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Mar 31, 2025
Tsakos Q1 2025 Earnings Report
Tsakos Energy Navigation reported solid profitability in Q1 2025, with high fleet utilization and continued investments in fleet expansion.
Key Takeaways
TEN delivered strong Q1 2025 results with $197.1M in revenue and $37.7M in net income, while maintaining 97.2% fleet utilization and launching its largest growth program in company history.
Revenue reached $197.1M for Q1 2025 with operating income of $60.6M.
Fleet utilization improved to 97.2% from 91.3% YoY.
Adjusted EBITDA was $99.29M and EPS came in at $1.04.
Company continues its 21-vessel fleet expansion and declared a $0.60 dividend.
Forward Guidance
TEN expects continued strength in tanker markets driven by robust demand, strategic newbuild deliveries, and long-term charter agreements.
Positive Outlook
- Ongoing 21-vessel newbuild program supports long-term growth.
- Secured $3.7B in minimum contracted revenue backlog.
- High fleet utilization expected to continue.
- Delivery of new tankers under long-term charters to oil majors.
- OPEC+ production cut unwinding may support freight rates.
Challenges Ahead
- Tanker market remains subject to geopolitical risks.
- Spot market exposure could lead to revenue fluctuations.
- Tariffs and port charges could pressure margins.
- Financing new vessels may increase future leverage.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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