TEN, Ltd (TEN) reported results (unaudited) for the twelve months and fourth quarter ended December 31, 2024.
TWELVE MONTHS 2024 SUMMARY RESULTS
TEN generated $804.1 million in gross revenues and operating income of $278.6 million in 2024, the latter after $48.7 million in capital gains from vessel sales. The resulting net income for 2024 settled at $176.2 million, equating to $5.03 per common share.
Fleet utilization for the twelve months of 2024, reflecting heightened dry-docking activity and repositioning voyages, was at 92.5% and average TCE per ship per day was a healthy $32,550.
Adjusted EBITDA for 2024 reached approximately $400.0 million, to a large extent the result of the number of vessels in drydock.
Vessel operating expenses for 2024 totaled $198.0 million, corresponding to the increased size of the fleet, both in terms of number as well as size of vessels. Due to continued efficient management and enhanced fleet modernity, however, vessel operating expenses on a per ship per day basis experienced a 2.8% decline from 2023 and settled at $9,350.
Depreciation and amortization combined for 2024 were $159.9 million, in line with the higher number and larger size of vessels.
During 2024, scheduled debt repayments amounted to $177.3 million while there were $48.8 million in one-off debt prepayments which occurred from the sale of vessels. Total debt and other financial liabilities reached $1.8 billion at December 31, 2024, in line with the growth of the fleet which at the end of the year had a book value of $3.2 billion.
Total finance costs for 2024 amounted to $112.2 million, mostly due to continuing high global interest rates, despite recent cuts, and increased loans for fleet growth.
Cash reserves as of December 31, 2024, and after payments of $71.8 million for common and preferred dividends during 2024, remained solid at $348.3 million.
Q4 2024 SUMMARY RESULTS
In the fourth quarter of 2024, TEN’s fleet which had on average two more vessels from the 2023 equivalent quarter and four vessels on drydock, generated gross revenues of $188.3 million and operating income of $42.4 million resulting to a net income of $19.3 million or $0.42 per common share. Unlike the fourth quarter of 2023, there were no impairment charges recorded during this 2024 fourth quarter.
As a result of the four vessels undergoing scheduled dry dockings during this 2024 fourth quarter, fleet utilization settled at 93.3%, which resulted in average TCE per ship per day of $30,107 and adjusted EBITDA of $85.6 million.
Vessel operating expenses for the fourth quarter of 2024 were $50.6 million, $1.3 million higher than in the same period of 2023 due to the greater number of vessels in the fleet. On a per ship per day basis, these expenses, however, experienced a 1.3% drop compared to the 2023 fourth quarter and settled at $9,480, again the result of efficient technical management services.
Depreciation and amortization costs combined were $41.5 million reflecting the increased size of the fleet.
Despite new loans for vessel acquisitions, interest and finance costs during the fourth quarter of 2024, were $3.2 million lower than the 2023 fourth quarter levels and settled at $24.7 million, primarily because of a decline in global interest rates. Interest income during the fourth quarter of 2024 was at $4.0 million.
DIVIDEND – COMMON SHARES
In line with the Company’s semi-annual common stock dividend policy, TEN’s Board of Directors has authorized the payment of $0.60 common stock dividend to be made in July 2025, a level identical to the one paid in July 2024. Since its listing on NYSE, TEN has maintained an uninterrupted dividend history for both common and preferred shares, totaling $895 million.
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