The Parthenon News

A flotilla of oil tankers is sailing empty from Europe and the Mediterranean toward the U.S. Gulf Coast to take advantage of surging shipping rates, according to shipping sources and Refinitiv Eikon data on Monday.Eight tankers, an unusually high number, are in the Atlantic and steaming to the United States, with capacity of up to 5.6 million barrels of oil combined, the people said. Freight rates for Aframax vessels out of the U.S. Gulf coast hit record levels last month, drawing more vessels to the region.The United States exported a record 4.46 million barrels of crude oil per day (bpd) in the week ended Dec. 27, according to the U.S. Energy Information Administration, as shale producers continued to deliver more oil than U.S.

Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE: TNP) reported results for the fourth quarter and full year ended December 31, 2010. -- Voyage revenues of $408.0 million. $3.1 million. million. -- EPS (diluted) of $0.50 ($0.58 per share excluding impairment charge). $7,647. -- Fleet utilization of 97.6%. -- Sale of five tankers with a net gain of $19.7 million. panamax product carriers with employment. -- Change from twice yearly to quarterly dividends. in 2010 of $0.60. -- $105 million raised in equity offerings. -- Approximately $1.0 billion in net income since NYSE listing. -- Voyage revenues of $95.0 million. million. -- Income $0.5 million, before impairment charge of $3.1 million. loss of $2.6 million, after impairment charge. vessel impairment charge. $7,284.

- Voyage revenues of $408.0 million. - Operating income of $80.7 million, after vessel impairment charge of $3.1 million. - Net income of $19.8 million, after vessel impairment charge of $3.1 million. - EPS (diluted) of $0.50 ($0.58 per share excluding impairment charge). - Average daily operating expenses per vessel decreased by 11.9% to $7,647. - Fleet utilization of 97.6%. - Sale of five tankers with a net gain of $19.7 million. - Delivery of two newbuilding aframax tankers and acquisition of four panamax product carriers with employment. - Change from twice yearly to quarterly dividends.

Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) announced that it has signed a Memorandum of Agreement with a state oil company for the sale of the 2003-built aframax tankers Marathon and Parthenon for a combined price of $78m. One vessel will be delivered to its new owner at the end of February and the other at the end of April, at the expiration of their voyage charters. The capital gains that will be generated from this sale will be booked during the respective quarters of this fiscal year. With the conclusion of this sale, TEN’s cash reserves are expected to be approximately $370m. "In line with our long stated policy to actively participate in the sale and purchase market, such sales in tandem with our newbuilding program have kept our fleet both profitable and modern.

Four shipping industry companies and organisations have been honoured for their outstanding contributions to maritime safety. The third annual Safety at Sea International Awards were presented June 10 at a banquet in Oslo in recognition of excellence in programmes, products and services that encourage and promote safety in the maritime environment. Prizes were awarded in four categories: equipment, systems, training and management/operations. In addition, a special AMVER (Automated Mutual-assistance Vessel Rescue System) award was given to pay homage to bravery and seamanship in assisting those in peril on the sea. The awards ceremony was moderated by Paul Gunton…

Tsakos Energy Navigation Limited (TEN) has reported unaudited results for the second quarter and first half of 2003. Net revenues for the second quarter of 2003 were $61.5 million, a 122% increase over the $27.8 million generated in the second quarter of 2002. This increase reflected the expansion in the fleet (average number of vessels of 25.4 in 2003 vs. 17.0 in 2002) as well as the strong charter market. Net income for the second quarter of 2003 was a record $18.7 million versus $2.2 million in the second quarter of 2002. Earnings per share were a record $1.08 as compared with $0.13 per share in the like period of 2002. Interest and finance costs were $3.3 million in the second quarter of 2003 compared with $3.8 million in the second three months of 2002…

Tsakos Energy Navigation Limited (TEN) announced that the time charter agreement for the product carrier Pella has been renewed. For the third consecutive year, the Pella will be directly employed at an attractive rate to a major South American oil concern. "This contract further illustrates how TEN is continuing its established practice of maintaining a balanced fleet employment profile with spot voyages and medium to long-term accretive charters," stated Nikolas P. Tsakos, President and CEO. He added, "We are pleased that the Pella will continue to be employed by this long standing customer. "The accretive rate that we have secured for the Pella shows that the market continues to be strong," Tsakos continued.