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Tsakos Energy Navigation Limited (TNP)
Q3 2012 Earnings Call
November 21, 2012 10:00 a.m. ET
Nicolas Bornozis - President, Capital Link and Investor Relations Advisor, Tsakos Energy
Nikolas Tsakos - President and CEO
John Stavropoulos - Chairman
George Saroglou - VP and COO
Paul Durham - CFO
Gregory Lewis - Credit Suisse
Noah Parquette - Global Hunter Securities
Fotis Giannakoulis - Morgan Stanley
Joseph Sheer - S.L. Investment Advisors
David Beard - IBERIA Capital Partners
Urs Dur - Clarkson Capital Markets
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At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session (Operator Instructions) I must advise you that this conference is being recorded today, Wednesday, November 21, 2012.
Now I pass the floor to Mr. Nicolas Bornozis, President of Capital Link, Investor Relations Advisor at Tsakos Energy Navigation. Please go ahead, sir.
Thank you very much and good morning to all of our participants. This is Nicolas Bornozis of Capital Link, Investor Relations Advisor to Tsakos Energy Navigation. Please be reminded that the company released its financial results for the third quarter and nine months ended September 30, 2012 this morning. The press release has been distributed publicly and you should have received a copy of it by now. Should you not have a copy, please call us at 212-661-7566 or email us at firstname.lastname@example.org and we will email it to you.
Please note that parallel to today’s conference call, there is also a live audio and slide webcast which can be accessed through the company’s website at the front page at www.tenn.gr. The conference call will follow the presentation slides, so we urge you to access the presentation and webcast. Please note that the slides and webcast will also be available as an archive after the conference call. Also please note that the slides of the webcast presentation are user controlled, so by clicking on the proper button you can move to the next or to the previous slide on your own.
At this time, I would like to read the Safe Harbor statement. This conference call and slide presentation of the webcast contain certain forward-looking statements within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1955. Investors are cautioned that such forward-looking statements involve risks and uncertainties which may affect TEN’s business prospects and results of operations. Such risks are more fully disclosed in TEN’s filings with the Securities and Exchange Commission.
Ladies and gentlemen, at this point I would like to turn the call over to Mr. Nikolas Tsakos, President and Chief Executive Officer of Tsakos Energy Navigation. In introducing Mr. Tsakos please allow me to state that TEN’s results have continued to withstand the volatility and turmoil that has been affecting the industry. Your release clearly demonstrate your ability to navigate safely in the current market environment. And with this statement, Mr. Tsakos, please let me turn the call over to you.
Well, Nicolas, thank you and good morning to everybody. It’s nice to present to you our third quarter results which although are not as profitable as we have been used to promoting for the last 19 years, it seems that perhaps we might be turning a corner. And we hope from the feeling we get in the market that hopefully the worst is over in our segment of the business which is the tanker, gas, and offshore business including shuttle tankers.
The reason we have seen a traditional very weak quarter which is the third quarter, having been much better for the whole market and specifically for TEN because of our long-term and conservative employment strategy than where we were a year ago. So we hope we are always guarded optimistic that we are hopefully a year closer to returning to a much more profitable environment and much more balanced environment. We are seeing supply of our business really in (inaudible) which is very few -- actually no ships really being ordered as we speak. And at the same time we see a significant increase regardless of the world economic state, demand for our services.
So we are one year older and wiser than last year and hopefully one year closer to returning to much more profitable environment. We are keeping the company as possible ready to take advantage of this situation while we navigate the choppy ways. I will not tire you anymore with -- I will be available for answering any questions and I will ask our Chief Operating Officer, Mr. Saroglou, and our Chairman to come in and Paul Durham to give you their take. Mr. Chairman.
Thank you very much, Nikolas, and good morning or good afternoon to all of you involved in our call. I want to take this opportunity to wish everyone a very happy Thanksgiving. Those of us closely associated with TEN are particularly grateful to the leadership of our company and the strong support of the entire Tsakos team. Not unlike the pilgrims with (inaudible) we have a great respect for those who have brought us to a safe port despite the ugly storm. Although our harvest and feast will be somewhat delayed, we anticipate a grand banquet in the future for all of our stakeholders. Again, happy Thanksgiving to everyone.