Tsakos Energy Navigation Limited (TNP) stock soared 5.60% in the pre-market trading session at the price of $10.78 after reporting its six months and second quarter 2021 financial results. Tsakos Energy, established in 1993, is the first public shipping company in the world. Its energy fleet contains 71 double-hull vessels, one Suezmax DP2 shuttle tanker, and four dual-fuel Aframax vessels.
TNP Second Quarter and Six Months 2021 Financial Results
On 7th October 2021, TNP published its unaudited financial results for six months, and the second quarter ended on 30th June 2021.
Six Months 2021 Earnings Report
TNP reported gross revenues of $275.4 million in the first half of 2021. The daily time charter equivalent rate per vessel averaged $17,701 for the same period. Total vessel operating expenses were $87.7 million that represents a drop from the first half of 2020. The average daily OPEX per vessel averaged $7,834 during the first half of 2021. General and administrative expenses dropped by 5% from the first half of 2020. Operating losses were $4.9 million during the first half ended 30th June 2021.
Total debt dropped by $87 million in the first half ended 30th June 2021. Net debt to capital was 50% during the first six months of 2021. TNP has lessened its debt to $340 million in addition to $100 million of preferred shares redemptions. In the first six months of 2021, finance costs decreased by $32.9 million or over 69%. Adjusted EBITDA was $66.8 million for the first six months ended 30th June 2021. Cash and cash equivalents reported $140 million during the first six months of 2021.
Second Quarter 2021 Financial Results
For the second quarter ended 30th June 2021, TNP reported a net loss of $13.8 million and non-cash losses of $5.8 million. Voyage revenues were $136 million during the second quarter ended on 30th June 2021. General and administrative expenses were lower compared to the second quarter of 2020. Interest and Finance costs dropped 46% to $7.5 million during the second quarter of 2021. The drop resulted from $87 million reductions in total debt, cash gains, and lower margins on loans. Adjusted EBITDA was $29.5 million for the second quarter ended 30th June 2021. Operating expenses increased by $3.5 million during the quarter. It resulted due to the adverse effects of the heightened number of dry-dockings.
