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Tsakos Energy Navigation (TEN) Declares Semi-Annual Dividend Of $0.50 Per Share
TEN pays semi-annual dividends in October and April of each year. The basic dividend policy is to declare and pay cash dividends equal to 25% to
50% of operating net income. The combination of the interim dividend of $0.50 in October 2003, and the final dividend of $0.50 in April 2004 represents a total dividend of $1.00 per share with respect to fiscal 2003 operations.
ABOUT TSAKOS ENERGY NAVIGATION
Including the addition of the M/T La Madrina, TEN currently operates a fleet of 28 vessels (including one chartered-in aframax, the Olympia, and the two suezmaxes, the renamed Cape Baker and Cape Balboa, recently the subject of the sale and charter-back deal). The fleet comprises 2,981,252 DWT and has an average age of 6.8 years, compared to the average for the world's tanker tonnage of 12.8 years. TEN is scheduled to take delivery of a further eleven newbuildings over the next three years. The resulting fleet of 39 vessels with 4,147,052 DWT will include 27 newbuildings (1997-2007) with 3,148,113 DWT. Additionally, the Company has options for 3 more tankers: one handysize tanker for delivery in 2004, and two 1A ice class handysize tankers, which would be delivered in 2007.
VLCC 2 vessels
Suezmaxes 10 vessels(1)
Aframaxes 10 vessels
Panamaxes 8 vessels
Handysize 9 vessels(2)
TOTAL as of February 26, 2004: 39 vessels
1: includes 6 vessels on order/under construction
2: includes 5 vessels on order/under construction