Tsakos Energy Navigation (TNP) Reports Q4 Revenues Above Estimates

Tsakos Energy Navigation (NYSE: TNP) reported Q4 EPS of ($0.84), versus ($0.19) reported last year. Revenue for the quarter came in at $153.8 million versus the consensus estimate of $117.64 million.

“With global oil consumption on the rise, driven by Chinese and Indian demand, and the US becoming a leading force in global crude oil exports, freight rates should maintain their upward trajectory by the second half of 2019 and beyond. The low orderbook and the high scrapping levels spurred, to a large extent by the upcoming IMO 2020 regulations, will further support the market to attain higher profitability. As a result, vessels in spot and profit-sharing charters are expected to capture the firming freight market and solidify further the Company’s bottom line,” Mr. George Saroglou, COO of TEN, commented. “The increased appetite of major oil companies for long-term charters in the crude and product sectors, is a strong indicator of a sustainable improvement in market conditions going forward,” Mr Saroglou concluded.

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

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