Marine Link
Thursday, March 28, 2024
SUBSCRIBE

John Stavropoulos News

09 Jun 2022

Ship Fuel and Lube Costs Are Skyrocketing

© jsp / Adobe Stock

The $300 billion bunkering market is at a critical juncture due to the double whammy of the geopolitical crisis and the uncertainty surrounding the regulatory framework pertaining to the decarbonization of the shipping industry.“Bunkering has been hit from the trickledown effect of the sanctions against Russia, and this of course has had a serious impact on prices. Pre-war, the global prices were around $750-$850 per ton, and now we are looking at prices above $1,000,” said Alexander Prokopakis…

10 Apr 2012

Tsakos Energy Expands Presence in LNG Sector

Athens, Greece – Tsakos Energy Navigation Limited  announced the order of one plus one state-of –the–art LNG carrier for delivery in the first quarter of 2015 at a major South Korean yard. The vessel is of the new tri-fuel design, enabling the ship to run on fuel oil, marine diesel/gas oil and natural gas, offering attractive alternatives to charterers. Discussions for long-term contracts have begun, and management is confident that such employment will be secured well before the first delivery in early 2015. Concurrently with this order, the company also announced the commencement of the previously announced four-year charter for its LNG carrier Neo Energy to a major international entity and a repeat employer of the vessel at an accretive rate, reflective of current market conditions.

11 May 2011

Tsakos Energy Navigation Reports Earnings Of $0.20 Per Share

Athens, Greece--May 11, 2011--Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) (the “Company”) today reported results (unaudited) for the first quarter ended March 31, 2011. TEN attained net income of $9.3 million (including a $5.8 million gain on the sale of a vessel) for the first quarter of 2011 compared to $19.5 million (including $14.3 million gains on the sale of vessels) for the first quarter of 2010. Diluted EPS this first quarter were $0.20. Revenues, net of commissions…

11 Oct 2010

Tsakos Energy Nav. Appoints Arapoglou to Board

Tsakos Energy Navigation Limited announced that Takis Arapoglou has been appointed to the company's board of directors. Arapoglou was Chairman and Chief Executive Officer of the National Bank of Greece from March 2004 until December 2009 and Chairman of the Hellenic Bankers Association from 2005 to 2009. Prior to this and between 2000 and 2004, he was Managing Director and Global Banking Industry Head for Citigroup based in London. He is a graduate of the University of Athens School of Mathematics and earned a BSc in Naval Architecture from the University of Glasgow and an MSc in Management from Brunel University. D. John Stavropoulos, Chairman of the Board, commented, "We are delighted to have someone with Mr. Arapoglou's background and experience join our board.

06 Aug 2010

Tsakos Energy Navigation Q2 Results

Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) reported results (unaudited) for the second quarter and first half of 2010. Revenues, net of voyage expenses and commissions, were $83.3 million in the second quarter of 2010 compared to $88.6 million in the second quarter of 2009 primarily reflecting a slightly smaller fleet. Despite improved rates for crude carriers, the Company's product carriers achieved lower rates than in the second quarter of 2009, as did its LNG carrier. On average, TEN deployed 45.0 vessels versus 46.0 vessels in the prior year quarter. Fleet utilization remained high at 97.8%, the same level as in the second quarter of 2009. The average daily time charter equivalent rate per vessel was $22,059 down from $22,890 in the 2009 second quarter.

15 Mar 2010

TEN Semi-Annual Dividend

Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) announced that its Board of Directors has declared the company’s semi-annual dividend of $0.30 per share payable April 29 2010 with a record date of April 23 2010 and an ex-dividend date of April 21 2010. “We are pleased to announce the second semi-annual dividend for fiscal 2009 of $0.30, raising the total distribution for the year to $0.60 per share. The sustainability of our dividend distributions is a testament to TEN’s fleet, operational and commercial strategies, the strong balance sheet and overall capital structure, which enables the company to remain profitable and to generate positive cash flows even in difficult economic climates” commented Mr. D. John Stavropoulos, Chairman of the Board.

06 Aug 2009

Tsakos Reports Profits Q2 2009

Tsakos Energy Navigation Limited (NYSE: TNP) reported results (unaudited) for the second quarter and first half of 2009. Revenues, net of voyage expenses and commissions, were $88.60 million in the second quarter of 2009 compared to $146.64 million in the comparable 2008 period reflecting the lower freight rate environment. TEN deployed on average 46.0 vessels versus 44.0 vessels in the prior year quarter. Fleet utilization remained high at 97.8% as compared with 97.4% in the second quarter of 2008. The average daily time charter equivalent rate per day, per vessel was $22,890 down from $39,512 in the 2008 quarter. Vessel operating costs were $8…

27 May 2009

Tsakos Energy Navigation 1Q 2009 Profits

Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) reported results (unaudited) for the first quarter ended March 31, 2009. Revenue, net of voyage expenses and commissions, was $106.14 million in the first quarter of 2009 as compared with $115.67 million in the same quarter of 2008. TEN deployed an average of 46 vessels in the first quarter of 2009 versus 43.1 in the 2008 period. The average daily time charter equivalent (TCE) rate was $27,495 versus $31,387 in the first quarter 2008 (TCE is voyage revenue less voyage expenses). Fleet utilization was 98.5% almost unchanged from 98.3% in the first quarter of 2008. Vessel operating expenses per ship per day increased to $9,355 compared with $8,969 in the first quarter of 2008.

18 May 2009

TEN Announces 1Q Results

Tsakos Energy Navigation Limited (TEN) reported unaudited 1Q results (first quarter ended March 31, 2009) which showed that while revenues dropped, profits remained. This marks the company’s 62 consecutive quarter reporting a profit. Revenue, net of voyage expenses and commissions, was $106.14 million in the first quarter of 2009 as compared with $115.67 million in the same quarter of 2008. TEN deployed an average of 46 vessels in the first quarter of 2009 versus 43.1 in the 2008 period. The average daily time charter equivalent (TCE) rate was $27,495 versus $31,387 in the first quarter 2008 (TCE is voyage revenue less voyage expenses). Fleet utilization was 98.5% almost unchanged from 98.3% in the first quarter of 2008.

11 Nov 2008

Tsakos 3Q, 9 Mo Report

•    Voyage revenues of $158.83 million versus $122.55 million in Q3 2007. •    Net income of $40.98 million (no capital gain) compared to $18.20 million from operations ($50.00 million including $31.79 million from capital gains) in Q3 2007. •    Earnings per share (diluted) of $1.08 versus $0.48 ($1.31 including capital gains) in Q3 2007. •    Period-end fleet of 44 vessels, with over 4.7 million dwt, and an average age 6.1 years. •    Average TCE per vessel $33,732 per day versus $26,467 for Q3 2007, a 27.5% increase. •    Declaration of semi-annual dividend of $0.90 paid on October 30, 2008. •    TEN celebrated 15-years of profitable operations in the public markets. •    Voyage revenues of $466.99 million versus $369.66 million in the first nine months of 2007.

02 Oct 2003

TEN Limited Announces $0.50 Per Common Share Cash Dividend

Tsakos Energy Navigation Limited (TEN) announced that its Board of Directors has declared the Company's first half 2003 cash dividend of $0.50 per common share, payable October 30, 2003 to stockholders of record on October 17, 2003. The ex-dividend date will be October 15, 2003. "Our record setting financial performance in the first half of 2003 has provided us the basis to pay this dividend," commented Mr. D. John Stavropoulos, Chairman of the Board. Overall, TEN has 18 vessels operating with medium or long-term employment contracts which account for 74% of estimated operating days or $37 million gross revenues for the remainder of 2003 and 57% for 2004 or $124 million in revenues. TEN intends to pay cash dividends representing between one-quarter and one-half of ordinary net income.

07 Jun 2004

TEN Holds Eleventh Annual General Meeting

Tsakos Energy Navigation Limited (TEN)today announced that it had conducted its Annual General Meeting (AGM). * Mr. D. John Stavropoulos and Mr. two-year terms on the Board of Directors. * Mr. W. O'Neil and Mr. Directors to serve two-year terms.