Tsakos Energy Navigation Limited (TNP) reported that its fourth-quarter net loss attributable to the company narrowed to $24.40 million or $0.43 per share, from $56.59 million or $1.23 per share in the same quarter last year.
Substantial improvement in operating results before impairment and loss on sale of vessels. $4.8 million operating income compared to an operating loss before impairment of $2.9 million in the fourth quarter of 2011.
Revenues, net of voyage expenses and commissions, were $67.5 million in the fourth quarter of 2012, an improvement of 9.1% over 2011 assisted by the firmness in rates in the products and LNG markets. Voyage revenues for the quarter were $100.30 million, compared to $100.79 million in the previous year.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.18 per share on revenues of $67.00 million for the quarter. Analysts' estimates typically exclude special items.
The company's Board declared a quarterly dividend of $0.05 per share of common stock outstanding to be paid on June 05, 2013 to shareholders of record as of May 30, 2013.
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