SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

October 05, 2010 08:30 ET

Tsakos Energy Navigation Announces Quarterly Dividend

$0.15 per Share Dividend Payable October 26, 2010

ATHENS, GREECE--(Marketwire - October 5, 2010) -  Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) announced today that its Board of Directors has declared a regular quarterly dividend of $0.15 per share of common stock outstanding payable on October 26, 2010 to shareholders of record on October 22, 2010. The stock will trade ex-dividend on October 20, 2010.

Including the above distribution, TEN will have distributed $8.475 per share in dividends to its shareholders since the Company was listed on the NYSE in March of 2002. The listing price was $7.50 per share taking into account for the 2-1 share split of November 14, 2007.

In addition the Company announced the conclusion of the ATM program. The last trade of shares under the program was on May 3, 2010.


Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

About Tsakos Energy Navigation
TEN's pro forma fleet (including the recently acquired Panamaxes) consists of 50 vessels of 5.3 million dwt. TEN's operational fleet consists of 46 vessels all of double-hull design of which 21 are ice-class. TEN's remaining newbuilding program includes two suezmax tankers totaling 316,000 dwt.

TEN's balanced operational fleet profile is reflected in 21 crude tankers ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize; complemented by one LNG.

TEN's current employment profile:

Type of Employment Vessels
Period Employment - Fixed and fixed with profit share 30
CoA - market related 3
Pool - market related 4
Spot - market related 9

TEN's current newbuilding program:

Suezmax DWT Hull Type/ Design Delivery
1. S2034 158,000 DH Q2 2011
2. S2035 158,000 DH Q3 2011

DH: Double Hull

Contact Information

  • For further information, please contact:
    Tsakos Energy Navigation Ltd.
    George Saroglou
    +30210 94 07 710

    Investor Relations / Media
    Capital Link, Inc.
    Nicolas Bornozis
    Ramnique Grewal
    +212 661 7566

    Communications Advisor
    Cubitt Jacobs & Prosek Communications
    Thomas J. Rozycki, Jr.
    +212 279 3115 (x208)