Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) announced that its Board of Directors has declared the company’s initial cash dividend for the fiscal year 2009 of $0.30 per common share, payable October 29, 2009 to stockholders of record on October 22, 2009. The ex-dividend date will be October 20, 2009. The current declaration represents the fifteenth consecutive semi-annual distribution since listing on the NYSE in the spring of 2002.
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.