Tsakos Energy Navigation Clocks 6% Revenue Growth In Q4

• Tsakos Energy Navigation Ltd. (NYSE:TNP) reported a fourth-quarter Voyage revenue increase of 5.7% Y/Y to $139.13 million, beating the consensus of $100.38 million.
• EPS loss widened to $(5.05) from $(2.10) in 4Q20.
• Quarterly fleet utilization was 96.1%, and the daily average TCE per vessel stood at $16,891.
• Total expenses increased 52.8% to $231.98 million. Total Vessel operating expenses fell by 2.8%.
• Tsakos Energy Navigation generated cash from operating activities year-to-date of $53.1 million in FY21, compared to $205.42 million in FY20.
• Adjusted EBITDA was $29.16 million, compared to $32.48 million in 4Q20, and the margin contracted by 372 bps to 21%.
• During the quarter, the company issued, through its ATM program, 4.71 million common shares and 190,813 preferred shares.
• The company had a cash balance of $127.19 million at the end of the quarter.
• Price Action: TNP shares traded higher by 4.73% at $12.01 on the last check Thursday.