ATHENS, GREECE--(Marketwired - Dec 8, 2015) - Tsakos Energy Navigation Ltd. or the Company (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the resumption of the previously authorized by its Board of Directors stock repurchase program for open market purchases for its common and/or its preferred shares. The Company has still available up to $20.0 million from its previously authorized program and will use best endeavours to realise such repurchases from time to time and as management sees fit.
"We continue to enjoy the strongest tanker market this decade mainly due to the low price of oil which has resulted in greater oil demand and reduced bunker costs. This 'double-whammy' effect of higher income and significantly lower costs finds TEN perfectly placed as a prime beneficiary. The continued nervousness seen in the overall financial markets is creating positive arbitrage prospects for well funded companies like TEN as it provides unique opportunities to acquire back stock at steep discounts to fair value," Mr. Nikolas P. Tsakos, President and CEO of TEN stated. "We are always mindful of the controlled use of capital so not to derail our strategic growth nor to destabilize the health of our strong balance sheet. However, we feel that at this particular juncture this share repurchase opportunity is fully justified. With the tanker market forecasted to remain strong and with a 33.0% increase in common stock dividends, TEN offers an attractive proposition to those looking for share price appreciation and growing dividends. Overall, management continues to increase its holdings in TEN and remains a strong believer in the tanker market prospects and specifically in the value of the Company going forward," Mr. Tsakos concluded.
ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's fleet, including two VLCCs, an LNG carrier, nine Aframax crude oil tankers, a Suezmax DP2 shuttle tanker and two LR1 tankers all under construction, consists of 65 double-hull vessels, a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers. In addition, TEN has an option to construct another Suezmax DP2 shuttle tanker. All of TEN's tanker newbuildings except the two VLCCs and the LNG carrier Maria Energy are fixed on long-term project businesses.
ABOUT 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: Marketwired (Canada)
(December 8, 2015 - 9:15 AM EST)
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