The Greek-based Tsakos Energy Navigation books year revenues at $860 million and record profits of $204.2 million. Tsakos Energy marks 20th anniversary on the New York Stock Exchange with big record profit.
The Greek owner reports that the positive market fundamentals and the ongoing geopolitical events have maintained a strong market throughout 2022, and have resulted in TEN’s fleet generating $860 million of voyage revenues. The net income in 2022 climbed to $204.2 million and the adjusted Ebitda in the year amounted to about $396 million, resulting in a 240% increase compared to $115 million in 2021.
“Having a record year on our 20th anniversary on the New York Stock Exchange, we look forward for even better days as we celebrate thirty years since our establishment back in 1993”, Mr George Saroglou, Chief Operating Officer of TEN commented.
The Greek owner is optimistic as the first quarter of 2023 has been the most active sales and purchase period since the company’s inception in 1993, with the company announcing that this proves that “TEN moves swiftly when opportunities arise in order to maintain the modernity of its fleet.”
Following the sale of eight vessels, with an average age of 17 years, the company is renewing its fleet, with an active newbuilding program in South Korean yards, with four dual-fuel LNG aframaxes, two DP2 shuttle tankers and two suezmaxes for deliveries starting in the third quarter of 2023.
The Tsakos Energy Navigation, founded by Mr. Nikolas Tsakos, has also sold in the first quarter of 2023 six 2005-built MR and two 2007-built Handysize tankers on an en-bloc basis to third party interests, and generated $117 million of free cash after repaying related debt. A capital gain of $80.4 million from these sales will be recorded in the first quarter of 2023, as the company says today.
Furthermore in the previous month TEN repurchased two 2005-built Suezmax tankers that were under sale-and-leaseback agreements, the Eurochampion 2004 and Euronike, for a price that is today well under their fair market value. Currently these vessels operate in the strong spot market and management is actively exploring opportunities.
Also in March 2023, the 2016-built LNG carrier Maria Energy was fixed for a minimum of 12-years to a leading Asian natural gas operator, at a rate reflective of current market conditions in the LNG sector. The vessel is expected to be delivered to her new charterer, upon completion of the existing contract in April 2026, and is expected to generate a minimum of $350 million in gross revenues, as the company says.