In H1 2022, TNG recorded an increase in sales of 42.2%, an EBITDA increase of 106.3%, and a net profit of 4.6m HRK (compared to a net loss of 5.0m HRK in H1 2021).

In H1 2022, TNG recorded an increase in sales of 42.2% (or HRK 48.8m) and amounted to HRK 164.7m. This increase can be attributed to higher exposure to the spot market. At the same time, commissions and voyage-related costs amounted to HRK 49.9m, compared to HRK 36.5m last year. This increase is also attributed to the higher exposure to the spot market in the first half of 2022, compared to H1 2021. One of the most significant factors contributing to voyage cost increase is the drastic rise in the cost of fuel. In total, operating expenses amounted to HRK 130.7m, an increase of 16.2% 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 15,512, an increase of 25.1% YoY. At the same time, the daily vessel operating expenses equaled USD 6,830. Meanwhile, in H1 fleet utilization increased as well, growing by 4.8 p.p. YoY to 99.7% in 2022.

The EBITDA more than doubled (+106.3% YoY) and amounted to HRK 60.8m. This increase can mostly be attributed to the higher sales due to the aforementioned utilization rate and Time Charter Equivalent rates. EBITDA margin in H1 2022 amounted to 36.9%, an increase of 11.5 p.p. YoY.

Net interest expenses amounted to HRK 9.4m, noting a decrease from HRK 9.9m in the same period in 2021. This decrease can be attributed to the repayment of the loan principal despite the negative effect of the increase in the referent rate LIBOR.

Meanwhile, net FX losses amounted to HRK 20.3m, while they were non-existing in H1 2021, partially offsetting higher profitability compared to H1 2021.

The Company recorded a net profit of HRK 4.6m, compared to the net loss of 5.0m the year before (H1 2021). This result can be attributed to several factors: higher exposure to the spot market, higher average TCE (Time Charter Equivalent) and an increase in fleet utilization.

TNG Financials (H1 2022 vs. H1 2021, HRKm)