The sovereign debt crisis in Greece hit Tsakos Energy Navigation (NYSE: TNP) had in 2011, culminating in the company closing at a 52-week low on December 30 of $4.78. The company traded in a range of $4.78 to $11.18 in 2011.
Other shipping companies hurt by the Greek sovereign debt crisis are Navios Maritime Partners (NYSE: NMM) and Diana Shipping (NYSE: DSX).
As for Tsakos Energy Navigation, they're in a good position financially if there is any improvment in the region, although it has to be taken into account and recognized that there is a reason for the sovereign debt crisis in the EU that is far from being resolved, and the unpredictability continues to weigh over the region and the shipping sector.
Tsakos has over $260 million in cash and a free cash flow of over $91 million. As of the close on December 30, they pay out a dividend of 12 percent. Navios Maritime Partners (NMM) is right behind them with a dividend pay out of 11.90 percent.
Diana Shipping (DSX) is also prepared to ride out an ongoing rough period, as they have about $373 million in cash on hand, with an operating profit of close to 50. China plays a major role in their business.
Tsakos, and the other two shippers mentioned, are worth watching as 2012 unfolds, with Taskos appearing to be the best opportunity for investors.
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