As explained, TEN’s diversified energy fleet currently consists of 68 double-hull vessels, including four dual-fuel LNG powered aframax vessels, two DP2 shuttle tankers, two scrubber-fitted suezmax vessels and two scrubber-fitted MR product tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 8.4 million dwt.
With tanker markets remaining strong, primarily spurred by favorable supply and demand fundamentals and favorable trade dislocations caused by the war in the Ukraine continuing and with no signs of abating, TEN, in the first half of 2023, generated voyage revenues of $482.7 million from $366.4 million in the equivalent period of 2022 or 32% higher.
Operating income more than quadrupled to $281.7 million, which included a gain on vessel sales of $81.2 million after the timely sale of eight older MR and handysize product tankers in the first quarter of 2023.
According to the company, reflecting the good momentum in the tanker markets, which continues to positively impact both operations and asset values, net income experienced a near fivefold increase from the 2022 first half level of $51.7 million and reached $237.2 million.
