Friday, May 24 2024

Tsakos Energy Navigation announces record profit and confirms suezmax DP2 shuttle tanker order

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The photos in this article are courtesy of Dr. Nikolaos Tsakos

Greek Tsakos Energy Navigation (TEN), the New York-listed firm, announced on Wednesday 27 March a net income of $300.2m in 2023, a record annual profit up 47% from the previous year and confirmed a new shuttle tanker order.

Eva Metis Koutoumanou

Tsakos Energy Navigation, an owner of more than 70 tankers and LNG vessels on the water or under construction, posted the best annual results in its 30 years as a listed company.

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Dr. Nikolaos Tsakos with his twin daughters Irene and Elizabeth from his marriage to the famous Greek designer Celia Kritharioti outside the NYSE

The Greek shipowner, in 2023 generated $890m in revenues resulting to a net income of $327m before impairment charges, a significant increase from last year.

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“TEN celebrated its 30th year as a public company, with another record year performance,” Dr.  Nikolaos Tsakos said.

Adjusted Ebitda for the year reached $490m, $95m higher than in 2022, a 24% increase.

Average TCE per ship per day for 2023 amounted to $36,822, 21% higher from the 2022 level while vessel utilization climbed to 96.3% in 2023 from 94.7% the prior year.

Depreciation and amortization combined for 2023 remained relatively stable compared to 2022 at $144 million.

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Dr. Nikolaos Tsakos with his twin daughters Irene and Elizabeth Tsakos

Greek Tsakos Energy Navigation has confirmed the signing last month of a newbuilding deal with a major South Korean yard for the construction of one option one suezmax DP2 shuttle tanker with expected delivery in 2026.

The vessel has a 10-year employment with a major energy concern with embedded charterer options to increase the duration of the charter to a maximum of 20 years.

The expected gross revenues over the maximum life of this contract are about $500m.

Meanwhile, under the recently announced agreement to acquire five-modern eco-friendly tankers employed on term contracts, the first vessel, the DF Montmartre, a 2023-built LNG-powered LR2 aframax tanker was delivered to the company on March 26, 2024.

The other four are expected to join the fleet between early April 2024 and June 2024.