From GlobeNewswire: 2024-06-20 08:55:00

TEN, Ltd reported that their dividend has doubled compared to last year. They have been actively renewing their fleet, with increased sale and purchase activity since the beginning of 2024. The company’s green initiative is on target, with six dual-fuel LNG vessels fully operational. A new NYSE Ticker Symbol “TEN” will be effective from July 1st, 2024. Tanker market fundamentals continue to be solid.

In the first quarter of 2024, TEN saw healthy financial results, despite fleet adjustments and maintenance. Voyage revenues reached $201.6 million, with operating income at $76.2 million and net income at $54.0 million. The fleet averaged almost two vessels fewer than in 2023, with eight undergoing drydockings. Adjusted EBITDA totaled $100.5 million, with cash reserves at $344.0 million.

TEN has taken delivery of three modern dual-fuel LNG powered vessels and has bank debt at $1.66 billion. They have appointed a new co-Chief Financial Officer and are in discussions for new vessel constructions. TEN’s corporate strategy prioritizes expanding their green footprint and divesting from older tankers. They are set to distribute a first semi-annual dividend of $0.60 per share on July 18, 2024.

Despite market challenges, TEN remains confident in their fleet modernization plans. Dividends have doubled from last year and the company remains committed to sustainable practices. With continued fleet renewal and dividend payments, TEN aims to increase shareholder value. Their current newbuilding program includes a mix of shuttle tankers, suezmax vessels and LR1 tankers.

TEN, founded in 1993, is one of the first established public shipping companies. Their fleet includes 74 vessels, with additional vessels under construction. The company’s strategic focus is on fleet modernization and a green initiative. They continue to adapt to market conditions to maximize shareholder value and operational excellence.



Read more at GlobeNewswire:: TEN, Ltd. Reports Profits for the First Quarter 2024 and