CEO: TEN Well Positioned for Market Upturn with 65-Strong Fleet

Despite a difficult tanker market Greek tanker shipping company Tsakos Energy Navigation (TEN) ended the year in the black with a net income of USD 20.4 million.

However, the full-year profit is halved when compared to 2016 when TEN’s net income stood at USD 55.7 million.

Gross revenue amounted to USD 529.2 million, a 9.8 pct increase over 2016, due to the increase of the fleet by seven new vessels on long-term contracts.

During the fourth quarter, net income came at USD 2.7 million while gross revenues reached USD 134.5 million, a 2.9 pct increase year-on-year.

During the quarter, the vessels on time charter contracts generated USD 90.5 million gross revenue, enough to cover all the operating, overhead and finance costs of the whole fleet, while vessels on spot charters contributed an additional USD 21 million of revenue, TEN said.

“As we enter our 25th year, we are proud to report profits in such a challenging environment. TEN’s tried and tested strategy of providing downside protection while allowing for the flexibility to capture rate hikes, has proved effective once again. The markets are gradually positioning for an upturn and TEN is well placed to reap those rewards as they will occur,” Nikolas P. Tsakos, President and CEO of TEN, commented.

2018 started with TEN operating the largest fleet in its 25-year history, 77 pct of which secured contracts averaging 2.7 years with minimum secured revenues of USD 1.3 billion, TEN said.

Namely, in the fourth quarter of the year, the company completed its 15-vessel newbuilding program. The tanker owner also sold two 2005-built Suezmax tankers through a sale and leaseback transaction generating USD 15.6 million of free cash.

TEN’s fleet currently stands at 65 ships, of which 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers.

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2018 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

CWC World LNG & Gas Series: 10th Asia Pacific Summit

Bringing together the key LNG buyers and sellers from across the globe, the Summit provides…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

Defence Safety Conference Supported by The Defence Safety Authority, UK MoD

The Defence Safety Conference is the first of its kind exclusively dedicated to safety across the defence domain…

read more >

Singapore International Bunkering Conference and Exhibition (SIBCON)

The 20th edition of the Singapore International Bunkering Conference and Exhibition (SIBCON) will be about inspiring change…

read more >