Tsakos Energy Nav (TNP) Q3 2022

Usually, Tsakos Energy Navigation (TNP) are the last tanker company to release their quarterly results. Not in Q3 2022 - TNP announced on 11/22/22, ahead of NAT, ahead of FRO.

  • Revenue of $224M
  • Net income of $51.3M
  • Announced a Q3 div of 15c/sh (like other European companies, only 2 div per year)
  • TCE avg of ~$32K daily (over double the rate vs comparable Q last year)
  • Subsequent events:
    a. Took delivery of newer VLCC
    b. Announced a deal involving three new shuttle tankers with 15-year charters

Tsakos mgmt like to put “spin” on their strategy. With a $32K TCE average, this time I will give the team their due. Q3 is typically the weakest Q for the tanker market. But this year, probably due mainly to the Ukraine-Russia situation, the tanker market has been strong. For the product side initially, but the crude tankers have caught up in Q4. TNP has typically opted to weigh their fleet towards the time-charter market. But TNP also adds profit-share sweeteners to some of those time charters. If those triggered in 2022, that’s a credit to their strategy.