Key Points
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Contract Revenue: Tsakos Energy Navigation has a $3.6 billion backlog, with around 80% of its 81-vessel fleet under long-term contracts with major oil firms and commodity traders.
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Fleet Renewal: The company is ambitiously renewing its fleet with 20 new vessels ordered, targeting a modern fleet average age of three years. The order includes 12 shuttle tankers aimed at offshore production expansion in Brazil and West Africa.
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Earnings Growth: Improved tanker rates increased earnings per share to $4.40 for the second quarter, a jump from $0.67 a year prior; first-half EPS rose to $7.12 from $1.70. Management reports third-quarter performance is trending positively.
Company Overview
Tsakos Energy Navigation Ltd. (NYSE:TEN), based in Greece, specializes in energy transportation and operates a diversified fleet. Key clients include major oil companies like Exxon, Shell, and Chevron.
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