Tsakos Energy Navigation Announces 3Q Profits

Thursday, November 08, 2007
Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) reported financial results (unaudited) for the third quarter and first nine months of 2007. Net income was a record $50.0m for the third quarter of 2007, (including capital gains of $31.8m) as compared with $44.5m (including capital gains of $13.3m) for the third quarter of 2006. Net revenues (voyage revenues net of commissions and voyage expenses) expanded 3.9% to $97.2m from $93.5m reflecting growth of the fleet (43.6 vessel average in Q3 2007 versus 37.1 vessel average in Q3 2006) and the effect of the Company’s balanced employment policy to provide contracted rates in cyclical markets. The time charter equivalent per ship per day was $26,467 in the third quarter of 2007 versus $29,779 in the third quarter of 2006. Operating income rose 15.8% to $71.1m (including capital gains of $31.8m) in this year’s third quarter from $61.4m (including capital gains of $13.3m) in the similar period of last year. Depreciation was higher at $21.3m from $16.6m as a result of the growth and continuous modernization of the fleet. Net financing costs also grew reflecting financing of the fleet expansion, higher interest rates and interest rate swap valuations. Net income before depreciation rose by 16.7% to $71.3m as against $61.1m in the same quarter last year. Diluted earnings per share increased 12% to $2.61 from $2.33 in the third quarter of 2006.
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

First Subsea Achieves API 17L1 Certification for Bend Stiffener Connectors

Connector technology developer First Subsea has received APL 17LI certification for its bend stiffener connectors from the American Petroleum Institute, the company announced today.

Gulf of Mexico Sees First LNG-powered OSV

A special Offshore Supply Vessel (OSV) has been delivered to Shell for its deepwater operations in the Gulf of Mexico.   The vessel, Harvey Energy, is chartered

Bestobell Bags Hat Trick Order in China

Bestobell Marine, part of the President Engineering Group, has received its third order in the past 12 months from Hudong Zhonghua shipyard in China. The deal

Environmental

Senate Committee Approves Vessel Discharge Reform Legislation

The effort to establish a uniform national framework for the regulation of vessel discharges took another step forward as the Senate Committee on Commerce, Science and Transportation approved S.

New Tool for Recovering Oil from Sunken Wrecks

A tool for removing oil trapped in submerged vessels has been developed in Norway by design specialists Miko Marine.   The launch of the Moskito aims to address

Gulf of Mexico Sees First LNG-powered OSV

A special Offshore Supply Vessel (OSV) has been delivered to Shell for its deepwater operations in the Gulf of Mexico.   The vessel, Harvey Energy, is chartered

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2055 sec (5 req/sec)