Tsakos Energy Navigation Limited (NYSE:TNP) Q2 2019 Earnings Conference Call Transcript
Sep 06, 2019 • 08:30 am ET
Thank you for standing by, ladies and gentlemen, and welcome to the Tsakos Energy Navigation Conference Call on the Second Quarter 2019 Financial Results. We have with us Mr. Takis Arapoglou, Chairman of the Board; Mr. Nikolas Tsakos, President and CEO; Mr. Paul Durham, Chief Financial Officer; and Mr. George Saroglou, Chief Operating Officer of the Company. [Operator Instructions]
And now I pass the floor to Mr. Nicolas Bornozis, President of Capital Link, Investor Relation Adviser of Tsakos Energy Navigation. Please go ahead, sir.
Thank you very much, and good morning to all of our participants. I'm Nicolas Bornozis of Capital Link, Investor Relations Adviser to Tsakos Energy Navigation. This morning, the Company publicly released its financial results for the second quarter and six-month period of 2019. In case if you do not have a copy of today's earnings release, please call us at (212) 661-7566 or e-mail us at, firstname.lastname@example.org, and we will have a copy for you e-mailed right away.
Please note that parallel to today's conference call, there is also a live audio and slide webcast, which can be accessed on the Company's website on the front page at www.tenn.gr. The conference call will follow the presentation slides, so please we urge you to access the presentation slides on the Company's website. Please note that the slides of the webcast presentation will be available in archive on the website of the Company after the conference call. Also please note that the slides of the webcast presentation are user-controlled, and that means that by clicking on the proper button, you can move to the next or to the previous slide on your own.
At this time, I would like to read the safe harbor statement. This conference call and slide presentation of the webcast contain certain forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which may affect TEN's business prospects and results of operations. Such risks are more fully disclosed in TEN's filings with the Securities and Exchange Commission.
And now I'll turn the floor over to Mr. Takis Arapoglou, the Chairman of the Board of Tsakos Energy Navigation. Mr. Arapoglou, please go ahead, sir.
Thank you, Nicolas. Good morning, everyone. Thank you for joining our call today. I would say very positive performance, one of perhaps only two positive performances in the sector, if I'm not mistaken, with over 40% increase in EBITDA year-on-year to $120 million. At the same time, TEN reduced debt by $140 million, repaid a $50 million pref, continued pay dividends of all kinds and maintained a very healthy cash position while continuously improving operational excellence. TEN continues to invest in growing the fleet in a measured way as per our stated strategy, both in the conventional tanker sector, as well as in LNG, the latter being in the core of our strategy going forward as we've said many times. On behalf