TEN Execs Authorize Common Share Repurchase Program

Thursday, August 11, 2011

Tsakos Energy Navigation Limited (TEN) announced that its Board of Directors has authorized a new share repurchase program on the company’s common shares allocating up to $20 million for purchases in the open market and in other transactions. The timing of any share purchases, the prices and the exact number of shares to be purchased will be dependent on market conditions. This is the fifth share repurchase program TEN’s Board has authorized since the initiation of the programs in 2005.

Since its listing in the NYSE in March of 2002, the company has generated approximately $1 billion in net income and has expanded its fleet from 26 to 50 vessels becoming one of the largest transporters of energy in the world. In the same period and prior to the announcement of this new program TEN has repurchased shares worth $82.58 million and paid dividends every year without any interruption in excess of $340 million to its shareholders. The last quarterly dividend payment of $0.15 per share was distributed on August 10, 2011 and it translates into an annualized yield of 8.5% based on the share closing price of $7.04 on August 9, 2011.

“Since we initiated our buyback programs in 2005 we have invested over $80 million in repurchasing our stock. Furthermore, as firm believers in the company’s ability to enhance its shareholders value, management and the founders (or the insiders) of TEN continue to buy shares in the company as their reported shareholding demonstrates, having raised their ownership in TEN from 31.2% after the NYSE listing in 2002 to over 35% at present,” stated George Saroglou, Chief Operating Officer of TEN. “While we remain committed to invest selectively in assets that meet our standards for attractive return, we believe that at current trading levels our dividend paying stock represents remarkable value and redeployment of available cash to buy back shares is an appropriate use of capital that enhances shareholder value. This new program reflects our confidence in our company’s long term prospects, along with our ability to generate strong cash flows even during these challenging times and to continue rewarding our shareholders with a sustainable and attractive dividend,” Mr. Saroglou concluded.

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

People & Company News

No Lift for Konecranes as Q1 2014 Profit Slips

Finnish crane maker Konecranes on Thursday reported a 32-percent fall in its core quarterly operating profit amid slow demand and tight competition. January-March operating profit,

GulfMark Offshore Records Highest Ever Q1 Revenue

Houston-based GulfMark Offshore President & CEO Quintin Kneen commented on his company's first quarter 2014 financial report: "We recorded our highest first quarter revenue ever,

Canadian Icebreaker Refit Contracts Awarded

The Canadian Government informs it has awarded a $6.5 million contract to Babcock Canada Inc. for critical refit work for Canadian Coast Guard ship 'CCGS Louis S.

Finance

No Lift for Konecranes as Q1 2014 Profit Slips

Finnish crane maker Konecranes on Thursday reported a 32-percent fall in its core quarterly operating profit amid slow demand and tight competition. January-March operating profit,

GulfMark Offshore Records Highest Ever Q1 Revenue

Houston-based GulfMark Offshore President & CEO Quintin Kneen commented on his company's first quarter 2014 financial report: "We recorded our highest first quarter revenue ever,

Hong Kong Receive BMT Maritime Strategic Study

BMT Asia Pacific (BMT), a subsidiary of BMT Group Ltd, says it has completed a major strategic study - “Enhancing Hong Kong’s Position as an International Maritime Centre (IMC)”,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.1112 sec (9 req/sec)