11/26
On a quarterly basis, Tsakos Energy (TEN) usually report after all the other US-listed shipping companies report. In Q3 2024, it looks like TEN break that stat, and report before Frontline (FRO). Results include
- Rev of $200.1M
- Net Income to TEN $26.5M (Net Income to TEN common $19.8M)
- Avg TCE (daily) of $32,539
- Declared div of 90c/sh (to be paid in Dec 2024)
TEN has a decent size newbuild fleet set to deliver over the next 4 years - total of 12 vessels including a pair of Suezmax tankers, and a pair of Suezmax-size shuttle tankers in 2025. Then again, TEN’s fleet includes probably just as many vessels that have crossed the modern category (less than 15 yo). Their newer vessels typically include scrubbers and/or other efficiency features.
[Edit: It dawned on me after the market closed - FRO were not the only shipping entity to report after TEN. Ironically, the other “late” reporter also reported the day after TEN. That entity is newbie firm (at least, in US listing) … Hafnia Tankers (HAFN) ]