In Q1 2022, TNG recorded an increase in sales of 57.6%, an EBITDA increase of 194.2%, and a net loss of HRK 1.5m (compared to net loss of HRK 9.5m in Q1 2021).

In Q1 2022, TNG recorded an increase in sales of 57.6% (or HRK 28.8m) and amounted to HRK 78.8 m. This increase can be attributed to higher exposure to spot market results during first quarter – especially when compared to much lower spot market prices in Q1 2021. To amplify positive change, sales reported higher numbers due to the absence of drydocking days in this quarter. At the same time, commissions and voyage-related costs amounted to HRK 29.9m, an increase of 84.6% YoY. This increase is also attributed to the higher exposure to the spot market in 2022, compared to 2021. In total, operating expenses amounted to HRK 69.6m, an increase of 25.6% 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 13,549, an increase of 15.2% YoY, mostly due to the higher amount of time the tankers were employed on time charter contracts. At the same time, the daily vessel operating expenses decreased slightly to USD 6,828, a decrease of 1% YoY. Meanwhile, fleet utilization increased as well, growing by 4.3 p.p. to 99.9% in 2021.

The EBITDA increased almost threefold (+194.2% YoY) and amounted to HRK 22.4m. This increase can mostly be attributed to the higher sales due to the aforementioned utilization rate and Time Charter Equivalent rates. EBITDA margin in Q1 2022 amounted to 28.5%, an increase of 13.2 p.p. YoY.

Net interest expenses amounted to HRK 4.2m, while net FX losses amounted to HRK 6.5m.

The Company recorded a net loss of HRK 1.5m, a lower net loss than the year before when net loss amounted HRK 9.5m. This result can be attributed to several factors: aforementioned higher exposure to spot market,  absence of drydocking days, higher average TCE (Time Charter Equivalent) and increase in fleet utilization.

TNG Financials (Q1 2022 vs. Q1 2021, HRKm)