MAY 12, 2017 — Athens headquartered tanker operator Tsakos Energy Navigation, Ltd (NYSE: TNP) reported results for the quarter ended March 31, 2017 that saw revenues, net of voyage expenses, reach $108.2 million, approximately $8.5 million more than in the first quarter of 2016, in part due to the delivery of new vessels. Net income in the first quarter 2017 was $17.5 million, or $0.16 per share, net of preferred dividends.
Fleet utilization of 97.2% contributed to higher revenue.
"TEN posted another profitable quarter in a challenging market environment. This is the best proof of management's performance in executing a clearly defined strategy that takes into account the numerous and very complex parameters at play. Prudence and early preemptive action, together with ever increasing efficiency in managing costs, allows TEN to produce steady sustainable earnings and best in class results," said Chairman of the Board Takis Arapoglou.
TEN reports that 77% of its fleet is on long-term employment and that it has $1.4 billion in minimum contracted future revenues