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…
TSAKOS Announces The Completion Of Sale Of The Aframax Tanker Opal Queen
ATHENS, GREECE – March 24, 2011 - Tsakos Energy Navigation Limited (“TEN” or the “Company”) (NYSE:TNP) today announced the delivery of the 2001-built aframax tanker Opal Queen to her new owners. The capital gain of over $5 million while the free cash of over $16 million from this sale will be recorded in the first quarter of 2011, while the free cash to be generated will be used for future vessel opportunities. George Saroglou, Chief Operating Officer, said “Sale & Purchase activity is an integral part of TEN’s operations that has generated close to $280 million in capital gains.
Tsakos Energy Navigation Reports Q4, Full Year Results
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.
Tsakos Time Charter Extension, Panamax Tankers
Tsakos Energy Navigation Limited (NYSE:TNP) announced two-year time charter extensions for two of its 2009 Korean-built panamax tankers, Chantal and World Harmony. These fixtures will continue with the same charterer, a major South American state affiliated oil entity, at a minimum base rate with open upside for the Company. The renewed charters are now scheduled to expire in the third quarter of 2013. The gross revenues from the extension of these two charters, assuming only the minimum rate, are expected to be approximately $22 million over the orresponding period. “These extensions are evidence of our tested commercial strategy, of maintaining and developing long-term relationships with established end users,” said Mr. Nikolas P. Tsakos, President & CEO of TEN.
TEN Sells Aframax Tanker Opal Queen
Tsakos Energy Navigation Limited (NYSE: TNP) today announced the sale of the 2001-built aframax tanker Opal Queen to an international operator. The delivery of the vessel to its new owners is expected to take place in February 2011. The capital gain from this sale will be recorded in the first quarter of 2011 while the free cash to be generated will be used for future vessel opportunities. "A young fleet profile and healthy cash reserves to pursue our growth strategy and meet our shareholder obligations have always been associated with a tested sale and purchase policy that has been integral to operations since the Company started in 1993," said Mr. Nikolas P. Tsakos, President and CEO of TEN.
TEN Takes Delivery of Pentathlon
Tsakos Energy Navigation Limited (TEN) announced that it has taken delivery of the Pentathlon, the third in a series of four new double hull suezmax tankers. Suezmax tankers are the largest vessels that can call on U.S. ports originating from regions including the Black Sea, the Caribbean and western Africa. Concurrently, the Company announced that a major Russian oil company has employed the vessel on a repositioning voyage. TEN is scheduled to receive the fourth suezmax sister ship, the Triathlon, before the end of 2002. "TEN continues to build one of the youngest and most efficient oil tanker fleets in the world," stated Nikolas P. Tsakos, President and CEO. He added, "The Pentathlon represents the continuation of our fleet's full transition to safe and efficient double-hulled vessels.
