EXHIBIT 99.1
May 30, 2023
First Quarter 2023
Summary Results
In the first quarter of 2023, the positive industry fundamentals together with the trade imbalances the war in the Ukraine created,
continued to support a healthy tanker market and allowed Tsakos Energy Navigation Limited (the “Company” or “TEN”) - despite operating fewer vessels—to generate gross revenues of $261 million, representing an increase
of 74% or $112 million from the same quarter in 2022.
Operating income in the 2023 first quarter climbed to $199 million, which includes an
$81 million capital gain from the sale of six first generation MRs and two handysize product tankers at values reflecting the strong demand for secondhand tonnage.
The resulting net income, including the $81 million capital gain, totaled $177 million in the first quarter of 2023.
Fleet utilization in the first quarter of 2023 amounted to 96.4% reflecting efficient technical management and the low number of scheduled dry dockings during
the period.
Boosted by TEN’s flexible charters with upside potential, the fleet’s average Time Charter Equivalent (TCE) more than doubled to
$41,882 per day from the 2022 first quarter levels.
Earnings Before Interest Tax Depreciation & Amortization (EBITDA) exceeded $236 million
in the first quarter of 2023.
As a consequence, the positive cash flow generated from the profitable contracts the vessels are employed under resulted in
the increase of the Company’s cash reserves to $476 million as of March 31, 2023.
Bank debt at the end of first quarter of 2023 was
$21 million lower from the year-end 2022 level at $1.39 billion.
Interest and finance costs in the
first quarter of 2023 reached $24 million, primarily due to higher underlying interest rates and a new loan for the acquisition of a VLCC in November 2022.
Daily operating expenses per vessel during the 2023 first quarter were at $9,213 impacted by the seasonal inventory buildup for the fleet and the inflationary
pressures evident in the world economy.
Depreciation and amortization marginally increased by $1.8 million partly due to two vessels undergoing dry-docking during the 2023 first quarter.
COMMON SHARES DIVIDEND; SERIES D PREFERRED SHARES REDEMPTION
The Company’s Board of Directors has approved the full and at par redemption of TEN’s 3,517,061 Series D Cumulative Redeemable Perpetual
Preferred Shares currently outstanding with a par value of $25.00 per share or $87,926,525 in total. The redemption, along with accrued dividends, is scheduled for July 7, 2023. Through this redemption, the Company will generate annual
preferred dividend savings of $7.7 million.
In line with TEN’s semi-annual dividend distribution policy and as previously announced, the
Company will distribute in 2023 an annual dividend of $0.60 per common share, $0.30 of which will be paid on June 15, 2023, to shareholders of record as of June 9, 2023, and $0.30 to be paid in December 2023.