The Greek-based Tsakos Energy Navigation celebrates 30 years as a public entity and reports record profits for the first quarter of 2023.
The Greek shipowner of crude tankers, product tankers and LNG carriers, books quarterly net income, including the $81 million capital gain, of $177 million.
The gross revenues of the company were $261 million, representing an increase of 74% or $112 million from the same quarter in 2022, despite operating fewer vessels.
Boosted by TEN’s flexible charters with upside potential, the fleet’s average time charter equivalent (TCE) more than doubled to $41,882 per day from the 2022 first quarter levels.
The shipowner TEN has also secured new charters and extensions of 15 of its vessels (including two LNGs) on both fixed and marked related rates. These recent fixtures raise the total minimum contracted revenue of the fleet to $1.6 billion.
Furthermore the company´s bank debt in the first quarter of 2023 was $21 million lower from the year-end 2022 level at $1.39 billion.
“Our 30th year as a public company finds TEN in record performance. With strong market fundamentals we expect to continue reducing our debt obligations, further strengthen our balance sheet and reward our shareholders with healthy dividend distributions,” George Saroglou, Chief Operating Officer of TEN stated.
In the meantime as secondhand prices remain healthy and demand for readily available tonnage is on the rise, the top management of the company will continue to explore opportunities for the sale of its vessels, whilst “seeking fleet expansion by increasing its footprint in dual-fuel vessels in co-operation with its clients,” as TEN explains today in a statement.
TEN’s diversified energy fleet currently consists of 67 double-hull vessels including four dual-fuel LNG powered Aframaxes, two scrubber-fitted Suezmaxes and up to three DP2 Shuttle tankers under construction constituting a mix of crude tankers, product tankers and LNG carriers, totaling 8.4 million deadweight.