SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

April 17, 2012 07:00 ET

Tsakos Energy Navigation Limited Declares Quarterly Dividend

$0.15 per Share Dividend Payable 25 May, 2012; Consistent Dividend Paid Since October 2002; Reaches $9.375 per Share in Cumulative Distributions

ATHENS, GREECE--(Marketwire - Apr 17, 2012) - The Board of Directors of Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE: TNP) has declared a quarterly dividend of $0.15 per share of common stock outstanding. The record date is May 21, the payment date is May 25 and the shares will trade ex-dividend on May 17.

D. John Stavropoulos, Chairman of the Board, stated, "We are pleased to continue our payment of regular dividends commenced in October 2002. We are very proud of this record which including this dividend will result in total cash dividends of $9.375 per share (adjusted for the 2-for-1 split in November 2007) compared with the IPO price in March 2002 of $7.50 per share (also split adjusted)."

Mr. Stavropoulos added, "We have confidence in the resilience of our strategy and business model which should continue enabling TEN to take advantage of market opportunities while maintaining dividend distributions."

As of today, the Company has secured charter agreements and renewals with expected minimum revenues in excess of $1 billion over the life of these charters. The Company has 33 out of its 51 vessels under term employment (including the two DP2 shuttle tankers that TEN expects to take delivery in Q1 2013 and Q2 2013 which are fixed on 15-year time charters).

In accordance with our dividend policy, payments of dividends are subject to prudent financial policy and the discretion of the Board of Directors after due consideration of available cash, anticipated cash needs, loan agreement restrictions, and future prospects for earnings and cash flow as well as other relevant factors.

To date, TEN's pro forma fleet consists of 51 double-hull vessels of approximately 5.5 million dwt that includes one LNG carrier and two DP2 suezmax shuttle tankers totaling 400,000 dwt. The company has options for two conventional suezmax tankers and an additional LNG carrier to be declared no later than September 2012, totaling 402,000 dwt. TEN's balanced fleet profile is reflected in 23 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and two LNG carriers.

TEN's employment profile (operating fleet as of April 12, 2012):

Type of Employment Vessels
Period Employment - Fixed, fixed w/profit share & min max 31
Pool - market related 5
Spot - market related 12

TEN's current newbuilding program:

Suezmax DWT Hull Type / Design Expected Delivery
1. Suezmax DP2 157,000 DH Q1 2013
2. Suezmax DP2 157,000 DH Q2 2013
1. TBN 86,000 Tri-Fuel Q1 2015
Newbuilding Options
1. TBN 86,000 Tri-Fuel Q4 2015
1. S2032 158,000 DH Q2 2012
2. S2033 158,000 DH Q1 2013
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
    Paul Lampoutis
    +212 661 7566

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