Tsakos Releases 3Q Results

Tuesday, November 06, 2007
Tsakos Energy Navigation, the Greek oil tanker owner, recently reported better-than-expected third quarter earnings on an expanded fleet and a large capital gain. Net income for the third quarter ending Sept. 30 soared to $50m, or $2.61 per share, up from $44.5m, or $2.33 per share, in the previous year. The third quarter included capital gains of $31.8m compared to capital gains of $13.3m in the previous year. Sales rose to $122.5m up from $115.2m a year ago. Analysts polled by Thomson Financial forecast earnings excluding items of $1.12 per share on sales of $106m. Although it was a seasonably weak third quarter due to refiners scaling back crude oil demand ahead of the switch to heating oil, Tsakos was able to realize $96m in capital gains because of the sale of three tankers. But the company sees a challenging environment ahead since spot tanker rates for the fourth quarter for both crude and product tankers have not yet reached the expected levels for the fourth quarter, which is typically strong. The company announced a 2-for-1 stock split of its outstanding shares. Shareholders of record as of Nov. 9 will receive an additional share for each owned at the close of trading Nov. 14. The split will double the number of outstanding shares to 38.06 million. [Source: http://www.forbes.com]
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USN Escort U.S. Flagged Ships in Strait of Hormuz

Ships from U.S. Naval Forces Central Command in Bahrain have begun accompanying U.S.-flagged maritime traffic in the Strait of Hormuz, Defense Department officials said.

Myanmar Awards Statoil, Conoco Phillips Deepsea Exploration Contract

Myanmar has awarded contracts to international oil majors Statoil and ConocoPhillips for oil and gas exploration in a deepwater offshore block, the official Kyemon Daily said on Sunday.

French Patrol Ship Rescues 217 Migrants off Libya Coast

A French patrol ship rescued 217 migrants from three small boats that had run into trouble off the coast of Libya on Saturday, the maritime police said in a statement.

Tanker Trends

Cyclone Threat Closes Australian LNG Port

SYDNEY, May 1 (Reuters) - An Australian port used by Chevron for liquefied natural gas exports has been forced to close by a cyclone off the country's west coast.

Growth Potential of European Short Sea Shipping Untapped

A coalition of European shipping sector organisations, led by the European Community Association of Ship Brokers and Agents (ECASBA), has called on the European Parliament,

Booming VLCC Rates Pull Euronav Up

Euronav delivered its best operating profit in seven years, with a 182 percent improvement, and a USD 80.8 million net profit, thanks to the 15 VLCC supertankers the company acquired from Maersk.

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators 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: 0.1340 sec (7 req/sec)