Revenues on a time charter basis were $25.59 million for the second quarter of 2001 compared with $19.63 million in the year earlier period or an increase of 30%. Income from operations rose to $16.99 million or 36% above the like period of 2000. Income before depreciation grew to $13.35 million in the second quarter of 2001, which was 70% higher than the second quarter of 2000. Net income at $8.05 million was triple the results of the second quarter 2000.
The first semester 2001 also compared very favorably with the results of the first half of 2000. Revenues on a time charter basis were $50.80 million for the first six months of 2001, up 35% from the year earlier period. Income from operations reached $34.13 million or 46% higher than the $23.34 million in the first semester 2000. Income before depreciation rose 89% to $26.45 million. Net income rose to $15.93 million for the first six months of 2001 or more than four-fold the results in the first half of 2000.
Earnings per share were $0.84 versus $0.27 for the second quarter of 2001 and 2000, respectively and $1.65 versus $0.38 for the first six months of 2001 and 2000, respectively. During the twelve months-ended 2001, book value grew by $2.77 or 19% to $17.44 per share.
TEN operates a fleet of sixteen tankers (including one chartered-in Aframax) and has on order four newbuildings (three Suezmaxes and one Aframax) to be delivered next year. The twenty tankers have a combined DWT tonnage of 2,023,000 and an average age of less than six years or half that of the world fleet.
The fleet was unchanged during the past eighteen months but revenues rose 35% from $37.57 million in the first half of 2000 to $50.80 in the first six months of 2001. Operating and G&A expenses were up $2.45 million or 17% reflecting in large part much higher ($2.84 million versus $1.24 million) amortization of deferred charges and somewhat larger G&A expenses related to special programs. Normal operating expenses increased from $12.71 million to $13.37 million or 5.2%.
Including special expenses, income from operations during the first semester increased $10.79 million or 46%. Net interest expense declined $1.64 million reflecting lower interest rates and a gain on early termination of swap contracts of $0.98 million. Depreciation rose a modest $0.26 million resulting in net income of $15.93million, which was $12.17 million greater than the profit of the first six months of 2000.
The economic outlook for the balance of 2001 has become less positive. The U.S. continues to flirt with modest recession, while the highly important Japanese economy has slipped into reverse gear. Both of these economies have a significant impact on Pacific Rim and Latin American activity. Meanwhile European growth has been less than robust. The combined effects have produced a more constrained forecast for consumption of crude oil and its products in 2001. Early industry expectations foresaw an increase in oil consumption of 2.0% versus 2000. Recent industry projections have trimmed anticipated growth to 0.5% or less. OPEC has responded by reducing its quotas first on a seasonal basis and more recently on cyclical expectations.
The U.S. has reacted to the economic slowdown with very aggressive fiscal and monetary initiatives. The hope and expectation is that a recession can be skirted followed by a rebound to normal growth in 2002. Assuming such a recovery can be exported to its trading partners, then more normal growth in energy needs should follow. Nevertheless, the tanker industry is faced with at least a short period of uncertainty. Whereas modest capacity expansion should have restricted any impact on supply/demand balance, early future months will be dependent on the vagaries of weather and northern hemisphere heating needs.
Industry operating margins will be under pressure from higher insurance rates, bunker prices, rising general expenses, and a less robust U.S. dollar. Interest rates could be at or near the bottom. Earnings comparisons will be more challenging, but the tanker industry hopefully will enjoy future periods of profitability.
Our views regarding TEN's prospects for the balance of 2001 remain constructive. Ten of the vessels are on time charter through the end of the year. Two vessels are at floating rates under evergreen agreements while the remaining vessels will operate in the spot market. Fleet revenues are projected to equal or exceed those of the second semester of 2000. Operating and overhead costs are expected to be somewhat above the year earlier level, but lower interest rates should reduce interest expense.
Our planned fleet expansion program is designed to position TEN to serve the growing needs of our valued customers. We believe that the diversity of the fleet enables TEN to respond to the varying demands of our chartering relationships. The change in our name from MIF is designed to more closely identify the company with our technical manager - Tsakos Shipping and Trading and the energy industry, which we serve. Together we plan to capitalize on our potential.