Tsakos Energy Navigation, a US-listed owner of 74 vessels on the water or under construction, reported a drop in profit on Tuesday, weighed by depreciation costs caused by its fleet renewal and rising dividend payments.
Net income dropped at an annual pace of 15% in the third quarter to $26.5m.
The Nikolas Tsakos-led company attributed this to a 14% increase in depreciation and amortisation costs it incurred over the period to $41.3m,
