Tsakos Energy Navigation Limited (TEN) announced that its Board of Directors has declared the Company's first half 2003 cash dividend of $0.50 per common share, payable October 30, 2003 to stockholders of record on October 17, 2003. The ex-dividend date will be October 15, 2003.
"Our record setting financial performance in the first half of 2003 has provided us the basis to pay this dividend," commented Mr. D. John Stavropoulos
, Chairman of the Board. "We remain focused on optimizing our fleet utilization to sustain a steady stream of revenue and a healthy return to our shareholders."
Overall, TEN has 18 vessels operating with medium or long-term employment contracts which account for 74% of estimated operating days or $37 million gross revenues for the remainder of 2003 and 57% for 2004 or $124 million in revenues.
TEN intends 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 currently pays a semi-annual dividend in October and April.