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Tsakos Energy Navigation Announces New Stock Repurchase Program
repurchase authorization announced today is for $20,000,000.
Nikolas P. Tsakos, President and Chief Executive Officer, and D. John Stavropoulos, Chairman of the Board noted, "The Board of Directors authorized the additional
share repurchase allocation as a vehicle to enhance shareholder value. We firmly believe current market prices do not accurately take into account underlying asset values and future prospects. This allocation of
resources will support future earnings per share and complement a healthy cash dividend policy."
Since the beginning of 2004 TEN has disposed of seven vessels totalling 486,000 dwt contributing $45.0 million in capital gains and has taken delivery of three vessels and placed a further 10 newbuilding orders with a 1.39
million dwt combined capacity. The 10 orders were placed in addition to the five newbuildings that were ordered in 2003.
ABOUT TSAKOS ENERGY NAVIGATION
TEN expects to operate a fleet of 38 vessels of 4.1 million dwt by mid-2007. Currently it operates a fleet of 25 vessels (including three chartered-in, one Aframax and two Suezmaxes vessels) of approximately 2.8 million dwt with an average age of 6.5 years compared to 12 years of the world average. Its Aframax, 5 Handysize, 1 LNG) of 1.3 million dwt.
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.
Visit our company website at: http://www.tenn.gr
SOURCE Tsakos Energy Navigation Limited
-0- 05/26/2005
/CONTACT: George V. Saroglou, COO of Tsakos Energy Navigation Ltd., +30-210-94-07-710-3, or ten@tenn.gr; or Parag Dave of GCI Group for Tsakos
Energy Navigation Ltd., +1-212-537-8026, or pdave@gcigroup.com/
/Web site: http://www.tenn.gr /
(TNP)