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Msg  13487 of 13502  at  11/25/2022 2:50:54 PM  by

urhmi


TNP -q3

TNP common shares trade around $ 18 TODAY
Up from $9 in July 2022. fwiw
.SUBSEQUENT EVENTS
Following the deliveries from South Korea of the LNG “TENERGY” in January 2022 and the DP2 shuttle tanker “PORTO” in July 2022, in November 2022 TEN took delivery of the 2020 South Korean built VLCC, “DIAS I”, the third in TEN’s fleet.

In addition, this month TEN was awarded a maximum 15-year contract, for up to three shuttle tanker vessels by a major energy concern. This brings the company’s DP2 shuttle tanker fleet to seven units, all of them on long-term accretive contracts.

TEN has completed its inaugural Environment, Social and Governance (‘ESG’) Report, detailing the company’s ESG strategy and performance which will be made available on the company website.

DIVIDEND – COMMON SHARES
TEN’s Board of Directors has approved a dividend of $0.15 per common share to be paid on December 20, 2022 to holders of record as of December 14, 2022. This distribution reflects the second payment for 2022 which is in line with TEN’s semi-annual dividend policy and represents a 50% increase from the prior dividend of $0.10 per common share paid in July 2022. Inclusive of this upcoming distribution, TEN will have paid common shareholders half a billion dollars in dividends since its 2002 NYSE listing.

STRATEGY & OUTLOOK
With favorable market fundamentals, and with an orderbook continuing to linger at historical low levels and yard capacity tight for at least the next three years, the backdrop for a sustainable strong tanker market has been set. The geopolitical events that have led to an increase in ton miles, together with the global oil demand approaching pre-covid levels could further substantiate this fact.

In this environment, TEN’s modern and diversified fleet is well placed to take advantage of strong spot rates and secure long-term accretive employments to major end users.

Building on the tanker market strength management will also consider the strategic divestment of some of its earlier generation tankers, both in the crude and product space, and reinvest part, or all, of any potential gains for newer generation vessels.

TEN’s presence and expansion in the more specialized sectors like shuttle tankers and LNG is expected to continue as management is actively exploring attractive opportunities in both of these segments for longer-term industrial transactions.
Best Rgds;
R...........I only hold the preferred D and F SERIES for last couple years


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Msg # Subject Author Recs Date Posted
13488 Re: TNP -q3 keebon 0 12/1/2022 4:14:34 PM




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