Tsakos Energy Navigation (TEN) has released an update.
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Tsakos Energy Navigation Limited reported a 3.3% decrease in voyage revenue for Q2 2024 compared to the same period in 2023, attributed to softer tanker market rates despite high oil demand due to geopolitical tensions. The company’s fleet utilization dipped slightly from 94.2% to 92.4%, with a notable revenue increase from time charter-fixed rate contracts due to acquisitions and EU emissions allowances. Half-year figures showed a 13.9% revenue decline and a lower fleet utilization rate, impacted by vessel dry-dockings and repositionings.
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