TEN

Dividend Announcement: TEN Ltd. declared a quarterly cash dividend of approximately $0.59375 per share for its Series F Preferred Shares, payable on April 30, 2025, to shareholders of record as of April 25, 2025.

Company Overview: TEN Ltd., established in 1993, operates a diversified fleet of 82 vessels and has been publicly traded for 32 years, with a total of 6,747,147 Series F Preferred Shares outstanding.

Tsakos Energy Navigation (TEN): Analyst Poe Fratt maintains a Buy rating with a price target of $40.00, despite the stock closing at $17.17, near its 52-week low; the general consensus is a Hold rating.

PBF Energy (PBF): Goldman Sachs analyst Neil Mehta holds a Hold rating with a price target of $23.00, while the overall analyst consensus suggests a Moderate Sell with an average price target of $24.00, indicating a potential upside from current levels.

Key Financial Developments: Tsakos Energy Navigation Limited (TEN) secured a $1.3B deal for nine DP2 shuttle tankers, boosting contracted revenues to $4B and maintaining a strong dividend history with a planned semi-annual payment of $0.60 in July 2025.

Market Outlook and Risks: Management expressed confidence in market fundamentals and strategic fleet expansion despite concerns over geopolitical risks and potential crew shortages, emphasizing their strong liquidity position as a mitigant against these challenges.

Earnings Report: Tsakos Energy Navigation Ltd (TEN) reported earnings per share of 42 cents, exceeding analyst expectations, with quarterly sales of $188.26 million surpassing estimates. The company’s fleet utilization was at 93.3% for Q4 2024, and it announced a dividend of $0.60 to be paid in July 2025.

Growth and Stock Performance: TEN is experiencing significant growth with a record program of 21 vessels under construction, resulting in a proforma fleet of 82 vessels and a revenue backlog of $4.0 billion. Following the earnings report, TEN shares rose by 2.64% to $17.10.

Earnings Announcement: Tsakos Energy Navigation (TEN) will release its Q4 earnings on March 27th, with an expected EPS of $0.40 and revenue of $154.43M, reflecting significant year-over-year declines.

Operational Developments: TEN has a strong track record of beating earnings estimates and is set to build nine DP2 shuttle tankers for Petrobras, potentially generating around $2 billion in gross revenues.

TEN's New Construction Announcement: Tsakos Energy Navigation (TEN) has announced the construction of nine DP2 Suezmax Shuttle Tankers for Petrobras, with expected gross revenues of $2.0 billion and deliveries scheduled for 2027 and 2028.

Expansion of Fleet and Market Position: With this new order, TEN will have a fleet of 16 DP2 Suezmax Shuttle tankers, solidifying its position as one of the largest independent shuttle tanker operators globally, while maintaining a focus on long-term contracts to ensure cash flow stability.

New Construction Agreement: TEN has agreed to construct nine DP2 Suezmax shuttle tankers for Petrobras, with expected gross revenues of approximately $2 billion from 15-year employment contracts.

Expansion of Fleet: The new vessels will be built at Samsung Heavy Industries in South Korea, adding to TEN's existing fleet and making it one of the largest operators of Suezmax DP2 Shuttle tankers globally.

Earnings Report Announcement: TEN Ltd. will report its earnings for the fourth quarter and year ended December 31, 2024, on March 27, 2025, before the market opens in New York, followed by a conference call at 11:00 a.m. Eastern Time to discuss results and future outlook.

Company Overview: TEN, established in 1993, operates a diversified fleet of 74 vessels, including various types of tankers and LNG carriers, totaling 8.9 million dwt, and is celebrating 32 years as a public company.

Event Overview: The 19th Annual Capital Link International Shipping Forum will take place on March 31, 2025, in New York City, featuring senior executives from leading shipping companies discussing trends and developments in the maritime industry, along with opportunities for one-on-one meetings between investors and executives.

Keynote Speaker and Panels: Mr. Evangelos Marinakis will deliver the keynote address, while various panels will cover topics such as gas and tanker shipping sectors, value dislocation in shipping stocks, and expanding investor choices in maritime, providing insights into macroeconomic issues affecting the shipping markets.

Event Overview: The 19th Annual Capital Link International Shipping Forum will take place on March 31, 2025, in New York City, featuring senior executives from leading shipping companies discussing trends and developments in the industry, along with opportunities for one-on-one meetings between investors and executives.

Keynote Speaker and Panels: Mr. Evangelos Marinakis will deliver the keynote address, while various panels will cover topics such as gas and tanker shipping sectors, value dislocation in shipping stocks, and new listings, providing insights into the current state and future outlook of the shipping market.

Deal Finalization: Tsakos Energy Navigation has secured a $1.3 billion contract for nine new shuttle tankers from Samsung Heavy Industries, with deliveries scheduled for 2027 and 2028 to support Petrobras' logistics in Brazil.

Operational Focus: The dynamic positioning shuttle tankers are designed for offshore oilfield operations, addressing the anticipated increase in Brazil's crude production, which is projected to reach 2.5 million barrels per day by 2028.

Event Overview: The 19th Annual Capital Link International Shipping Forum will take place on March 31, 2025, in New York City, featuring senior executives from 26 shipping companies discussing macroeconomic issues and trends affecting the international shipping markets.

Networking Opportunities: The forum offers complimentary registration for institutional investors and shipping companies, along with opportunities for one-on-one meetings between shipping executives and investors.

Dividend Announcement: TEN Ltd. declared a quarterly cash dividend of approximately $0.59375 per share for its Series F Preferred Shares, payable on January 30, 2025, to shareholders recorded by January 27, 2025.

Company Overview: TEN Ltd., established in 1993, operates a diversified fleet of 74 vessels and has been publicly traded for 31 years, with a total of 6,747,147 Series F Preferred Shares outstanding.

Release of Highlights Booklet: Capital Link has published a booklet titled "SHIPPING: STATE OF PLAY & WHAT LIES AHEAD," summarizing insights from the 2024 Shipping Sector Webinar Series, focusing on trends in six key shipping sectors and their implications for 2025.

Resource for Industry Stakeholders: The booklet serves as a valuable resource for investors and industry professionals, providing expert insights and strategies from leading executives in the shipping industry amidst evolving trade policies and environmental regulations.

Release of Shipping Sector Webinar Highlights: Capital Link has published a booklet summarizing insights from its 2024 Shipping Sector Webinar Series, focusing on trends in six key shipping sectors and the potential impacts of trade policy changes and environmental regulations for 2025.

Resource for Industry Stakeholders: The booklet serves as a valuable resource for investors and industry professionals, providing expert opinions and strategies from senior executives of publicly listed shipping companies to better understand the dynamics of the maritime industry.

TEN Ltd. ESG Report Release: TEN Ltd. has published its third annual 2023 Environmental, Social, and Governance (ESG) report, highlighting significant sustainability initiatives including a 19.60% reduction in fleet carbon intensity since 2008 and the adoption of a net zero GHG emissions target by 2050.

Commitment to Sustainability: The report emphasizes TEN's commitment to sustainability through innovative solutions, compliance with global frameworks, and participation in networks aimed at reducing corruption in the maritime industry.

Earnings Conference Call: Tsakos Energy Navigation Limited held a conference call on November 26, 2024, to discuss their Q3 2024 financial results, featuring key company executives including the Chairman and CEO.

Financial Results Announcement: The company publicly released its financial results for the nine months and third quarter ending September 30, 2024, with an invitation for participants to access the earnings release via email or phone.

Webinar Series Announcement: Capital Link is hosting a December 2024 Shipping Sectors Webinar Series featuring discussions with senior executives from various shipping sectors including LPG, Containers, Product Tankers, Dry Bulk, Crude Oil, and LNG, with live Q&A sessions available for attendees.

Participation Details: Attendance is free, and participants can submit questions via the webinar platform or email. Private meetings with company management are also available for institutional investors.

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Financial Performance: TEN, Ltd reported a net income of $157 million for the first nine months of 2024, with significant revenue growth driven by higher charter rates and efficient vessel management, resulting in a 10% decrease in operating expenses per ship per day.

Dividend Increase and Future Outlook: The company announced a 50% increase in dividend distributions to $1.50 per common share for 2024, alongside a positive market outlook due to low new vessel supply and rising global energy demand, positioning TEN for continued growth and value creation.