Energy Transportation Demand News

Japan's Nippon Yusen said on Wednesday it will invest in Pertamina International Shipping (PIS), a unit of Indonesia's state energy firm Pertamina, without disclosing terms of the deal. ,The move by Japan's biggest shipping company is aimed at expanding business in Indonesia, where energy and energy transportation demand are expected to increase in tandem with the country's economic growth, a spokesperson for Nippon Yusen said. Nippon Yusen plans to complete the deal by the end of 2022.

$11.9 million in operating income vs. 24% improvement in the net results, ($24.9) million loss vs. Constant quarterly dividend payments ($0.50 per share in 2012). Tsakos Energy Navigation Limited (TEN or the “Company”) (NYSE: TNP) has reported results (unaudited) for the first nine months of 2012 and third quarter. Revenues, net of voyage expenses and commissions, in the first nine months of 2012, totaled $202.4 million, an improvement of $10.6 million over the first nine months of 2011. TEN operated an average of 48.0 vessels as compared with 47.7 vessels in the first nine months of 2011, although the VLCC La Prudencia did not operate in the first nine months of 2012, and the La Madrina operated only for five months.