NEW YORK (Bloomberg) <\m> Bermuda-registered Tsakos Energy Navigation Ltd., an oil-tanker owner, said fourth-quarter profit rose 27 percent after selling ships while benefiting from an expansion of its fleet earlier in the year.Net income rose to $77.1 million, or $4.05 a share, from $60.8 million, or $3.16, a year earlier, Tsakos Navigation, or TEN, said on Mond. The company said it made gains selling a vessel and a 49 percent stake in two others.

TEN added 13 ships in the first nine months of the year. Its fleet averaged 37 vessels in the fourth quarter, from 25.3 a year earlier, offsetting lower average earnings per ship. The average charge to customers to rent out a ship fell 16 percent to $29,796. A “mild” northern hemisphere winter and higher US oil inventories curbed freight rates, TEN said.

The company increased its fleet’s capacity in 2006 by 55 percent after investing over $1 billion. It also became one of the world’s largest owners of tankers capable of navigating icy waters.

“With a fleet profile like ours and our high expectations for our new building programme we can only view the future with renewed confidence,” Chief executive officer Nikolas Tsakos said in the statement.

Sales, excluding commissions and voyage costs, rose 21 percent to $93.7 million.

The company hired out 80 percent of its fleet’s available operating days for 2007 and 61 percent for 2008. That’s expected to generate sales of at least $265 million and $208 million respectively, TEN said.

Shares of TEN closed at $47 on March 9 in New York, valuing the company at $895.4 million. They have risen 23 percent over the past 12 months compared with 24 percent gain of the six- member Bloomberg Tanker Index.