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Tsakos Energy Navigation Announces New Stock Purchase Program and Adoption of Shareholder Rights Plan
D. John Stavropoulos, Chairman of the Board noted, "The Board of Directors authorized the additional share repurchase allocation, the third during 2005, 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."
ABOUT TSAKOS ENERGY NAVIGATION
TEN's proforma fleet consists of 37 vessels of 4.0 million dwt (excluding the Tamyra which will be delivered to its new owners in early October). With the delivery of the Euroniki, the Company operates a fleet of 26 vessels (including three chartered-in vessels) of approximately 3.1 million dwt with an average age of 6.0 years compared to 11.7 years of the world average. TEN's newbuilding program today consists of 11 vessels (4 Suezmax, 2 Aframax, 4 Handymax, and 1 LNG) of 1.1 million dwt.
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.
Thomas J. Rozycki, Jr., Vice President