Tsakos Energy Navigation Limited (TNP) on Friday reported a sharply wider loss for the fourth quarter in a challenging period for tanker companies.
Net loss attributable to the company widened to $56.59 million or $1.23 per share from $2.64 million or $0.06 per share in the prior year.
Voyage revenues increased to $100.8 million from $94.97 million in the prior year.
Revenues, net of voyage expenses and commissions, were $61.9 million in the fourth quarter of 2011, while utilization remained at nearly 96 percent.
According to the company, the freight market remained difficult despite some short-lived increases in suezmax and aframax rates in the Mediterranean that contributed to better sequential results. Tanker oversupply and high bunker costs for spot vessels continued to dampen the overall market.
Nikolas Tsakos, President and CEO of TEN, said, "...We believe our preemptive actions to sell older vessels, tight cost control coupled with a dynamic LNG market, an area where we attained a first mover advantage and plan to expand, will make TEN stronger and provide further support for the continuation of a healthy dividend policy."
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