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TEN Execs Authorize Common Share Repurchase

Tsakos Energy Navigation Limited (TEN) announced that its Board of Directors authorized a new share repurchase program of ordinary shares of the company allocate up to $ 20 million for purchases in the open market and other transactions . The timing of share repurchases, price and the exact number of shares to be purchased will depend on market conditions. This is the fifth share repurchase program authorized the Board RTE, since the launch of programs in 2005.Since its introduction in the New York Stock Exchange in March 2002, the company generated approximately $ 1 billion in net income and has expanded its fleet of 26-50 boats to become one of the largest transporters of energy in the world. In the same period and before the announcement of the new TEN purchased shares worth 82.58 million dollars and paid dividends every year without interruption of more than $ 340 million to its shareholders. The payment of the last quarterly dividend of $ 0.15 per share was distributed August 10, 2011, and it results in an annualized return of 8.5% based on the closing price of the action of $ 7.04 August 9, 2011. "Since we launched our share repurchase programs in 2005, we invested $ 80 million in repurchasing our shares. Moreover, as a firm believer in the ability of the company to improve shareholder value , management and the founders (or insiders) ten continue to buy shares in the company reported that their shareholding demonstrates, after raising their property in the RTE of 31.2% after the New York Stock Exchange in 2002 to more 35% at present, "said George Saroglou, Chief Operating Officer of TEN."While we remain committed to selectively invest in assets that meet our standards for attractive returns, we believe that at current trading levels of our share dividend represents an outstanding value and the redeployment of cash Share repurchase is an appropriate use of capital that enhances shareholder value. This new program reflects our confidence in our company's long term prospects and our ability to generate solid cash flows even during these difficult times and continue to reward our shareholders with an attractive and sustainable dividend, "Mr. Saroglou concluded.

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