US-listed Tsakos Energy Navigation (TEN) said on Thursday it tripled first-quarter profit year-on-year to $11.2m, backed by robust freight rate recovery that continued from the end of 2018.
As its tanker newbuilding programme heads towards completion next year, the company said it was now focusing on reaping the benefits from the “positive environment” it expects declining orderbooks and “IMO 2020 disruptions” to create in the tanker market.
