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TEN, Ltd. Celebrates 30-Years as a Public Company and Reports Record Profits for the First Quarter 2023 and Preferred Shares Redemption

TEN, Ltd (TEN) reported results (unaudited) for the quarter ended March 31, 2023.


As TEN celebrates 30 years as a public entity, this quarter’s performance highlights the Company’s ability to achieve record profits by adapting its employment and investment policy to take advantage of market circumstances.

As a result, in the first quarter of 2023, the positive industry fundamentals together with the trade imbalances the war in the Ukraine has created, continues to support a healthy tanker market and allowed TEN – despite operating fewer vessels – to generate gross revenues of $261 million, representing an increase of 74% or $112 million from the same quarter in 2022.

Operating income in this year’s first quarter climbed to $199 million which includes an $81 million capital gain from the sale of six first generation MRs and two handysize product tankers at values reflecting the strong demand for secondhand tonnage.

The resulting net income, including the $81 million capital gain, totaled $177 million.

Fleet utilization in the first quarter of 2023 amounted to 96.4% reflecting efficient technical management and the low number of scheduled dry dockings during the period.

Boosted by TEN’s flexible charters with upside potential, the fleet’s average Time Charter Equivalent (TCE) more than doubled to $41,882 per day from the 2022 first quarter levels.

Earnings Before Interest Tax Depreciation & Amortization (EBITDA) exceeded $236 million.

As a consequence, the positive cash flow generated from the profitable contracts the vessels are employed under resulted in the increase of the Company’s cash reserves, as of March 31, 2023, to $476 million.

Bank debt in the first quarter of 2023 was $21 million lower from the year-end 2022 level at $1.39 billion.

Interest and finance costs in the first quarter of 2023 reached $24 million, primarily due to higher underline interest rates and a new loan for the acquisition of a VLCC in November 2022.

Daily operating expenses per vessel during the 2023 first quarter were at $9,213 impacted by the seasonal inventory buildup for the fleet and the inflationary pressures evident in the world economy.

Depreciation and amortization marginally increased by $1.8 million partly due to two vessels undergoing dry-docking during the 2023 first quarter.


TEN continues to take advantage of prevailing solid charter rates and attractive long-term employment and as a result, it has secured new charters and extensions of 15 of its vessels (including two LNGs) on both fixed and marked related rates. These recent fixtures raise the total minimum contracted revenue of the fleet to $1.6 billion.


The Company’s Board of Directors has approved the full and at par redemption of TEN’s 3,517,061 Series D Cumulative Redeemable Perpetual Preferred Shares currently outstanding with a par value of $25.00 per share or $87,926,525 in total. The redemption, along with accrued dividends, is scheduled for July 7, 2023. Through this redemption, the Company will generate annual preferred dividend savings of $7.7 million.

This latest action brings the total number of preferred shares the Company has redeemed since 2019 to $188 million with total annual preferred dividend savings of approximately $16.1 million.

In line with TEN’s semi-annual dividend distribution policy and as previously announced, the Company will distribute in 2023 an annual dividend of $0.60 per common share, $0.30 of which will be paid on June 15, 2023, to shareholders of record as of June 9, 2023, and $0.30 cents to be paid in December 2023.

This is a 140% increase from the $0.25 per common share paid during 2022 and brings the total dividends paid to common shareholders since TEN’s NYSE listing in 2002 to well in excess of $500 million.

In addition, and subject to ongoing strong freight market conditions, TEN’s Board of Directors could consider an extra dividend to common shareholders for payment within 2023. The amount will be determined at that point and details of the relevant payment will be communicated through a separate public announcement.


TEN is well placed to be a prime beneficiary of the solid market fundamentals. Its tried and tested mix of strong spot presence along with fixed and market related long-term charters to major oil concerns safeguards the Company’s development going forward.

In this environment, the accumulation of ample cash reserves from vessel operations and asset divestments will continue to fund the Company’s growth and capital allocation. As secondhand prices remain healthy and demand for readily available tonnage is on the rise, management will continue to explore opportunities for the strategic sale of vessels whilst seeking fleet expansion by increasing its footprint in dual-fuel vessels in co-operation with its clients.

Strong liquidity and debt reduction, together with dividend rewards for the shareholders are integral parts of TEN’s policy.

“Our 30th year as a public company finds TEN in record performance. With strong market fundamentals we expect to continue reducing our debt obligations, further strengthen our balance sheet and reward our shareholders with healthy dividend distributions,” George Saroglou, Chief Operating Officer of TEN stated.

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Source: Tsakos Energy Navigation

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