NewYork-listed TEN – which says it’s in constant dialogue with shipyards toevaluate newbuilding opportunities – booked a loss of $1.87m in the quarter.
TENclaims this marks a significant improvement from the $24.86m loss recorded atthis stage a year ago.
Earningsper share hit the Street at negative $0.04, which is a couple of pennies aheadof expectations.
Majors hungry
Nikolas Tsakos, chief executive officer of the tanker owner,said in a statement: “We begin to see an appetite of oil majors for attractiveperiod businesses and feel the crude markets will soon complement our productpresence in producing sustained profitability.
“Based on our modern and versatile fleet, our high qualityand ever expanding client base, our demonstrated access to capital and provenexperience in managing the cycles, we do look forward to the future withjustified optimism.”
AsTradeWinds reported last week, Tsakos believes the crude tanker industry willsee collective losses of $30bn from the financial crisis to the end of 2013.
Tsakos told a conference in London: “In thepast five years the only people who have made money from shipping have been thepirates. They are busy spending it now.”
Turning for the better
Inits quarterly report today, Tsakos said the products tanker market is continuingits solid run, while there is a glimpse the crude market is turning for thebetter.
“With$174m of liquid balances as of the end of September 2013 compared to $163m at year end 2012, management can pursue its growth aspirations andexplore upcoming opportunities both in crude and product segments as well as inLNG, as long as they do not put an undue strain on the company’s balance sheet,”it said.
