Tsakos Energy Navigation Ltd. (NYSE:TNP) Jumps With Increase In Crude Tanker Rates


Dallas, Texas 01/23/2014 (FINANCIALSTRENDS) – Tsakos Energy Navigation Ltd. (NYSE:TNP) is the Greek freight company which trades on the US markets at price points of $7.75 per share price. This is slide of voer 4.79% over previous close. The trading day range for the company lay between high of $7.71 and $8.17 low, while the 52 week low was $3.29 and high of $8.17. Previous opening was at $8.15. The company has a market capital of $47.44 million and EPS of -0.63. The shares are at 56.44 million.

Crude tanker rates soar

Tsakos Energy Navigation Ltd. (NYSE:TNP) saw an unexpected rise on the stock market as its company recorded along with other crude tanker companies surprise rate increase. Along with Nordic American Tanker Ltd(NAT) the company has recorded a rise in crude oil tanker rates.

Tsakos Energy Navigation Ltd. (NYSE:TNP) received upgrades from analysts based on the 60 day upward revisions in the stock and over 35.27% rise in just under a month. The expectation across boards is that the company will see substantial rise in stock.

Tsakos Energy Navigation Ltd. (NYSE:TNP) performance in comparison to the other stocks in this category reveal otherwise Genco Shipping & Trading Ltd, Diana Containerships Inc. besides Knightsbridge Tankers Limited are known to have higher upside over other companies.

Tsakos Energy Navigation Ltd. (NYSE:TNP) as will other crude tankers will see soaring prices thanks to the increase in the number of cars going up.  As the consumption of oil surges, companies in China are expected to move to the phase of consumption too as it moves forward from the infrastructure and development phase.

Tsakos Energy Navigation Ltd. (NYSE:TNP) continues to expand its crude oil tanker transport and deep sea freight services in the new year. The company at last count in April of 2013 had more than 45 modern petro product tankers as well as crude oil carriers for world-wide marine transport services.