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Tsakos Energy Navigation Limited Declares Quarterly Dividend

Thursday, 26 January 2012 | 00:00
The Board of Directors of Tsakos Energy Navigation Limited has declared a quarterly dividend of $0.15 per share of common stock outstanding. The record date is February 9, the payment date is February 14 and the shares will trade ex-dividend on February 7.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 $9.225 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 36 out of its 50 vessels under term employment (including the two DP2 shuttle tankers that TEN expects to take delivery in Q4 2012 and Q1 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 50 double-hull vessels of 5.4 million dwt that includes two DP2 suezmax shuttle tankers currently under construction totaling 314,000 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 one LNG carrier.
Source: Tsakos Energy Navigation Limited
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