ATHENS, Greece, Sept. 28, 2009 (GLOBE NEWSWIRE) -- Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) announced today that its Board of Directors has declared the Company's initial cash dividend for the fiscal year 2009 of $0.30 per common share, payable October 29th, 2009 to stockholders of record on October 22nd, 2009. The ex-dividend date will be October 20th, 2009. The current declaration represents the fifteenth consecutive semi-annual distribution since listing on the NYSE in the spring of 2002.
"We are pleased to announce the first semi-annual dividend for fiscal 2009. The continuity of our dividend distributions is a testament to TEN's fleet, operational and commercial strategies, the strong balance sheet and overall capital structure, which has enabled the company to remain profitable and generate positive cash flows even in difficult economic climates," commented Mr. D. John Stavropoulos, Chairman of the Board. "In these most testing times for the world's economy, TEN is proud to be navigating a steady ship and maintaining its ability to reward its shareholders with healthy dividend distributions."
TEN intends to continue to pay cash dividends representing between one-quarter and one-half of ordinary net income. Such payments are subject to the discretion of the Board of Directors and depend on available cash, anticipated cash needs, overall financial condition, loan agreement restrictions, capital commitments, future prospects for earnings and cash flows, as well as other relevant factors. The Company pays a semi-annual dividend for a given fiscal year in October and April of the following year.
ABOUT TSAKOS ENERGY NAVIGATION
TEN's pro forma fleet consists of 52 vessels of 5.6 million dwt. TEN's operational fleet consists of 48 vessels all of double-hull design. TEN's newbuilding program includes two DNA-aframax crude carriers and two suezmax tankers totalling about 526,000 dwt.
TEN's balanced fleet profile is reflected in 27 crude tankers ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize; complemented by one LNG.
TEN's employment profile: ---------------------------------------------------------------------- Type of Employment Vessels ---------------------------------------------------------------------- Period Employment - Fixed, fixed w/profit share & min max 29 ---------------------------------------------------------------------- CoA - market related 2 ---------------------------------------------------------------------- Pool - market related 6 ---------------------------------------------------------------------- Spot - market related 11 ---------------------------------------------------------------------- TEN's current newbuilding program: ---------------------------------------------------------------------- Aframax DWT Hull Type / Design Delivery ---------------------------------------------------------------------- 1. Sapporo Princess 105,000 DH / DNA Q1 2010 ---------------------------------------------------------------------- 2. Uraga Princess 105,000 DH / DNA Q3 2010 ---------------------------------------------------------------------- 3. S2034 158,000 DH Q3 2011 ---------------------------------------------------------------------- 4. S2035 158,000 DH Q3 2011 ---------------------------------------------------------------------- DH: Double Hull DNA: Design New Aframax
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.