Financial Data and Key Metrics Changes - The company reported net income for 2024 at $176 million, equating to $5.03 per common share, with adjusted EBITDA at $400 million [39][42] - Gross revenues for 2024 reached $804 million, while operating income was $279 million after accounting for $49 million in capital gains from asset sales [38][39] - Average fleet utilization for the year settled at 92.5%, down from 96.3% in 2023, reflecting the impact of drydockings [38] Business Line Data and Key Metrics Changes - The fleet averaged approximately 62 vessels in 2024, an increase from 60 vessels in the fourth quarter of 2023 [37][42] - The company divested five older tankers and acquired nine vessels, including dual-fuel LNG Aframaxes, enhancing fleet quality [37][39] - The average TCE (Time Charter Equivalent) per ship per day for 2024 was $32,550, supported by long-term secured revenue contracts [39] Market Data and Key Metrics Changes - The company has doubled its medium to long-term receivables from $2 billion to $4 billion within the last two months due to new transactions [21] - The largest client is ExxonMobil, with 82% of revenues secured through long-term contracts with major energy companies [32][91] - The tanker market remains strong, with Aframaxes and Suezmax rates showing healthy increases [88][90] Company Strategy and Development Direction - The company is undergoing its largest growth phase in history, with 21 vessels on order, including nine DP2 shuttle tankers on long-term contracts with Petrobras [45] - The strategy focuses on maintaining ample liquidity to capitalize on growth opportunities without raising equity [11][19] - The company aims to continue its countercyclical investment approach, raising equity at market lows to fund growth projects [26] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the share price being half of what it was a year ago, despite significant growth in fleet size and revenue backlog [21][22] - The company anticipates continued strong performance due to a robust market environment and a focus on high-quality clients [88][91] - Management remains optimistic about future dividend growth, contingent on market conditions [77] Other Important Information - The company has maintained uninterrupted dividend payments since inception, with a semi-annual dividend of $0.60 planned for July 2025 [44][77] - The company has a strong cash position of just under $350 million, despite significant dividend payments and growth project expenditures [41] Q&A Session Summary Question: Regarding the shuttle tanker deal and crew provision by Transpetro - Management confirmed that Transpetro will provide crews under a bareboat charter and expressed confidence in their capacity to do so, with potential collaboration on crew training [54][56] Question: On asset sales and potential transactions - Management indicated that older vessels are being considered for sale, with expectations of net proceeds around $130 million from upcoming transactions [60] Question: About the appetite for additional tonnage and interest rate hedging - Management stated they are focused on the current 21 ordered vessels but are always looking for strategic opportunities [66] - They are actively exploring ways to hedge interest rate risks associated with financing [67] Question: Plans for the Maria Energy vessel and potential sale - The Maria Energy is fixed for long-term employment starting in May 2026, with management open to selling if advantageous [73] Question: Future dividend payments and potential increases - Management reiterated the current dividend level and expressed hope for increases based on market conditions [77][78] Question: Operating statistics and G&A expenses outlook for 2025 - Management expects a similar number of drydocks in 2025 and anticipates a drop in G&A expenses due to recent personnel incentives [82][84]

Tsakos Energy Navigation (TEN) Q4 2024 Earnings Call March 27, 2025 10:19 PM ET Company Participants Nicolas Bornozis - President & CEOEfstratios Georgios Arapoglou - Chairman of the BoardNikolas Tsakos - Founder, CEO & Executive DirectorGeorge Saroglou - COO, President & Executive DirectorHarrys Kosmatos - Co-CFO Conference Call Participants Poe Fratt - Equity Research Analyst - TransportationClement Mullins - Analyst Operator Good morning to all. Thank you for standing by, ladies and gentlemen, and welcom ...

Q4 & YE 2024 Earnings Presentation March 27, 2025 TEN, Ltd. This presentation may contain forward-looking statements that are not based on historical fact, including without limitation, statements containing the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ mate ...

Core Insights - TEN, Ltd. has reported significant growth in its fleet and financial performance, with a proforma fleet of 82 vessels and a minimum revenue backlog of $4.0 billion, indicating strong future cash flow visibility [20][22] - The company generated gross revenues of $804.1 million and net income of $176.2 million for the year 2024, translating to an annual EPS of $5.03 [4][8] - The adjusted EBITDA for 2024 reached approximately $400 million, reflecting the increased size of the fleet and efficient management [5][30] Financial Performance - For the twelve months of 2024, TEN's operating income was $278.6 million, after accounting for $48.7 million in capital gains from vessel sales [4][30] - In Q4 2024, the company reported gross revenues of $188.3 million and net income of $19.3 million, with an EPS of $0.42 [8][30] - Fleet utilization for 2024 was at 92.5%, with an average TCE per ship per day of $32,550 [4][29] Fleet Expansion and Strategy - TEN is expanding its fleet with 21 new vessels, resulting in a 36% growth in deadweight tonnage (dwt) [1][20] - The company has secured long-term contracts for nine DP2 shuttle tankers with Brazil's Transpetro, expected to generate $2.0 billion in revenues [2][13] - The ongoing fleet renewal includes the sale of older vessels, such as a 2009-built suezmax, generating $30 million in free cash [2][14] Market Outlook - The tanker market fundamentals remain strong, supported by geopolitical events and a favorable supply-demand balance [15][16] - TEN's strategy focuses on building vessels for long-term needs of blue-chip customers while exploring divestment opportunities for older tankers [17][19] - The company aims to maintain uninterrupted dividend payments, having distributed a total of $895 million since its NYSE listing in 2002 [2][12]

Core Viewpoint - TEN, Ltd has announced the construction of nine DP2 Suezmax Shuttle Tankers with expected gross revenues of approximately $2.0 billion, solidifying its position as one of the largest independent Shuttle tanker operators globally [1][2]. Group 1: Company Developments - The nine new vessels will be built at Samsung Heavy Industries in South Korea, with deliveries scheduled for 2027 and 2028 [1]. - TEN currently has a proforma fleet of 16 DP2 Suezmax Shuttle tankers, making it one of the world's largest Shuttle tanker owners [2]. - The charter for these vessels will be in the form of a bareboat, with the charterer assuming all operating and technical costs during the employment period [2]. Group 2: Historical Context and Growth - Over the years, TEN has strategically targeted opportunities to build modern vessels, enhancing its status as a diversified energy transporter [3]. - Significant past milestones include the acquisition of nine ice-strengthened vessels in 2007 and nine Aframax vessels contracted by Equinor in 2014, which established TEN as a major player in various tanker classes [3]. - In early 2024, TEN expanded its fleet by acquiring a five-vessel modern fleet from Norway's Viken Crude, becoming one of the largest operators of Dual-Fuel LNG vessels [3]. Group 3: Financial Stability and Future Outlook - The company's industrial approach to fleet employment has provided cash flow stability, visibility, and flexibility, allowing it to capitalize on opportunities while maintaining the ability to reward shareholders with healthy dividends [4]. - TEN is positioned as a preferred partner for the long-term needs of major oil companies, with ongoing construction of three Shuttle tankers and the new nine vessels enhancing its operational capacity [4]. Group 4: Company Overview - Founded in 1993, TEN is one of the first and most established public shipping companies, currently operating a diversified fleet of 83 vessels, including various types of tankers and carriers, totaling 10.2 million deadweight tonnage (dwt) [5].

Company Overview - TEN Ltd. is a leading diversified crude, product, and LNG tanker operator, founded in 1993 and celebrating 32 years as a public company [6] - The company's fleet consists of 74 vessels, including various types of tankers, totaling 8.9 million deadweight tonnage (dwt) [6] Earnings Announcement - TEN will report its earnings for the fourth quarter and the year ended December 31, 2024, prior to the market opening in New York on March 27, 2025 [1] - A conference call will be held on the same day at 11:00 a.m. Eastern Time to review the results and management's outlook for the business [2] Conference Call Details - Participants are encouraged to dial in 10 minutes before the scheduled time using specific toll-free and international numbers [3] - There is an option for participants to register for the call using a "call me" feature for a faster connection [4] - A live and archived webcast of the conference call will be available on the company's website, along with accompanying slides [5]

Company Overview - TEN Ltd. is a leading diversified operator in the crude, product, and LNG tanker sector, with a fleet of 74 vessels totaling 8.9 million deadweight tons (dwt) [4] - The company was founded in 1993 and is celebrating 32 years as a public company this year [4] Leadership and Contributions - Mr. D. John Stavropoulos, former Chairman of Tsakos Energy Navigation from 1994 to 2014, passed away at the age of 92 [1][3] - He had a distinguished 33-year career at The First National Bank of Chicago, serving as Executive Vice President and Chief Credit Officer [2] - Stavropoulos was a mentor and friend to Dr. Nikolaos P. Tsakos, the Founder & CEO of TEN, and his business acumen significantly influenced the company's direction [3] Industry Recognition - Mr. Stavropoulos was among the first in the U.S. to receive the Certified Financial Analyst designation and served on the Presidential Credit Standards Advisory Committee [2] - He also taught economics and finance at Northwestern University and was involved with the EMEA Alumni Advisory Board of the Kellogg School of Management [2]

Company Overview - TEN Ltd. is a leading diversified crude, product, and LNG tanker operator, founded in 1993 and celebrating 32 years as a public company [5] - The company operates a fleet of 74 vessels, including various types of tankers, totaling 8.9 million deadweight tons (dwt) [5] Dividend Announcement - The Board of Directors declared a quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares [1] - This dividend is for the period from November 28, 2024, to February 27, 2025, and will be paid on February 28, 2025, to holders of record as of February 25, 2025 [2][3] - This marks the 32nd dividend payment on the Series E Preferred Shares since their trading commenced on the New York Stock Exchange [3] Share Information - As of the date of the press release, there are 4,745,947 Series E Preferred Shares outstanding [4]

Group 1 - TEN Ltd. announced a quarterly cash dividend of approximately $0.59375 per share for its Series F Cumulative Redeemable Perpetual Preferred Shares [1] - The dividend is for the period from October 30, 2024, to January 29, 2025, and will be paid on January 30, 2025, to holders of record as of January 27, 2025 [2][3] - This marks the 26th dividend payment on the Series F since their trading commenced on the New York Stock Exchange [3] Group 2 - As of the date of the press release, TEN has 6,747,147 Series F Preferred Shares outstanding [4] - TEN Ltd. was founded in 1993 and has been a public company for 31 years, operating a diversified energy fleet consisting of 74 vessels, totaling 8.9 million deadweight tons (dwt) [5]

Core Viewpoint - TEN Ltd. has declared a quarterly cash dividend of approximately $0.59375 per share for its Series F Cumulative Redeemable Perpetual Preferred Shares, marking the 26th dividend since their trading commencement on the NYSE [1][3]. Group 1: Dividend Details - The dividend is for the period from October 30, 2024, to January 29, 2025 [2]. - Payment will be made on January 30, 2025, to holders of record as of January 27, 2025 [3]. - Dividends are payable quarterly in arrears on the 30th day of January, April, July, and October, subject to declaration by the board [3]. Group 2: Company Overview - TEN Ltd. was founded in 1993 and is celebrating 31 years as a public company [5]. - The company operates a diversified energy fleet consisting of 74 vessels, including various types of tankers and carriers, totaling 8.9 million deadweight tons (dwt) [5]. - As of the date of the press release, there are 6,747,147 Series F Preferred Shares outstanding [4].