Tsakos Energy Navigation has the largest fleet of Aframax type dual-fuel tankers in the world. The NYSE-listed company has a fleet of 74 ships, 12 of which are under construction.
Six of them are Aframaxes dual-fuel tankers. They can also burn liquefied natural gas in addition to conventional fuels.
The 15th annual Strategic Meeting of Tsakos Energy Navigation was held in Asteras Vouliagmenis with the participation of company executives and partners. The keynote speaker was US Ambassador George Tsounis, who focused on geopolitical developments in the wider Eastern Mediterranean region and the Middle East, but also across the world.
Speakers
TEN Founder and Managing Director Dr. Nikos Tsakos greeted and thanked the speakers. In turn, Captain Panagiotis developed the issue of naval education in Greece. It should be noted that in September the group inaugurated the first private Maritime Academy in Chios, with Captain Panagiotis stating: “We see our Academy as a center of attraction for young people, not only to equip Greek navigation ships, but also at the same time, give them the possibility of professional development and recognition, at the service of the proud maritime profession. A function you will allow me to say.
In turn, the president of TEN, Giorgos Saroglou, spoke about the company’s successful journey from 1993 to today in the international capital markets, how it managed the various cycles of the merchandise market, but also how it emerged unscathed from international crises.
In terms of goals, the company is investing in environmentally friendly ships, intending to have the entire fleet green by 2030. Deliveries of vessels under construction will begin in the second quarter of 2025 and all will be delivered by 2028. As part of the renewal of the fleet, the company sold older vessels and replaced them with vessels with twice the carrying capacity and an average age of just one year.
Mr. Saroglou also referred to the company’s financial direction and liquidity, which amounts to 500 million dollars. It should be noted that with regard to the distribution of dividends to shareholders for 2024, this increased to 1.5 dollars per share, an increase of 50% compared to 2023. It should be noted that since the company’s incorporation, dividends have been distributed in value of 830 million dollars. distributed, while the company’s profits reached US$2.5 billion in total.
The results
Characteristic of the company’s trajectory, contracted revenue reaches 2 billion dollars in revenue for the coming years. The NYSE-listed company led by Dr. Nikos Tsakos, in the first half of 2024, reported revenues of $416 million and $179 million in operating profits, which included capital gains of $49 million.
The resulting net income for the first half of 2024 was $130.4 million, or $3.96 per share. The average charter equivalent time (TCE) per ship per day, in the first half of 2024, remained stable at US$33,830. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the first half of 2024 reached US$214 million.
The Chios Academy promotes seamanship
TEN makes special mention of the creation of the Merchant Marine Academy, by the Tsakos group, its founder, Captain Panagiotis Tsakos, and his family. In particular, as stated in the company’s announcement, on September 7, 2024, TST (Tsakos Shipping & Trading) opened a private, non-profit maritime academy in Chios.
This will result in the training of more than 100 students annually with a high-caliber, technologically advanced workforce for TEN’s ever-growing, modern and innovative fleet of the future. We hope, the company notes, that this will give us a competitive advantage in operating safe and efficient ships for our customers.