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.
Tenneco Inc. (NYSE: TEN) announced the launch of new Monroe Intelligent Suspension RideSense products tailored for luxury European vehicles. These products seamlessly integrate with OE electronic suspensions, allowing for customizable driving experiences. Featuring Continuously Variable Semi-Active technology, RideSense products promise enhanced control and longevity, supported by a 5-Year limited warranty. A total of 18 new part numbers are now available in the US and Canada, covering popular models like the 2015-2007 Mercedes Benz C-Class and 2010-2000 Volvo S60 AWD.
Tenneco (NYSE: TEN) reported second quarter 2022 results, with total revenue of $4.7 billion, a 2% year-over-year increase. Value-add revenue rose 6% to $3.5 billion, despite a $174 million negative currency impact. EBIT dropped to $15 million from $127 million year-over-year, while adjusted EBITDA fell to $212 million from $356 million. The company also reported a net loss of $121 million ($1.44 per diluted share), compared to a net loss of $10 million in the prior year. Tenneco aims to finalize its transaction with Apollo Funds in the second half of 2022.
Monroe, part of Tenneco's DRiV Motorparts group, has launched new part numbers for its products, broadening its coverage by over 6.5 million vehicles in operation. This includes Quick-Strut assemblies, OESpectrum shocks, Magnum struts, and Intelligent Suspension RideSense products. Monroe's offerings now cover over 1.4 million vehicles with designs tested for durability. The new products aim to enhance vehicle performance and cater to high-mileage and heavy-load vehicles, reflecting Monroe's commitment to innovation in automotive solutions.
Tenneco's FERODO Racing has launched a new range of high-performance brake pads, discs, and fluid designed for mountain, road, and eBikes. This innovative product line, showcased at Eurobike 2022, leverages FERODO's extensive experience in motorsport, promising exceptional braking precision and reliability. Key offerings include mid-metallic eBike brake pads, high-carbon steel brake discs, and DOT 4 brake fluid. With over 125 years of braking innovation, FERODO's products continue to support top racing teams globally, reflecting a commitment to performance and safety.
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Tenneco's shareholders have approved the company's acquisition by affiliates of Apollo Global Management during the 2022 Annual Shareholder Meeting held on June 7, 2022. This unanimous decision by the Board of Directors aligns with Tenneco's strategic goals and is expected to finalize in the second half of 2022, pending regulatory approvals. Additionally, shareholders re-elected all director nominees and appointed PricewaterhouseCoopers LLP as the independent auditor for 2022. The company reported full-year 2021 revenues of $18 billion and approximately 71,000 employees at over 260 sites worldwide.
Tenneco has announced its collaboration with Mercedes-AMG for the 2022 SL-Class roadsters, integrating its advanced CVSA2 suspension technologies. The SL 43 and 55 models will feature CVSA2 semi-active suspension, while the SL 63 will include the enhanced CVSA2/Kinetic system. Both systems enhance driving performance and comfort through sophisticated data monitoring. This project underscores Tenneco's commitment to innovation in automotive technology, leveraging its manufacturing capabilities in Gliwice, Poland. In 2021, Tenneco reported revenues of $18 billion.
Tenneco (NYSE: TEN) reported Q1 2022 results showing total revenue of $4.6 billion, a 2% decline from last year. Value-add revenue remained flat at $3.6 billion despite a negative currency impact of $100 million. EBIT decreased to $77 million from $204 million in Q1 2021, with adjusted EBITDA at $253 million. The net loss was $38 million, equating to $0.46 per diluted share, a drop from a net income of $65 million last year. The company maintains liquidity of $2.1 billion.
Monroe, a brand of Tenneco, has announced new part numbers for its Quick-Strut assemblies and OESpectrum shocks, enhancing product coverage to over 4.2 million vehicles. This includes coverage for popular cars like the Chevrolet Cruze and Malibu, and Hyundai Santa Fe. The Quick-Strut assemblies feature durability-tested designs, with coil springs stronger than competitors. Monroe’s products, offering improved ride quality and performance, are available in the U.S. and Canada, and are supported by a limited lifetime warranty.
Tenneco (NYSE: TEN) has introduced innovative hybrid friction material composites designed for both internal combustion engine (ICE) and electric vehicles (EVs). This advanced material combines low steel (LS) and non-asbestos-organic (NAO) composites, providing superior braking performance and comfort. The new product aims to address the demands of a shifting automotive market, particularly in the growing e-mobility sector. Tenneco's facility in Chongqing, China, is currently in series production, with additional projects underway in Europe.