* Q1 rev $104.7 mln, vs est $84.8 mln
* Q1 adj EPS $0.14 vs est $0.15 - Thomson Reuters I/B/E/S
* Shares up as much as 7 pct
(Adds details, analyst upgrade; updates share movement)
BANGALORE, May 18 Tsakos Energy Navigation Ltd
(TNP.N) reported a strong first-quarter revenue, partly on
higher utilization, and said its markets are beginning to
rebound, sending the oil tanker company's shares up as much as
"Toward the end of the quarter, freight rates began to
climb," the company said in a statement.
The Greek company said its results in the quarter signal
that interest for longer-term charter contracts was now
stronger and industry had turned the corner.
Cantor Fitzgerald analyst Natasha Boyden raised her rating
on the Tsakos stock to "buy" from "hold", saying the tanker
sector benefited from seasonal strength in the first quarter.
Excluding items, the company had a profit of 14 cents a
share in the first quarter, a cent lower than analysts'
expectations, according to Thomson Reuters I/B/E/S.
Quarterly voyage revenue was $104.7 million, above
analysts' expectations of $84.8 million.
Fleet utilization increased slightly to 99.2 percent.
Quarterly average operating expenses per vessel decreased
10 percent to $8,414 per day. The company also reported an 18
percent decline in total expenses.
The company's shares were up 6 percent at $14.19 in
afternoon trade Tuesday on the New York Stock Exchange. They
touched a high of $14.39 earlier in the session.
(Reporting by Vinay Sarawagi and Krishna N. Das in Bangalore;
Editing by Maju Samuel)