Tsakos Energy (TNP) tends to report their earnings later than most - company reported last week (09/07).
- Rev of $221.5M
- Adj Net income of $50.6M
- TNP has a bi-annual dividend policy - so 30c/sh as the second payout (ex-div in Oct 2023)
- This year, TNP also have a special div of 40c/sh (same date as 2nd common div - Oct 19, 2023)
- In Aug 2023, TNP redeemed another flavor of preferred shares - the D preferred shares.
- Another pair of newbuilds ordered- MR2 tankers, taking their newbuild total to 10 vessels.
Like NMM, TNP like to apply their own spin on events. Presentation deck normally has a slide with amazing fleet growth rate. But, if one starts with 3 vessels, it is easy to boast of wonderful growth. There is usually some spin on the dividend side. Different twist - TNP mgmt like to boast how much the company has paid in total dividends to common shareholders. Drill deeper on the stat and the payout is weighted towards the earlier years. In 2023, with the announcement of the special div, I won’t give TNO mgmt a lot of grief over their dividend boast. It night not be a huge payout, but in light of TNP redeeming flavors of its preferred shares, the special div is a positive.
Over the years, owning the TNP common shares has generally been a negative experience. Currently, I own some TNP preferred Class E shares, and those had performed well over the last few years. Obviously, those preferreds will likely be redeemed. But probably not in 2023.