logo
Share SHARE
FONT-SIZE Plus   Neg

Tsakos Energy Navigation Turns To Profit In Q1; Shares Rise - Quick Facts

Tsakos Energy Navigation Limited (TNP: Quote) reported that its first-quarter net income attributable to the company was $1.02 million or $0.02 per share, compared to a net loss of $8.81 million or $0.19 per share in the year ago quarter. The results were mainly due to increases in product carrier rates, and ability to capitalize on significant presence in this sector and to the impact of the LNG carrier Neo Energy. Significant savings in voyage expenses, operating costs, depreciation and interest also provided important contributions, the company said.

Voyage revenues declined to $97.69 million from last year's $102.23 million.

The Company's Board of Directors declared a quarterly dividend of $0.05 per share of common stock outstanding to be paid on September 12, 2013 to shareholders of record as of September 9, 2013.

TNP is currently trading at $5.05, up $0.85 or 20.24%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Anadarko Petroleum Corp (APC) on Monday reported a wider-than-expected loss for the first quarter, crippled mostly by lower commodity prices. General Motors has priced the new 2016 Chevrolet Volt plug-in hybrid at $33,995, including delivery charges. That's almost $1,200 less than the 2015 model. Volt's price can go as low as $26,495 after the full federal tax credit of $7,500. In California, customers can buy the new Volt for as low as... McDonald's said it would restructure its business to focus more on franchises, and would recast its market segments and cut costs, as the fast food giant grapples with weak global sales.
comments powered by Disqus
Follow RTT