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]
TEN Ltd. Reports Profits for the 12 Months and Fourth Quarter Ended December 31, 2024 and Announces Common Share Dividend