Linked above is the most recent earnings report for Tsakos Energy Navigation TNP. The company operates a fleet of both crude and product tankers and will charter them short (spot), medium and long term. The company seems to be conservatively managed with significant cash balances and a manageable amount of debt.
The recent earnings release for the 4th quarter and year end 2008 had no surprises. The company had a good year and quarter with nice continued growth. TNP has earned in the neighborhood of $5.00 per share for 3 years running now.
The company’s dividend policy is to payout 25% to 50% of net income. Dividends are semi-annual in April and October. The 2008 distribution give the stock a current yield of about 8%.
The tanker market is currently going through a period of very low spot rates. This will hit companies that rely primarily on the spot tanker market very hard. Think of FRO, VLCCF and NAT. When this happens the stocks of all of the tanker companies will fall and quality companies with a higher percentage of time charter contracts may become even more attractive values.
Tsakos Energy Navigation reports year end results
http://www.tenn.gr/en/financial/TNP-Q4-YE2008-Earnings-Release.pdf
Linked above is the most recent earnings report for Tsakos Energy Navigation TNP. The company operates a fleet of both crude and product tankers and will charter them short (spot), medium and long term. The company seems to be conservatively managed with significant cash balances and a manageable amount of debt.
The recent earnings release for the 4th quarter and year end 2008 had no surprises. The company had a good year and quarter with nice continued growth. TNP has earned in the neighborhood of $5.00 per share for 3 years running now.
The company’s dividend policy is to payout 25% to 50% of net income. Dividends are semi-annual in April and October. The 2008 distribution give the stock a current yield of about 8%.
The tanker market is currently going through a period of very low spot rates. This will hit companies that rely primarily on the spot tanker market very hard. Think of FRO, VLCCF and NAT. When this happens the stocks of all of the tanker companies will fall and quality companies with a higher percentage of time charter contracts may become even more attractive values.