On the issue of problematic exposures, the panelists indicated that time may be running out for companies that have consistently failed to meet covenant obligations or keep to agreed repayment schedules. While banks have been accommodating to such situations in the past, increasing pressure from regulators is likely to lead to more decisive action rather than continuing to extend waivers or refinancing the problematic exposures. However, this may not necessarily mean it will lead to a significant flow of distressed opportunities, although some such transactions can be expected by the end of the year.
TEN CELEBRATES ITS 20th ANNIVERSARY AS A PUBLIC COMPANY
Tsakos Energy Navigation Limited, a leading product, crude and LNG tanker operator, celebrated its 20th Anniversary as a public company. Mr. Nikolas Tsakos, President and CEO of the Company, remarked on the company's track record of solid growth and value creation for its shareholders since 1993 when TEN first listed on the Oslo Stock Exchange and then in 2002 on the New York Stock Exchange. From a fleet of just four vessels in 1993, TEN has become one of the largest independent transporters of energy in the world controlling a versatile fleet of 49 modern crude and product tankers and liquefied natural gas ("LNG") vessels. TEN has the largest product tanker fleet currently in operation and one of the largest tanker fleets with ice-class capabilities. Since its listing on the New York Stock Exchange in 2002, TEN has generated over $1 billion in net income and has paid without interruption a dividend every year. The day following the Forum, on Friday, March 22, 2013, senior members of the Company's management team and guests attended a specially held ceremony at the New York Stock Exchange and rang the closing bell.
To view the Closing Bell ceremony, please click on the following link or copy and paste it in your browser
LUNCHEON KEYNOTE SPEAKER
Introduction by: Nikolas Tsakos, Vice-Chairman, INTERTANKO, and President & Chief Executive Officer of Tsakos Energy Navigation Limited
Speaker: Katharina Stanzel, Managing Director, INTERTANKO
The Luncheon keynote address, delivered by Katharina Stanzel, Managing Director of INTERTANKO, touched on various themes covered throughout the event. Kathi also spoke about shipowners' resilience and real life concerns in the light of the tremendous complexity brought about by increasing regulation and the volatile and often unpredictable and dramatic changes in market conditions. She finally suggested why this shipping cycle was different from previous ones and why some of the fundamental trading imbalances needed redressing through collaboration of stakeholders in order to keep global supply chains working.
CAPITAL MARKETS ARE OPEN TO SHIPPING - PANEL DISCUSSION
Allan Reiss, Partner - Morgan, Lewis & Bockius LLP
Chris Christopoulos, Director, Transportation Investment Banking - Bank of America Merrill Lynch
Erik Helberg, Chief Executive Officer - RS Platou Markets AS
Eric Schless, Managing Director - Wells Fargo Securities
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