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Tsakos Energy Navigation's CEO Discusses Q2 2012 Results - Earnings Call Transcript

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 Web site 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. 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 contains 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. Mr. Tsakos, please go ahead, sir.

Nikolas Tsakos

Yes. Good morning. Thank you for attending our half year and second quarter call. We have been discussing since the last quarter that we could foresee the measures we have taken in the company on the chartering and operational side are turning the curve towards a better performance. We are glad to announce a better performance. However, a loss is never gratifying. So we are looking forward to going back to our continuous profitability trick, as we speak.

We believe that we are taking the internal measures, the cost controls, the correct allocation of vessels in the right parts of the world where demand is stronger, we’re taking measures to enhance the company’s growth, looking at new, much more profitable segments like the offshore through our shuttle tankers and the LNG which has been a very large contributor to our bottom line, to the betterment of our bottom line.

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