SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

January 11, 2011 08:30 ET

Tsakos Energy Navigation Announces Quarterly Dividend

$0.15 per Share Dividend Payable February 1, 2011

ATHENS, GREECE--(Marketwire - January 11, 2011) - Tsakos Energy Navigation Ltd. ("TEN") (NYSE: TNP) or (the "Company") today announced that its Board of Directors has declared a quarterly dividend of $0.15 per share of common stock outstanding payable on February 1, 2011 to shareholders of record on January 25, 2011. The stock will trade ex-dividend on January 21, 2011.

Including the above distribution, TEN will have distributed $8.625 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 the 2-1 share split of November 14, 2007.

To date, TEN's pro forma fleet consists of 52 double-hull vessels of 5.4 million dwt that includes two suezmax tankers currently under construction totalling 316,000 dwt to be delivered in 2011 and two Suezmax DP2 tankers for delivery in 2012. TEN's balanced fleet profile is reflected in 25 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and one LNG carrier.

TEN's employment profile (operating fleet):

Type of Employment Vessels
Period Employment - Fixed, fixed w/profit share & min max 30
CoA - market related 2
Pool - market related 6
Spot - market related 10

TEN's current newbuilding program:

Suezmax DWT Hull Type / Design Delivery
1. S2034 (tbn Spyros K) 158,000 DH April 2011
2. S2035 158,000 DH July 2011
3. Suezmax DP2 157,000 DH Q3 2012
4. Suezmax DP2 157,000 DH Q4 2012

DH: Double Hull

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.

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

    367 Syngrou Avenue, 175 64 P. Faliro, Hellas
    Tel: 30 210 94 07 710-3
    Fax: 30 210 94 07 716