Tsakos Energy Navigation Q1: Earnings Beat, Considers Extra Dividend & More

Tsakos Energy Navigation Ltd. TNP reported a first-quarter FY23 Voyage revenue increase of 74.5% Y/Y to $261.21 million, beating the consensus of $209.15 million.
EPS improved to $5.69 from a loss per share of $(0.12) 1Q22, beating the consensus of $2.79.
Operating income increased to $199.15 million from $9.57 million a year ago, and the margin expanded to 76.2% from 6.4% in 1Q22.
Quarterly fleet utilization was 96.4%, and the daily average TCE per vessel more than doubled to $41,882 (+112.3% Y/Y).
Adjusted EBITDA was $155.01 million (+267.6% Y/Y), and the margin expanded by 3,117 bps to 59.3%.
As of March 31, 2023, the company's cash reserves stood at $476 million. Bank debt stood at $1.39 billion.
Dividend: TNP will distribute an annual dividend of $0.60 per common share for FY23, $0.30 of which will be paid on June 15, 2023, to shareholders of record as of June 9, 2023, and $0.30 in December 2023. This is a 140% increase from the $0.25 per share paid during 2022.
In addition, and subject to ongoing strong freight market conditions, TEN's Board of Directors could consider an extra dividend to common shareholders for payment within 2023.
The company secured new charters and extensions of 15 of its vessels, raising the total minimum contracted revenue of the fleet to $1.6 billion.
Price Action: TNP shares traded higher by 0.40% at $17.71 on the last check Tuesday.