I agree that TNP's higher % of long-term charters is what makes TNP less volatile (lower beta) than its peers, and that this contributed to TNP's outperformance in October.
I favor an aggressive share buyback. If TNP can cheaply reduce the number of outstanding shares (as I believe it can now do), then this would positively affect both the short-run and long-run EPS and stock price.
I'm not too concern about debt. In the unlikely event that TNP experiences financial stress from its debt, it can always sell another ship and pay down debt with the proceeds.