TEN posts strong Q1 2026 profit, lifts dividend
Tsakos Energy Navigation (TEN) delivered a very strong first quarter of 2026, helped by firm tanker markets and high fleet utilization.
Rhea-AI Filing Summary
Tsakos Energy Navigation (TEN) delivered a very strong first quarter of 2026, helped by firm tanker markets and high fleet utilization. Voyage revenues rose to $252.9 million, with operating income of $109.9 million. Net income attributable to TEN was $88.8 million, or $2.72 per share, a 160% increase versus $1.04 a year earlier. Adjusted EBITDA reached $153.8 million, up 55% year-on-year.
Cash at March 31, 2026 stood at $321.4 million, while net cash from operating activities was $97.2 million. Utilization improved to 98.3% and TCE per ship per day climbed to $40,960. The board declared a second semi-annual common dividend of $1.00 per share, bringing 2026 common dividends to $1.50 per share, a 36% increase over 2025 and the highest level in more than 10 years. TEN also highlights a contracted revenue backlog of $3.6 billion and an extensive 26-vessel newbuilding program to support long-term growth.
Positive
- Profitability surged: Net income attributable to TEN rose to $88.8 million in Q1 2026, a 160% increase versus Q1 2025, with adjusted EBITDA up 55% to $153.8 million.
- Dividend materially higher: Common dividends in 2026 total $1.50 per share, up from $1.10 in 2025, a 36% increase and the highest level in more than 10 years.
- Strong balance sheet and backlog: Cash reached $321.4 million as of March 31, 2026, and contracted revenue backlog stands at $3.6 billion, supporting visibility on future cash flows.
Negative
- None.
Insights
Q1 2026 shows sharply higher earnings, cash flow and dividends for TEN.
TEN posted voyage revenues of $252.9 million and net income attributable to the company of $88.8 million, a 160% jump from Q1 2025. Adjusted EBITDA increased 55% to $153.8 million, reflecting stronger tanker rates, higher TCE of $40,960 per day and 98.3% utilization.
Balance sheet strength improved, with cash at $321.4 million and stockholders’ equity at $1.95 billion as of March 31, 2026. Net cash from operating activities rose to $97.2 million, while the company continued to invest heavily, with $252.1 million of net cash used in investing activities, mainly for its newbuilding program.
For shareholders, a key highlight is dividend growth: 2026 common dividends total $1.50 per share versus $1.10 in 2025, a 36% increase and the highest in more than 10 years. Management also cites a contracted revenue backlog of $3.6 billion and a 26-vessel, environmentally focused newbuilding pipeline as support for its long-term model, while noting that results remain tied to tanker market fundamentals and geopolitical trade patterns.
Key Figures
Key Terms
time charter equivalent earnings (TCE) financial
Adjusted EBITDA financial
DP2 Shuttle Tanker technical
dark fleet market
forward-looking statements regulatory
Earnings Snapshot
FAQ
What was TEN’s adjusted EBITDA in Q1 2026 and how did it change year-on-year?
How strong are TEN’s cash position and operating cash flows?
What is TEN’s contracted revenue backlog and fleet renewal plan?
How efficient was TEN’s fleet in Q1 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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 May 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 ☐
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this report on Form 6-K as Exhibit 99.1 is a copy of Tsakos Energy Navigation Limited’s press release, dated May 21, 2026, announcing its unaudited results for the three months ended March 31, 2026.
EXHIBIT INDEX
| 99.1 | Tsakos Energy Navigation Limited press release, dated May 21, 2026, announcing unaudited results for the three months ended March 31, 2026 |
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: May 22, 2026
| TSAKOS ENERGY NAVIGATION LIMITED | ||
| By: | /s/ George Saroglou | |
| George Saroglou | ||
| President and Chief Operating Officer | ||
Exhibit 99.1
|
TEN, Ltd. 367 Syngrou Avenue, 175 64 P. Faliro, Hellas Tel: 30210 94 07 710-3, Fax: 30210 94 07 716, e-mail: ten@tenn.gr Website: http://www.tenn.gr
Press Release May 21, 2026 |
TEN, LTD. REPORTS PROFITS FOR FIRST QUARTER 2026 AND DECLARES
SECOND SEMI-ANNUAL COMMON SHARE DIVIDEND OF $1.00
160% increase from Q1 2025 – Net income at $89 million ($2.72 p.s. v. $1.04 p.s.)
$154 million EBITDA - 55% over Q1 2025
Highest dividend distribution in 10 years - a 36% increase from 2025
Total dividends to be paid exceed $1 billion since NYSE stock listing
22 vessel new building program on schedule, totaling 3 million dwt
Total fleet contracted revenue backlog in excess of $3.5 billion
TEN’s vessel performs breakthrough operation in the E. Mediterranean
Tanker market fundamentals remain solid
May 21, 2026 – TEN, Ltd (“TEN”) (NYSE: TEN) (or the “Company”) today reported results (unaudited) for the quarter ended March 31, 2026.
Q1 2026 SUMMARY RESULTS
During the first quarter of 2026, TEN generated gross revenues of $253.0 million and operating income of $110.0 million, compared to $197.1 million and $60.6 million during the 2025 first quarter, respectively, which included a gain of $3.5 million from vessel sales.
Net income for the first quarter of 2026 was $89.0 million equating to $2.72 in earnings per share, compared to $37.7 million and $1.04, respectively, in the first quarter of 2025, a 160% increase.
Adjusted EBITDA for the first quarter of 2026 reached $154.0 million up from $99.3 million in the 2025 first quarter representing a 55% increase.
Average fleet utilization in the first quarter of 2026 increased to 98.3% from 97.2% in the corresponding period of 2025.
Time charter equivalent earnings (TCE), reflecting the strength of the tanker markets and the new rates secured through contract renewals, reached $40,960 per vessel per day.
| Visit our company website at: http://www.tenn.gr |
Vessel operating expenses for the first quarter of 2026 totaled $53.3 million, just $3.7 million higher from the 2025 first quarter, primarily reflecting the slight increase in vessel size over the two quarter periods. Supported by the continued efforts of our technical managers and the modernity of our fleet, daily operating expenses per vessel remained competitive at $9,952, notwithstanding the larger vessel mix compared to the first quarter of 2025.
Voyage expenses declined by $6.2 million from the 2025 first quarter to $29.8 million, representing a 17% decrease.
Depreciation and amortization combined in the first quarter of 2026 were at $44.1 million, reflecting the continued modernization and expansion, consistent with the Company’s ongoing strategy to maintain a versatile and up-to-date fleet to meet its clients’ long-term needs.
During the first quarter of 2026, associated interest costs, due to the lower interest rate environment and refinancings at lower spreads, were $20.7 million, $3.2 million less from the 2025 first quarter.
Interest income during the first quarter of 2026 amounted to $2.2 million, almost identical to 2025 first quarter levels.
As of March 31, 2026, the Company’s cash reserves remained solid at about $321.4 million.
SUBSEQUENT EVENTS
On April 7, 2026, TEN agreed to repurchase two of its 2007-built suezmax tankers, currently operating under five-year leases at prices below current fair market value.
On April 23, 2026, TEN announced the employment extension of up to five years for two 2013-built DP2 Shuttle tankers, in direct continuation of their existing charters. The new charters are at an increased rate and are set to commence upon expiration of the vessels current employment, in the second half of 2028. They are expected to generate more than $200 million in gross revenues.
On April 28, 2026, TEN’s vessel “Asahi Princess” completed a breakthrough and challenging operation, loading a full aframax cargo by road trucks, establishing a new energy route in the Mediterranean.
On May 20, 2026, the Company completed the sale of a 10-year-old VLCC to third party interests. From the sale, TEN generated about $83 million in free cash after repayment of existing debt.
CORPORATE AFFAIRS – COMMON STOCK DIVIDEND
In July 2026, TEN will distribute its second semi-annual dividend of $1.00 per share to common shareholders, with payment and record dates to be announced in due course, bringing aggregate common dividends in calendar year 2026 to $1.50 per share, compared to $1.10 per share in calendar 2025, marking a 36% increase - the highest dividend in more than 10 years. TEN will have distributed over $1billion in cumulative common and preferred share dividends, since its New York listing in 2002.
| Visit our company website at: http://www.tenn.gr |
CORPORATE STRATEGY
TEN is maintaining its steady course in the most turbulent geopolitical environment in recent memory. The year started with the developments in Venezuela and escalated with the Strait of Hormuz closure and turmoil in the Middle East.
However, the first quarter results are mainly based on strong market fundamentals, increased energy demand and balanced tonnage supply. Since March, geopolitical events have significantly added to the market’s strength.
With approximately 5.5% of the global tanker fleet still stranded in the Persian Gulf, effectively tightening global vessel availability further, Asian and Indian refiners, the ones mostly impacted by the standoff and the US naval blockade, have increasingly commenced sourcing barrels from alternative exporters primarily in the Atlantic basin adding ton-miles, to an already stretched, international seaborne oil trade.
On top of this new paradigm, more compliant tankers are expected to be deployed on previously sanctioned voyages particularly from Venezuela and to some extent Russia, commonly performed by vessels operating in the “dark fleet”, thereby further deducting compliant vessel capacity from the market, providing as a result additional support to rates and asset prices.
Against this backdrop, TEN remains committed to meeting the long-term needs of its clients and will continue to place vessels on long-term contracts at currently attractive rates, a trait that has characterized TEN over the years. On the other hand, a sizeable portion of the fleet will remain active in short-term trades and profit-sharing contracts positioning TEN to take advantage of the very strong market currently in evidence in the spot market.
“TEN’s diversified fleet is and will continue to further benefit from the unprecedented market dislocation. With 26 environmentally friendly new vessels, of which four are already delivered, TEN is combining size, quality, stability and growth going forward in order to increasingly reward its’ shareholders,” stated Mr. George Saroglou, President of TEN. “Over the years, TEN has consistently demonstrated that it can deliver solid results and reward shareholders. Our contracted revenue backlog of $3.6 billion, the quality of our counterparties and the healthy cash reserves on the balance sheet, should allow us to follow this model going forward,” Mr. Saroglou concluded.
| Visit our company website at: http://www.tenn.gr |
TEN’s CURRENT NEWBUILDING PROGRAM
| # |
Name |
Type |
Delivery |
Status |
Employment | |||||
| CONVENTIONAL TANKERS | ||||||||||
| 1 | Dr Irene Tsakos | Suezmax – Scrubber Fitted | Q2 2025 | DELIVERED | Yes | |||||
| 2 | Silia T | Suezmax – Scrubber Fitted | Q4 2025 | DELIVERED | Yes | |||||
| 3 | Delos T | MR – Scrubber Fitted | Q1 2026 | DELIVERED | Yes | |||||
| 4 | Dion | MR – Scrubber Fitted | Q1 2026 | DELIVERED | Yes | |||||
| 5 | TBN | Panamax LR1 – Scrubber Fitted | Q2 2027 | Under Construction | TBA | |||||
| 6 | TBN | Panamax LR1 – Scrubber Fitted | Q3 2027 | Under Construction | TBA | |||||
| 7 | TBN | Panamax LR1 – Scrubber Fitted | Q4 2027 | Under Construction | TBA | |||||
| 8 | TBN | VLCC –Scrubber Fitted | Q4 2027 | Under Construction | TBA | |||||
| 9 | TBN | VLCC – Scrubber Fitted | Q1 2028 | Under Construction | TBA | |||||
| 10 | TBN | VLCC – Scrubber Fitted | Q2 2028 | Under Construction | TBA | |||||
| 11 | TBN | Panamax LR1 – Scrubber Fitted | Q3 2028 | Under Construction | TBA | |||||
| 12 | TBN | Panamax LR1 – Scrubber Fitted | Q3 2028 | Under Construction | TBA | |||||
| SHUTTLE TANKERS | ||||||||||
| 13 | Athens 04 | DP2 Shuttle Tanker | Q2 2025 | DELIVERED | Yes | |||||
| 14 | Paris 24 | DP2 Shuttle Tanker | Q3 2025 | DELIVERED | Yes | |||||
| 15 | Anfield | DP2 Shuttle Tanker | Q3 2026 | Under Construction | Yes | |||||
| 16 | Ipanemas DP | DP2 Shuttle Tanker | Q3 2027 | Under Construction | Yes | |||||
| 17 | Copa DP | DP2 Shuttle Tanker | Q4 2027 | Under Construction | Yes | |||||
| 18 | Selecao DP | DP2 Shuttle Tanker | Q1 2028 | Under Construction | Yes | |||||
| 19 | Maracana DP | DP2 Shuttle Tanker | Q2 2028 | Under Construction | Yes | |||||
| 20 | Leblon DP | DP2 Shuttle Tanker | Q3 2028 | Under Construction | Yes | |||||
| 21 | TBN | DP2 Shuttle Tanker | Q3 2028 | Under Construction | Yes | |||||
| 22 | TBN | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes | |||||
| 23 | TBN | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes | |||||
| 24 | TBN | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes | |||||
| LNG CARRIERS | ||||||||||
| 25 | TBN | LNG Carrier | Q3 2028 | Under Construction | TBA | |||||
| 26 | TBN | LNG Carrier | Q1 2029 | Optional Vessel | TBA | |||||
ABOUT TEN LTD.
Founded in 1993 and celebrating 33 years as a public company, TEN is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 83 vessels, including ten DP2 shuttle tankers, three VLCCs, five scrubber-fitted LR1 tankers and one LNG carrier under construction, consisting of a mix of crude tankers, product tankers and LNG carriers totaling approx. 11 million dwt.
FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
| Visit our company website at: http://www.tenn.gr |
Conference Call Details:
As announced previously, today, Thursday, May 21, 2026, at 10:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as management’s outlook for the business. The call, which will be hosted by TEN’s senior management, may contain information beyond what is included in the earnings press release.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877- 405- 1226 (US Toll-Free Dial In) or +1 201-689-7823 (US and Standard International Dial In). Please quote “Tsakos” to the operator and/or conference ID 13760496. Click here for additional participant International Toll-Free access numbers.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
Simultaneous Slides and Audio Webcast:
There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.tenn.gr and click on Webcasts & Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
For further information, please contact:
Tsakos Energy Navigation Ltd.
George Saroglou
President & COO
+30210 94 07 710
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis/ Markella Kara
+212 661 7566
ten@capitallink.com
| Visit our company website at: http://www.tenn.gr |
TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES
Selected Consolidated Financial and Other Data
(In Thousands of U.S. Dollars, except share, per share and fleet data)
| Three months ended March 31 (unaudited) |
||||||||
| STATEMENT OF OPERATIONS DATA | 2026 | 2025 | ||||||
| Voyage revenues |
$ | 252,963 | $ | 197,051 | ||||
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| Voyage expenses |
29,847 | 36,063 | ||||||
| Charter hire expense |
3,386 | 3,282 | ||||||
| Vessel operating expenses |
53,264 | 49,606 | ||||||
| Depreciation and amortization |
44,147 | 41,131 | ||||||
| General and administrative expenses |
12,443 | 9,906 | ||||||
| Gain on sale of vessels |
— | (3,553 | ) | |||||
|
|
|
|
|
|||||
| Total expenses |
143,087 | 136,435 | ||||||
|
|
|
|
|
|||||
| Operating income |
109,876 | 60,616 | ||||||
|
|
|
|
|
|||||
| Interest and finance costs, net |
(20,788 | ) | (24,002 | ) | ||||
| Interest income |
2,201 | 2,307 | ||||||
| Other, net |
(21 | ) | (19 | ) | ||||
|
|
|
|
|
|||||
| Total other expenses, net |
(18,608 | ) | (21,714 | ) | ||||
|
|
|
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|
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| Net income |
91,268 | 38,902 | ||||||
| Less: Net income attributable to the noncontrolling interest |
(2,425 | ) | (1,191 | ) | ||||
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|
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| Net income attributable to Tsakos Energy Navigation Limited |
$ | 88,843 | $ | 37,711 | ||||
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| Effect of preferred dividends |
(6,750 | ) | (6,750 | ) | ||||
| Undistributed and distributed income allocated to non-vested restricted common stock |
(422 | ) | (201 | ) | ||||
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| Net income attributable to common stockholders of Tsakos Energy Navigation Limited |
$ | 81,671 | $ | 30,760 | ||||
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| Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common stockholders |
$ | 2.72 | $ | 1.04 | ||||
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| Weighted average number of shares, basic and diluted |
29,971,603 | 29,661,103 | ||||||
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| BALANCE SHEET DATA | March 31 | December 31 | ||||||
| 2026 | 2025 | |||||||
| Cash |
321,416 | 298,129 | ||||||
| Other assets |
331,398 | 197,009 | ||||||
| Vessels, net |
3,145,164 | 3,156,075 | ||||||
| Advances for vessels under construction |
442,740 | 301,868 | ||||||
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|
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| Total assets |
$ | 4,240,718 | $ | 3,953,081 | ||||
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|
|||||
| Debt and other financial liabilities, net of deferred finance costs |
2,136,109 | 1,920,975 | ||||||
| Other liabilities |
156,744 | 169,101 | ||||||
| Stockholders’ equity |
1,947,865 | 1,863,005 | ||||||
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|
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| Total liabilities and stockholders’ equity |
$ | 4,240,718 | $ | 3,953,081 | ||||
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| Visit our company website at: http://www.tenn.gr |
| Three months ended March 31 |
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| OTHER FINANCIAL DATA | 2026 | 2025 | ||||||||||
| Net cash provided by operating activities |
$ | 97,181 | $ | 52,150 | ||||||||
| Net cash used in investing activities |
$ | (252,075 | ) | $ | (2,645 | ) | ||||||
| Net cash provided by (used in) financing activities |
$ | 178,181 | $ | (48,239 | ) | |||||||
| TCE per ship per day |
$ | 40,960 | $ | 30,741 | ||||||||
| Operating expenses per ship per day |
$ | 9,952 | $ | 9,502 | ||||||||
| Vessel overhead costs per ship per day |
$ | 2,180 | $ | 1,777 | ||||||||
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|
|
|
|
|||||||||
| 12,132 | 11,279 | |||||||||||
| FLEET DATA |
||||||||||||
| Average number of vessels during period |
63.4 | 61.9 | ||||||||||
| Number of vessels at end of period |
64.0 | 61.0 | ||||||||||
| Average age of fleet at end of period |
Years | 10.3 | 10.4 | |||||||||
| Dwt at end of period (in thousands) |
8,003 | 7,454 | ||||||||||
| Time charter employment - fixed rate |
Days | 3,808 | 2,782 | |||||||||
| Time charter and pool employment - variable rate |
Days | 1,288 | 1,657 | |||||||||
| Period employment coa at market rates |
Days | 0 | 0 | |||||||||
| Spot voyage employment at market rates |
Days | 513 | 979 | |||||||||
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| Total operating days |
5,609 | 5,418 | ||||||||||
| Total available days |
5,707 | 5,575 | ||||||||||
| Utilization |
98.3 | % | 97.2 | % | ||||||||
Non-GAAP Measures
Reconciliation of Net income to Adjusted EBITDA
| Three months ended March 31 |
||||||||
| 2026 | 2025 | |||||||
| Net income attributable to Tsakos Energy Navigation Limited |
$ | 88,843 | $ | 37,711 | ||||
| Depreciation and amortization |
44,147 | 41,131 | ||||||
| Interest Expense |
20,788 | 24,002 | ||||||
| Gain on sale of vessels |
— | (3,553 | ) | |||||
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| Adjusted EBITDA |
$ | 153,778 | $ | 99,291 | ||||
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The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP measures used within the financial community may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods as well as comparisons between the performance of Shipping Companies. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. We are using the following Non-GAAP measures:
(i) TCE which represents voyage revenue less voyage expenses, is divided by the number of operating days less 74 days lost for the first quarter of 2026 as a result of calculating revenue on a loading to discharge basis, compared to 64 days lost for the first quarter of 2025.
(ii) Vessel overhead costs are General & Administrative expenses, which also include Management fees, Stock compensation expense and Management incentive award.
(iii) Operating expenses per ship per day which exclude Management fees, General & Administrative expenses, Stock compensation expense and Management incentive award.
(iv) Adjusted EBITDA. See above for reconciliation to net income.
Non-GAAP financial measures should be viewed in addition to and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.
The Company does not incur corporation tax.
| Visit our company website at: http://www.tenn.gr |