TEN, Ltd (NYSE: TNP) shares retreated on unaudited results for third quarter ended September 30.
The Athens-based company reported in Tuesday’s news release that the third quarter reflected the seasonal softness the tanker markets experienced, from the lofty levels of the prior quarters, as many refiners entered their maintenance season ahead of the upcoming winter period.
To this effect, TEN’s fleet, half of which was operating under market-related contracts, generated $187 million in revenues and produced an operating income of $53 million resulting in net income of $31 million or $0.83 per common share.
Adjusted EBITDA in the 2023 third quarter amounted to a healthy $92 million, from $103 million in the 2022 third quarter which included, on average, seven more vessels.
Depreciation and amortization combined remained relatively low at $36.3 million compared to the 2022 third quarter.
Fleet utilization reached 96.1%, after an increase of vessels in time-charter employment.
Overhead costs per ship per day decreased from the 2022 third quarter levels and settled at $1,187.
General and administrative expenses during the third quarter of 2023 experienced a 21% drop from the 2022 third quarter to $6.3 million in the 2023 third quarter.
Finance costs were $9 million higher compared to the 2022 third quarter due to higher interest rates across world economies.
TNP shares handed back $1.40, or 6.6%, to $19.91.