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Dec 31, 2024
Tsakos Q4 2024 Earnings Report
Tsakos reported lower revenue and net income in Q4 2024 compared to the prior year but maintained profitability and declared a dividend.
Key Takeaways
In Q4 2024, Tsakos Energy Navigation (TEN) generated $188.26 million in revenue and reported $0.42 in EPS. Net income attributable to common stockholders was $12.52 million, and adjusted EBITDA came in at $85.56 million. The company managed lower fleet utilization due to drydockings but continued to control costs and maintain a healthy balance sheet.
Q4 revenue reached $188.26 million, down from $220.24 million a year ago.
EPS for the quarter was $0.42, beating expectations by $0.02.
Adjusted EBITDA came in at $85.56 million, impacted by scheduled drydockings.
TEN maintained a strong cash position with $348.31 million at quarter-end.
Forward Guidance
TEN expects continued fleet expansion and favorable market conditions to support future revenue and dividend stability.
Positive Outlook
- Secured $4.0 billion in minimum revenue backlog.
- 21-vessel newbuilding program underway.
- Strong tanker market fundamentals with limited newbuild supply.
- 15-year employment contracts signed with Transpetro.
- Focus on eco-friendly fleet renewal supports long-term strategy.
Challenges Ahead
- Fleet utilization impacted by scheduled drydockings.
- Voyage revenues declined year-over-year.
- Higher vessel operating expenses due to fleet size increase.
- Continued exposure to high finance costs despite easing rates.
- Geopolitical uncertainties could introduce operational risk.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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