TEN Reports Profits for the First Quarter 2024


TEN reported results (unaudited) for the quarter ended March 31, 2024.


The first quarter of 2024 has been the springboard for TEN’s green drive with a series of vessel renewals and future growth initiatives. During this time, the fleet averaged almost two vessels fewer than in the equivalent 2023 period and had eight vessels undergoing scheduled drydockings and repairs compared to only two vessels in the first quarter of 2023. Despite these fleet adjustments and necessary maintenance procedures, voyage revenues reached a healthy $201.6 million and operating income settled at $76.2 million, including $16.2 million of capital gains from sale of vessel.

Net income for the first quarter of 2024 at $54.0 million, resulting in $1.60 earnings per share.

The aforementioned fleet maintenance in the first quarter of 2024 reduced average utilization to 91.3% from 96.4% in the first quarter of 2023, resulting in healthy time charter equivalent earnings (TCE) of $33,403 per ship per day.

Adjusted EBITDA for the first quarter of 2024, impacted by the reduced fleet size and the increased number of off-hire days due to drydockings, totaled $100.5 million.

The Company’s cash reserves remained at a solid $344.0 million as of March 31, 2024.

During the first quarter of 2024, TEN took delivery of three modern dual-fuel LNG powered vessels. These vessels were financed by cash-at-hand and bank loans at competitive terms. As a result, bank debt at the end of the first quarter of 2024 reached $1.66 billion. During the first quarter of 2024, interest costs remained similar to the equivalent period of 2023, at $25.1 million.

Fleet depreciation, primarily due to the addition of three modern vessels, edged higher at $32.5 million from $29.7 million in the equivalent period of 2023.

Vessel operating expenses were kept at steady levels during the first quarters of 2023 and 2024, respectively, at $48.6 million or $9,387 per ship per day.


As previously announced, from July 1st, 2024 onwards, the ticker symbol for TEN’s common shares will change from “TNP” to “TEN”. TEN’s preferred shares will correspondingly transition to the new ticker and will trade on the New York Stock Exchange (NYSE) under the symbols “TEN-PRE” and “TEN-PRF”.

On June 14, 2024, the Company’s Board of Directors appointed Mr. Harrys Kosmatos, TEN’s Corporate Development Officer as the Company’s co-Chief Financial Officer, effective July 1st, 2024. Mr. Kosmatos will work alongside and complement Mr. Paul Durham, TEN’s longstanding Chief Financial Officer.

Following the introduction of four vessels and the sale of one suezmax in the first quarter of 2024, TEN has taken delivery of another four vessels from Viken Crude AS and sold to third party interests two aframaxes, one suezmax and one LNG carrier for a substantial profit. In addition, TEN is in firm discussions with a Far Eastern yard for the construction of five LR1 newbuildings with expected delivery between the second quarter of 2027 and third quarter of 2028.

This heightened activity in 2024 so far, has resulted in the divestment of assets of 0.6 million deadweight tonnes with an average age of 17.5 years and their concurrent replacement with environmentally friendly vessels of 1.4 million deadwight tonnes averaging 1.5 years.


On July 18, 2024, TEN will distribute to common shareholders a first semi-annual dividend of $0.60 per share to shareholders of record on July 12, 2024. Inclusive of this upcoming payment, which is double the first semi-annual dividend of 2023, TEN has distributed over $800 million of common and preferred share dividends, $546 million of which to common shareholders, since the Company’s 2002 NYSE listing.


TEN’s stated policy of expanding its “green” footprint while divesting from its first-generation tankers continues unabated. The first half of 2024 was one of the busiest ever for the Company which engaged in activities relating to sales, acquisitions and new orders of 14 vessels, five of which in the first quarter. TEN today operates a fleet of six vessels with alternative fuel capabilities, all on long-term contracts to oil majors.

The greenship initiative of the fleet has complemented TEN’s cash generating ability and assisted the Company’s in increasing its reserves to about $450 million at mid-year. TEN’s fleet modernization is on track, and shareholder value should continue to grow.

With a well-balanced fleet of vessels operating in flexible and secured revenue contracts a right balance has been struck to, on the one hand, safeguard TEN’s ability to benefit from market peaks, while on the other, provide adequate cover for the fleet’s expenses. It is this equilibrium and ability to adjust to market conditions, without assuming unnecessary risks, that has enabled TEN to maintain its uninterrupted dividend payment record while making TEN an operator of choice for the transportation needs of its blue-chip clientele.

The tanker markets are on a solid path forward, fueled by the continuous tightness in the supply and demand of tonnage spurred by geopolitical tensions across numerous, geographically significant for maritime trade, regions. This should enable both freight rates and asset values to remain elevated for the foreseeable future. The creation of new trading routes and the indiscriminate targeting of vessels in the Red Sea have resulted in the over-lengthening of the already stretched global ton-miles.

 “True to our strategy of vessel divestments and timely acquisitions, including new orders, TEN maintains the reputation it has built over the decades in the global maritime energy markets,” Mr. George Saroglou, President & COO of TEN commented. “With such heightened renewals activity since the beginning of the year, coupled with a dividend that is twice the amount paid to shareholders this time last year, we remain confident the TEN’s stock price will continue to rise and eventually reflect it’s true value,” Mr. Saroglou concluded.