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60% in total dividend increases since early 2015
Athens, Greece — October 12, 2015
Tsakos Energy Navigation Ltd. (NYSE:TNP), a leading crude, product and LNG tanker operator, today announced the increase of its dividend distributions to holders of its common stock to $0.08 per quarter or $0.32 per annum. The new dividend represents a 33% increase from current levels and a 60% increase since February 2015. It is scheduled to commence in the first quarter 2016.
"In view of the current strength of the market and TEN's positioning within international tanker trade routes through a blend of flexible and secured charters, the Board and management felt appropriate to reward shareholders with a handsome dividend increase to reflect TEN's cash generating prowess and overall solid balance sheet," Mr. Takis Arapoglou, Chairman of the Board commented. "Over the years, irrespective of cycles, TEN has always paid attractive dividends, which on the one hand rewarded long-term shareholders with healthy returns while on the other, never placing the strength of the Company and its balance sheet in jeopardy. The upcoming distributions meet both these two conditions. This increased dividend also adds an attractive yield element to the added value and growth potential guaranteed by TEN’s current newbuilding program, the majority of which are already under long term contracts," Mr. Arapoglou concluded.
About Tsakos Energy Navigation
To date, TEN's fleet, including two VLCCs, an LNG carrier, nine Aframax crude oil tankers, a Suezmax DP2 shuttle tanker and two LR1 tankers all under construction, consists of 65 double-hull vessels, a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers. In addition, TEN has an option to construct another Suezmax DP2 shuttle tanker. All of TEN’s tanker newbuildings except the two VLCCs and the LNG carrier Maria Energy are fixed on long-term project businesses.
Tsakos Energy Navigation press release
