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Tsakos Energy Navigation: Digging into Its 2Q17 Results

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Part 3
Tsakos Energy Navigation: Digging into Its 2Q17 Results PART 3 OF 6

Analyzing Tsakos Energy Navigation’s Fleet after 2Q17

Tsakos Energy Navigation’s fleet

Tsakos Energy Navigation (TNP) has a fleet (including newbuilds) of 65 double hull vessels. The fleet is a mix of product tankers, crude oil tankers, and LNG (liquefied natural gas) carriers. Out of these 65 vessels, 47 are crude oil tankers. The crude tankers include 13 Suezmax tankers, three VLCCs (very large crude carriers), three Aframax LR (long range), 17 Aframax tankers, and 11 Panamax. According to the company, the average fleet age is 7.6 years. The average fleet age is lower than the average world fleet age of 10.1 years.

Analyzing Tsakos Energy Navigation&#8217;s Fleet after 2Q17

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Peers

Tsakos Energy Navigation and Teekay Tankers (TNK) operate product tankers along with crude oil tankers. On the other hand, Nordic American Tankers (NAT), Euronav (EURN), and DHT Holdings (DHT) are pure-play companies—they only operate crude oil tankers.

Newbuild deliveries

In 2Q17, Tsakos Energy Navigation took delivery of two Aframax vessels—Osla TS and Sola TS. In the third quarter, Stravenger TS, the newbuild Aframax, was delivered to Tsakso Energy Navigation. In the fourth quarter, Tsakos Energy Navigation will take the delivery of the Bergen TS. These vessels are employed on a long-term contract with European oil companies. When the tankers are delivered, Tsakos Energy Navigation’s current newbuild program will be complete.

Spot and time charter mix

Currently, Tsakos Energy Navigation has 49 vessels out of 65 that have secured employment. The current time charter tenure is 2.5 years. The minimum contracted revenues for Tsakos Energy Navigation are $1.4 billion—excluding profit sharing. It’s important to note that 29 vessels have the ability to capture the market’s upside through profit sharing, market-related charters, or the spot market.

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