How Did Tsakos Energy Navigation’s Top Line Fare in 2Q17?
Tsakos Energy Navigation’s top line
Tsakos Energy Navigation (TNP) posted revenues of $132 million in 2Q17—4.3% lower than $138.4 million in 1Q17 and 11% higher than $119.8 million in 2Q16.
Interested in DBO? Don't miss the next report.
Receive e-mail alerts for new research on DBO
Tsakos Energy Navigation’s net revenues fell YoY (year-over-year) and from the previous quarter. In 2Q17, its net revenues were $104.06 million—$34 million less than 1Q17 and $15 million less than 2Q16.
Tsakos Energy Navigation earns its revenue through operating crude tankers and product tankers. In contrast, its peers Nordic American Tankers (NAT), Euronav (EURN), and DHT Holdings (DHT) only operate crude tankers. Tsakos Energy Navigation operates its vessels in the spot market and time charter market.
As of September 2017, Tsakos Energy Navigation has 44.3% of its 2017 fleet operating days booked under a time charter contract. Out of Tsakos Energy Navigation’s 65 vessels, 49 vessels have fixed contracted revenues. Wall Street analysts expect Tsakos Energy Navigation’s 3Q17 and 4Q17 revenues to be $106 million and $120 million, respectively—22.5% and 21.6% lower YoY.
Tsakos Energy Navigation’s 2Q17 revenues were 12% lower than the same period last year. Crude (DBO) tanker rates were weak in 2Q17. Tsakos Energy Navigation operates many of its vessels in the time charter market. As a result, there was a small fall in its 2Q17 revenues compared to its peers.