Among shipping companies, Tsakos Energy Navigation (TEN) is usually the last company to report its respective quarterly results. If not last, amongst the last.
- Voyage rev of $197.1M
- Net Income $30.8M (TEN have an entry of $37.7M prior to preferred share payments, but I figure the preferred shares are a financing choice)
- Per a couple of slides: 63 on-the-water vessels, plus 18 newbuilds
- Declared div of 60c/sh (TEN pays div twice a year)
https://static.seekingalpha.com/uploads/sa_presentations/258/111258/original.pdf
TEN has a decent backlog of $3.7B However, $1.3B of the backlog is future revenue from 9 newbuild shuttle tankers on 15-year charters. The longevity on the contracts is nice. But, I work the rate out to under $27K daily. That’s below par for an asset that usually costs > $100M