UPDATE 1-Tsakos Energy swings to Q4 loss

Wed Mar 17, 2010 10:30am EDT

* Q4 loss $0.45/shr vs EPS $0.74 yr-ago

* Q4 voyage rev falls 37 pct

* Shrs down 2 pct

March 17 (Reuters) - Oil tanker company Tsakos Energy Navigation Ltd (TNP.N) swung to a quarterly loss, hurt by a drop in voyage revenue.

For the fourth quarter, the company posted net loss of $16.7 million, or 45 cents a share, compared with earnings of $27.6 million, or 74 cents a share, a year ago.

The fourth-quarter results include vessel impairment charges of $19.1 million.

Voyage revenue fell about 37 percent to $98.2 million due to lower freight rates in 2009.

Analysts on average were expecting the company to post a loss of 4 cents a share, before items, on revenue of $80.7 million, according to Thomson Reuters I/B/E/S.

Quarterly average time charter equivalent rate per vessel fell 46 percent to $18,081 a day.

Shares of the company were down by 2 percent $15.80 Wednesday on the New York Stock Exchange.

For the alerts, please double-click [ID:nWNAB0638] (Reporting by Arundhati Ramanathan in Bangalore)

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