How Did Tsakos Energy Navigation’s Top Line Fare in 2Q17?
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.
Tsakos Energy Navigation’s (TNP) vessel operating expenses rose to $43 million in 2Q17—compared to $36 million in 1Q17.
Tsakos Energy Navigation has paid an uninterrupted dividend since its inception. It declared a quarterly dividend of $0.05 per share in 2Q17.
Currently, Tsakos Energy Navigation has 49 vessels out of 65 that have secured employment. The current time charter tenure is 2.5 years.
After Tsakos Energy Navigation released its 2Q17 results, Maxim Group reduced its target price to $6 from $7 and maintained a “buy” rating on the stock.
Tsakos Energy Navigation (TNP) missed its 2Q17 revenue estimate of $109 million. It reported revenues of $104 million.
In week 37, Tsakos Energy Navigation (TNP) released its second-quarter earnings. Maxim Group reduced the target price for Tsakos Energy Navigation.
On September 14, 2017, the average bunker fuel price was $377 per ton—compared to $371 on September 7, 2017.
According to Weber’s report for week 37, the strong rise in VLCC demand evaporated. The September program seems to have come to an abrupt end.
In week 37, most of the crude tanker stocks traded in green. Only, Tsakos Energy Navigation and Euronav traded in red.
In August 2017, China’s auto sales rose 4.1% YoY (year-over-year). Its total vehicle sales rose 5.3% to 2.19 million in August.
In August 2017, China’s manufacturing PMI (purchasing managers’ index) was 51.7, which was higher than Reuters’ forecast of 51.3.
In August, China’s imports in dollar terms rose 13.3% YoY, which was higher than July’s rise of 11% YoY. July’s imports were better than expected.
China, the second-largest economy in the world, is a key factor for the crude tanker industry. The country is the second-largest oil importer in the world.
Of the 11 analysts covering Tsakos Energy Navigation (TNP), none recommend a “strong sell” or “sell.”
The analysts’ 2Q17 EBITDA estimate for Tsakos Energy is $58 million, which would mean a 5.8% drop from $62 million in 1Q17.
For 2Q17, analysts estimate that Tsakos Energy Navigation (TNP) will see revenues of $109.8 million, compared with the $138 million we saw in 1Q17.
VLCC rates for the route from the Arabian Gulf to China rose from $7,407 per day on September 1, 2017, to $7,718 per day on September 8.
The crude tanker index rose in week 36. However, crude tanker stocks had a mixed performance. Average VLCC rates rose from multiyear lows.
On September 7, 2017, the average bunker fuel price was $371 per ton—compared to $348 on August 31, 2017.