Tsakos Energy loss narrows on lower fuel prices

Fri Aug 3, 2012 8:09am EDT

Aug 3 (Reuters) - Tanker operator Tsakos Energy Navigation Ltd reported a narrower-than-expected quarterly loss as lower fuel prices pushed bunker costs down.

U.S. crude oil prices fell 9 percent from last year to average $93 per barrel in April-June.

Net loss narrowed to $5.7 million, or 10 cents per share, for the second quarter from $18.1 million, or 39 cents per share, a year earlier.

Revenue, net of voyage expenses and commissions, rose 12.7 percent to $72 million. Voyage revenue dipped marginally to $99 million.

Analysts on average had expected Tsakos to post a loss of 16 cents per share on revenue of $71.38 million, according to Thomson Reuters I/B/E/S.

Shares of the Athens, Greece-based company closed at $4.74 on Thursday on the New York Stock Exchange.