Welcome to our dedicated page for Tsakos Energy news (Ticker: TEN), a resource for investors and traders seeking the latest updates and insights on Tsakos Energy stock.
News about Tsakos Energy Navigation Ltd. (TEN) focuses on its activities as a diversified crude, product and LNG tanker operator listed on the New York Stock Exchange. Company press releases and related coverage highlight developments in its energy transportation business, including fleet expansion, chartering activity and financial performance.
Readers of the TEN (TEN) news page can review announcements on quarterly and nine-month results, where the company reports voyage revenues, operating income, net income, fleet utilization and contracted revenue. These releases often include commentary from management on tanker market conditions and the composition of TEN’s charter portfolio across time charters, profit-sharing arrangements, spot voyages, pool participation and other contracts.
News items also cover TEN’s fleet development, such as deliveries of new DP2 shuttle tankers, scrubber-fitted suezmax tankers, MR product tankers, LR1 tankers and VLCCs, as well as orders placed with shipyards in South Korea. The company reports long-term employment for many of these vessels with oil majors and other large counterparties, and highlights its expansion in the shuttle tanker segment, including recognition at the Lloyd’s List Greek Shipping Awards.
Investors following TEN’s news will also find updates on common and preferred share dividends, including regular quarterly dividends on Series E and Series F preferred shares and semi-annual dividends on common stock. Additional news includes features on TEN in external publications, references to its focus on operational discipline and modernization, and information on corporate governance developments such as board appointments. This page brings together these company communications so that readers can monitor TEN’s disclosures on its operations, fleet and capital structure.
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 (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.