Following a proactive environmental policy and a crisis resistant growth model, TEN, the 1st Greek shipping company to be listed in the New York Stock Exchange in 2003 has been the forerunner of innovation in the sector of shipping.
In the recent TEN Strategy Meeting that took place in Grand Resort Lagonissi in Athens, the founder and CEO of TEN Dr. Nikolas P. Tsakos remarked that the company has managed nearly 30 years ago to record a remarkable CAGR (Calculated Growth Rate) of 15% despite having to successively navigate the rough seas of the 1996-98 Far East Crisis, 9/11, the 2009-2011 credit crisis, most recently the COVID-19 pandemic and the Ukrainian conflict.
The meeting included speeches by prominent personalities of the diplomatic, economic and shipping fields such as Daniel Speckhard, President and CEO of Corus International who presented global political and security outlook and Maria Vassalos, analyst from Goldman Sachs who presented the world’s economic outlook including structural cyclical panic and geopolitical drivers”.
Foteini Kanellopoulou analyst from Clarksons presented the tanker market outlook and Bjarne Schieldrop Commodities Analyst from SEB Group presented an oil market update.
Dr. Tsakos outlined that TEN has the most diversified fleet and consists of 72 double-hull vessels with four dual-fuel LNG powered oil tankers with a deadweight tonnage (dwt) of 120.000 metric tons each under construction, the first in a series of hybrid environmentally friendly vessels, to replace its conventional tankers.
He also noticed that the company has registered more than $1 billion in profits, and distributed $500 million in uninterrupted dividends at a yield of 5.25% annually to its shareholders.
TEN was also included in the recent edition of TIME magazine as one of the world’s rising stars in the sector of shipping.
As the magazine says: TEN has not only set a benchmark for financial and operating performance within the sector but has also perfected the art of what it describes as its ‘crisis-resistant growth model’.
It must be also noticed that TEN was awarded by the major oil Equinor as the best shipowning company servicing the group.
As Dr. Tsakos mentioned “Thanks to an extensive acquisition strategy, tallying $5 billion, TEN has built up an expanding base of tailor-made vessels for its customer base.
Following the success of the Double-Double design in the period of 1998-2006 the new stage of technological evolution calls for the drastic reduction of CO2 emissions. With the order of 4 new vessels to be delivered in 2023, TEN is at the forefront of these changes”.
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