In 2021, TNG recorded an increase in sales of 7.14%, an EBITDA decrease of -39.3%, and a net loss of HRK 86.9m.

In 2021, TNG has recorded an increase in sales of 7.14% (or HRK 16.9m) and amounted to HRK 253.9m. This increase can be attributed to higher exposure to spot market results. At the same time, commissions and voyage related costs amounted to HRK 97.4m,  an increase of 156% YoY. This increase is also attributed to the higher exposure to the spot market in 2021, compared to 2020, when most of the vessels were employed on a time charter. In total, operating expenses amounted to HRK 201.5m, an increase of 40% YoY, mostly driven by the aforementioned increases in commission and voyage related costs.

The Company also notes that during the year, the average TCE (Time Charter Equivalent) net daily rate amounted to USD 11,763, a decrease of 17.5% YoY, mostly due to the lower amount of time the tankers were employed on time charter contracts. At the same time, the daily vessel operating expenses increased slightly to USD 6,897, an increase of 1.1% YoY. Meanwhile, fleet utilization increased as well, growing by 0.9 p.p. to 95.6% in 2021.

The EBITDA decreased by 39.3% and amounted to HRK 59.1m. This decrease can mostly be attributed to the higher operating expenses due to the aforementioned commission and voyage related costs. This would mean that the EBITDA margin in 2021 amounted to 23.3%, a decrease of 17.8 p.p. YoY. The Company also recorded an impairment of HRK 65.5m, after it was determined that the carrying amount of three vessels exceeds the recoverable amount of the asset.

Net interest expenses amounted to HRK 17.8m, while net FX losses amounted to HRK 10.1m.

The Company also recorded a net loss of HRK 86.9m, an increase of HRK 55.3m from the year before. This result can be attributed to several factors: the fact that the global economies are recovering from the lock-down, slow tanker freight markets, the aforementioned impairment, among others.

TNG Financials (2021 vs. 2020, HRKm)