Q3 2024 Tsakos Energy Navigation Ltd Earnings Call Transcript
Key Points
- Tsakos Energy Navigation Ltd (TEN) increased its dividends by 50%, offering a substantial dividend yield.
- The company has a strong cash position and has significantly paid down debt.
- TEN has secured nearly $2 billion in forward contracted revenue, ensuring stable future income.
- The company is expanding its fleet with state-of-the-art vessels, including dual fuel vessels, enhancing its operational capabilities.
- TEN has a diversified and high-quality client base, including major energy companies like ExxonMobil, Equinor, and Shell.
- The company's share price has experienced significant profit-taking, impacting its market valuation.
- TEN's fleet utilization decreased to 92.2% due to scheduled dry dockings, affecting operational efficiency.
- Interest and finance costs increased due to new loans and elevated global interest rates.
- The company faces challenges from geopolitical uncertainties, such as potential sanctions affecting global oil flows.
- General and administrative expenses increased substantially, attributed to a one-off share incentive plan.
Thank you for standing by, ladies and gentlemen, and welcome to the Tsakos Energy Navigation conference call for the third quarter 2024 Financial Results. We have with us Mr. Takis Arapoglou, Chairman of the Board; Mr. Nikolas Tsakos, Founder and CEO; Mr. Paul Durham, Chief Financial Officer; Mr. George Saroglou, President and Chief Operating Officer; and Mr. Harrys Kosmatos, co-CFO of the company.
(Operator Instructions)
I must advise that this conference is being recorded today. And now I pass the floor to Mr. Nicolas Bornozis, President of Capital Link, and Investor Relations Advisor for Tsakos Energy Navigation Limited. Please go ahead, sir.
Thank you very much, and good morning to all of our participants. I am Nicolas Bornozis, President of Capital Link and Investor Relations Advisor to Tsakos Energy Navigation. This morning, the company publicly released its financial results for the 9 months and the third quarter ended September 30, 2024.
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