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

1. TEN's fleet expansion results in 36% dwt growth, totaling 82 vessels. 2. Projected $4.0 billion in contracted revenues due to new shuttle tankers. 3. Consistent dividends since 2002, with a payout of $0.60 in July 2025. 4. Operating income of $278.6 million, net income at $176 million for 2024. 5. Positive market fundamentals and strategic vessel sales bolster TEN's financial stability.

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FAQ

Why Bullish?

TEN's expansion and rising revenues indicate strong growth potential; previous expansions have similarly led to price increases.

How important is it?

The news about fleet expansion and significant contracts likely attracts investor interest, positively influencing TEN's stock.

Why Long Term?

New contracts and fleet expansion will result in sustained revenue growth over several years, similar to past scenarios.

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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 RESULTSTEN 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 #NameTypeDelivery (exp)StatusEmploymentCONVENTIONAL TANKERS1Dr Irene TsakosSuezmax – Scrubber FittedQ2 2025Under ConstructionYes2Silia TSuezmax – Scrubber FittedQ4 2025Under ConstructionYes3TBNMR – Scrubber FittedQ1 2026Under ConstructionIn Negos4TBNMR – Scrubber FittedQ1 2026Under ConstructionIn Negos5TBNPanamax LR1 – Scrubber FittedQ2 2027Under ConstructionIn Negos6TBNPanamax LR1 – Scrubber FittedQ3 2027Under ConstructionIn Negos7TBNPanamax LR1 – Scrubber FittedQ4 2027Under ConstructionIn Negos8TBNPanamax LR1 – Scrubber FittedQ3 2028Under ConstructionIn Negos9TBNPanamax LR1 – Scrubber FittedQ3 2028Under ConstructionIn NegosSHUTTLE TANKERS1Athens 04DP2 Shuttle TankerQ2 2025Under ConstructionYes2Paris 24DP2 Shuttle TankerQ2 2025Under ConstructionYes3AnfieldDP2 Shuttle TankerQ3 2026Under ConstructionYes4TBNDP2 Shuttle TankerQ3 2027Under ConstructionYes5TBNDP2 Shuttle TankerQ4 2027Under ConstructionYes6TBNDP2 Shuttle TankerQ1 2028Under ConstructionYes7TBNDP2 Shuttle TankerQ2 2028Under ConstructionYes8TBNDP2 Shuttle TankerQ3 2028Under ConstructionYes9TBNDP2 Shuttle TankerQ3 2028Under ConstructionYes10TBNDP2 Shuttle TankerQ4 2028Under ConstructionYes11TBNDP2 Shuttle TankerQ4 2028Under ConstructionYes12TBNDP2 Shuttle TankerQ4 2028Under ConstructionYes  ABOUT TSAKOS ENERGY NAVIGATIONTEN, 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 710gsaroglou@tenn.gr Investor Relations / MediaCapital Link, Inc.Nicolas Bornozis - Markella Kara+212 661 7566ten@capitallink.com   TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIESSelected Consolidated Financial and Other Data(In Thousands of U.S. Dollars, except share, per share and fleet data)               Three months ended Year ended   December 31 (unaudited) December 31 (unaudited) STATEMENT OF OPERATIONS DATA 2024  2023  2024   2023             Voyage revenues$188,260   220,241   804,061  $889,566              Voyage expenses 34,393   36,674   152,875   155,724  Charter hire expense 3,355   6,079   17,966   24,680  Vessel operating expenses 50,632   49,300   198,049   194,914  Depreciation and amortization 41,547   37,540   159,902   144,241  General and administrative expenses 15,920   7,502   45,373   33,339  Gain on sale of vessels -   -   (48,662)  (81,198) Impairment charges -   26,367   -   26,367  Total expenses 145,847   163,462   525,503   498,067              Operating income 42,413   56,779   278,558   391,499              Interest and finance costs, net (24,744)  (27,928)  (112,151)  (100,821) Interest income 3,972   4,472   15,124   14,582  Other, net (22)  (149)  99   (176) Total other expenses, net (20,794)  (23,605)  (96,928)  (86,415) Net income  21,619   33,174   181,630   305,084              Less: Net income attributable to the noncontrolling interest (2,348)  (1,412)  (5,399)  (4,902) Net income attributable to Tsakos Energy Navigation Limited$19,271   31,762   176,231  $300,182              Effect of preferred dividends (6,750)  (6,750)  (27,000)  (30,184) Undistributed income allocated to non-vested restricted common stock -   -   (959)  -  Deemed dividend on Series D preferred shares -   -   -   (3,256) Net income attributable to common stockholders of Tsakos Energy Navigation Limited$12,521   25,012   148,272  $266,742  Earnings per share, basic and diluted$0.42   0.85   5.03  $9.04  Weighted average number of common shares, basic 29,505,603   29,505,603   29,505,603   29,505,603  Weighted average number of common shares, diluted 29,628,104   29,505,603   29,505,603   29,505,603              BALANCE SHEET DATA  December 31  December 31        2024  2023      Cash 348,312   376,694       Other assets 192,035   236,800       Vessels, net 2,919,783   2,600,021       Advances for vessels under construction and acquisitions 246,392   150,575       Total assets$3,706,522   3,364,090                   Debt and other financial liabilities, net of deferred finance costs 1,747,094   1,562,657       Other liabilities 192,231   148,786       Stockholders' equity 1,767,197   1,652,647       Total liabilities and stockholders' equity$3,706,522   3,364,090                                                         Three months ended Year ended OTHER FINANCIAL DATA December 31 December 31   2024  2023  2024   2023 Net cash provided by operating activities$87,805   92,204   307,684  $395,279  Net cash used in investing activities$(18,745)  (83,600)  (441,606) $(137,441) Net cash (used in) provided by financing activities$(66,649)  (25,415)  105,540  $(190,583)             TCE per ship per day$30,107   35,565   32,550  $36,822              Operating expenses per ship per day$9,480   9,607   9,350  $9,617  Vessel overhead costs per ship per day$2,791   1,365   2,005  $1,535    12,271   10,972   11,355   11,152              FLEET DATA                       Average number of vessels during period 62.0   59.7   61.8   59.5  Number of vessels at end of period 62.0   60.0   62.0   60.0  Average age of fleet at end of periodYears10.2   10.7   10.2   10.7  Dwt at end of period (in thousands) 7,613   7,408   7,613   7,408              Time charter employment - fixed rateDays2,946   2,641   11,475   9,703  Time charter and pool employment - variable rateDays1,507   1,424   5,744   6,311  Period employment coa at market ratesDays123   83   123   230  Spot voyage employment at market ratesDays747   1,253   3,582   4,659  Total operating days 5,323   5,401   20,924   20,903  Total available days 5,704   5,495   22,625   21,713  Utilization 93.3%  98.3%  92.5%  96.3%             Non-GAAP Measures Reconciliation of Net income to Adjusted EBITDA               Three months ended Year ended   December 31 December 31   2024  2023  2024   2023             Net income attributable to Tsakos Energy Navigation Limited$19,271   31,762   176,231  $300,182  Depreciation and amortization 41,547   37,540   159,902   144,241  Interest Expense 24,744   27,928   112,151   100,821  Gain on sale of vessels -   -   (48,662)  (81,198) Impairment charges -   26,367   -   26,367  Adjusted EBITDA$85,562   123,597   399,622  $490,413              The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP measures used within the financial community may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods as well as comparisons between the performance of Shipping Companies. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. We are using the following Non-GAAP measures: (i) TCE which represents voyage revenue less voyage expenses is divided by the number of operating days less 90 days lost for the fourth quarter and 468 days for the twelve-month of 2024 and 136 days for the prior year quarter of 2023 and 577 days for twelve-month period of 2023, respectively, as a result of calculating revenue on a loading to discharge basis. (ii) Vessel overhead costs are General & Administrative expenses, which also include Management fees, Stock compensation expense and Management incentive award. (iii) Operating expenses per ship per day which exclude Management fees, General & Administrative expenses, Stock compensation expense and Management incentive award. (iv) Adjusted EBITDA. See above for reconciliation to net income. Non-GAAP financial measures should be viewed in addition to and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. The Company does not incur corporation tax.            

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