Arapoglou gets TEN post

Takis Arapoglou has been confirmed as the new chairman of Tsakos Energy Navigation (TEN).

His appointment was rubber stamped at the US-listed tanker operator’s annual general meeting (AGM) in Athens on Tuesday.

He assumes the role from John Stavropoulos who used TEN’s last conference call to announce he was stepping down.

The former banker has been on TEN’s board for 20 years.

Arapoglou, who was already a TEN board member, had earlier been nominated to replace Stavropoulos.

Last month TEN disclosed its highest quarterly profit in four years, booking net income of $14.6m in the first quarter compared to $1.02m a year earlier.

The $0.19 in earnings per share were well above the average analyst estimate of $0.10 per share.

TEN owns 60 crude tankers, products tankers and LNG carriers, including newbuildings.

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