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Tsakos Energy Navigation (TEN) Approves Authorization of Share Buyback
D. John Stavropoulos, Chairman of the Board of Directors, stated, "The Board of Directors and management of TEN are committed to enhancing shareholder value. We strongly believe the current market price for the Company stock does not accurately reflect its underlying value and prospects. As such, the Board of Directors has authorized a share repurchase program to further strengthen our income statement through a prudent use of our corporate funds."
ABOUT TSAKOS ENERGY NAVIGATION
Tsakos Energy Navigation expects to operate a fleet of 41 vessels with approximately 4.3 million dwt by mid-2007, which would include 30 purpose built new-buildings (1998-2007) with approximately 3.4 million dwt. The
Company currently operates a fleet of 27 vessels (including three chartered-in vessels, one aframax and two suezmaxes). The current fleet comprises 2.8 million dwt with an average of 7.4 years, compared to the world's tanker average age of 12.1 years. Between now and mid-2007, TEN is scheduled to take delivery of fourteen new-buildings (6 Suezmaxes, 2 Aframaxes, 5 handysize product carriers and 1 LNG carrier).
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.
SOURCE Tsakos Energy Navigation Limited
-0- 01/25/2005
/CONTACT: George V. Saroglou, COO, Tsakos Energy Navigation Ltd.,+30-210-94-07-710-3, ten@tenn.gr; or Parag Dave, GCI Group for Tsakos Energy Navigation Ltd., +1-212-537-8026, pdave@gcigroup.com/
(TNP)