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.
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.