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TEN Ltd. Reports Profits for Fourth Quarter and Year End 2019 and Declares Dividend of $0.05 per Common Share

Written by Customer Service on . Posted in Dividend Reports And Estimates.

200% Increase in Operating Income before impairments Y-o-Y$208 million Repayment of Debt and Preferred in 2019Very Firm Current Rates – Market Long Fundamentals FavorableInitiating $50 million Stock Buyback ProgramATHENS, Greece, March 24, 2020 (GLOBE NEWSWIRE) — TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) reports results (unaudited) for the fourth quarter and the year ended December 31, 2019.2019 YEAR RESULTS
In 2019, TEN produced profits of $42.7 million before non-cash impairment charges and positive net income of $15.1 million, a $76 million turnaround from 2018.  Such improvement in profitability was primarily due to the very strong freight market that arose in the fourth quarter of the year, and still the case today, and resulted in voyage revenues reaching $597.5 million.

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