uploads///Revenue_New Logo

A Look at Crude Tanker Companies’ Q1 Revenue

By

Jun. 28 2018, Updated 5:55 p.m. ET

Q1 2018 revenue

In this article, we’ll compare five crude tanker companies’ Q1 2018 revenue. In the first quarter, the freight market was weak. Freight rates were pressured in both the VLCC (very large crude carrier) and the Suezmax sectors, pulling down crude tanker companies’ revenue. As the crude oil tanker industry is characterized by seasonality, we’ll look at both YoY (year-over-year) and sequential changes in revenue.

Article continues below advertisement

Comparing Q1 2018 revenue

  • In Q1 2018, Euronav’s (EURN) revenue fell sequentially to $98.1 million from $117.9 million, and 40.2% YoY from $164.1 million.
  • Teekay Tankers’ (TNK) revenue rose sequentially to $168.4 million from $105.2 million, and rose 29% YoY. It was the only crude tanker company to post higher revenue YoY.
  • Nordic American Tankers’ (NAT) net voyage revenue fell sequentially to $29.6 million from $36.7 million, and 46% YoY. Most of NAT’s vessels are employed in the spot market. The company’s steep fall in revenue could be attributed to lower industry tanker rates.
  • Tsakos Energy Navigation’s (TNP) gross revenue fell 6.5% sequentially to $125.7 million from $134.5 million, and 9% YoY from $138.2 million.
  • DHT Holdings’ (DHT) shipping revenue fell 13.3% sequentially to $79.9 million from $92.2 million, and 13% YoY due to lower tanker rates offset by fleet expansion.
  • Navios Maritime Midstream Partners’ (NAP) revenue fell $1.3 million YoY to $19.8 million from $21.1 million. All NAP vessels are employed in the time charter market.
Advertisement

More From Market Realist

    • CONNECT with Market Realist
    • Link to Facebook
    • Link to Twitter
    • Link to Instagram
    • Link to Email Subscribe
    Market Realist Logo
    Do Not Sell My Personal Information

    © Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.