Earnings release
Page 1
TEN , Ltd. 367 Syngrou Avenue , 175 64 P. Faliro , Hellas Tel : 30210 94 07 710-3 , Fax : 30210 94 07 716 , e - mail : ten @ tenn.gr Website : http://www.tenn.gr TEN LTD REPORTS RESULTS FOR THE FIRST QUARTER 2021 AND DIVIDEND DECLARATION Press Release June 29 , 2021 $ 140 million in revenues and positive operating income in a challenging market Continuous dividend payments and reduction of debt Accretive charters of all three LNG's Tight cost controls led to decrease in operating expenses TEN would like to offer its sincere gratitude to the Command and Officers of the US Coast Guard , for their successful efforts to rescue one of our seafarers from serious illness under difficult circumstances . Events like this make us all proud to belong to the international shipping community , of which the US Coast Guard leads by example . Athens , Greece - June 29 , 2021 - TEN , Ltd ( TEN ) ( NYSE : TNP ) ( the " Company ” ) today reported results ( unaudited ) for the quarter ended March 31 , 2021 . Q1 2021 SUMMARY RESULTS In the first quarter of 2021 , under the challenging backdrop of the pandemic that affected tanker rates , TEN generated gross revenues of about $ 140 million and operating income of $ 2.2 million . Management took advantage of this low - rate period to bring forward a number of scheduled dry dockings in order to have a bigger pool of vessels available to achieve higher rates once markets rebound . As a result , TEN incurred modest net losses of $ 4.8 million in this challenging market . During this time , revenue generated from time - charter contracts was again sufficient to cover the Company's cash expenses ( opex , overheads , charter - in and loan interest ) , a cornerstone of TEN's chartering strategy . Fleet utilization at a healthy 92 % despite the heavy dry - docking schedule in the first quarter of 2021 . The daily average TCE per vessel was $ 18,121 during the 2021 first quarter , comfortably above our fleet daily average breakeven and comparing favorably to market rates . Visit our company website at : http://www.tenn.gr 1