2024-03-31 11:40:00 ET
Summary
- Tsakos Energy Navigation reported a strong quarter with a decrease in operating expenses and a net profit of $25 million for common shareholders despite an impairment charge.
- TNP's balance sheet is in excellent shape with a large cash position and a net debt of just under $1.2 billion.
- The preferred shares of Tsakos Energy Navigation remain attractive with a high dividend yield and potential for a call in the future.
Introduction
I have been keeping track of the performance of Tsakos Energy Navigation ( TNP ) for several years now , and I mainly focused on the company's preferred shares as I bought the Series F preferred shares at a steep discount to par during the worst days of the COVID crisis. In the past few years, the company has been printing cash thanks to strong charter rates on the world markets, and its balance sheet has now gotten substantially stronger, making the common shares more interesting as they are trading at a discount of 35-40% to the book value while the market value of its vessels is likely higher than the book value....
Read the full article on Seeking Alpha
For further details see:
Tsakos Energy Navigation: Dividend Bump For Common Shares, 7.8% YTC On Preferred Shares