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

Dynamic 21 vessel expansion - 36% dwt growth - 82 vessel proforma fleet. Doubling minimum contracted revenues to $4.0 billion

Adjusted EBITDA of $400 million and Net income of $176 million for 2024

Annual EPS of $5.03 and $0.42 for the 2024 fourth quarter

Nine DP2 shuttle tankers on long-term employment to Brazil’s Transpetro with expected contracted revenues of $2.0 billion positioning TEN as one of the largest shuttle tankers owners in the world - Proforma Shuttle fleet of 16 vessels all on fixed employment

Sale of 2009-built suezmax generates $30.0 million in free cash as part of ongoing fleet renewal

Uninterrupted dividend payments since NYSE listing in 2002

Market fundamentals remain strong

ATHENS, Greece, March 27, 2025 (GLOBE NEWSWIRE) -- TEN, Ltd (TEN) (NYSE: TEN) (the “Company”) today reported results (unaudited) for the twelve months and fourth quarter ended December 31, 2024.

TWELVE MONTHS 2024 SUMMARY RESULTS
TEN generated $804.1 million in gross revenues and operating income of $278.6 million in 2024, the latter after $48.7 million in capital gains from vessel sales. The resulting net income for 2024 settled at $176.2 million, equating to $5.03 per common share.

Fleet utilization for the twelve months of 2024, reflecting heightened dry-docking activity and repositioning voyages, was at 92.5% and average TCE per ship per day was a healthy $32,550.

Adjusted EBITDA for 2024 reached approximately $400.0 million, to a large extent the result of the number of vessels in drydock.

Vessel operating expenses for 2024 totaled $198.0 million, corresponding to the increased size of the fleet, both in terms of number as well as size of vessels. Due to continued efficient management and enhanced fleet modernity, however, vessel operating expenses on a per ship per day basis experienced a 2.8% decline from 2023 and settled at $9,350.

Depreciation and amortization combined for 2024 were $159.9 million, in line with the higher number and larger size of vessels.

During 2024, scheduled debt repayments amounted to $177.3 million while there were $48.8 million in one-off debt prepayments which occurred from the sale of vessels. Total debt and other financial liabilities reached $1.8 billion at December 31, 2024, in line with the growth of the fleet which at the end of the year had a book value of $3.2 billion.

Total finance costs for 2024 amounted to $112.2 million, mostly due to continuing high global interest rates, despite recent cuts, and increased loans for fleet growth.

Cash reserves as of December 31, 2024, and after payments of $71.8 million for common and preferred dividends during 2024, remained solid at $348.3 million.

Q4 2024 SUMMARY RESULTS
In the fourth quarter of 2024, TEN’s fleet which had on average two more vessels from the 2023 equivalent quarter and four vessels on drydock, generated gross revenues of $188.3 million and operating income of $42.4 million resulting to a net income of $19.3 million or $0.42 per common share. Unlike the fourth quarter of 2023, there were no impairment charges recorded during this 2024 fourth quarter.

As a result of the four vessels undergoing scheduled dry dockings during this 2024 fourth quarter, fleet utilization settled at 93.3%, which resulted in average TCE per ship per day of $30,107 and adjusted EBITDA of $85.6 million.

Vessel operating expenses for the fourth quarter of 2024 were $50.6 million, $1.3 million higher than in the same period of 2023 due to the greater number of vessels in the fleet. On a per ship per day basis, these expenses, however, experienced a 1.3% drop compared to the 2023 fourth quarter and settled at $9,480, again the result of efficient technical management services.

Depreciation and amortization costs combined were $41.5 million reflecting the increased size of the fleet.

Despite new loans for vessel acquisitions, interest and finance costs during the fourth quarter of 2024, were $3.2 million lower than the 2023 fourth quarter levels and settled at $24.7 million, primarily because of a decline in global interest rates. Interest income during the fourth quarter of 2024 was at $4.0 million.

DIVIDEND – COMMON SHARES

In line with the Company’s semi-annual common stock dividend policy, TEN’s Board of Directors has authorized the payment of $0.60 common stock dividend to be made in July 2025, a level identical to the one paid in July 2024. Since its listing on NYSE, TEN has maintained an uninterrupted dividend history for both common and preferred shares, totaling $895 million.

SUBSEQUENT EVENTS

After participating in an international tender, on March 14, 2025, TEN was selected by Petrobras Transporte S.A. (“Transpetro”), Brazil’s largest oil and gas transportation company, to build nine DP2 methanol ready shuttle tankers which upon delivery will commence 15-year employment with estimated gross revenues of $2.0 billion. The charter is in the form of a bareboat and Transpetro will assume all operating and technical costs associated with the running of the vessels during the employment period. TEN will build the vessels at Samsung Heavy Industries Co. Ltd. in South Korea, the yard that is currently constructing three DP2 shuttle tankers for TEN, which will also enter long-term time-charter contracts to major oil companies upon their delivery in 2025 and 2026.

The Transpetro vessels are scheduled to be delivered between 2027 and 2028. The total contract price for all nine vessels is in the region of $1.3 billion.

On March 26, 2025, the Company sold to third party interests a 2009-built suezmax tanker for a price, which after payment of outstanding debt, will generate free cash of about $30.0 million and capital gains nearing $2.5 million, to be recorded in the first quarter of 2025.

STRATEGY & OUTLOOK

In a tanker market with continuing favorable fundamentals, shipyards operating at capacity and not being able to deliver new vessels before the second half of 2027, the ongoing alternative fuels debate pulling the brakes on potential overordering and OPEC+ gradually reversing the output cuts in place since 2022, the outlook for the tanker market continues to remain positive.

On top of that, the various geopolitical events around the globe which have been additive to the strong market over the last few years are not expected to dissipate anytime soon and remain, in some capacity, alive to provide support to both charter rates and asset values.

In this favorable environment, TEN continues to adopt its client driven policy to build vessels for the long term needs of its blue-chip customers and target accretive growth opportunities in the various sectors it operates. In addition, and taking advantage of still healthy asset prices, management is exploring divesting some of its first-generation tankers to make space for new, more eco-friendly ones both in the conventional and the specialized tanker front.

This timely “sales and purchase” activity over the years has enabled TEN to build modern vessels that added an edge, making TEN one of the largest, diversified and versatile energy transporters in the world. In 2007, the acquisition and construction of nine ice-strengthened vessels from Western Petroleum established TEN as one of the major ice-class tanker owners globally. In 2014, an Equinor order for nine aframax vessels for long-term employment solidified TEN as one of this prime name major vessel providers. In early 2024, a five-vessel modern fleet acquisition from Norway’s Viken Crude made TEN one of the biggest operators of dual-fuel LNG vessels in the water while the nine DP2 suezmax shuttle tankers announced recently, on top of the three under construction and four already in the water, make TEN one of the largest operators of suezmax DP2 shuttle tankers globally.

This latest shuttle tanker order in particular, is a testament to TEN’s industrial approach which on the one hand provides cashflow stability, visibility and enhanced long term relations with significant and private energy concerns, while on the other, creates a platform to smooth the cyclicality inherent in the conventional tanker sector.

“This period has been a milestone year for TEN with the largest growth program in its history representing 21 vessels of 2.6 million dwt under construction resulting in a proforma fleet of 82 vessels with a minimum revenue backlog of $4.0 billion. These secured revenue contracts are expected to provide cash flow visibility to continue supporting the Company’s dividend distributions to our shareholders, a value which we hope will be reflected again in our stock,” commented George Saroglou, President & COO of TEN stated.

TEN’s CURRENT NEWBUILDING PROGRAM

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and celebrating this year 32-years as a public company, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 82 vessels, including twelve DP2 shuttle tankers, two scrubber-fitted suezmax vessels, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers, totaling 10.1 million dwt.

ABOUT FORWARD-LOOKING STATEMENTS

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Conference Call Details:

As announced previously, today, Thursday, March 27, 2025 at 11:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond what is included in the earnings press release. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877-405-1226 (US Toll-Free Dial In) or +1 201-689-7823 (US and Standard International Dial In). Please quote “Tsakos” to the operator and/or conference ID 13752384. Click here for additional participant International Toll-Free access numbers.

Simultaneous Slides and Audio Webcast:

There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.tenn.gr and click on Webcasts & Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

For further information, please contact:
Tsakos Energy Navigation Ltd.
George Saroglou, President & COO
+30210 94 07 710
[email protected]

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis - Markella Kara
+212 661 7566
[email protected]