The financial figures of Tsakos Energy Navigation (TEN), owned by Dr. Nikolas Tsakos, remained at particularly high levels in the first quarter of 2025, driven by strong freight rates in the tanker market.
At the same time, the company showed contracted revenues of 3.7 billion dollars and cash reserves of 350 million dollars, increased by 1.1 million dollars compared to the same period in 2024.
However, TEN’s net profits fell to 38 million from 54.4 million in the first quarter of 2024.
According to the announcement, the NYSE-listed company is rapidly continuing its expanded program of renewal and “greening” its fleet, proceeding with the construction of 21 eco ships, while the tankers “Dr Irene Tsakos” and “Athens 04” were delivered a few days ago.
During the first quarter of the year, Tsakos Energy Navigation signed 15-year employment contracts with Petrobras Transporte S.A., the largest oil and gas transportation company in Brazil, for the construction of nine DP2 Suezmax Shuttle Tankers.
Total gross proceeds from this agreement are expected to reach 2 billion.
The listed company decided to announce a dividend of 0.60 per share, which it will pay on July 14, 2025
