ATHENS, GREECE--(Marketwire - March 14, 2011) - The Board of Directors of Tsakos Energy Navigation Limited (TEN) (
D. John Stavropoulos stated, "We are pleased to continue our consistent payment of regular dividends commenced in October, 2002 on a semi-annual payment scheduled and revised to quarterly payments beginning July, 2010. We are very proud of this record which will have resulted in total cash dividend payments of $8.775 per share (adjusted for 2-for-1 split in November 2007). This payout compares favorably with the IPO price in March 2002 of $7.50 per share (also split adjusted)."
Mr. Stavropoulos added, "We intend to continue the pursuit of a level of profitability which can sustain generous dividends while also fueling growth of the enterprise, thereby delivering shareholder value."
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, future prospects for earnings and cash flow as well as other relevant factors.
ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's pro forma fleet consists of 52 double-hull vessels (including the Opal Queen agreed to be sold) of 5.6 million dwt that includes two suezmax tankers currently under construction to be delivered in April and July 2011 and two suezmax DP2 shuttle tankers for expected delivery in 2012 totalling 646,000 dwt. 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 | Expected 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 | |||
FORWARD-LOOKING STATEMENTS
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:
Company
Tsakos Energy Navigation Ltd.
George Saroglou
COO
+30210 94 07 710
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Biraj Gyawali
+212 661 7566
ten@capitallink.com