Tsakos Energy Navigation (TNP)2023-08-04 20:05Financial Performance - In Q1 2023, Tsakos Energy Navigation Limited generated gross revenues of $261 million, a 74% increase from Q1 2022, driven by positive industry fundamentals and trade imbalances due to the Ukraine war[1] - Operating income for Q1 2023 reached $199 million, which includes an $81 million capital gain from the sale of vessels, reflecting strong demand for secondhand tonnage[2] - Net income for Q1 2023 totaled $177 million, significantly up from $6.3 million in Q1 2022, with net income attributable to common stockholders at $167.9 million[3] - EBITDA exceeded $236 million in Q1 2023, compared to $42.2 million in Q1 2022, with Adjusted EBITDA at $155 million[4] Fleet and Operations - Fleet utilization in Q1 2023 was 96.4%, an increase from 93.3% in Q1 2022, indicating efficient technical management[12] - The average Time Charter Equivalent (TCE) per day more than doubled to $41,882 from $19,730 in Q1 2022[12] - Daily operating expenses per vessel in Q1 2023 were $9,213, influenced by seasonal inventory buildup and inflationary pressures[5] Cash and Investments - Cash reserves increased to $476 million as of March 31, 2023, up from $309.4 million at the end of 2022[4] - The company plans to redeem 3,517,061 Series D Preferred Shares, generating annual preferred dividend savings of $7.7 million[7] - The company has several newbuildings under construction, with expected deliveries ranging from Q3 2023 to Q2 2025[9]