Suezmax tanker

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TEN, Ltd. Reports Profits for First Quarter 2025 and Declares First Semi-Annual Common Share Dividend of $0.60
Globenewswire· 2025-06-17 13:26
Financial Performance - For Q1 2025, the company reported revenues of $197.1 million and operating income of $60.6 million, with net income reaching $37.7 million and earnings per share of $1.04 [2][28] - EBITDA for the first quarter of 2025 was $103 million, reflecting a solid operational performance [1][28] - Average fleet utilization increased to 97.2% in Q1 2025, up from 91.3% in the same period of 2024, due to fewer vessels in drydock and more days under fixed contracts [2][29] Cost Management - Vessel operating expenses totaled $49.6 million in Q1 2025, remaining consistent with the previous year, resulting in daily operating expenses per vessel of $9,502 [3][29] - Voyage expenses decreased by 14.2% to $36.1 million in Q1 2025, down from $42.0 million in Q1 2024, primarily due to reduced exposure to spot-related trades [4][28] Debt and Cash Position - As of March 31, 2025, the company's bank debt was slightly lower at $1.7 billion compared to the end of 2024, with interest costs at $24.0 million, reflecting a lower debt level and interest rate environment [5][28] - The company maintained solid cash reserves of approximately $350 million, an increase of $1.3 million from the end of 2024 [6][28] Fleet Expansion and Contracts - The company has a robust growth program with 21 new vessels planned, including the recent award to build nine DP2 shuttle tankers for Transpetro/Petrobras, which will enhance its position in the Brazilian offshore sector [9][13] - The total fleet contracted revenue backlog reached approximately $3.7 billion, indicating strong future revenue potential [1][9] Dividend Distribution - The company plans to distribute a semi-annual dividend of $0.60 per share on July 18, 2025, bringing total dividends distributed since its NYSE listing in 2002 to over $900 million [10][28] Market Outlook - The tanker market remains resilient, with strong rates and asset prices supporting profitable operations, despite recent tariffs and port charges [11][12] - The decision to unwind portions of OPEC+ production cuts is expected to positively impact freight rates going forward [12][13]
TEN Ltd. Announces Delivery of “Dr Irene Tsakos”, an Eco-Friendly Suezmax From Hyundai Heavy, South Korea
Globenewswire· 2025-06-12 20:05
TEN’s total future secured revenues are now in the region of $3.7 billion Tanker market fundamentals remain strong ATHENS, Greece, June 12, 2025 (GLOBE NEWSWIRE) -- TEN Ltd. (NYSE: TEN) (“TEN” or the “Company”), a leading diversified crude, product and LNG tanker operator, today announced the delivery of the eco-friendly scrubber-fitted suezmax tanker Dr Irene Tsakos and the naming of her sister vessel, Silia T, from HD Hyundai Heavy Industries Co., Ltd. (“Hyundai”) in South Korea. The Silia T is expected t ...
Teekay Group Publishes 2024 Sustainability Report
Globenewswire· 2025-06-09 20:05
HAMILTON, Bermuda, June 09, 2025 (GLOBE NEWSWIRE) -- Teekay Corporation Ltd. (Teekay) (NYSE:TK) and Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) (collectively, the Teekay Group) today announced the publication of their 2024 Sustainability Report, which can be accessed on the Teekay Group’s website by clicking here. About Teekay Teekay is a leading provider of international crude oil marine transportation and marine services. Teekay provides these services through its controlling ownership interest in Tee ...
TOP Ships Inc. Announces Intention to Spin Off a New Nasdaq-Listed Suezmax Tanker Company
Globenewswire· 2025-06-04 12:30
ATHENS, Greece, June 04, 2025 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the "Company" or "TOP Ships") (NYSE American: TOPS), an international owner and operator of modern, fuel-efficient "ECO" tanker vessels, announced today that it intends to effect a spin-off of two of its Suezmax tanker vessels. Rubico Inc. ("Rubico"), currently a subsidiary of TOP Ships, would become an independent publicly-traded company listed on the Nasdaq Capital Market as a result of the planned spin-off. The initial assets of Rubico wil ...
Imperial Petroleum (IMPP) - 2025 Q1 - Earnings Call Presentation
2025-05-23 14:02
Q1 2025 Financial & Operating Results May 23, 2025 Disclaimer This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as "may," "will," "should," "estimates," "intends," and similar expressions are intended to identify ...
Nordic American Tankers Ltd (NYSE: NAT) – The company is in an active phase of development
Globenewswire· 2025-05-09 09:54
Friday, May 9, 2025 Dear Shareholders and Investors, The first months of 2025 since the end of 2024 has been the most active period in Nordic American (NAT) for several years. The path forward is up. Dividend is a priority. As per previous communication to the market, we are in the process of acquiring two or three vessels and to sell a few ships. We have purchased two vessels, declared purchase options on two of our lease financed ships and subsequently refinanced them. As a part of our total plan, tw ...
Teekay Tankers Ltd. Reports First Quarter 2025 Results and Declares Dividends
Globenewswire· 2025-05-07 20:05
Core Viewpoint - Teekay Tankers Ltd. reported its financial results for Q1 2025, declaring a fixed cash dividend of $0.25 per share and a special cash dividend of $1.00 per share, payable on May 30, 2025 [1]. Company Overview - Teekay Tankers operates a fleet of 35 double-hull tankers, which includes 20 Suezmax tankers and 15 Aframax/LR2 tankers, along with four time-chartered oil and product tankers [3]. - The company employs its vessels through a combination of spot market trading and short- to medium-term fixed-rate time charter contracts [3]. - Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50% joint venture and manages vessels for the Australian Government and energy companies [3]. - Additionally, the company operates a ship-to-ship transfer business that provides lightering services in the U.S. Gulf and Caribbean [3]. - Teekay Tankers was established in December 2007 by Teekay Corporation Ltd. [3].
Cmb.Tech NV (CMBT) 2025 Earnings Call Presentation
2025-04-29 16:34
CMB.TECH & GOLDEN OCEAN PROPOSED MERGER Capital Markets Day – 29 April 2025 © 2025 – CMB.TECH 1 Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, Section 27A of the U.S. Securities Act of 1933, as amended, and the U.S. Private Securities Litigation Reform Act of 1995, which provides safe harbor protections for forward-looking statements. CMB.TECH NV ("CMB.TECH") ...
Teekay Group Announces Availability of Annual Reports on Form 20-F for the Year Ended December 31, 2024
Globenewswire· 2025-04-01 20:05
Teekay Tankers has a fleet of 37 double-hull tankers (including 22 Suezmax tankers and 15 Aframax / LR2 tankers), and has five time chartered-in tankers. Teekay Tankers' vessels are typically employed through a mix of spot tanker market trading and short- or medium-term fixed-rate time charter contracts. Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers manages and operates vessels for the Australian government and Australian ene ...