TSAKOS ENERGY NAVIGATION REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2012
50% income improvement from Q4 2011, net of impairments
Quarterly dividend of $0.15 per share paid today, May 25, 2012
Active fleet utilization of 97%
FIRST QUARTER AND RECENT HIGHLIGHTS
Voyage revenues of $102.2 million
45 out of 48 vessels with positive EBITDA
EBITDA totals $26.2 million
$1.0 million in operating income
Net loss of $8.8 million (attributable largely to LNG special survey and two VLCCs)
Strong liquidity maintained of $193 million as at end of quarter
Further $63m added in equity offering of April 18, 2012
Commencement of new accretive four-year charter for LNG Neo-Energy
Total of five new charters since January 2012 with future minimum gross revenues of $172 million over their respective fixtures spanning from one to five years
Active fleet utilization of 97%
Quarterly dividend of $0.15 per share, paid February 14, 2012, and a further quarterly dividend of $0.15 per share paid today
Order of new tri-fuel 162,000 m3 LNG carrier
Options for further LNG carrier and two conventional suezmaxes
Athens, Greece--May 25, 2012--Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) (the "Company") today reported results (unaudited) for the first quarter ended March 31, 2012.
- more here:
http://www.tenn.gr/en/financial/tnppr052512.pdf
http://www.tenn.gr/
ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's pro forma fleet consists of 51 double-hull vessels of 5.5 million dwt that includes one LNG carrier and two DP2 suezmax shuttle tankers totaling 400,000 dwt. The Company has options for two conventional suezmax tankers and an additional LNG carrier to be declared no later than September, 2012, totaling 402,000 dwt. TEN's balanced fleet profile is reflected in 24 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and two LNG carriers.
50% income improvement from Q4 2011, net of impairments
Quarterly dividend of $0.15 per share paid today, May 25, 2012
Active fleet utilization of 97%
FIRST QUARTER AND RECENT HIGHLIGHTS
Voyage revenues of $102.2 million
45 out of 48 vessels with positive EBITDA
EBITDA totals $26.2 million
$1.0 million in operating income
Net loss of $8.8 million (attributable largely to LNG special survey and two VLCCs)
Strong liquidity maintained of $193 million as at end of quarter
Further $63m added in equity offering of April 18, 2012
Commencement of new accretive four-year charter for LNG Neo-Energy
Total of five new charters since January 2012 with future minimum gross revenues of $172 million over their respective fixtures spanning from one to five years
Active fleet utilization of 97%
Quarterly dividend of $0.15 per share, paid February 14, 2012, and a further quarterly dividend of $0.15 per share paid today
Order of new tri-fuel 162,000 m3 LNG carrier
Options for further LNG carrier and two conventional suezmaxes
Athens, Greece--May 25, 2012--Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) (the "Company") today reported results (unaudited) for the first quarter ended March 31, 2012.
- more here:
http://www.tenn.gr/en/financial/tnppr052512.pdf
http://www.tenn.gr/
ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's pro forma fleet consists of 51 double-hull vessels of 5.5 million dwt that includes one LNG carrier and two DP2 suezmax shuttle tankers totaling 400,000 dwt. The Company has options for two conventional suezmax tankers and an additional LNG carrier to be declared no later than September, 2012, totaling 402,000 dwt. TEN's balanced fleet profile is reflected in 24 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and two LNG carriers.
