TEN Beats Revenue Estimates In Q4

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Tsakos Energy Navigation reported fourth-quarter FY23 Voyage revenue of $220.2 million, down from $270.3 million in the prior year quarter but above the consensus of $186.18 million.

EPS of $0.85 came below $3.17 in the prior year’s quarter and also missed the consensus of $1.72.

The company said it operated six fewer vessels compared to the same period in 2022, due to vessel sales and before the add-on of the five new vessel acquisitions. The abovementioned factors led to an adjusted EBITDA of $124 million versus $159 million in the prior year quarter.

Quarterly fleet utilization reached 98.3% vs 97.4% in the prior year, led by increased vessels in time-charter employment.

The average daily Time Charter Equivalent (TCE) rate per vessel in the fleet stood at $35,565 (vs. $39,776 in fourth-quarter FY22), with vessel operating expenses per ship per day coming in at $9,607 (vs. $8,827 in the prior quarter).

Cash reserves remained at $377 million, and debt obligations settled at $1.56 as of December 31, 2023.

The company plans to pay semi-annual dividend of $0.60 per common share in June 2024, which is double the amount distributed in 2023 for the same period.