Tsakos Energy Navigation Rises 4% On Improved Quarterly Revenues

(RTTNews) - Shares of seaborne crude oil and petroleum product transportation services provider Tsakos Energy Navigation Limited (TNP) up more than 4% Thursday morning following fourth quarter results.

In the fourth quarter, Tsakos incurred a net loss of $110.58 million or $5.05 per share compared with $38.44 million or $2.10 per share loss in the same quarter a year ago.

The company had an impairment charges of $86.4 million in the latest quarter. Excluding this, loss was $14.9 million.

Voyage revenues increased to $139.13 million from $131.63 million last year.

The company said it will pay a semi-annual dividend of $0.10 per share in June.

TNP is at $11.96 currently. It has traded in the range of $6.75-$12.60 in the last one year