logo
Share SHARE
FONT-SIZE Plus   Neg

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

Tsakos Energy Navigation Limited (TNP) 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

Quick Facts

Editors Pick
HSBC is reportedly laying off about 100 of its senior investment bankers worldwide, as the banking giant strives to curb operating costs. According to reports, the London-headquartered bank will eliminate managing director and director level employees at the Global Banking and Markets division, as... Samsung Electronics Co., Ltd. (SMSN.L, SSNNF.OB, SSNLF.OB) will reportedly blame faulty batteries for last year's Galaxy Note 7 fiasco. According to a Wall Street Journal report, Samsung's investigation of Galaxy Note 7 smartphones found that some batteries were irregularly sized while others had... Federal investigators have closed their probe of a fatal crash that involved a Tesla Motors Inc. car eight months ago. The regulators said they have found no safety defects in the vehicle's automated driving system and that Tesla's Autopilot-enabled vehicles did not need to be recalled.
comments powered by Disqus
Follow RTT