Tsakos Energy Navigation Ltd. - TNP STOCK NEWS

TEN, a leader in the tanker industry, successfully held its 31st Annual General Meeting on June 14, 2024, in Athens. During the meeting, all proposed resolutions were approved with at least 89.27% of votes cast in favor, demonstrating strong shareholder support. The meeting was well-attended, fulfilling the quorum requirement.

TEN reported strong results for Q1 2024, with voyage revenues of $201.6 million and net income of $54 million, translating to $1.60 per share. The company's fleet renewal and growth initiatives are on track, with the delivery of three dual-fuel LNG vessels, and the sale and purchase of multiple ships. Cash reserves stood at $344 million, and bank debt reached $1.66 billion. Operating income was $76.2 million, including $16.2 million from vessel sales. Despite reduced fleet utilization and higher drydocking days, TEN maintained healthy TCE earnings of $33,403 per ship per day. The company announced a semi-annual dividend of $0.60 per share, double that of the previous year, to be distributed on July 18, 2024. The NYSE ticker symbol will change to 'TEN' effective July 1, 2024. The tanker market fundamentals remain solid, and TEN's fleet modernization efforts are contributing to its sustainable growth.

TEN , a leading operator in the crude, product, and LNG tanker market, announced a ticker symbol change for its NYSE-listed shares. Effective July 1, 2024, the common shares will change from 'TNP' to 'TEN.' The Series E and Series F Preferred Shares will also change to 'TEN-PRE' and 'TEN-PRF,' respectively. The new ticker symbol aims to align with the company's brand and growth in the maritime industry. No actions are required from existing shareholders, and the CUSIPs will remain the same.

TEN (NYSE: TNP) announced the completion of its acquisition of Viken Crude AS, including the delivery of a 2019-built Aframax tanker. The company also sold a 2008-built Aframax and a 2007-built LNG carrier, generating $100 million in free cash. Since early 2023, TEN has sold 13 vessels totaling 1.1 million dwt, averaging 18.5 years old, and acquired or ordered 20 vessels totaling 2.25 million dwt with an average age of 1.2 years. These moves significantly increase the company's fleet size and capacity, modernize its assets, and enhance its environmental footprint.

TEN's ongoing newbuilding program includes several vessels under construction, expected to be delivered between Q2 2025 and Q3 2028.

TEN, a leading tanker operator, announced it will report its Q1 2024 earnings on June 20, 2024, before the New York market opens.

On the same day, at 10:00 a.m. ET, TEN's senior management will host a conference call to discuss the results and provide an outlook.

Participants can join the call via toll-free dial-in (877-405-1226) or international dial-in (+1 201-689-7823) using the conference ID 13747051.

A simultaneous webcast and accompanying slides will be available on the company's website, with an archived version accessible post-event.

TEN (NYSE: TNP) announced the delivery of six environmentally friendly vessels since the beginning of 2024. These vessels include three Dual-Fuel LNG LR2 product tankers and three other tankers, one of which was delivered on May 14, 2024. A seventh vessel, a scrubber-fitted Aframax, is expected to be delivered by the end of May 2024. All vessels are employed on time-charter contracts with profit-sharing provisions, expected to generate minimum gross revenues exceeding $200 million. The company aims for a fully 'green' fleet by 2030, with eight more vessels currently under construction.

TEN, (NYSE: TNP) announced that its Founder and CEO, Dr. Nikolas Tsakos, will be interviewed on the Claman Countdown program on Fox Business Network on Friday, May 17, 2024, from 3.15 p.m. to 3.45 p.m. EST. The interview will focus on the company's record performance in 2023, recent developments, and strategic outlook in the global energy and shipping markets. Dr. Tsakos will discuss key industry trends and future opportunities.

TEN (NYSE: TNP), a key player in the energy and shipping sectors, announced that its Founder and CEO, Dr. Nikolas Tsakos, will be interviewed live today on the Schwab Network. Dr. Tsakos is set to discuss the company's record performance in 2023, strategic developments, and the global energy and shipping markets. The interview will feature insights on industry trends and future opportunities, aimed at providing a comprehensive sector outlook. The interview is scheduled for 2:20 pm EST today and can be watched live through the provided link.

TEN (TEN) (NYSE: TNP) has filed its Annual Report on Form 20-F for the year ended December 31, 2023, with the SEC. Shareholders can access the report on the company's website or request a free hard copy.