SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

January 29, 2015 11:15 ET

Tsakos Energy Navigation Limited Declares Quarterly Dividend of $0.06 Per Common Share -- a 20% Increase

ATHENS, GREECE--(Marketwired - Jan 29, 2015) -  Tsakos Energy Navigation Limited ("TEN") (NYSE: TNP), a leading crude, product, and LNG tanker operator, today announced that its Board of Directors declared a quarterly dividend of $0.06 per common share outstanding. The record date is February 12, 2015, the payment date is February 19, 2015 and the shares will trade ex-dividend on February 10, 2015.

"As previously guided, our Board of Directors has approved an increase in the quarterly dividend of our common shares by 20%, to $0.06 per share, in line with the improving tanker markets and the strong financial condition of our Company," stated Mr. Nikolas P. Tsakos, President & CEO of TEN.

"Demand for crude and product tankers has remained robust since the start of the fourth quarter 2014. The decline in oil prices has stimulated demand, which together with a stronger dollar decreasing our operating costs, positively affected our profitability. We expect these favorable trends to continue in 2015, supported also by the growing utilization of vessels for storage and the limited overall growth in the crude fleet.

"With a young and versatile fleet, with core focus on the crude oil market, tested management and long established relationships with the major industry participants, TEN is strategically placed to take advantage of the improving market fundamentals and enhance shareholder value."

To date, TEN's fleet, including the LNG carrier Maria Energy, nine aframax crude oil tankers, two LR1 tankers and one suezmax DP2 all under construction, consists of 64 double-hull vessels (including an option for a suezmax DP2), a mix of crude tankers, product tankers and LNG carriers, totaling 6.72 million dwt. Of these, 44 vessels trade in crude, 14 in products, four are shuttle tankers (including the suezmax DP2 option) and two LNG carriers. The average age of the operational fleet is 7.2 years.

All of TEN's newbuildings, except the Maria Energy, are fixed on accretive long term charters. Financing for 10 out of 14 newbuilding vessels has been arranged and discussions for the remainder are close to finalization.

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

  • Contact:

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

    Investor Relations / Media
    Capital Link, Inc.
    Nicolas Bornozis
    Paul Lampoutis
    +212 661 7566

    367 Syngrou Avenue, 175 64 P. Faliro, Hellas
    Tel:30210 94 07 710-3
    Fax:30210 94 07 716