Tsakos Celebrates Twenty Years as a Public Company

Press Release
Tuesday, March 26, 2013

Tsakos Energy Navigation Limited a product, crude and LNG tanker operator, announced that on Friday, March 22, 2013, the Chief Executive Officer of the Company, Mr. Nikolas Tsakos as well as senior members of the company's management team and guests celebrated the Company's 20th Anniversary as a public company at a specially held ceremony at the New York Stock Exchange and rang the closing bell.

In his address, Mr. Nikolas Tsakos noted the company's track record of solid growth and value creation for its shareholders since 1993 when TEN first listed on the Oslo Stock Exchange and then in 2002 on the New York Stock Exchange. From a fleet of just four vessels in 1993, TEN has become one of the largest independent transporters of energy in the world controlling a versatile fleet of modern crude and product tankers and liquefied natural gas ("LNG") vessels. The company's pro forma fleet of 49 vessels consists of 28 product tankers, 19 crude oil tankers and 2 LNG carriers. Among the public tanker companies listed in the U.S., TEN has the largest product tanker fleet currently in operation and one of the largest tanker fleets with ice-class capabilities. The average age of TEN's pro forma fleet is 6.5 years versus 8.7 years for the world tanker average.

TEN's current newbuilding program includes a Suezmax DP2 shuttle tanker, scheduled to be delivered in April 2013, and one LNG carrier to be delivered to the company in the first quarter 2015. The first newbuilding Suezmax DP2 Shuttle tanker was added in March 2013. The addition of these vessels, broaden TEN's maritime energy scope and further diversify its sources of revenue.

Since 1997, the Company has invested over $4 billion in 65 new buildings in the context of its fleet renewal and expansion program and since its listing on the New York Stock Exchange in 2002, TEN has generated over $1 billion in net income from operations and vessel sales and purchase transactions. TEN has paid without interruption a dividend every year since its NYSE listing. Inclusive of the most recent divided paid in December 2012, TEN has distributed in total $9.575 per share in dividends to its shareholders compared with the IPO price of $7.50 per share (taking into account the 2-1 share split of November 14, 2007.)
 

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Jee to Host Subsea Installation Analysis Webinar

Webinar to focus on optimizing subsea installation analysis, helping companies minimize offshore time and costs. Jee Ltd., an independent subsea engineering and training company,

Harris Secures Certification for its Multi-channel Manpack Radio

Harris Corporation (NYSE:HRS) has received Type-1 National Security Agency (NSA) certification for its Falcon IIIĀ® RF-340M multi-channel manpack radio. The certification

Lithuania Inks First Statoil LNG Deal

Lithuania seeks to cut dependence on Russia; Statoil to supply 0.54 bcm of gas per year. This will cover about 20 pct of Lithuania's demand. Lithuania signed

Tanker Trends

DNO Eyes First Kurdistan Crude Shipment

Norwegian firm DNO expects its first shipment of oil from Kurdistan to be sold on the international market by the end of the year and said it was committed to its

Second Tanker Awaits Lifting Opportunity at Libya Port

A second tanker is waiting to load oil at Libya's Es Sider port, state-run National Oil Corp (NOC) said on Thursday, as the country's biggest crude export terminal

Coast Guard Medevacs Seafarer From Tanker off Galveston

A Coast Guard rescue helicopter crew medevaced a 32-year-old crewmember off an Italian-flagged tanker Wednesday, after he suffered an injury from a snapped fender

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1365 sec (7 req/sec)