NYSE-listed Tsakos Energy Navigation (TEN) recorded liquidity of 386 million dollars in the third quarter of 2024 and contracted revenues of 1.8 billion dollars, noting that dividends to shareholders have increased by 50% compared to 2023.
According to the announcement of the shipping company, headed by Dr. Nikos Tsakos, revenues in the nine-month period amounted to 615.8 million dollars, while net profits for the same period of 2024 reached 157 million dollars or 4.62 per share.
“With a fleet of 74 vessels, 11 of which made scheduled drydockings this year, the company has delivered strong performance, setting high standards for operational excellence, fleet growth and shareholder rewards. The total dividend of 1.50 per common share for 2024 is a strong testament to this,” commented George Saroglou, President and COO of TEN.
“With healthy cash reserves and a commitment to growth, we are confident that TEN will be at the forefront of delivering value to investors,” concluded Saroglou.
At the same time, the average time charter equivalent (TCE) per vessel per day, in the first nine months of 2024, was stable at 33,390 dollars and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached 314.1 million, up 100.1 million compared to the first half of the year.
The company also reported net income of 26.5 million, or 0.67 per common share.
Finally, adjusted EBITDA in the third quarter of 2024 totaled 100.1 million dollars, compared to 91.6 million in the same period last year.
Higher dividend
After distributing a dividend of 0.60 per share in July 2024, the company’s board of directors decided to distribute a new dividend of 0.90 per share on December 20, 2024, increasing the total payments made for 2024 to 1.50 per share, an amount that is 50% higher than last year.
At the same time, it is noted that since the listing of Tsakos Energy Navigation on the NYSE, an uninterrupted dividend distribution has been maintained for both common shares and preferred shares, totaling 870 million.
Market Outlook
The company’s outlook on market fundamentals makes particular reference to the current environment, in which – according to TEN – the supply of new ships is at its lowest point in 30 years, however the prospects for the tanker market appear promising for the near future.
This is examined in a context where the increase in global oil demand plays a primary role, allowing companies with modern diversified fleets and flexible employment structures to capitalize on the “growing appetite” of large energy companies for long-term contracts.
Alternative fuels
TEN believes that another step is being recorded in the broadly positive environment.
With regard to the various geopolitical events around the world, which continue with unabated intensity, freight rates and asset prices are on stable ground.
In this environment, TEN has launched a dynamic development and renewal program with 21 fuel-efficient and more environmentally friendly vessels, three of which are DP2 shuttle tankers, with the aim of meeting the growing transportation needs of its customers.
Finally, the company’s management specifically pointed out that it continues to explore strategic opportunities in all the sectors in which it operates.
