Tsakos Energy Navigation announced the resumption of the previously authorized by its Board of Directors stock repurchase program for open market purchases for its common and/or its preferred shares.
The Company has still available up to $20.0 million from its previously authorized program and will use best endeavours to realise such repurchases from time to time and as management sees fit.
“We continue to enjoy the strongest tanker market this decade mainly due to the low price of oil which has resulted in greater oil demand and reduced bunker costs. This ‘double-whammy’ effect of higher income and significantly lower costs finds TEN perfectly placed as a prime beneficiary. The continued nervousness seen in the overall financial markets is creating positive arbitrage prospects for well funded companies like TEN as it provides unique opportunities to acquire back stock at steep discounts to fair value,” Mr. Nikolas P. Tsakos, President and CEO of TEN stated.
“We are always mindful of the controlled use of capital so not to derail our strategic growth nor to destabilize the health of our strong balance sheet. However, we feel that at this particular juncture this share repurchase opportunity is fully justified. With the tanker market forecasted to remain strong and with a 33.0% increase in common stock dividends, TEN offers an attractive proposition to those looking for share price appreciation and growing dividends. Overall, management continues to increase its holdings in TEN and remains a strong believer in the tanker market prospects and specifically in the value of the Company going forward,” Mr. Tsakos concluded.