Tsakos Energy Navigation Releases 3Q Results

Monday, November 05, 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. For the nine months of 2007, net income was a record $131.0m (including capital gains of $38.2m), exceeding the previous record for the 2006 nine months of $119.3m (including capital gains of $13.3m). Net revenues (voyage revenues net of commissions and voyage expenses) grew 20.6% to $300.9m from $249.4m in the 2006 similar period reflecting a growing fleet (41.2 vessel average for the nine months of 2007 versus 32.7 vessel average in the similar 2006 period) and a chartering policy that includes profit-sharing components. The time charter equivalent was $29,233 per ship per day as compared to $30,290 in the nine months of 2006. Operating income rose significantly by 24.7% to $175.9m from $141.1m. Depreciation was $60.0m versus $42.1m as a result of the expansion and continuous modernization of the fleet. Net financing costs were higher reflecting increased debt and higher interest rates. Net income before depreciation rose by 18.3% to $191.0m from $161.4m in the 2006 period. Diluted per share earnings grew 9.8% to $6.86 as opposed to $6.25 in the nine months of 2006.
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Dry Bulk Recovery Still a Long Way Off

The dry bulk shipping market will remain in recession due to contracting demand for iron ore and coal, and any recovery is not expected until 2017, according to

Egypt Picks Jordan LNG Cargo Winners

Egypt has picked Shell, Vitol and Trafigura in a tender to supply four cargoes of liquefied natural gas (LNG) via Jordan's Aqaba import terminal, trade sources said.

Cameroon Awards Kribi Deepwater Contract

Cameroon has awarded a contract for its Kribi port to a consortium led by French logistics group Necotrans, the two parties said. The deepwater port will allow

Coast Guard

Twelve Syrians Drown Trying to Reach Greece

At least 12 people believed to be Syrian refugees drowned as two boats sank after leaving southwest Turkey for the Greek island of Kos on Wednesday, a senior Turkish naval official said.

Greek Coast Guard Seizes Weapons Ship Bound for Libya

Greek authorities have seized a freighter carrying an undeclared shipment of weapons en route from Turkey to Libya, coast guard officials said on Wednesday. A

Singapore Navy Foils Pirate Attack

The Republic of Singapore Navy ( RSN) disrupted a sea robbery on a tugboat in the eastern approaches of the Singapore Strait, says Ministry of Defence (MINDEF).

 
 
Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.8460 sec (1 req/sec)