TSAKOS Energy Navigation has underscored its view that the outlook for tankers remains favourable as it unveiled profitable results for last year — albeit it at lower levels than in 2023.

The favourable fundamentals included the fact that shipyards were full and would not be able to deliver new vessels before the second half of 2027, while debate about alternative fuels was “pulling the brakes on potential overordering”, TEN said.

In addition, Opec+ was gradually unwinding production cuts that had been in place since 2022.

“The outlook for the tanker market continues to remain positive,” the company said.

“In this favourable environment, TEN continues to adopt its client-driven policy to build vessels for the long-term needs of its blue-chip customers and target accretive growth opportunities.”

In addition, the Greece-based owner said it was taking advantage of still-healthy asset prices by exploring “divesting some of its first-generation tankers to make space for new, more eco-friendly ones”.

Orders for nine DP2 shuttle tankers that were sealed this month brought the company’s orderbook to 21 vessels, the largest growth programme in its history.

The nine suezmax shuttle tankers — which have been contracted for about $1.3bn and have all been chartered to Petrobras affiliate Petrobras Transporte (Transpetro) — are due for delivery in 2027 and 2028.

On the other side of the fleet renewal equation, this week TEN sold a 2009-built suezmax in a deal it said would generate free cash of about $30m after debt repayment.

New York-listed TEN posted a fourth-quarter net profit of $19.3m, down from $31.7m in the same quarter of 2023.

Voyage revenues fell from $220.2m in the year-ago quarter to $188.3m, partly reflecting a number of vessels undergoing drydocking.

For the full year, TEN posted net income of $176.2m versus $300.2m in 2023.

Revenues slipped from $889.6m in 2023 to $804.1m last year.

TEN’s board has declared a semi-annual dividend of $0.60 per share, unchanged from the equivalent payout last year.