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Strategies & Market Trends : 50% Gains Investing

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To: Dale Baker who wrote (36945)	2/25/2004 12:49:08 PM
From: straight life	Read Replies (1) of 118717

Speaking of Jubak; moneycentral.msn.com "...Tsakos Energy Navigation, headquartered in Athens, Greece, is a small capitalization version of Teekay Shipping. Tsakos operates a fleet of just 28 vessels. About 35% of its ships operate in the pure spot market. Another 32% operate in the longer-charter market. Since the long-charter vessels operate at variable rates, about 70% of the company’s tankers effectively operate in the spot market. The Tsakos tankers average just 6.8 years of age, and about 90% are double-hulled. Tsakos has nine new tankers on order, a huge number given the relatively small size of the company’s fleet. Tsakos has been on a heavy expansion program that started with just seven ships in 1997. That’s driven debt to $537 million, or about 61% of total capital. (The debt-to-equity ratio stands at 1.56). That’s high, but the company will generate about $120 million in cash flow in 2004 by my calculations. Cash flows should be strong enough to pay down debt once the current build-out is completed." Maybe that's why TNP is popping this am. He also covers TK (which he recommends) and SJH.

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