Tsakos Energy Navigation Ltd (NYSE:TNP) Reports 2Q19 Loss Cramped

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Tsakos Energy Navigation Ltd (NYSE:TNP) provider of seaborne crude oil and petroleum product transportation, on Friday released second quarter financial results before market open that fall behind street estimates

The company TNP announced loss for the second quarter of $ 0.50 million or $ 0.14 per share, compared to loss of $ 10.54 million or $ 0.19 per share, in the same quarter last year.

TNP posted revenue for second quarter improved 16.21 percent to $ 144.02 million from $ 123.93 million in the same quarter last year

The consensus estimates are loss of $ 0.09 per share from $ 104.18 million in revenue.

Analysts estimates are from Thomson Reuters, exclude one time gain or loss.

Mr. George Saroglou, COO of TEN commented, With gross fleet revenues up $41 million higher than the end of the second quarter last year, with an equivalent number of vessels, we feel confident that the market is on its way to a healthy recovery and comfortable that our fleet has the capacity to capture market upturns as they develop.

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