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
Amazon has slashed the price of 4K movies and tv shows, probably to compete with launch offer of Apple TV 4K that plans to sell 4K content at the rate of HD content. The 4K version of its set-top box is expected to be in market next week. The Securities and Exchange Commission or SEC announced Monday its two new initiatives aimed to address cyber-based threats and protect retail investors. SEC announced the creation of a Cyber Unit to focus the Enforcement Division's substantial cyber-related expertise on targeting cyber-related misconduct. The agency also established a retail strategy task force. China has largely blocked instant messaging service WhatsApp, the media reported. The disruption is said to be the latest step to tighten censorship as the country prepares for the Communist Party's congress in Beijing, which starts October 18.
comments powered by Disqus
Follow RTT