TNP outlook: loss for q3
Outlook for the Third Quarter 2010 and 2010 Fiscal Year
As the result of the softness in the tanker market, TEN expects to recognize a modest loss for the third quarter 2010 of between $0.10 and $0.15 per share, a portion of which is a non-cash charge related to the valuation of interest rate swap agreements. Despite a challenging year in the tanker sector, TEN currently anticipates reporting a profit for the full year 2010 due in large part to its long-term charter coverage.
As previously announced, today TEN is paying a dividend of $0.15 per common share in respect of the second quarter 2010, and anticipates paying a dividend in respect of the third quarter 2010.
For the remainder of 2010 and for 2011, approximately 87% and approximately 65%, respectively, of TEN's fleet are fixed on either time charters or period employment with variable rates. The remainder of the fleet will trade in the spot market.