Tsakos Energy Navigation Ltd (NYSE:TEN) on Thursday reported earnings per share of 42 cents, beating the analyst consensus estimate of 37 cents. Quarterly sales of $188.26 million outpaced the street view of $166.22 million.
The company’s shares are trading higher, following the results.
As a result of the four vessels undergoing scheduled dry dockings during this 2024 fourth quarter, fleet utilization settled at 93.3%, which resulted in average TCE per ship per day of $30,107 and adjusted EBITDA of $85.6 million.
“This period has been a milestone year for TEN with the largest growth program in its history representing 21 vessels of 2.6 million dwt under construction resulting in a proforma fleet of 82 vessels with a minimum revenue backlog of $4.0 billion,” commented George Saroglou, President & COO of the company stated.
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Fleet utilization for the twelve months of 2024, reflecting heightened dry-docking activity and repositioning voyages, was at 92.5% and average TCE per ship per day was $32,550.
The company authorized the payment of $0.60 common stock dividend to be made in July 2025, a level identical to the one paid in July 2024.
“These secured revenue contracts are expected to provide cash flow visibility to continue supporting the Company’s dividend distributions to our shareholders, a value which we hope will be reflected again in our stock,” the COO added.
Price Action: TEN shares are trading higher by 2.64% to $17.10 at last check Thursday.
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