Workflow
Tsakos Energy Navigation (TNP) - 2023 Q2 - Quarterly Report
TNPTsakos Energy Navigation (TNP)2023-08-04 20:05
Transcript

Financial Performance - In Q1 2023, Tsakos Energy Navigation Limited generated gross revenues of 261million,a74261 million, a 74% increase from Q1 2022, driven by positive industry fundamentals and trade imbalances due to the Ukraine war[1] - Operating income for Q1 2023 reached 199 million, which includes an 81millioncapitalgainfromthesaleofvessels,reflectingstrongdemandforsecondhandtonnage[2]−NetincomeforQ12023totaled81 million capital gain from the sale of vessels, reflecting strong demand for secondhand tonnage[2] - Net income for Q1 2023 totaled 177 million, significantly up from 6.3millioninQ12022,withnetincomeattributabletocommonstockholdersat6.3 million in Q1 2022, with net income attributable to common stockholders at 167.9 million[3] - EBITDA exceeded 236millioninQ12023,comparedto236 million in Q1 2023, compared to 42.2 million in Q1 2022, with Adjusted EBITDA at 155million[4]FleetandOperations−FleetutilizationinQ12023was96.4155 million[4] Fleet and Operations - Fleet utilization in Q1 2023 was 96.4%, an increase from 93.3% in Q1 2022, indicating efficient technical management[12] - The average Time Charter Equivalent (TCE) per day more than doubled to 41,882 from 19,730inQ12022[12]−DailyoperatingexpensespervesselinQ12023were19,730 in Q1 2022[12] - Daily operating expenses per vessel in Q1 2023 were 9,213, influenced by seasonal inventory buildup and inflationary pressures[5] Cash and Investments - Cash reserves increased to 476millionasofMarch31,2023,upfrom476 million as of March 31, 2023, up from 309.4 million at the end of 2022[4] - The company plans to redeem 3,517,061 Series D Preferred Shares, generating annual preferred dividend savings of $7.7 million[7] - The company has several newbuildings under construction, with expected deliveries ranging from Q3 2023 to Q2 2025[9]