Tsakos Energy Navigation Ltd. (NYSE: TNP) shares dipped following earnings reports Friday.
TEN (as it is called for short) generated positive net income of $3.6 million in the second quarter of 2017 or $(0.03) per basic and diluted share after taking into account $6.5 million in preferred stock dividends. Operating income amounted to $19.3 million.
Despite difficult market conditions, TEN's fleet operated at 96.4% utilization in the second quarter of 2017, during which TEN operated, on average, a fleet of 62.3 vessels compared to 50.5 vessels in the second quarter of 2016.
Revenues, net of voyage expenses (bunker, port expenses and commissions), amounted to $104.1 million, an increase of 9.7% from the second quarter of 2016 due mainly to the eleven newbuilding vessels delivered to TEN and now operating in the fleet.
During the second quarter, two additional newbuilding aframaxes, Oslo TS and Sola TS, were delivered to TEN, the newbuilding aframax Stavanger TS was delivered in the third quarter and the newbuilding aframax Bergen TS, will be delivered in the fourth quarter.
The Company will pay a dividend of $0.05 per common share on November 15, to shareholders of record as of November 9. Inclusive of this distribution, TEN will have distributed $10.56 per share in uninterrupted dividends to its common shareholders since the Company's listing on the NYSE in March 2002.
TEN stock shrank 10 cents a share by noon ET Friday, or 2.3%, to $4.46, within a 52-week trading range of $3.92 to $5.28.
