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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ASA Mission Statement Revised to Expand Reach

The American Salvage Association has revised its mission statement to increase its area of influence beyond North America, complemented by a new logo that reflects the expanded direction.

New Chemical Handling Service from Ferguson Group

Tank, Fluid Solutions and Bunded Storage for Dangerous Goods and Chemicals Introduced at Gap Ridge, Karratha.    Ferguson Group Australia, global specialist in offshore DNV 2.

BP Freezes Pay in 2015 to Cut Costs

BP is freezing base pay across the group this year, the latest in a series of steps by oil majors to cut costs in response to sinking oil prices.   Over the past year,

Environmental

The 2nd Ballast Water Management Summit

Sign-up for this year’s most in-depth exchange of information and best venue for BWT stakeholders to network and meet their regulatory peers is underway.   Infocast’s

Britain to Ban Fracking in National Parks

Britain said on Monday it would ban fracking in national parks, reversing a policy announced last year, in a concession to the opposition Labour Party which had

KR Launches Software to Aid ECA Compliance

The Korean Register (KR) has launched an in-house developed software program to assist vessels with fuel oil change over when complying with the new low sulphur regulations.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Winch
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: 0.2206 sec (5 req/sec)