Tsakos Energy Navigation Extends Share Repurchase Program
ATHENS, GREECE--(Marketwired - Jul 14, 2016) - Tsakos Energy Navigation Ltd. or the Company (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced that its Board of Directors has authorized the Company to extend its stock repurchase program by an additional $20 million for purchases of its common and/or its preferred shares as the first $20 million program announced in December 2015 has been completed. In that program, the Company acquired as treasury stock 3,580,286 common shares at an average price of $5.59 per share. The Company will make additional repurchases from time to time based on market conditions at management's discretion.
"Tanker stocks and especially TEN have been negatively affected in recent months by reasons unrelated to our underlying business. As a result, we believe that the current value of our stock continues to present a great buying opportunity at a time our Company is undergoing its largest expansion in history both in terms of fleet growth and revenue generation," Mr. George V. Saroglou, Vice-President and COO of TEN stated.
ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. The Company's pro-forma fleet, including one VLCC, one LNG carrier, eight Aframax tankers, a Suezmax DP2 shuttle tanker and two LR1 product tankers all under construction, consists of 65 double-hull vessels, constituting 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. All of TEN's tanker newbuildings except the one remaining VLCC Hercules and the LNG carrier Maria Energy are fixed on long-term project businesses. As of July 2016, about 60% of 2016 fleet available days, assuming nine deliveries, are on secured contracts with an average length of 2.5 years and minimum gross revenues of about $1.5 billion.
VESSELS UNDER CONSTRUCTION
| # | Vessel Name | Type | Dwt | Delivery | Status | Employment | ||||||
| 1 | Ulysses | VLCC | 300,000 | Q2 2016 | Delivered | Yes | ||||||
| 2 | Elias Tsakos | Aframax | 112,700 | Q2 2016 | Delivered | Yes | ||||||
| 3 | Thomas Zafiras | Aframax | 112,700 | Q3 2016 | TBD | Yes | ||||||
| 4 | Leontios H | Aframax | 112,700 | Q4 2016 | TBD | Yes | ||||||
| 5 | TS Parthenon | Aframax | 112,700 | Q4 2016 | TBD | Yes | ||||||
| 6 | TS Marathon | Aframax | 112,700 | Q1 2017 | TBD | Yes | ||||||
| 7 | TS Sola | Aframax | 112,700 | Q1 2017 | TBD | Yes | ||||||
| 8 | TS Oslo | Aframax | 112,700 | Q2 2017 | TBD | Yes | ||||||
| 9 | TS Stavanger | Aframax | 112,700 | Q3 2017 | TBD | Yes | ||||||
| 10 | TS Bergen | Aframax | 112,700 | Q4 2017 | TBD | Yes | ||||||
| 11 | Sunray | Panamax LR1 | 74,200 | Q3 2016 | TBD | Yes | ||||||
| 12 | Sunrise | Panamax LR1 | 74,200 | Q3 2016 | TBD | Yes | ||||||
| 13 | Lisboa City | DP2 Shuttle | 157,000 | Q1 2017 | TBD | Yes | ||||||
| 14 | Hercules | VLCC | 300,000 | Q4 2016 | TBD | In Negotiations | ||||||
| 15 | Maria Energy | LNG | 93,616 | Q3 2016 | TBD | In Negotiations | ||||||
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.