ECONOMY

Tsakos group among Europe’s 500 fastest growing companies

One of Europe’s fastest developing companies is Greek tanker group Tsakos Energy Navigation Limited (TEN), which has gained the remarkable distinction of being listed 128th in the continent’s top 500. This index of the fastest developing companies is determined by a series of parameters, such as its increase in turnover, organic development and the increase in people employed over a period of three financial years. Since January 1, 2001, the company’s capitalization on the New York Stock Exchange has increased by 500 percent. In the same period, profits have risen by 850 percent. At an event held recently in Paris, TEN Chairman Ioannis Stavropoulos received the award for this distinction on behalf of the company. Last week, the company’s administration completed the sale of Aframax Toula Z, built in 1997, bringing in a net profit of $11 million. To replace the ship, the firm has placed two orders for new tankers, to be delivered by a Japanese shipyard in 2005 and 2007, respectively. These two orders included, TEN is expected to add five new ships to its fleet in 2005, four in 2006 and six in 2007; a total of 15 new vessels, bringing the fleet to 41 vessels with a total capacity of 4.4 million dwt. Crucially, 91 percent of TEN’s fleet (including those ordered) are double-hulled, granting more safety. Actually, 30 of its ships were built between 1998 and 2007 and the average age for the 2.9 million dwt (of the total 4.4 million dwt) is just 7.3 years, when the global average for tankers is 12.1 years. Time-chartering contracts of medium- or long-term character have been signed for 22 of 26 vessels currently in operation. According to data published by the company, the fleet’s occupation has already been secured for 72 percent of next year’s working days, bringing in a revenue of at least $150 million.