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Tsakos Energy Navigation (TEN) Reports EPS Of $10.30 For Full Year 2006 And $4.05 For Fourth Quarter 2006
Athens, Greece: March 12, 2007 - Tsakos Energy Navigation
Limited (TEN) (NYSE: TNP, BSE: TEN.BH) today reported results for the full year and fourth quarter ended December 31, 2006.
-TEN cash dividends with respect to 2006 operations total $2.75 per share
-a 31% increase from total dividends for fiscal 2005-
2006 HIGHLIGHTS
- Net income of $196.4 million versus $161.8 million in 2005
- Per share earnings of $10.30 (basic) as compared with $8.18 (basic) in 2005
- Sale of three vessels with capital gains of $38.0 million
- Sale of 49% share in two panamax vessels with capital gains of $25.3 million
- New strategic alliances with major end-users
- Consolidation in product tanker and ice-class market
- Acquisition of eight modern vessels
- Delivery of seven newbuildings
- Contracts for eleven newbuildings with deliveries 2006 and 2009
2006 FOURTH QUARTER HIGHLIGHTS
- Net income of $77.1 million versus $60.8 million in the fourth quarter 2005
- Per share earnings of $4.05 (basic) as compared with $3.16 (basic) in 2005
- Sale of one vessel with capital gains of $24.7 million
- Sale of 49% share in two panamax vessels with capital gains of $25.3 million
- Delivery of one Handysize product carrier and one Aframax product carrier
- Contracts for four newbuildings with deliveries between 2007 and 2009
- Payment of first semi-annual dividend of $1.25 per share with respect to 2006
Full report can be viewed here at: http://www.newsandearnings.com/ViewFile.asp?ID1=23547&ID2=110170642&ssid=3&directory=12054&bm=0&filename=031207_Tsakos.pdf