Tsakos Energy Navigation (TNP) Misses Q3 EPS by 7c, Revenues Beat

Tsakos Energy Navigation (NYSE: TNP) reported Q3 EPS of ($0.28), $0.07 worse than the analyst estimate of ($0.21). Revenue for the quarter came in at $126.47 million versus the consensus estimate of $97.24 million.

“With three difficult quarters of 2018 now behind us, TEN is already taking advantage of the strong rates available in the fourth quarter. With market fundamentals such as stronger oil demand, lower vessel capacity and adequate oil supplies, particularly from the US, positively affecting tanker trades, this current upturn seems sustainable,” Mr. George Saroglou, Chief Operating Officer of TEN stated. “In addition, with the positive, for owners with young tonnage, disruptions the IMO 2020 rules would create in the vessel supply and demand balance, TEN will be well poised to take advantage of the strong freight environment. The number of vessels in the spot market, those on profit-share arrangements and the 10 ships that will be available for re-charter after expiration of current term employment reinforces this optimism,” Mr. Saroglou concluded.

For earnings history and earnings-related data on Tsakos Energy Navigation (TNP) click here.

You May Also Be Interested In

• Nomura/Instinet Upgrades Genting Singapore (GENS:SP) (GIGNY) to Neutral
• Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) Tops Q2 EPS by 24c
• Innovaro (INV) Misses Q2 EPS by 9c