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.
SUBSEQUENT EVENTS
As previously announced, from
July 1st, 2024 onwards, the ticker symbol for TENs common shares will change from TNP to TEN. TENs 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 Companys Board of Directors appointed Mr. Harrys Kosmatos, TENs Corporate Development Officer as the
Companys co-Chief Financial Officer, effective July 1st, 2024. Mr. Kosmatos will work alongside and complement Mr. Paul Durham, TENs
long-standing 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.
CORPORATE AFFAIRS - DIVIDEND
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 Companys 2002 NYSE listing.
CORPORATE STRATEGY
TENs 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 TENs cash generating ability and assisted the Company in increasing its reserves to about
$450 million at mid-year. TENs fleet modernization is on track, and shareholder value should continue to grow.
Visit our company website at: http://www.tenn.gr
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