Benzinga - by Nabaparna Bhattacharya, Benzinga Editor.
Tsakos Energy Navigation Ltd (NYSE: TNP) reported a Q3 FY23 Voyage revenue of $186.659 million, beating the consensus of $166.139 million. EPS of $0.83 missed the $1.24 street view.
The company said its Q3 reflected the seasonal softness the tanker markets experienced, from the lofty levels of the prior quarters, as many refiners entered their maintenance season ahead of the upcoming winter period.
Adjusted EBITDA Q3 was $92 million versus $103 million in the year-ago period. Operating income decreased to $53.01 million from $67 million a year ago.
Quarterly feet utilization reached 96.1% after an increase of vessels in time-charter employment.
Tsakos Energy registered 26 new charters in the first nine months of 2023, resulting in over $1.4 billion in minimum secured revenue backlog.
Cash reserves remained solid at $394 million as of September 30, 2023. Overhead costs per ship per day decreased from the 2022 third-quarter levels and settled at $1,187.
"As we are entering the winter months, stronger than usual charter rates have appeared both for spot and long-term business while asset prices continue to remain firm despite the lack of activity during the summer months," the company said.
Dividend: The company, as previously announced, will pay a dividend of $0.30 per common share on December 20, 2023, to holders of record as of December 14, 2023, increasing total payments made this year to $1.00 per common share.
Price Action: TNP shares are trading lower by 6.99% at $19.82 on the last check Tuesday.
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