11%). TEN's "industrial model" keeps the majority of the fleet on contracted revenue while maintaining some spot and profit-sharing exposure to capture upside in strong markets. TEN outsources technical and commercial management to affiliated managers Tsakos Energy Management and Tsakos Shipping and Trading, keeping overhead lean. A growing and strategically important segment is TEN's DP2 shuttle tanker business — specialized vessels with dynamic positioning technology that transport crude from offshore platforms to shore, primarily under 10-15 year charters with Petrobras in Brazil. TEN is expanding this fleet from 6 to 16 vessels. TEN's growth strategy centers on selling older vessels and reinvesting in modern tonnage, including a 20-vessel newbuilding program with deliveries through 2028 covering VLCCs, shuttle tankers, and LNG carriers at a total contracted cost of roughly $2.4B.