Tsakos Energy Navigation Ltd , a marine oil and petroleum product transporter, posted a market-beating quarterly profit as lower costs offset a ship-oversupply-related decline in freight rates, Reuters reports .
The average daily time charter equivalent rate for its ships fell 13 percent to $17,964.
"The dominant features for the rest of 2011 remain the large crude tanker orderbook on the one hand and on the other, the continuous demand of developing nations for oil, with the added possibility of increases in OPEC oil production," the Greece-based company said in a statement.
January-March net income fell to $9.3 million, or 20 cents a share, from $19.5 million, or 52 cents a share, in the year-ago period. The prior-year quarter included a $14.3 million gain on sale of vessels, while the latest quarter gained $5.8 million.
Excluding items, the company earned 7 cents a share, against estimates of 4 cents, according to Thomson Reuters I/B/E/S.
Revenue fell 11 percent to $72.3 million, lower than $74.9 million that the market was looking for.
Total operating expenses fell 8 percent to $31.6 million.
The company's shares edged 2 percent up to $10.77 before the bell on Wednesday. They had closed at $10.53 on Tuesday on the New York Stock Exchange.
The average daily time charter equivalent rate for its ships fell 13 percent to $17,964.
"The dominant features for the rest of 2011 remain the large crude tanker orderbook on the one hand and on the other, the continuous demand of developing nations for oil, with the added possibility of increases in OPEC oil production," the Greece-based company said in a statement.
January-March net income fell to $9.3 million, or 20 cents a share, from $19.5 million, or 52 cents a share, in the year-ago period. The prior-year quarter included a $14.3 million gain on sale of vessels, while the latest quarter gained $5.8 million.
Excluding items, the company earned 7 cents a share, against estimates of 4 cents, according to Thomson Reuters I/B/E/S.
Revenue fell 11 percent to $72.3 million, lower than $74.9 million that the market was looking for.
Total operating expenses fell 8 percent to $31.6 million.
The company's shares edged 2 percent up to $10.77 before the bell on Wednesday. They had closed at $10.53 on Tuesday on the New York Stock Exchange.