Tsakos Energy Stock Price, News & Analysis

TEN Ltd reported strong Q1 2025 financial results with EBITDA of $103 million and net income of $37.7 million ($1.04 EPS). The company achieved revenues of $197.1 million with 97.2% fleet utilization. TEN declared a semi-annual dividend of $0.60 per share, bringing total dividend distributions to over $900 million since its 2002 NYSE listing. The company secured a major contract from Brazil's Transpetro/Petrobras to build nine DP2 Shuttle Tankers, with minimum revenues of $2 billion. Total fleet contracted revenue backlog reached $3.7 billion. TEN is executing a significant 21-vessel eco growth program, with recent deliveries including Dr Irene Tsakos and Athens 04. The company maintains a strong financial position with $350 million in cash reserves and slightly reduced bank debt of $1.7 billion.

TEN Ltd announced the delivery of eco-friendly scrubber-fitted suezmax tanker 'Dr Irene Tsakos' and the naming of sister vessel 'Silia T' from Hyundai Heavy Industries. Both vessels secured long-term charters with European and US energy majors, with Dr Irene Tsakos chartered for 5 years and Silia T for 3 years with extension options up to 9 years. These contracts boost TEN's revenue backlog to $3.7 billion. The company's fleet renewal program, initiated in January 2023, has replaced 14 older vessels with 30 eco-friendly newbuildings and acquisitions, increasing total carrying capacity from 1.2 million dwt to 3.7 million dwt. TEN's proforma fleet now consists of 82 vessels, with 19 under construction scheduled for delivery between Q3 2025 and Q4 2028.

TEN Ltd. (NYSE:TEN), a leading diversified crude, product and LNG tanker operator, has scheduled its first quarter 2025 earnings release for Tuesday, June 17, 2025, before the New York market opens. The company will host a conference call at 10:00 a.m. Eastern Time on the same day, featuring senior management discussing results and business outlook. Participants can join via US Toll-Free (877-405-1226) or International (201-689-7823) numbers, using conference ID 13753901. The call will include a live webcast with slides accessible through the company's website at www.tenn.gr, with registration required 10 minutes before start time.

TEN Ltd (NYSE: TEN), a leading diversified crude, product and LNG tanker operator, has announced a quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares (NYSE: TENPRE). The dividend covers the period from February 28, 2025, through May 27, 2025, and will be paid on May 28, 2025, to shareholders of record as of May 22, 2025.

This marks the 33rd dividend payment on the Series E Preferred Shares since their NYSE listing. TEN currently has 4,745,947 Series E Preferred Shares outstanding. The dividends are paid quarterly in February, May, August, and November, subject to board approval.

TEN Ltd. has announced the delivery of "Athens 04" and naming of "Paris 24" DP2 shuttle tankers from Samsung Heavy Industries, marking a significant expansion in their Brazilian offshore operations. These vessels secured seven-year contracts with a European oil major, with extension options up to 15 years, expected to generate $300 million in gross revenues. The deliveries represent the start of TEN's second phase expansion in Brazil's offshore market, where they've operated since 2013. With a pro-forma fleet of 82 vessels, including 16 shuttle tankers, TEN's minimum contracted revenues now reach $3.7 billion. The company's extensive newbuilding program includes 12 DP2 shuttle tankers and 9 conventional tankers under construction, positioning TEN as one of the largest shuttle tanker owners globally.

TEN (NYSE: TEN) has announced the filing of its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (SEC) for the fiscal year ended December 31, 2024. The report is now accessible through TEN's Investor Relations website under the SEC Filings section. Shareholders can also request a complimentary hard copy of the annual report by contacting Capital Link.

TEN (NYSE: TEN) has announced its Board of Directors' declaration of a regular quarterly cash dividend of $0.59375 per share for Series F Cumulative Redeemable Perpetual Preferred Shares (NYSE: TENPRF). The dividend covers the period from January 30, 2025, through April 29, 2025, and will be paid on April 30, 2025, to shareholders of record as of April 25, 2025.

This marks the 27th dividend payment for the Series F Preferred Shares since their NYSE listing. The company currently has 6,747,147 Series F Preferred Shares outstanding. Dividends are paid quarterly in arrears on the 30th of January, April, July, and October, subject to business day adjustments and board declaration.

TEN reported strong financial results for 2024, with net income of $176.2 million ($5.03 per share) and gross revenues of $804.1 million. The company achieved an Adjusted EBITDA of $400 million and maintained a healthy fleet utilization of 92.5%. Operating income reached $278.6 million, including $48.7 million in capital gains from vessel sales.

The company announced a significant expansion with 21 new vessels, representing 36% dwt growth, bringing their proforma fleet to 82 vessels. A major development includes securing contracts for nine DP2 shuttle tankers with Brazil's Transpetro, valued at $2.0 billion in expected revenues. The Board authorized a common stock dividend of $0.60 per share, payable in July 2025.

TEN's financial position remains solid with $348.3 million in cash reserves as of December 31, 2024. The company recently sold a 2009-built suezmax tanker, generating $30.0 million in free cash and $2.5 million in capital gains.

TEN (NYSE: TEN) has announced the construction of nine DP2 Suezmax Shuttle Tankers with 15-year employment contracts for Transpetro, Brazil's largest oil and gas transportation company. The vessels will be built at Samsung Heavy Industries in South Korea, with deliveries scheduled for 2027 and 2028.

The contract, structured as a bareboat charter where Transpetro assumes all operating and technical costs, is expected to generate gross revenues of approximately $2.0 billion. This expansion will make TEN one of the world's largest Shuttle tanker owners with a proforma fleet of 16 DP2 Suezmax Shuttle tankers.

This announcement follows TEN's recent fleet expansion initiatives, including three DP2 Shuttle Tankers currently under construction with deliveries in 2025-2026, and the acquisition of five modern Dual-Fuel LNG vessels from Viken Crude in early 2024.