Aug 3 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
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.