SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

March 14, 2011 07:00 ET

Tsakos Energy Navigation Limited Declares Quarterly Dividend

$0.15 per Share Dividend Payable April 28, 2011

ATHENS, GREECE--(Marketwire - March 14, 2011) - The Board of Directors of Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) (or the "Company") has declared a quarterly dividend of $0.15 per share of common stock outstanding. The record date is April 21st, the payment date is April 28th and the shares will trade ex-dividend on April 19th.

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