New book by Larry Connors Click here Improve your trading - See how
"We are pleased to announce the first semi-annual dividend for fiscal 2009. The continuity of our dividend distributions is a testament to TEN's fleet, operational and commercial strategies, the strong balance sheet and overall capital structure, which has enabled the company to remain profitable and generate positive cash flows even in difficult economic climates," commented Mr. D. John Stavropoulos, Chairman of the Board. "In these most testing times for the world's economy, TEN is proud to be navigating a steady ship and maintaining its ability to reward its shareholders with healthy dividend distributions."
TEN intends to continue to pay cash dividends representing between one-quarter and one-half of ordinary net income. Such payments are subject to the discretion of the Board of Directors and depend on available cash, anticipated cash needs, overall financial condition, loan agreement restrictions, capital commitments, future prospects for earnings and cash flows, as well as other relevant factors. The Company pays a semi-annual dividend for a given fiscal year in October and April of the following year.
ABOUT TSAKOS ENERGY NAVIGATION
TEN's pro forma fleet consists of 52 vessels of 5.6 million dwt. TEN's operational fleet consists of 48 vessels all of double-hull design. TEN's newbuilding program includes two DNA-aframax crude carriers and two suezmax tankers totalling about 526,000 dwt.
TEN's balanced fleet profile is reflected in 27 crude tankers ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize; complemented by one LNG.
TEN's employment profile: ---------------------------------------------------------------------- Type of Employment Vessels ---------------------------------------------------------------------- Period Employment - Fixed, fixed w/profit share & min max 29 ---------------------------------------------------------------------- CoA - market related 2 ---------------------------------------------------------------------- Pool - market related 6 ---------------------------------------------------------------------- Spot - market related 11 ---------------------------------------------------------------------- TEN's current newbuilding program: ---------------------------------------------------------------------- Aframax DWT Hull Type / Design Delivery ---------------------------------------------------------------------- 1. Sapporo Princess 105,000 DH / DNA Q1 2010 ---------------------------------------------------------------------- 2. Uraga Princess 105,000 DH / DNA Q3 2010 ---------------------------------------------------------------------- 3. S2034 158,000 DH Q3 2011 ---------------------------------------------------------------------- 4. S2035 158,000 DH Q3 2011 ---------------------------------------------------------------------- DH: Double Hull DNA: Design New Aframax
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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Tsakos Energy Navigation Limited
CONTACT: Tsakos Energy Navigation, Ltd. George Saroglou, COO +30210 94 07 710 gsaroglou@tenn.gr CJP Communications Investor Relations Thomas J. Rozycki, Jr. +212 279 3115 (x208) trozycki@cjpcom.com Capital Link, Inc. Marketing Advisor Nicholas Bornozis +212 661 7566 nbornozis@capitallink.com
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
