Tsakos Energy Navigation Limited (NYSE: TNP) moved negative Friday on the release of first-quarter results.
A release out Friday morning reported that the company’s fleet earned $124 million in gross revenues and $4.2 million in operating income.
Excluding a marginal loss of $0.4 million from the sale of the VLCC Millennium, the Company incurred a net loss of $9.2 million, a 23% improvement from the first quarter of 2018. Adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization and loss on vessel sale) totaled $35.5 million.
Fleet utilization increased to 96.2% with two vessels undergoing dry-docking in the period.
During this quarter, almost 80% of the fleet was employed on secured revenue contracts, a third of which with profit sharing provisions, which, as in the first quarter of 2018, led TEN’s fleet earnings to outperform the spot market by more than 100%.
These vessels under secured revenue contracts continued to generate enough cash to cover most of the fleet’s operating, overhead and finance costs. Tsakos’ vessels on spot charters and despite the soft market, contributed approximately $15.3 million of revenue after bunker, port expenses and commissions.
Depreciation and dry-docking amortization costs up by $2.3 million due to new vessel deliveries
The Company will pay a dividend of $0.05 per common share to shareholders of record as of November 30, to be paid on December 6.
Inclusive of this payment, Tsakos will have distributed a total of $10.755 per share in uninterrupted dividends to its common shareholders since the Company’s listing on the NYSE in March 2002 against an issue price of $7.50.
Shares lost 17 cents, or 5% to $3.11
