Tsakos Energy Navigation’s contracted revenue for the coming years amounts to 2 billion dollars, while dividends to shareholders for 2024 are higher by 50% compared to 2023.
The NYSE-listed company, led by Dr. Nikos Tsakos, during the first half of 2024, recorded revenues of 416 million dollars and operating profits of 179 million dollars, including capital gains of 49 million.
Net income stood at 130.4 million, or 3.96 dollars per share, in the first half of 2024.
The average time charter equivalent (TCE) per vessel per day, for the first half of 2024, was flat at 33,830 dollars.
Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) totaled 214 million.
Market fundamentals continue to be favorable as the new ship order book is well under control, driven by ongoing discussions about alternative fuels and increasing global oil demand.
Various geopolitical events around the world continue unabated, with freight and asset prices on firm ground.
Recent incidents in the Red Sea have made the geopolitical landscape more difficult, forcing most ships, especially product tankers, bound for Europe to divert their journey through the Cape of Good Hope.
These diversions caused an inevitable increase in tonne-mile demand and a further reduction in vessel supply, helping charter rates to remain high.
In addition, the recent announcement by OPEC+ to lift voluntary production cuts of around 2.2 million barrels per day is expected to provide an additional boost to seaborne trade and, ultimately, tanker demand.
In this environment, TEN has embarked on a dynamic development and renewal program with 21 fuel-efficient and more environmentally friendly vessels to meet the growing transport needs of its customers.
With a solid balance sheet, 2 billion dollars in minimum contract revenue and a fleet that generates healthy cash flow, TEN continues to expand in the areas in which it operates.
