Tsakos Energy Navigation Limited (TEN) has reported unaudited results for the second quarter and first six months of 2014.
TEN achieved net income of USD 14.8m in the first six months of 2014, a significant improvement over the first half of 2013 when the recorded net income was 0.5m.
Operating income for the same period of 2014 was USD 33m compared to USD 18.3m in the 2013 first six month period, which is an 80% increase.
This improvement was primarily due to the increase in crude tanker rates in the first quarter 2014.
The average daily time charter equivalent rate per vessel increased by 12.9% to USD 20,418, compared to USD 18,090 in the first six months of 2013.
Vessel operating expenses for the first six months of 2014 amounted to USD 71.4m, an increase over the previous year’s first six months, much of which was due to the addition of the two new shuttle tankers.
Depreciation and dry-docking amortization costs were USD 50.2m, the increase from the first half of 2013 was due to the addition of the shuttle tankers and the recent suezmax acquisition.
General and administrative expenses totaled USD 2.3m from USD 2.1m in the first half of 2013.
Interest and finance costs decreased in the first half of 2014 to USD 18.1m compared to USD 20m in the first six months of 2013, mainly due to the expiry of interest rate swaps.
Press Release; August 6, 2014