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Tsakos Energy Navigation Limited (NYSE:TNP)
Q2 2014 Results Earnings Conference Call
August 4, 2014, 10:00 AM ET
Takis Arapoglou - Chairman
Nikolas Tsakos - President and CEO
Paul Durham - CFO
George Saroglou - COO
Nicolas Bornozis - IR
Ben Nolan - Stifel
Fotis Giannakoulis - Morgan Stanley
Noah Parquette - Canaccord Genuity
Mark Suarez - Euro Pacific Capital
Previous Statements by TNP
» Tsakos Energy Navigation's (TNP) CEO Nikolas Tsakos on Q1 2014 Results - Earnings Call Transcript
» Tsakos Energy Navigation's CEO Discusses Q3 2013 Results - Earnings Call Transcript
» Tsakos Energy Navigation's CEO Discusses Q2 2013 Results - Earnings Call Transcript
» Tsakos Energy Navigation's CEO Discusses Q4 2012 Results - Earnings Call Transcript
We have with us Mr. Takis Arapoglou, Chairman of the Board; Mr. Nikolas Tsakos, President and CEO; Mr. Paul Durham, Chief Financial Officer; and Mr. George Saroglou, Chief Operating Officer of the company.
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 advice you that conference is being recorded today, Monday, August 04, 2014.
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 second quarter of 2014, this morning. The press release has been distributed publicly. In case if you do not have a copy of it, please call us at 212-661-7566 or email us at firstname.lastname@example.org and we will email a copy to you right away.
Please note, that parallel to today's conference call, there is also a live audio and slide webcast, which can be accessed on the company's website on the front page at www.tenn.gr. The conference call will follow the presentation slides, so please, we urge you to access our presentation on the webcast.
Please note that the slides of webcast will be available at an archive on the company's website after the conference call. Also please note that the slides of the webcast presentation are user controlled and that means that 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 1995. 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 floor -- I would like to turn the call over to Mr. Takis Arapoglou, the Chairman of Board of Tsakos Energy Navigation. Mr. Arapoglou, please go ahead, sir?
Thank you, Nicolas. Good morning, everyone. It's really a great pleasure and honor to have been elected Chairman of TEN proceeding John Stavropoulos. I would like to thank the Tsakos family, the Board of TEN and Mr. Stavropoulos for their support and confidence.
In the midst of Stavropoulos' Chairmanship, during the past 20 years and with the close cooperation and leadership of COO and strategic investor Niko Tsakos, TEN has established itself as one of the leading and highly trusted oil tanker companies in the world.
Going forward, we commit to perfect further our model of operational excellence, capital efficiency and revenue growth in order to continue to offer value to our investors and customers, while adhering to the higher standards of corporate governance.
In doing so, we'll maintain our dynamic asset allocation philosophy with a modern and ever evolving technologically advanced fleet, ready to cover the diverse needs of our customer base, which as you all know, is of the highest caliber.
During the last few years, the market has fully supported us in raising new growth capital which resulted in the broadening of our investor base and the results of which can be clearly visible now in our financials.
A few words on our stock. Our stock has outperformed year-to-date all our peers; however, we still believe that it continues being undervalued. We're committed to rectify this going forward by committing to deliver superior financial performance for the benefit of our shareholders.
So I would like to thank you and pass the floor to Niko Tsakos.
Thank you, Mr. Chairman and welcome on Board. Everybody is proud and happy to have you and to continue our growth [technical difficulty] prospects.
We are very glad to report six months and second quarter results going towards the right direction. It seems that what we have discussed in previous quarters that we like that the end of the tunnel is more visible today than it was, it's true.
We've seen very strong first quarter. We've seen the seasonal correction of the second quarter and we have been surprised by the strength of the beginning in the first 40-so days of the third quarter, the strength of that market. Together also we're surprised to see the appetite of the major end users for the operational performance from companies like ours.
We have good news to report. We hope to be reporting quite a few items of good news going forward. Within this quarter as things develop and the things fall in line, before we get I think in the future, I will ask our COO, Mr. George Saroglou to give us a little key story of the last six months and the last quarter where we are and where we've been and where we're going. So George?