Intrinsic value of Tsakos Energy Navigation - TNP

Previous Close

$3.36

  Intrinsic Value

$4.32

stock screener

  Rating & Target

buy

+29%

Previous close

$3.36

 
Intrinsic value

$4.32

 
Up/down potential

+29%

 
Rating

buy

We calculate the intrinsic value of TNP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
Revenue, $m
  581
  635
  692
  750
  812
  875
  941
  1,010
  1,081
  1,155
  1,233
  1,313
  1,396
  1,483
  1,573
  1,668
  1,766
  1,868
  1,975
  2,087
  2,203
  2,325
  2,452
  2,585
  2,725
  2,870
  3,023
  3,182
  3,349
  3,524
Variable operating expenses, $m
  472
  516
  562
  610
  660
  712
  765
  821
  879
  939
  1,002
  1,067
  1,135
  1,206
  1,279
  1,356
  1,436
  1,519
  1,606
  1,697
  1,791
  1,890
  1,994
  2,102
  2,215
  2,333
  2,457
  2,587
  2,723
  2,865
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  472
  516
  562
  610
  660
  712
  765
  821
  879
  939
  1,002
  1,067
  1,135
  1,206
  1,279
  1,356
  1,436
  1,519
  1,606
  1,697
  1,791
  1,890
  1,994
  2,102
  2,215
  2,333
  2,457
  2,587
  2,723
  2,865
Operating income, $m
  109
  119
  129
  140
  152
  164
  176
  189
  202
  216
  230
  245
  261
  277
  294
  312
  330
  349
  369
  390
  412
  435
  459
  483
  509
  537
  565
  595
  626
  659
EBITDA, $m
  253
  277
  302
  327
  354
  382
  411
  440
  472
  504
  538
  573
  609
  647
  686
  727
  770
  815
  861
  910
  961
  1,014
  1,070
  1,128
  1,188
  1,252
  1,318
  1,388
  1,461
  1,537
Interest expense (income), $m
  35
  95
  104
  114
  124
  135
  146
  158
  170
  183
  196
  209
  223
  238
  253
  269
  286
  303
  321
  339
  359
  379
  401
  423
  446
  471
  496
  523
  550
  580
  610
Earnings before tax, $m
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
Tax expense, $m
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
Net income, $m
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,609
  3,945
  4,296
  4,661
  5,041
  5,436
  5,846
  6,273
  6,716
  7,177
  7,656
  8,154
  8,672
  9,212
  9,773
  10,358
  10,969
  11,605
  12,269
  12,962
  13,685
  14,441
  15,232
  16,058
  16,923
  17,827
  18,774
  19,765
  20,803
  21,890
Adjusted assets (=assets-cash), $m
  3,609
  3,945
  4,296
  4,661
  5,041
  5,436
  5,846
  6,273
  6,716
  7,177
  7,656
  8,154
  8,672
  9,212
  9,773
  10,358
  10,969
  11,605
  12,269
  12,962
  13,685
  14,441
  15,232
  16,058
  16,923
  17,827
  18,774
  19,765
  20,803
  21,890
Revenue / Adjusted assets
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
Average production assets, $m
  3,300
  3,608
  3,929
  4,262
  4,610
  4,971
  5,346
  5,736
  6,142
  6,563
  7,001
  7,457
  7,930
  8,424
  8,937
  9,473
  10,031
  10,612
  11,219
  11,853
  12,515
  13,206
  13,929
  14,685
  15,475
  16,302
  17,168
  18,074
  19,024
  20,018
Working capital, $m
  -12
  -13
  -15
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
Total debt, $m
  1,929
  2,112
  2,303
  2,502
  2,709
  2,925
  3,148
  3,381
  3,622
  3,873
  4,135
  4,406
  4,688
  4,982
  5,289
  5,608
  5,940
  6,287
  6,649
  7,026
  7,421
  7,833
  8,263
  8,714
  9,185
  9,678
  10,194
  10,734
  11,300
  11,892
Total liabilities, $m
  1,967
  2,150
  2,341
  2,540
  2,747
  2,963
  3,186
  3,419
  3,660
  3,911
  4,172
  4,444
  4,726
  5,020
  5,326
  5,645
  5,978
  6,325
  6,686
  7,064
  7,459
  7,871
  8,301
  8,752
  9,223
  9,716
  10,232
  10,772
  11,337
  11,930
Total equity, $m
  1,642
  1,795
  1,955
  2,121
  2,294
  2,473
  2,660
  2,854
  3,056
  3,265
  3,483
  3,710
  3,946
  4,191
  4,447
  4,713
  4,991
  5,280
  5,582
  5,898
  6,227
  6,571
  6,930
  7,306
  7,700
  8,111
  8,542
  8,993
  9,465
  9,960
Total liabilities and equity, $m
  3,609
  3,945
  4,296
  4,661
  5,041
  5,436
  5,846
  6,273
  6,716
  7,176
  7,655
  8,154
  8,672
  9,211
  9,773
  10,358
  10,969
  11,605
  12,268
  12,962
  13,686
  14,442
  15,231
  16,058
  16,923
  17,827
  18,774
  19,765
  20,802
  21,890
Debt-to-equity ratio
  1.170
  1.180
  1.180
  1.180
  1.180
  1.180
  1.180
  1.180
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
Adjusted equity ratio
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
Depreciation, amort., depletion, $m
  145
  158
  172
  187
  202
  218
  234
  252
  269
  288
  307
  327
  348
  369
  392
  415
  440
  465
  492
  520
  549
  579
  611
  644
  679
  715
  753
  793
  834
  878
Funds from operations, $m
  155
  169
  183
  199
  214
  231
  248
  265
  284
  303
  323
  343
  365
  387
  410
  435
  460
  486
  514
  543
  573
  604
  637
  671
  707
  745
  784
  825
  868
  914
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
Cash from operations, $m
  156
  170
  185
  200
  216
  232
  249
  267
  285
  304
  324
  345
  366
  389
  412
  437
  462
  489
  516
  545
  575
  607
  640
  674
  710
  748
  787
  829
  872
  917
Maintenance CAPEX, $m
  -132
  -145
  -158
  -172
  -187
  -202
  -218
  -234
  -252
  -269
  -288
  -307
  -327
  -348
  -369
  -392
  -415
  -440
  -465
  -492
  -520
  -549
  -579
  -611
  -644
  -679
  -715
  -753
  -793
  -834
New CAPEX, $m
  -296
  -308
  -321
  -334
  -347
  -361
  -375
  -390
  -405
  -421
  -438
  -456
  -474
  -493
  -514
  -535
  -558
  -582
  -607
  -634
  -662
  -691
  -723
  -756
  -790
  -827
  -866
  -906
  -949
  -994
Cash from investing activities, $m
  -428
  -453
  -479
  -506
  -534
  -563
  -593
  -624
  -657
  -690
  -726
  -763
  -801
  -841
  -883
  -927
  -973
  -1,022
  -1,072
  -1,126
  -1,182
  -1,240
  -1,302
  -1,367
  -1,434
  -1,506
  -1,581
  -1,659
  -1,742
  -1,828
Free cash flow, $m
  -271
  -282
  -294
  -306
  -319
  -331
  -344
  -358
  -372
  -386
  -402
  -418
  -434
  -452
  -471
  -491
  -511
  -533
  -556
  -581
  -607
  -634
  -662
  -693
  -724
  -758
  -793
  -831
  -870
  -911
Issuance/(repayment) of debt, $m
  177
  183
  191
  199
  207
  215
  224
  232
  242
  251
  261
  271
  282
  294
  306
  319
  332
  347
  362
  378
  394
  412
  431
  450
  471
  493
  516
  540
  566
  593
Issuance/(repurchase) of shares, $m
  138
  142
  148
  154
  161
  167
  174
  180
  187
  195
  202
  210
  219
  228
  237
  247
  258
  269
  280
  293
  305
  319
  334
  349
  365
  382
  400
  418
  438
  459
Cash from financing (excl. dividends), $m  
  315
  325
  339
  353
  368
  382
  398
  412
  429
  446
  463
  481
  501
  522
  543
  566
  590
  616
  642
  671
  699
  731
  765
  799
  836
  875
  916
  958
  1,004
  1,052
Total cash flow (excl. dividends), $m
  43
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  72
  76
  79
  82
  86
  89
  93
  98
  102
  107
  112
  117
  122
  128
  134
  140
Retained Cash Flow (-), $m
  -148
  -153
  -160
  -166
  -173
  -180
  -187
  -194
  -202
  -210
  -218
  -227
  -236
  -245
  -256
  -266
  -278
  -289
  -302
  -315
  -329
  -344
  -360
  -376
  -393
  -412
  -431
  -451
  -472
  -495
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -104
  -110
  -114
  -119
  -124
  -129
  -134
  -139
  -144
  -150
  -156
  -162
  -169
  -176
  -183
  -191
  -199
  -207
  -216
  -226
  -236
  -246
  -258
  -269
  -282
  -295
  -309
  -323
  -338
  -354
Discount rate, %
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
  -96
  -93
  -88
  -82
  -77
  -70
  -64
  -57
  -51
  -45
  -39
  -33
  -28
  -23
  -19
  -15
  -12
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  88.4
  78.6
  70.3
  63.2
  57.0
  51.7
  46.9
  42.8
  39.1
  35.9
  32.9
  30.3
  28.0
  25.8
  23.9
  22.2
  20.5
  19.1
  17.7
  16.5
  15.4
  14.3
  13.3
  12.5
  11.6
  10.9
  10.1
  9.5
  8.9
  8.3

Tsakos Energy Navigation Ltd is a provider of international seaborne crude oil and petroleum product transportation services. The Company operates through maritime transportation of liquid energy related products segment. It operates a fleet of approximately 57 modern crude oil and petroleum product tankers that provide marine transportation services for national and other independent oil companies and refiners under long, medium and short-term charters. Its fleet also includes a liquefied natural gas (LNG) carrier and over two shuttle suezmax tankers with dynamic positioning technology (DP2). This fleet diversity includes a range of sister ships. The Company’s fleet consists of 65 double-hull vessels totaling 7.2 million deadweight tonnage. Its diversified fleet, which includes VLCC, suezmax, aframax, panamax, handysize, handymax tankers, LNG carrier and DP2 shuttle tankers, allows it to serve its customers' international petroleum product and crude oil transportation needs.

FINANCIAL RATIOS  of  Tsakos Energy Navigation (TNP)

Valuation Ratios
P/E Ratio 5
Price to Sales 0.6
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 1.7
Price to Free Cash Flow -0.9
Growth Rates
Sales Growth Rate -18%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 665.6%
Cap. Spend. - 3 Yr. Gr. Rate 33.8%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 104.3%
Total Debt to Equity 124.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 1.9%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 4%
Return On Equity - 3 Yr. Avg. 6.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 47.5%
Gross Margin - 3 Yr. Avg. 48.1%
EBITDA Margin 41.1%
EBITDA Margin - 3 Yr. Avg. 41.1%
Operating Margin 18.7%
Oper. Margin - 3 Yr. Avg. 21.9%
Pre-Tax Margin 11.6%
Pre-Tax Margin - 3 Yr. Avg. 15.1%
Net Profit Margin 11.6%
Net Profit Margin - 3 Yr. Avg. 15.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 71.4%

TNP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TNP stock intrinsic value calculation we used $529.182 million for the last fiscal year's total revenue generated by Tsakos Energy Navigation. The default revenue input number comes from 0001 income statement of Tsakos Energy Navigation. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TNP stock valuation model: a) initial revenue growth rate of 9.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.3%, whose default value for TNP is calculated based on our internal credit rating of Tsakos Energy Navigation, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Tsakos Energy Navigation.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TNP stock the variable cost ratio is equal to 81.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TNP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Tsakos Energy Navigation.

Corporate tax rate of 27% is the nominal tax rate for Tsakos Energy Navigation. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TNP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TNP are equal to 568%.

Life of production assets of 22.8 years is the average useful life of capital assets used in Tsakos Energy Navigation operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TNP is equal to -2.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1494.258 million for Tsakos Energy Navigation - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 86.408 million for Tsakos Energy Navigation is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Tsakos Energy Navigation at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Tsakos: 2Q Earnings Snapshot   [08:29AM  Associated Press]
▶ Tsakos: 1Q Earnings Snapshot   [08:29AM  Associated Press]
▶ TEN, Ltd. Holds its Twenty Fifth Annual General Meeting   [May-25-18 04:05PM  GlobeNewswire]
▶ Opening Bell, March 14, 2018   [Mar-14-18 09:29AM  CNBC Videos]
▶ Tsakos Energy Navigation Limited to Host Earnings Call   [Mar-12-18 08:00AM  ACCESSWIRE]
▶ Tsakos reports 4Q loss   [07:31AM  Associated Press]
▶ How Crude Tanker Rates Moved Last Week   [Jan-24-18 04:08PM  Market Realist]
▶ Euronav: Analysts Recommendations before Its 4Q17 Results   [Jan-23-18 07:35AM  Market Realist]
▶ Euronav: Where Do Analysts View Its 4Q17 EBITDA?   [Jan-22-18 03:20PM  Market Realist]
▶ Analyzing Chinas December Auto Sales Data   [Jan-19-18 02:25PM  Market Realist]
▶ Suezmax and Aframax Rates Fell in Week 2   [Jan-16-18 12:05PM  Market Realist]
▶ Week 2: Crude Tanker Industry Update   [12:05PM  Market Realist]
▶ Crude Tanker Rates: 2018 Hasnt Started on a Good Note   [Jan-11-18 11:25AM  Market Realist]
▶ Week 1: Crude Tanker Industry Update   [09:51AM  Market Realist]
▶ Tsakos Energy Navigation: What Analysts Expect in 4Q17   [Jan-05-18 07:32AM  Market Realist]
▶ Week 51: Analysts Recommendations for Crude Tanker Companies   [Dec-27-17 02:45PM  Market Realist]
▶ Analysts Recommendations for NAP, DHT, and TNP   [Dec-26-17 07:32AM  Market Realist]
▶ Tsakos Energy Navigation: Fifth-Best Performing Stock   [Dec-25-17 09:02AM  Market Realist]
▶ Tsakos Energy Navigation Increased Its Time Charter Coverage   [Dec-20-17 01:35PM  Market Realist]
▶ A Big Bargain With A Rich Dividend   [Dec-16-17 07:43AM  Forbes]
▶ Chinas Crude Oil Imports Are at Record Levels   [Dec-14-17 01:25PM  Market Realist]
▶ Week 49: Deutsche Bank Revised Frontlines Target Price   [Dec-13-17 09:02AM  Market Realist]
▶ Tsakos Energy Navigations Target Price Revisions   [Dec-12-17 10:31AM  Market Realist]
▶ TEN, LTD. Announces New Time Charters for Three Vessels   [Dec-11-17 01:49PM  GlobeNewswire]
▶ Week 47: Crude Tanker Industry Update   [Nov-30-17 03:36PM  Market Realist]
▶ Tsakos reports 3Q loss   [08:16AM  Associated Press]
▶ Chinas Crude Oil Imports: Lowest in the Last 13 Months   [Nov-28-17 03:00PM  Market Realist]
▶ Week 45: Crude Tanker Industry Update   [Nov-14-17 10:16AM  Market Realist]

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