Tsakos Energy Navigation Q4 Loss Widens, Revenue Improves - Quick Facts

(RTTNews) - Tsakos Energy Navigation Limited (TNP) Monday said fourth-quarter net loss attributable to the company's stockholders widened to $37.70 million or $0.66 per share from $24.40 million or $0.43 per share in the previous year.

The company recorded vessel impairment charge of $28.29 million in the quarter compared to $13.57 million last year.

Adjusted net loss was $0.09 per share in the quarter, while it totaled $0.16 per share last year. On average, 9 analysts polled by Thomson Reuters expected a loss of $0.09 per share. Analysts' estimates typically exclude special items.

Voyage revenues improved to $105.03 million from $100.30 million. Revenues, net of voyage expenses and commissions, rose 4.5 percent to $70.6 million. Analysts expected revenues of $74.63 million.

Tsakos noted that the two new DP2 suezmax shuttle tankers and the LNG carrier continued to have a significant positive impact on revenue and the bottom line.

The company will pay a dividend of $0.05 per common share of common stock on May 22 to shareholders of record as of May 19 with ex-dividend date of May 15.