On 29 Jan 2020, Tsakos Energy Navigation Limited (NYSE: TNP) found trading -29.18% off 52-week high rate. On the other end, the stock has been kept in mind 20.88% away from the low price over the last 52-weeks. The stock changed -2.37% to recent worth of $3.3. The stock transacted 192587 shares during newest day however it has an average volume of 390.56 K shares. The company has 88.69 M of impressive shares and 59.71 M shares were drifted in the market.
10, Ltd (TNP) recently mentioned results (unaudited) for the quarter and nine months ended September 30, 2019.
Financing expenses, net of interest income, increased by $8.8 M in the nine-month duration of 2019 as contrast to the respective duration in 2018, mainly Because of a decrease of bunker hedge money invoices by $7.2 M and a decline in bunker hedge evaluations by $2.7 M. However, interest payable on our loans stayed stable. Because completion of September 2018, the Company has decreased impressive indebtedness by $94M. Overall, over the last 12 months and including the complete payment of the Series B Preferred Shares, TEN lowered its overall credit obligations by $144M and kept strong liquidity of $177M. In addition, a number of loans were re-financed since the starting of 2019 with significantly lower margins, which will continue to result in minimized interest expenses going forward.
Running income totaled up to $11.7 M for the 3rd quarter of 2019, a six-fold boost over the operating earnings of the third quarter of 2018. EBITDA increased to $47.1 M, 16.6% higher than in the 3rd quarter of 2018, with cash holdings at September 30, 2019 amounting to $177.0 M.
Typical daily operating costs per vessel remained at competitive levels, reducing to $7,679 in the 2019 nine-month duration from $7,755 in the 2018 nine-month duration, regardless of seven planneddry-dockings throughout the 2019 nine-month duration.
The daily time charter equivalent rate per vessel neared $20,000 in the nine months of 2019, a 16% boost over the equivalent 2018 duration, Because of accomplishing much better results in the spot market, making greater revenue share and setting up brand-new time charters with significantly higher rates.
Q3 2019 SUMMARY RESULTS
With the same number of vessels as in the 2018 third quarter, TEN made greater incomes when contrast to that third quarter. $131.0 M in the 2019 third quarter versus $126.5 M, or a 3.6% increase. Average day-to-day TCE rates reached $18,837 from $16,547 in the very same quarter of 2018, a 13.8% increase.
Operating earnings totaled $58.5 M, a five-fold increase over the comparable 2018 nine-month duration, while adjusted EBITDA reached $167.1 M, 34% over in the 2018 nine-month duration.
NINE MONTHS 2019 SUMMARY RESULTS
TEN earned gross earnings of $422.1 M, 12.2% higher than in the equivalent nine-month duration of 2018 and attained a net income of $2.0 M in the nine months of 2019 contrast to a loss of $36.1 M in the 9 months of 2018, a favorable swing of $38.1 M between the 2 nine-month periods.
In line with its specified policy, TEN expanded its organized alliance with a major oil concern by purchasing 4 new tankers against long term work, developed to the most up-to-date specs. Of these four, the very first was recently provided and instantly began its long-term charter, with the rest prepared for delivery within 2020. TEN also included two of its vessels to its existing joint endeavor with a major South American state entity.
General and administrative expenses for the nine-month period of 2019, which consist of management charges (the management fee per vessel being the same for over 10 years) and office expenses, remained at successfully the same level as in the nine-month period of 2018. Average day-to-day overhead cost per vessel also remained at a low level of $1,166.
In preparation of the IMO January 1st, 2020 Sulphur deadline and to benefit from the traditional slower third quarter, TEN purposely brought forward five dry dockings leading to a lower usage and a net loss of $9.5 M which was still an essential improvement from the $14.6 M net loss of 2018 third quarter. This was primarily Because of adverse seasonal aspects that impacted all companies running in the tanker area, and especially those, unlike TEN, without sufficient time-charter security.
10s income generated by time charter agreements (consisting of $3.6 M in earnings share) alone totaled up to over $88.7 M in the 3rd quarter of 2019, 9.7% greater than in the third quarter of 2018, while pure spot charters contributed $42.3 M, a sizable proportion of the total gross profits, before voyage costs. The two LNG providers, which both enjoyed crucial boosts in rates in 2019, together provided over $10.1 M of earnings in this 3rd quarter of 2019 contrast to $5.8 M in the third quarter of 2018.
Business expenses remained at nearly the very same levels contrast to the 2018 third quarter, regardless of the pre-mentioned dry dockings. Average daily expenses per vessel was at $7,603 daily.
The company has 88.69 M of impressive shares and 59.71 M shares were drifted in the market.
Finance expenses increased by $4.3 M, influenced by a $3.0 M decline in bunker hedge cash invoices. Negative movements of bunker hedge valuations of $2.3 M were partially balanced out by $1.5 M reductions in loan interest as a result of reduced average outstanding financial obligation and lower average margins.
Its revenues per share (EPS) expected to touch remained -700.00% for this year while making per share for the next 5-years is expected to reach at 10.00%. The rate moved ahead of -18.60% from the mean of 20 days, -14.62% from mean of 50 days SMA and carried out -2.49% from mean of 200 days rate.
Spot days reduced by 18.8%, revenue generated by this type of work was over $40M. This is partly credited to our smaller item carriers, which attained higher TCE results contrast to the 2018 third quarter.
Finance expenses, net of interest earnings, increased by $8.8 M in the nine-month period of 2019 as contrast to the respective duration in 2018, primarily Because of a reduction of bunker hedge cash receipts by $7.2 M and a reduction in bunker hedge appraisals by $2.7 M. However, interest payable on our loans stayed steady. $131.0 M in the 2019 third quarter versus $126.5 M, or a 3.6% increase. Its earnings per share (EPS) expected to touch stayed -700.00% for this year while earning per share for the next 5-years is anticipated to reach at 10.00%. The rate moved ahead of -18.60% from the mean of 20 days, -14.62% from mean of 50 days SMA and performed -2.49% from mean of 200 days cost.