Tsakos Energy Navigation (TEN) has reported a smaller profit for the first quarter but it still beat the analysts’ estimates.
The Greek tanker owner booked net income of $21.5m from January to March, compared to $35.2m at the same stage of 2015.
It explained that three suezmaxes were sent to the drydock earlier than scheduled, which resulted in fewer operating days in the first quarter.
But tanker rates remained healthy and the company saw its time charter equivalent (TCE) stand at $27,378 against operating expenses of $7,890 per vessel.
Nikolas Tsakos, president of TEN, said: “The year started on a positive note both for the tanker markets and the company.
“2016 is a pivotal year for TEN’s growth. Over the course of the next eighteen months, our bottom line will be boosted by the deliveries 15 state-of-the-art newbuilding vessels, 12 of which on long period charters with the potential of adding about $100m million in TEN’s EBITDA going forward.”
TEN’s revenue declined to $122.2m, down from $148.9m.
But TEN is confident that its chartering policy will help it boost its bottom line in the near future.
“Our tested chartering policy will further solidify our earnings and maintain our continuous and attractive dividend payments regardless of cycles.
“As a result, such visibility coupled with operational efficiency, targeted cost controls and overall low leverage should eventually be portrayed on TEN's share price,” Tsakos said.
