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Tsakos Energy Navigation Limited Announces Semi-Annual Cash Dividend Of $1.10 Per Common Share
"We are proud to once again increase TEN's dividend based on the financial performance in 2005 and the encouraging prospects for the future," commented Mr. D. John Stavropoulos, Chairman of the Board. "Management and the Board have reconfirmed the focus on modernizing and growing TEN's fleet and optimizing its utilization to provide a stream of revenues, cash flow, and healthy return to our shareholders."
This declaration brings the total cash dividend attributable to fiscal 2005 operations to $2.10 compared to $1.65 with respect to 2004 operations, $1.00 with respect to 2003 operations, and $0.70 with respect to 2002 operations. TEN's policy is 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 prospect for earnings and cash flows, as well as other relevant factors. The Company pays a semi-annual dividend in October and April.
ABOUT TSAKOS ENERGY NAVIGATION
Tsakos Energy Navigation, Ltd. operates a versatile fleet of modern ice-class and conventional tankers providing worldwide marine transportation services to national, state and international refiners under long, medium and short-term charters. Its proforma fleet of 42 vessels (including the vessels acquired by the Tsakos Group in January 2006) consists of:
|
VESSELS |
Pro-forma - (Ice Class) |
Existing - (Ice Class) | ||
|
VLCC |
3 |
|
3 |
|
|
Suezmax |
10 |
(6) |
8 |
(4) |
|
Aframax |
11 |
|
7 |
|
|
Panamax |
7 |
(3) |
7 |
(3) |
|
Handysize/Product |
10 |
(6) |
4 |
|
|
LNG |
1 |
|
- |
|
|
TOTAL |
42 |
(15) |
29 |
(7) |
|
DWT |
4,626,000 |
3,587,000 | ||
The average age of the existing fleet is 6.3 years compared to the world average of 11.5 years. In terms of dwt, approximately 98% of the existing fleet is of double hull design. The newbuildings currently on order (2 Suezmax, 4 Aframax, 6 Handysize/Product, 1 LNG) are expected to be delivered in 2006, 2007 and 2008.
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.
CONTACTS:
George V. Saroglou, COO
Tsakos Energy Navigation Ltd.
Tel: 3010 94 07 710-3
ten@tenn.gr
Thomas J. Rozycki, Jr., Vice President
Cubitt Jacobs & Prosek Communications
212-279-3115 x208
tom@cjpcom.com
