Record annual profits in excess of
EBITDA of
100% increase of common dividend
Dynamic growth and fleet renewal with green ship initiative
Market fundamentals remain strong
FINANCIAL RESULTS FOR THE YEAR 2023
TEN celebrated its 30th year as a public company, with another record year performance. In 2023 it generated
Adjusted EBITDA for the year reached
Average TCE per ship per day for 2023 amounted to
Depreciation and amortization combined for 2023 remained relatively stable compared to 2022 at
The Company’s total debt obligations were reduced from the 2022 level and settled at
Interest and finance costs continued to be impacted by higher rates globally and reached
Vessel overhead costs per ship per day in 2023 were at
Cash balances, as on
FINANCIAL RESULTS FOR THE FOURTH QUARTER OF 2023
The fourth quarter of 2023 was a transitional period for TEN, as it operated six fewer vessels than the same period in 2022 due to vessel sales and before the add-on of the five new vessel acquisitions. This resulted to an adjusted EBITDA of
This reduction in the number of vessels led to equivalent decreases in voyage, charter hire and operating expenses when compared to the 2022 fourth quarter with the most notable decrease being in voyage expenses which were
Depreciation and amortization remained largely unchanged at
As a result of this reduced fleet, operating income in the fourth quarter of 2023, amounted to
Fleet utilization reached 98.3% in the fourth quarter of 2023 from a still high 97.4% in the 2022 fourth quarter due to the increase of vessels in time-charter employment.
The average daily Time Charter Equivalent (TCE) rate per vessel in the fleet reached
DIVIDEND – CORPORATE AFFAIRS
Reflecting its strong performance and positive market fundamentals, the Company will pay
SUBSEQUENT EVENTS
In
Under the recently announced agreement to acquire five-modern eco-friendly tankers employed on term contracts, the first vessel, the DF Montmartre, a 2023-built LNG-powered LR2 aframax tanker was delivered to the Company on
STRATEGY & OUTLOOK
TEN celebrated its 30th year with a record performance and is on a springboard for future growth. Following its tried and tested strategy of vessel renewal, it has sold nine vessels of an average age of 18.5 years and replaced them with 16 vessels with an average of 1.3 years, whilst increasing its dwt by 1.5 million tonnes.
It has used the strong market fundamentals to extend and secure new employments with profit-sharing arrangements for 32 of its vessels, resulting to
TEN’s CURRENT NEWBUILDING PROGRAM
# | Type | Delivery | Status | Employment | |
1 | DP2 Shuttle Tanker | Q2 2025* | Under Construction | Yes | |
2 | DP2 Shuttle Tanker | Q2 2025* | Under Construction | Yes | |
3 | TBN | Suezmax – Scrubber Fitted | Q2 2025* | Under Construction | Under Discussion |
4 | TBN | Suezmax – Scrubber Fitted | Q4 2025* | Under Construction | Under Discussion |
5 | TBN | MR – Scrubber Fitted | Q1 2026* | Under Construction | Under Discussion |
6 | TBN | MR – Scrubber Fitted | Q1 2026* | Under Construction | Under Discussion |
7 | TBN | DP2 Shuttle Tanker | Q3 2026* | Under Construction | Yes |
8 | TBN | DP2 Shuttle Tanker | Q4 2026* | Option TBC | Under Discussion |
*Expected delivery as per shipbuilding contracts
ABOUT
TEN, founded in 1993 and is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 74 double-hull vessels, including four DP2 shuttle tankers, two scrubber-fitted suezmax vessels and two scrubber-fitted MR product tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 9.1 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,
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 13745387. Click here for the additional participant international Toll-Free access numbers.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
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:
Company
President & COO
+30210 94 07 710
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc.
+212 661 7566
ten@capitallink.com
TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES | ||||||||||||
Selected Consolidated Financial and Other Data | ||||||||||||
(In Thousands of | ||||||||||||
Three months ended | Year ended | |||||||||||
STATEMENT OF OPERATIONS DATA | 2023 | 2022 | 2023 | 2022 | ||||||||
Voyage revenues | $ | 220,241 | $ | 270,255 | $ | 889,566 | $ | 860,400 | ||||
Voyage expenses | 36,674 | 46,137 | 155,724 | 209,890 | ||||||||
Charter hire expense | 6,079 | 6,642 | 24,680 | 32,774 | ||||||||
Vessel operating expenses | 49,300 | 50,033 | 194,914 | 190,268 | ||||||||
Depreciation and amortization | 37,540 | 37,409 | 144,241 | 140,821 | ||||||||
General and administrative expenses | 7,502 | 7,616 | 33,339 | 29,854 | ||||||||
(Gain) Loss on sale of vessels | – | – | (81,198) | 440 | ||||||||
Impairment charges | 26,367 | – | 26,367 | – | ||||||||
Total expenses | 163,462 | 147,837 | 498,067 | 604,047 | ||||||||
Operating income | 56,779 | 122,418 | 391,499 | 256,353 | ||||||||
Interest and finance costs, net | (27,928) | (20,893) | (100,821) | (50,253) | ||||||||
Interest income | 4,472 | 1,155 | 14,582 | 2,000 | ||||||||
Other, net | (149) | 196 | (176) | 366 | ||||||||
Total other expenses, net | (23,605) | (19,542) | (86,415) | (47,887) | ||||||||
Net income | 33,174 | 102,876 | 305,084 | 208,466 | ||||||||
Less: Net income attributable to the noncontrolling interest | (1,412) | (1,740) | (4,902) | (4,232) | ||||||||
Net income attributable to | $ | 31,762 | $ | 101,136 | $ | 300,182 | $ | 204,234 | ||||
Effect of preferred dividends | (6,750) | (8,673) | (30,184) | (34,724) | ||||||||
Undistributed income to Series G participants | – | – | – | (1,250) | ||||||||
Deemed dividend on Series D preferred shares | – | – | (3,256) | – | ||||||||
Net income attributable to common stockholders of | $ | 25,012 | $ | 92,463 | $ | 266,742 | $ | 168,260 | ||||
Earnings per share, basic | $ | 0.85 | $ | 3.17 | $ | 9.04 | $ | 6.02 | ||||
Earnings per share, diluted | $ | 0.85 | $ | 3.17 | $ | 9.04 | $ | 6.01 | ||||
Weighted average number of common shares, basic | 29,505,603 | 29,188,716 | 29,505,603 | 27,970,799 | ||||||||
Weighted average number of common shares, diluted | 29,505,603 | 29,188,716 | 29,505,603 | 28,188,064 | ||||||||
BALANCE SHEET DATA | ||||||||||||
2023 | 2022 | |||||||||||
Cash | 376,694 | 309,439 | ||||||||||
Other assets | 236,800 | 371,911 | ||||||||||
Vessels, net | 2,600,021 | 2,580,575 | ||||||||||
Advances for vessels under construction and acquisitions | 150,575 | 46,650 | ||||||||||
Total assets | $ | 3,364,090 | $ | 3,308,575 | ||||||||
Debt and other financial liabilities, net of deferred finance costs | 1,562,657 | 1,577,877 | ||||||||||
Other liabilities | 148,786 | 207,779 | ||||||||||
Stockholders' equity | 1,652,647 | 1,522,919 | ||||||||||
Total liabilities and stockholders' equity | $ | 3,364,090 | $ | 3,308,575 | ||||||||
Three months ended | Year ended | |||||||||||
OTHER FINANCIAL DATA | ||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
Net cash provided by operating activities | $ | 92,204 | $ | 132,836 | $ | 395,279 | $ | 288,529 | ||||
Net cash used in investing activities | $ | (83,600) | $ | (100,198) | $ | (137,441) | $ | (301,814) | ||||
Net cash (used in) provided by financing activities | $ | (25,415) | $ | 75,376 | $ | (190,583) | $ | 195,527 | ||||
TCE per ship per day | $ | 35,565 | $ | 39,776 | $ | 36,822 | $ | 30,399 | ||||
Operating expenses per ship per day | $ | 9,607 | $ | 8,827 | $ | 9,617 | $ | 8,467 | ||||
Vessel overhead costs per ship per day | $ | 1,365 | $ | 1,263 | $ | 1,535 | $ | 1,248 | ||||
10,972 | 10,090 | 11,152 | 9,715 | |||||||||
FLEET DATA | ||||||||||||
Average number of vessels during period | 59.7 | 65.6 | 59.5 | 65.5 | ||||||||
Number of vessels at end of period | 60.0 | 66.0 | 60.0 | 66.0 | ||||||||
Average age of fleet at end of period | Years | 10.7 | 10.4 | 10.7 | 10.4 | |||||||
Dwt at end of period (in thousands) | 7,408 | 7,570 | 7,408 | 7,570 | ||||||||
Time charter employment – fixed rate | Days | 2,641 | 2,282 | 9,703 | 8,337 | |||||||
Time charter and pool employment – variable rate | Days | 1,424 | 2,168 | 6,311 | 8,131 | |||||||
Period employment coa at market rates | Days | 83 | 84 | 230 | 386 | |||||||
Spot voyage employment at market rates | Days | 1,253 | 1,344 | 4,659 | 5,786 | |||||||
Total operating days | 5,401 | 5,878 | 20,903 | 22,640 | ||||||||
Total available days | 5,495 | 6,032 | 21,713 | 23,919 | ||||||||
Utilization | 98.3% | 97.4% | 96.3% | 94.7% | ||||||||
Non-GAAP Measures | ||||||||||||
Reconciliation of Net income to Adjusted EBITDA | ||||||||||||
Three months ended | Year ended | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
Net income attributable to | $ | 31,762 | $ | 101,136 | $ | 300,182 | $ | 204,234 | ||||
Depreciation and amortization | 37,540 | 37,409 | 144,241 | 140,821 | ||||||||
Interest Expense | 27,928 | 20,893 | 100,821 | 50,253 | ||||||||
(Gain) Loss on sale of vessels | – | – | (81,198) | 440 | ||||||||
Impairment charges | 26,367 | – | 26,367 | – | ||||||||
Adjusted EBITDA | $ | 123,597 | $ | 159,438 | $ | 490,413 | $ | 395,748 | ||||
The Company reports its financial results in accordance with | ||||||||||||
(i) TCE which represents voyage revenue less voyage expenses is divided by the number of operating days less 136 days lost for the fourth quarter and 577 days for the twelve-month of 2023 and 151 days for the prior year quarter of 2022 and 761 days for twelve-month period of 2022, 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. | ||||||||||||
Source:
2024 GlobeNewswire, Inc., source