HomeMarket NewsSmall CapsA Smooth Sailing for Tsakos Energy Navigation as it Surpasses Revenue Estimates...

A Smooth Sailing for Tsakos Energy Navigation as it Surpasses Revenue Estimates Despite Turbulent Seas in Q4

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TNP Tsakos Energy

Tsakos Energy Navigation LtdΒ TNP managed to achieve fourth-quarter FY23 Voyage revenue of $220.2 million, a decline from $270.3 million in the previous year but surpassing the consensus of $186.18 million.

Although the EPS of $0.85 fell short of the $3.17 registered in the same timeframe of the previous year and also failed to meet the consensus of $1.72.

The company navigated through having six fewer vessels operating compared to the same period in 2022, which was a result of vessel sales. This took place before the incorporation of the five newly acquired vessels, causing the adjusted EBITDA to decrease to $124 million from $159 million in the corresponding quarter of the preceding year.

During the quarter, fleet utilization reached 98.3%, an improvement from 97.4% in the previous year, driven by an increase in vessels engaged in time-charter employment.

The average daily Time Charter Equivalent (TCE) rate per vessel in the fleet stood at $35,565 (versus $39,776 in the fourth quarter of FY22), while vessel operating expenses per ship per day came in at $9,607 (compared to $8,827 in the prior quarter).

The company’s cash reserves remained at a substantial $377 million, with debt obligations settling at $1.56 as of December 31, 2023.

Dividend: Tsakos Energy Navigation plans to distribute a semi-annual dividend of $0.60 per common share in June 2024, amounting to double the sum distributed in the same period of 2023.

The management anticipates the issuance of a second semi-annual dividend to holders of common shares in December 2024.

In February 2024, the company signed a newbuilding contract with a prominent South Korean shipyard to construct one Suezmax DP2 Shuttle Tanker, with an expected delivery date of 2026.

Investors interested in gaining exposure to Tsakos Energy Navigation can consider options such as the AdvisorShares Dorsey Wright ADR ETF AADR and the Global X MSCI Greece ETF GREK.

Price Action: TNP shares are currently trading down by 0.39% at $25.51 as of the latest Wednesday check.

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