Tsakos Energy Navigation ( (TEN) ) has released its Q4 earnings. Here is a breakdown of the information Tsakos Energy Navigation presented to its investors.
Tsakos Energy Navigation (TEN) is a prominent global shipping company specializing in the transportation of energy, with a diverse fleet that includes crude tankers, product tankers, and LNG carriers. The company is recognized for its extensive fleet and strategic focus on long-term contracts.
In its latest earnings report, TEN announced a robust financial performance for the year 2024, with significant growth in both revenue and fleet size. The company reported an adjusted EBITDA of $400 million and a net income of $176 million, reflecting a strong operational year.
Key highlights from the report include a 36% growth in deadweight tonnage (dwt) due to a 21-vessel expansion, bringing the fleet to 82 vessels. TEN also secured long-term contracts for nine DP2 shuttle tankers with Brazil’s Transpetro, expected to generate $2 billion in revenue. Additionally, the sale of a 2009-built suezmax tanker contributed $30 million in free cash, supporting ongoing fleet renewal.
Looking ahead, TEN remains optimistic about the tanker market, citing strong market fundamentals and geopolitical factors that continue to support charter rates and asset values. The company plans to maintain its strategy of fleet modernization and long-term client relationships, ensuring sustained growth and stability.
TEN’s management is committed to leveraging favorable market conditions and maintaining its dividend distribution, supported by secured revenue contracts and a solid financial position.