Financial Results in Focus: TEN, Ltd (NYSE: TNP)

On Friday, Tsakos Energy Navigation Limited (NYSE: TNP) oscillated between $3.38 and $3.46 before concluding trading period higher +2.37% at $3.45. The stock recorded total trading quantity of 117,392 shares as compared to its average volume of 153,375 shares. The share price fluctuated between $3.11 to $4.86 during the 52-week trading period. The firm has a total market worth of $153.38k and $298.108M shares remain outstanding.

TEN, Ltd (NYSE: TNP) stated results (unaudited) for the quarter ended March 31, 2018.

Q1 2018 Summary Results

TEN generated gross revenues of $125.7M, an Operating Income of $5.6M and incurred a net loss of $11.9M in the first quarter of 2018. EBITDA (Earnings before interest, taxes, depreciation and amortization) totaled $41.8M

Following the Company’s long-term strategy, with 80% of the fleet employed during the first quarter on secured revenue contracts, TEN was able to successfully manage the impact of an exceptionally poor spot market, in which rates, in all categories of vessels, reached historic lows. Over that period, TEN’s fleet averaged $17,771 per day in time charter equivalent earnings against about $8,700 per day average market spot rates during the quarter. An outperformance by over 100%.

Five vessels underwent planned dry-docking within the first quarter. Four of these vessels were under attractive time-charters, and therefore lost the revenue that would otherwise have been earned during the period they were out of service.

Despite the state of the market and dry-dockings, fleet utilization in the first quarter was a healthy 96% consistent with the above 95% utilization that TEN has maintained through the cycles in recent years.

Cash balances amounted to $178.3M with net debt to capital at March 31, 2018 at 51%. TEN continues to maintain a perfect debt service record and a sustainable dividend.

Tsakos Energy Navigation Limited’s (NYSE: TNP) stock price showed strong performance of 1.47% in last seven days, switched down -1.71% in last thirty days and it fell -23.33% in last one year.

It has 87.09 million of outstanding shares and its shares float measured at 55.67.

 

Timothy Secombe- Services Sector News

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