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Tsakos Energy Navigation Limited (TNP)
Q4 2012 Earnings Call
April 19, 2013 10:00 am ET
Nicolas Bornozis – President-Capital Link, Investor Relation Advisor-Tsakos Energy Navigation
D. John Stavropoulos – Chairman
Nikolas P. Tsakos – President, Chief Executive Officer and Executive Director
George V. Saroglou – Chief Operating Officer, Vice President and Executive Director
Paul Durham – Chief Financial Officer and Chief Accounting Officer
David E. Beard – IBERIA Capital Partners LLC
» Tsakos Energy Navigation's CEO Discusses Q2 2012 Results - Earnings Call Transcript
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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, Friday, April 19, 2013.
And I now pass the floor to Mr. Nicolas Bornozis, President of Capital Link, Investor Relation Advisor of 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. The company released its financial results for the fourth quarter and full year 2012. 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.
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. John Stavropoulos, the Chairman of Tsakos Energy Navigation. Mr. Stavropoulos, please go ahead sir.
D. John Stavropoulos
Thank you very much and good morning to all. Thank you for joining us. Before turning to Tim, I would like to say that all of us in the Tsakos Group are deeply saddened and shocked of the tragic event at the Boston Marathon. As Greeks we feel a special attachment to the Marathon and the Olympics as symbols of pride and fame and endurance. The bombing have reminded us of the shameful attack at the Atlanta Olympics in 1996.
The importance for the human race is that we will overcome these shameful acts. The London Marathon on Sunday and the Boston Marathon’s in the future have confirmed victory over evil. The Marathon will return to Boston with appropriate pride and celebration. The products of long training and experience, the bandwidth endurance will again be applied.
Turning to TEN, the shipping industry is undergoing a severe test. Since it has not escaped the training of 2012, the second consecutive year of losses, also we take solid substantial growing strategy as much as an impact. The managements’ focus on strong liquidity has benefited. The results for 2012 were much in place for the loss of 2011 and the activity thus far in 2013 is very encouraging.
The Board of Directors which met last week is very proud of Nikolas Tsakos and the entire Tsakos team. Their plans for the future give us comfort that our neutral goal of rebuilding and storing the value will all be realized. Thank you. Thank you, Nikolas.
Nikolas P. Tsakos
Chairman, thank you for your good words and from all of us in the meeting, all our condolences to our friends in Boston, now all over the United States, because it has been really a very prime week with events in Texas, this also is very close to us because our oil and transportation business down there and of course Boston and we hope that these will be extreme events this.
Thank you Chairman for your good words. Although it’s not after 20 years, we are likely to celebrate our 20th year as a publically traded company in the New York Stock Exchange. We have been very proud that 18 of those years have been with significant profitability. The two recent years as you mentioned, unfortunately we have not been able to report profits because of the environment around us or however the results of 2012 are significantly better by 45%, better than the results of 2011. And the start of 2013 gives us comfort that we might be returning to profitability sooner rather than later and more surely as an index that we were able to control our new building efforts because I think this market has suffered basically from the oversupply rather from the lack of demand.