Tsakos Energy Navigation (TEN) plans to invest 2 billion dollars to deliver on its commitment to a 100% green fleet by 2030, Dr. Nikos Tsakos, founder and CEO of Tsakos Energy Navigation, revealed speaking to the Schwab network.
TEN, which has completed 30 years in the international stock markets (NYSE – Oslo), has already invested 1 billion dollars, while similar investments will follow in the next two years.
Soaring stock
At the same time, the value of TEN’s share has skyrocketed. According to a research conducted by “Naftemporiki” on US-listed Greek shipping companies, which was presented on the day of the conference, TEN’s stock has gained 50% since the beginning of 2024. As he pointed out during the interview, the company has doubled its dividend. In fact, it is a company that continuously pays dividends to shareholders. “For 30 years, that is, since the company was founded, we have been continuously distributing dividends to our shareholders. It has doubled in size and we are aiming for even bigger. The dividend for the first half will be distributed on July 4, while we will also give a dividend before the Christmas holidays for the Christmas markets,” he noted.
Regarding the market, Dr. Nikos Tsakos stated that he is optimistic about the freight market, especially for the tanker sector, highlighting among other things the low orderbook. “Orders placed for tankers represent 7% of the global tanker fleet. It’s the lowest rate I’ve seen in my 30 years in shipping.”
The company also invests in eco-modern ships from the secondary market, even with LNG fuel, while selling the older ships of its fleet at a high profit. About two years ago, Dr. Tsakos announced the company’s plans for a green fleet by 2030. During the interview, he also analyzed the investments made. TEN has already invested 1 billion dollars in new vessels, and a similar amount has been planned for the coming years in order to achieve its goal. In terms of competition, TEN relies on its diversified fleet.
