Tsakos Energy Navigation Limited Declares Quarterly Dividend
$0.15 per Share Dividend Payable 30 November, 2011; Consistent Dividend Paid Since October 2002; Reaches $9.075 per Share in Cumulative Distribution
(firmenpresse) - ATHENS, GREECE -- (Marketwire) -- 10/18/11 -- 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 November 25, the payment date is November 30 and the shares will trade ex-dividend on November 22.
D. John Stavropoulos stated, "We are pleased to continue our consistent payment of regular dividends commenced in October, 2002. We are very proud of this record which will have resulted in total cash dividend payments of $9.075 per share (adjusted for the 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 continue to fix forward the vessels in the enterprise fleet, despite the market's weakness, on fixed and floating period charters with tenures ranging from one to fifteen years. The sum of all our chartering activity since the beginning of 2011 (14 charter fixtures and renewals) is expected to generate minimum revenues of approximately $1 billion over the life of these charters. The cash flow that these charters are expected to generate will help TEN take advantage of accretive growth opportunities this weak market cycle will present and maintain its dividend distribution."
As of today the Company has 36 out of its 50 vessels under fixed 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) with secured contract coverage of 71% for Q4 2011 (and minimum gross revenues of approximately $50 million) and 54% and 41% for the available vessel days of 2012 and 2013 respectively (with expected gross revenues of $165 million and $125 million respectively).
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.
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.
Tsakos Energy Navigation Ltd.
George Saroglou
COO
+30210 94 07 710
Capital Link, Inc.
Nicolas Bornozis
Biraj Gyawali
+212 661 7566
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Datum: 18.10.2011 - 14:05 Uhr
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News-ID 1047279
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