The Board of Directors of Tsakos Energy Navigation Limited (or the “Company”) has declared a quarterly dividend of $0.15 per share of common stock outstanding. The record date is August 4, the payment date is August 10 and the shares will trade ex-dividend on August 2.
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 $8.925 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 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 50 double-hull vessels of 5.4 million dwt that includes one suezmax tanker currently under construction to be delivered in July 2011 and two suezmax DP2 shuttle tankers for expected delivery in 2012 totaling 472,000 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.
[mappress] Source: Tsakos Energy , July 19, 2011;