Tsakos Energy Navigation (TEN) recorded a 160% increase in profits in the nine months of 2023, reaching 272 million dollars, while the rest of the company’s revenue reached 1.4 billion dollars. This year’s dividend has reached 1 dollar per share, while TEN has distributed over 800 million dollars to its shareholders since it was listed on the NYSE.
In the first nine months of 2023, TEN had revenues of 669 million dollars, up 79 million dollars, compared to the first nine months of 2022, reflecting the continued strength of the tanker market.
“With favorable tanker market fundamentals and interest in long-term contracts increasing, we remain confident that TEN will continue to present an attractive proposition to those seeking a longer-term involvement in global energy trading through companies that have shown resilience over time,” the company’s president Giorgos Saroglou said.
Moreover, the company is considering selling older ships in its fleet due to the increase in tanker values (it manages tankers and LNG carriers) and replacing them with newer or newly built ones.
