Tsakos Eenergy Navigation Reports Second Quarter and First Half 2007 Results

En este reporte se pueden observar las tendencias mundiales de los buques tanques petroleros, así como el costo del arrendamiento diario internacional, los costos de operación, etc. y se puede ver cuan rentable es el negocio del fletamento de estos buques.

Source: marineis

Athens, Greece – August 3, 2007 – Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) reported today results (unaudited) for the second quarter and first half of 2007.

SECOND QUARTER RESULTS

Revenues, net of voyage expenses and commissions, were $107.22 million in the second quarter of 2007 up from $80.26 million in the 2006 period. TEN deployed on average 42.3 vessels versus 33.9 vessels in the year earlier quarter. Fleet utilization was 97.6% as compared with 96.8% in the second quarter of 2006. TCE per day, per ship rose to $30,021 from $28,557. Vessel operating costs were $7,266 per ship, per day, up from $6,659 primarily due to higher lubricant prices, crew costs and the impact of further dollar weakness. In addition, the integration of the LNG carrier Neo Energy contributed to this increase due to the higher expenses required to operate such a high specification vessel.

Depreciation and dry-docking amortization costs rose to $21.65 million from $16.14 million with the fleet at 44 vessels at June 30, 2007 as compared with 37 vessels a year earlier. Management fees mainly reflected the increased number of ships while overheads rose as a result of professional fees and expenses related to a staff compensation program.

Interest and finance costs net of interest income rose sharply to $12.54 million from $5.61 million reflecting additional borrowings related to the expansion of the fleet. However, the impact was muted by the benefits of interest rate swaps and capitalized interest. Net income in the 2007 period was $37.52 million versus $33.03 million in the second quarter of 2006. Diluted earnings per share were $1.96 versus $1.73 in the 2006 quarter. There were no vessel sales this quarter.

FIRST HALF RESULTS
Revenues, net of voyage expenses and commissions, were $203.71 million in the first six months of 2007 up from $155.88 million in the 2006 period. TEN operated on average 40.0 ships as compared with 30.5 a year earlier. TCE per ship, per day increased to $30,770 from $30,603 while operating expenses increased to $7,278 from $6,777. General and administrative expenses were $1.85 million, up from $1.46 million in the same period last year. Management fees rose in line with fleet expansion and contractual fee increases.

Interest and finance costs, net of interest income, rose to $22.08 million from $6.45 million from the impact of rising interest rates and borrowings to fund fleet expansion. However, the benefits of higher interest income, interest capitalization, and interest rate swaps reduced the impact. Depreciation and drydocking amortization costs rose to $40.52 million from $28.24 million as a result of fleet expansion.

Net income in the first half of 2007, enhanced by capital gains of $6.40 million, reached $80.99 million; whereas, net income in the 2006 period was $74.80 million without the benefit of capital gains from vessel sales. On a per share basis, the first half of 2007 produced diluted earnings of $4.24, including capital gains of $0.33, while the first six months of 2006 had diluted earnings per share of $3.92.

SUBSEQUENT - OTHER EVENTS

As announced in a press release on July 10, 2007, TEN agreed to sell the 1998-built aframax tankers Maria Tsakos and Athens 2004 to an independent shipowning concern. The Maria Tsakos was delivered to her new owners on July 11th while the Athens 2004 is expected to be delivered to her new owners in October this year. From these sales, the Company will record a $31 million capital gain in the third quarter of this year and another $31 million in the final quarter of the year. Additionally these sales will release approximately $50 million in cash after repayment of debt associated with these two vessels.

On July 28, 2007 the 1991-built Aframax tanker Vergina II, recently converted to double hull was delivered and time-chartered for two years to a major South American oil concern. The gross revenue from this charter is expected to reach $23 million. There are no profit sharing arrangements from this charter.

FLEET STRATEGY

TEN’s strategy of growing the fleet organically has continued in the latest quarter with four vessels entering the fleet to join the four delivered in the first quarter of this year. With nine more vessels still to join the fleet, including three this year, TEN’s further fleet modernization and renewal remains on track. The deliveries this quarter were one 1A ice-class suezmax (Antarctic), one DNA design aframax (Sakura Princess) and one 1A and one 1B ice-class handysize product tankers (Aegeas, Byzantion). The Sakura Princess, the Aegeas and the Byzantion all entered long term time charters with profit sharing arrangements while the Antarctic was strategically placed to operate in the spot market.

These newbuilding introductions, supported by various sale and purchase activities that occurred since this quarter last year, have elevated TEN’s average fleet from 33.9 to 42.3 vessels. In terms of deadweight, TEN experienced a 19.4% increase, reaching 4.8 million, while it achieved a further reduction in the average age of its fleet from 6.0 years to 5.3 years, an 11.7% reduction.

Along with expanding the fleet through its newbuilding program, TEN remains committed to exploring other opportunities that may become available in the sectors it operates, which the Company expects will not jeopardize the fleet’s structure or age profile, nor place an excessive burden on the Company’s financial position. In addition, and in line with previous practice, TEN will continue to explore opportunities in the greater sales and purchase market and will occasionally entertain offers for the timely disposal of certain tonnage. As in the past, TEN has used the sales and purchase market to strategically profile its fleet in order to safeguard its attractiveness to the chartering community. This exercise has enabled TEN to not only renew the fleet in terms of type, size and age but to also release cash for further reinvestment.

“Critical mass, balanced employment and caliber of charterer are important components in strategy formulation,” stated Mr. Nikolas P. Tsakos, President & CEO of TEN. “We believe the quality and size of our fleet and our flexible chartering strategy in tandem with new vessel deliveries and strategic vessel disposals, will continue to fuel our drive for greater returns and enhanced shareholder value,” Mr. Tsakos concluded.

TANKER INDUSTRY

The strong global economic expansion is continuing. On July 25, 2007, the IMF (International Monetary Fund) revised its forecast of global economic growth from 4.9% to 5.2% for both 2007 and 2008. This revision was due to the continuing strength of emerging markets and developing countries. GDP growth for China was revised to 11.2%, India to 9.0% and Russia to 7.0%. Among the developed economies, GDP growth in the USA is expected at 2.0% (0.2% lower than earlier projections) but forecast to grow at 2.8% in 2008. Growth in the Euro-zone and Japan has been revised upward by 0.3% and is expected to remain relatively strong at 2.6% for 2008. Inflation remains, in general, well contained although some emerging markets and developing economies are facing inflation pressures, especially from rising prices in energy and food.

Oil demand remains strong despite oil prices creeping back to record highs. The IEA (International Energy Agency) in its July report marginally revised downwards (by 0.10/mbpd) the 2007 global oil demand to 86.0/mbpd, due to minor baseline revisions to OECD figures, which still represents a 1.8% growth in oil demand over the previous year’s figure of 84.5/mbpd. In 2008, world oil demand is expected to rise by a robust 2.5% to 88.2/mbpd with the OECD contributing roughly a third (0.8/mbpd) of this demand growth. The growth in non-OECD demand is expected to derive primarily from China and the Middle East.

Year to date the freight rate environment for both crude and product tankers is in line with 2006 levels despite the strong influx of newbuilding tankers, which is above historical levels, and expected to remain so until 2010. About 25% of the world tanker fleet is still of single hull design with limited trading prospects as the 2010 IMO phase-out deadline approaches.

Conversion of these single hull tankers to FPSOs and FSOs and dry bulk carriers could further restrict shipyard capacity for building new tankers until 2011. Steel recycling could be another option due to historically high scrap prices (currently over $500 per lightweight ton). Forward fixing at healthy rates of crude and product tankers by oil majors and commodity traders remains strong while the general landscape of the energy and the tanker markets continues to be influenced by the same variables that are responsible for the volatile nature of the markets. These are: global refinery constraints and glitches, ton/mile demand (expansion of trading routes), level of OECD stocks, arbitrage trade opportunities, geopolitical and weather related risks and internationally imposed regulations.

The set of challenges that owners and operators face include capital commitments to fund newbuilding and second-hand vessels, potentially higher interest rates and insurance premiums, personnel expenses, increases in lubricant and bunker prices, maintenance needs and a weakening dollar. These have not changed significantly nor are expected to change materially in the third and fourth quarter of this year. Despite these challenges, TEN expects 2007 to be another healthy year with high fleet utilization rates, a freight market well above mid-cycle levels, and capital returns around the levels of 2006.

OUTLOOK FOR TEN

With worldwide demand for crude and refined petroleum products on the rise, chartering and other investment opportunities will abound. TEN’s fleet and overall condition of its balance sheet provide a solid base for further growth while its versatile and balanced chartering strategy affords the necessary buffer to counteract possible market imbalances.

In the second quarter, the Company was successful in fixing five vessels, including its first LNG carrier, four with profit sharing agreements, four charters stretching from 12-months to three years, guaranteeing at least $81 million in gross revenues over that period. This earnings visibility which is further enhanced when one considers the whole time-chartered fleet under consideration, provides additional comfort for the future. In particular, for the remaining half of the year 87% has been fixed securing at least $160 million in gross revenues while for 2008 67% of the available days have been fixed guaranteeing at least $226 million for that year.


a€œOur results this quarter, placed in the context of the meandering markets recently, is a prime indication that our operating model works,” Mr. Tsakos continued. “It is a model designed for the long run and expected to further solidify our foundations for further growth, both in terms of size and returns. “With the market expected to remain healthy for the foreseeable future, and with the continuous stream of newbuildings we expect to join our fleet, in conjunction with our active involvement in the sales and purchase markets, TEN’s position to efficiently service its clients and actively participate in world maritime trades remains strong.

” TEN’s remaining newbuilding program: Vessel Dwt Design Delivery

Handysize (Product)
1. Bosporos 37,340 Ice-Class (1B) 21 August 2007

Panamax (Product)
1. Selecao 73,000 15 November 2007
2. Socrates 73,000 30 November 2007

Aframax (Crude)
1. Maria Princess 105,000 DNA November 2008
2. Nikkon Princess 105,000 DNA November 2008
3. Ise Princess 105,000 DNA Q3 2009
4. Asahi Princess 105,000 DNA Q4 2009
5. Sapporo Princess 105,000 DNA Q4 2009
6. Uraga Princess 105,000 DNA Q1 2010


ABOUT TSAKOS ENERGY NAVIGATIONTEN’s proforma fleet consist of 52 vessels of 5.6 million dwt. Today TEN operates a fleet of 43 double-hull vessels. Additionally, its newbuilding program of 9 vessels includes six Aframax crude carriers, two Panamax tankers and one Handysize product carrier representing 815,000 dwt.

The strategy of a balanced diverse fleet is reflected in 27 crude transporters ranging from VLCCs to Aframaxes and 24 product carriers ranging from Handysize to Aframaxes; complemented by one LNG.

FORWARD-LOOKING STATEMENTS

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Reunion de Trabajo Comisión de Transportes

¿y el transporte marítimo?

DE LA COMISIÓN DE TRANSPORTES

A la reunión de trabajo que se verificará el miércoles 15 de agosto, a las 14:30 horas, en el Club de Banqueros de México, situado en 16 de Septiembre número 27, colonia Centro.

Orden del Día

1. Lista de asistencia.

2. Declaración de quórum.

3. Lectura y aprobación del orden del día.

4. Aprobación del acta de la reunión del miércoles 25 de julio de 2007.

5. Intervenciones de

• Doctor Luis Téllez Kuenzler, secretario de Comunicaciones y Transportes.
• Licenciado Manuel Rodríguez Arregui, subsecretario de Transportes.
• Ingeiero Óscar de Buen Richkarday, subsecretario de Infraestructura.

Temario:

- Programa Nacional de Insfraestructura 2007-2012.
- Concesión de carreteras.
- Cielos abiertos.
- Presupuesto de Egresos de la Federación 2008 referente a transportes.
- Acuerdo de trabajo operativo permanente entre la SCT y la Comisión de Transportes.

6. Asuntos generales.

7. Clausura.

Atentamente
Diputado Rubén Aguilar Jiménez
Presidente

Investigan accidente marítimo en aguas británicas

Fuente : Prensa Latina

Londres, 5 ago (PL) La Agencia británica investigadora de Accidentes Marítimos inició hoy las averiguaciones en torno al choque de un carguero alemán contra una plataforma gasífera en aguas del Mar del Norte.

El incidente ocurrió ayer a unos 70 kilómetros del condado de Norfolk, noreste inglés, y ya la policía interrogó a los siete miembros de la tripulación del buque Jork, seis polacos y el capitán alemán.

Según las informaciones sobre la colisión, los seis tripulantes se lanzaron al mar luego de que el carguero impactara la plataforma Viking Echo.

Un helicóptero y un buque salvavidas participaron en las tareas de rescate de los siniestrados.

Por su parte, la compañía propietaria de la platarforma, ConocoPhillips, detuvo la producción a causa de los daños provocados.

Home port, un reto para Panamá

Fuente: Prensa
Raúl A. Bernal
rbernal@prensa.com

¿Panamá está preparada para convertirse en un home port (puerto de origen) de cruceros? Esta es la gran pregunta que ha estado en el ambiente desde que se conoció la noticia, a principio de esta semana, de que la línea de cruceros Royal Caribbean International (RCI) establecería en 2008 un puerto de embarque en Colón, un sueño anhelado por la industria marítima, turística y el Gobierno panameño.

Muchos aseguran que ya estamos preparados, que tenemos las infraestructuras, la capacidad hotelera y los servicios para enfrentar el reto. Otros, más cautos, prefieren afirmar que, si aún no lo estamos, tenemos tiempo para prepararnos y organizarnos.

Pero en lo que sí están todos de acuerdo es que esto representa una gran oportunidad para el país, que no podemos desaprovechar.

"Si el país no está 100% listo, ya ha dado los pasos para tomar esa aventura y embarcarse en ella", comentó Marvin Castillo, miembro de la Cámara Marítima de Panamá.

Este empresario recordó que se está trabajando en la autopista Panamá-Colón, que ayudará a movilizar a los pasajeros que vendrán a abordar el crucero, e igualmente enfatizó que el país cuenta con un Aeropuerto Internacional de Tocumen modernizado, que es el Hub de las Américas, donde muchas líneas aéreas hacen sus conexiones.

El vicepresidente de la Asociación Panameña de Operadores de Turismo, Ernesto Orillac, advierte que cuando el movimiento de pasajeros crezca se van a requerir más infraestructuras, pero se muestra convencido de que "todo esto va a llegar a su tiempo".

Si realmente se quiere sacar el jugo a esta inversión y que más líneas de cruceros consideren a Panamá como su home port, "debemos reordenar las 16 calles y 4 avenidas de Colón, que son el alma de la ciudad", destacó Miguel Eduardo Magallón, consultor de empresas en estrategia y finanzas.

El especialista también recomienda construir nuevas soluciones habitacionales para reubicar a las personas que viven en las casas del centro de la ciudad colonense, las cuales podrían ser remodeladas manteniendo sus fachadas y ser usadas solo como locales comerciales.

Ajustes necesarios

Los operadores turísticos señalan que se debe definir un plan de turismo en Colón, basado en la micro y la pequeña empresa, para mejorar el servicio a los turistas y ofrecer más empleo a los colonenses.

A juicio de Magallón, los centros comerciales como Millenium y 4 Altos, en la ciudad colonense, también deben invertir para adecuarse a la nueva demanda y prepararse para cuando empiecen a llegar los miles de turistas extranjeros que utilizarán el home port.

Otra de las preocupaciones que han sido planteadas es que no hay suficiente capacidad hotelera para albergar a tantos visitantes al mismo tiempo. Solo el Enchantment of the Seas, el crucero de RCI que zarpará semanalmente de Colón a partir del 7 de diciembre de 2008, tiene capacidad para 2 mil 500 pasajeros.

Al respecto, los hoteleros han asegurado que sí están en capacidad de resolver la situación, porque este tipo de turistas solo pernoctará una o dos noches en el país.

Hoy en día, según el Instituto Panameño de Turismo, los hoteles de las ciudades de Panamá y Colón tienen al menos 10 mil habitaciones. Y se prevé que en los próximos tres años se construirán 15 hoteles más, en todo el país.

El gobierno, las empresas y la sociedad civil también deben trabajar en conjunto para definir la estrategia que permitirá enfrentar con éxito este boom de visitantes. La directora de Turismo de la Cámara de Comercio de Colón, Argelia Campos, sugiere incluso la creación de una comisión reguladora de los servicios y de la seguridad que se ofrezcan.

Esta empresaria también señala que en Colón debe funcionar un aeropuerto internacional, con todas las condiciones para atender como es debido a los turistas.

Beneficios y compromisos

Evidentemente que el puerto de origen traerá consigo empleos para diversos sectores de la economía, como hoteles, restaurantes, agencias de viajes, operadores, transporte, industria marítima y hasta agricultura.

"Es una excelente oportunidad para los productores agrícolas. Solo ese barco representa el consumo de alimentos y bebidas de 2 mil 500 turistas y mil 200 tripulantes diarios", precisó Augusto Terracina, gerente general de Colón 2000.

A esto habría que añadir el beneficio que trae a los nacionales que hacen turismo, ya que no tendrán que viajar a otro país para abordar los conocidos hoteles flotantes.

Pero no todo es color de rosa. El ambientalista Ariel Rodríguez destaca que ahora corresponderá a las autoridades fiscalizar mejorar el tratamiento de los desechos que generarán estas grandes embarcaciones. Y les exhorta a garantizar el cumplimiento de las leyes que norman la materia.

En todo caso, lo más importante de esta iniciativa económica "es que no resulte excluyente", resalta el empresario Marvin Castillo. "Es decir, que varios competidores participen en el negocio, para ofrecer un servicio de calidad y unos buenos precios".

Valencia, líder de contenedores en el Mediterráneo occidental

Fuente: Las Provincias

El puerto de Valencia sobrepasó en 2001 a Barcelona como líder en el Mediterráneo español en transporte de contenedores y en 2002 consiguió el liderazgo del Mediterráneo occidental al sobrepasar a Génova. Aquel año Valencia movió 1,821 millones de Teus y Génova 1,5.

Desde 2002 Valencia se ha mantenido en lo más alto en el transporte y comercio de contenedores y se prepara para continuar en la cima.

El año pasado obtuvo la mayor cifra de su historia, con 2,6 millones de Teus, frente a los 2,3 que presentaba el puerto, a priori más potente, de Barcelona.

Génova se sitúa prácticamente con un millón de Teus menos que Valencia y Marsella, otro de los puertos potentes del Mediterráneo occidental, movió 1,8 millones de Teus menos que el principal puerto de la Comunitat.

En el conjunto del Mare Nostrum , Valencia se sitúa en tercera posición, tras Algeciras (un puerto que no es sino una plataforma marítima para trasladar contenedores de barco a barco) con 3,2 millones de Teus –a partir de ahora tendrá la competencia directa del puerto de Tánger–, y Gioia Tauro, situado en el sur de Italia, con 2,9 millones de Teus