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Essay / Research Paper Abstract
This 13 page paper examines the performance of the Greek Shipping compnay Tsakos Energy Navigation, looking at the financial performance between 2002 – 2005 and then considers the dividend policy and the use of dividend signalling. The bibliography cites 9 sources.
Page Count:
13 pages (~225 words per page)
File: TS14_TEtsakos.rtf
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Unformatted sample text from the term paper:
accounts published for other stock markets and as such we are looking at Greek companies that are publishing accounts in English as they are reported in an English speaking stock
exchange. For this paper we will look at Tsakos Energy Navigation. This is a Greek company based at 367 Syngrou Avenue, P Faliro, Athens, 17564. The company owns and
operates a fleet of tankers the exact number of tankers varied, but this amounted to 28 tankers on the 15th of March 2006. This company was founded in 1993, but
it was named Maritime Investment Fund Limited, in 1996 the name changed to MIF Ltd and the current name Tsakos Energy Navigation was adopted in 2001. The company specialises in
carrying crude oil and oil refined products as well as other liquid cargoes around the globe, in double hulled tankers, the operations charter their fleet mostly to the large oil
companies mostly under medium to long term contracts. To analysis the financial results of the company we are taking the results published in the annual accounts that are presented
in dollars and all figures, unless per share, or indicated otherwise are in millions. The figures are al taken form the relevant annual accounts. There are a number of
ratios we can consider. We will start with profitability. The first ratio is the gross profit margin. The gross margin is expressed as a percentage. This is the level of
revenue that remains when all of the direct costs for producing the goods or services are deducted form the revenue. This indicates the level at which direct costs account take
up revenue. In this paper we are looking at the gross revenues, which include the commissions that the compnay have to pay out. Table 1 Gross Profit Margin Gross
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