Tsakos Energy Navigation Reports Earnings of $0.52 Per Share for the First ...
(The "Company") today reported results (unaudited) for the first quarter ended March 31, 2010. Net revenues (voyage revenues net of commissions and voyage expenses) was $81.3 million in the first quarter of 2010 as compared with $106.1 million in the same quarter of 2009. TEN deployed an average of 46.6 vessels in the first quarter of 2010 versus 46.0 in the first quarter of 2009. The average daily time charter equivalent (TCE) rate (voyage revenue less voyage expenses) was $20,708 versus $27,495 in the first quarter 2009 due to a softer market.Fleet utilization was 99.2% compared to 98.5% in the first quarter of 2009. Vessel operating expenses per ship per day decreased to $8,414 compared to $9,355 in the first quarter of 2009. The decrease in vessel operating expenses was primarily driven by reduced repairs and spares and lubricant costs, despite a weaker US dollar in the first quarter of 2010 compared to the first quarter of 2009. In addition, the reduction in costs is partly attributable to the new synergies between our technical managers and Columbia ShipManagement S.A. ("Columbia"). Tsakos interests and the owners of Columbia are currently preparing to launch a jointly-owned ship management company, Tsakos Columbia ShipManagement Ltd, which will take over the technical management of TEN's fleet by the beginning of the third quarter of 2010. This is expected to result in substantial benefits for TEN in the form of price reductions, cost controls and efficiencies of operation.
