In Q1 2021, TNG recorded a decrease in revenue of 27.8%, a decrease in EBITDA of 77.3% and a net loss of HRK 9.5m
In first three months of 2021, TNG reported revenue of HRK 50m, which is a decrease of 27.8% compared to Q1 2020 (HRK 69.3m). This YoY drop was mainly due to the record low freight rates on the spot market, in contrast to the Q1 2020 when record high spot market rates were recorded. In addition to spot price drop, drydocking of m/t Pag for 19.31 days and “off hire” days, due to challenging conditions in performing crew change during COVID-19 pandemic, were also significant factors in that drop. Fleet utilization was 95.3%, as they had 514 revenue days out of 540 operating days.
Commissions and voyage associated costs amounted to HRK 16.2m, while for the same period last year it amounted to HRK 7.8m, putting total operating costs at HRK 42m (vs. HRK 32.7m in Q1 2020). This increase in costs was attributed to higher exposure to the spot market compared to Q1 2020. As a result, recorded EBITDA for Q1 2021 was HRK 8.3m and was significantly reduced compared to the same period last year when it amounted to HRK 36.6m (77.3% decrease). This puts EBITDA margin at 16.6%, while for the same period last year it was 52.8%.
The significant reduction in vessel revenues and increase in operating expenses led to the net loss of HRK 9.5m, complete opposite to the gain of HRK 16.9m, made in the same period previous year.