Posted on May 22, 2024
Tsakos Energy Navigation (TEN) plans to invest 2 billion dollars to deliver on its commitment to a 100% green fleet by 2030, Dr. Nikos Tsakos, founder and CEO of Tsakos Energy Navigation, revealed speaking to the Schwab network.
TEN, which has completed 30 years in the international stock markets (NYSE – Oslo), has already invested 1 billion dollars, while similar investments will follow in the next two years.
At the same time, the value of TEN’s share has skyrocketed. According to a research conducted by “Naftemporiki” on US-listed Greek shipping companies, which was presented on the day of the conference, TEN’s stock has gained 50% since the beginning of 2024. As he pointed out during the interview, the company has doubled its dividend. In fact, it is a company that continuously pays dividends to shareholders.
The company also invests in eco-modern ships from the secondary market, even with LNG fuel, while selling the older ships of its fleet at a high profit. About two years ago, Dr. Tsakos announced the company’s plans for a green fleet by 2030. During the interview, he also analyzed the investments made. TEN has already invested 1 billion dollars in new vessels, and a similar amount has been planned for the coming years in order to achieve its goal. In terms of competition, TEN relies on its diversified fleet.
