- Tsakos Energy Navigation reports Q4 voyage revenues increases by 14.3% Y/Y to $153.8M, due to improved crude tanker market amid strengthened global oil demand and oil supplies, especially from the US.
- Average daily TCE per vessel is +17% to $21,439.
- Adjusted EBITDA increase 25.3% to $66.3M, with margins up ~375bps to 43.1%.
- Average number of vessels increased from 62.7 to 64, and despite a larger number of vessels, Fleet operating expenses fell by 2.5% to $7,715 per day led by cost controls, lower insurance & lubricant expenses and stronger US dollar.
- The company ends the quarter with cash liquidity of $220.5M; net debt to capital was at 47.9%, and in 2018, total debt was reduced by $156M
- (NYSE:TNP) slides 1.3% in pre-market
- Previously: Tsakos Energy EPS of -$0.84 (March 29)