Benzinga | Dec 16, 2021 10:12AM EST

Tsakos Energy Navigation Registers 7.9% Voyage Revenue Decline In Q3

* Tsakos Energy Navigation Ltd (NYSE:TNP) reported a third-quarter Voyage revenue decline of 7.9% Y/Y to $131.56 million, beating the consensus of $84.34 million.

* EPS loss widened to $(1.72) from $(0.55) in 3Q20, missing consensus of $(1.12).

* Quarterly fleet utilization was 89.6%, and the daily average TCE per vessel stood at $15,668.

* Total expenses increased 15.8% to $147.89 million. Total Vessel operating expenses fell by 9%, leading to a daily operating expense per vessel dropping by about $600 to $7,332.

* Adjusted EBITDA was $19.54 million, compared to $48.04 million in 3Q20, and margin contracted to 14.8% from 33.6% last year.

* Tsakos Energy Navigation generated cash from operating activities year-to-date of $35.2 million, compared to $187.18 million a year ago.

* The company had a cash balance of $115.63 million at the end of the quarter.

* Price Action: TNP shares traded higher by 1.35% at $7.52 on the last check Thursday.