Tsakos Energy profit jumps 50%
By Simon Kennedy
Last update: 7:08 a.m. EDT May 21, 2008
LONDON (MarketWatch) -- Tsakos Energy Navigation (TNP $36.75)
TNP) said Wednesday that its first-quarter net profit rose 50% to $65.1 million, or $1.70 a share, from $43.5 million, or $1.14 a share, a year earlier. The company, which operates a fleet of oil tankers, said voyage revenues rose 18.6% to $136.7 million. Fleet utilization improved to 98.3% in the quarter from 94.4%, though operating expenses per ship rose 23% to $8,969 a day, under pressure from the weaker dollar. End of Story
