Tsakos Energy Navigation Announces $20.0 Million Share Repurchase Program

News Release Tsakos Energy Navigation Ltd. August 12, 2011

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ATHENS, GREECE – August 11th, 2011 - Tsakos Energy
Navigation Limited (TEN) (NYSE:TNP)
announced today that its Board of Directors has authorized a new
share repurchase program on the
Company’s common shares allocating up
to $20 million for purchases in the open market and in other
transactions. The timing of any share purchases, the prices and
the exact number of shares to be
purchased will be dependent on market conditions. This is the fifth share repurchase program TEN’s
Board has authorized since the initiation of the programs in
2005.
Since the listing in the NYSE in March of 2002 the Company has
generated approximately $1 billion in
net income and has expanded its fleet from 26 to 50 vessels
becoming one of the largest transporters of
energy in the world. In the same period and prior to the
announcement of this new program TEN has
repurchased shares worth $82.58 million and paid dividends every
year without any interruption in
excess of $340 million to its shareholders. The last quarterly
dividend payment of $0.15 per share was
distributed on August 10, 2011 and it translates into an
annualized yield of 8.5% based on the share
closing price of $7.04 on August 9, 2011.
“Since we initiated our buyback programs in 2005 we have invested
over $80 million in repurchasing
our stock. Furthermore, as firm believers in the Company’s
ability to enhance its shareholders value,
management and the founders (or the insiders) of TEN continue to
buy shares in the Company as their
reported shareholding demonstrates, having raised their ownership
in TEN from 31.2% after the
NYSE listing in 2002 to over 35% at
present,” stated George Saroglou, Chief Operating Officer of
TEN. “While we remain committed to invest selectively in assets
that meet our standards for attractive
return, we believe that at current trading levels our dividend
paying stock represents remarkable value
and redeployment of available cash to buy back shares is an
appropriate use of capital that enhances
shareholder value. This new program reflects our confidence in our
company’s long term prospects,
along with our ability to generate strong cash flows even during
these challenging times and to continue
rewarding our shareholders with a sustainable and attractive dividend,” Mr.
Saroglou concluded.</DIV></BODY></HTML>