Tsakos Energy Navigation Ltd. Limited Declares Quarterly Dividend
News Release
Tsakos Energy Navigation Ltd.
July 19, 2011
$0.15 per share dividend payable August 10, 2011
Athens, Greece, July 19, 2011- The Board of Directors of Tsakos Energy Navigation Limited
(TEN) (NYSE: TNP or the “Company”) has declared a quarterly dividend of $0.15 per share
of common stock outstanding. The record date is August 4, the payment date is August 10 and
the shares will trade ex-dividend on August 2.
D. John Stavropoulos stated, “we are pleased to continue our consistent payment of regular
dividends commenced in October, 2002. We are very proud of this record which will have
resulted in total cash dividend payments of $8.925 per share (adjusted for 2-for-1 split in
November 2007). This payout compares favorably with the IPO price in March 2002 of $7.50
per share (also split adjusted).”
Mr. Stavropoulos added, “we intend to continue the pursuit of a level of profitability which can
sustain dividends while also fueling growth of the enterprise, thereby delivering shareholder
value.”
In accordance with our dividend policy, payments of dividends are subject to prudent financial
policy and the discretion of the Board of Directors after due consideration of available cash,
anticipated cash needs, loan agreement restrictions, future prospects for earnings and cash flow
as well as other relevant factors.
Athens, Greece, July 19, 2011- The Board of Directors of Tsakos Energy Navigation Limited
(TEN) (NYSE: TNP or the “Company”) has declared a quarterly dividend of $0.15 per share
of common stock outstanding. The record date is August 4, the payment date is August 10 and
the shares will trade ex-dividend on August 2.
D. John Stavropoulos stated, “we are pleased to continue our consistent payment of regular
dividends commenced in October, 2002. We are very proud of this record which will have
resulted in total cash dividend payments of $8.925 per share (adjusted for 2-for-1 split in
November 2007). This payout compares favorably with the IPO price in March 2002 of $7.50
per share (also split adjusted).”
Mr. Stavropoulos added, “we intend to continue the pursuit of a level of profitability which can
sustain dividends while also fueling growth of the enterprise, thereby delivering shareholder
value.”
In accordance with our dividend policy, payments of dividends are subject to prudent financial
policy and the discretion of the Board of Directors after due consideration of available cash,
anticipated cash needs, loan agreement restrictions, future prospects for earnings and cash flow
as well as other relevant factors.