Tsakos Energy Navigation, a leading crude, product and LNG tanker operator, announced that its Board of Directors has authorized the Company to extend its stock repurchase program by an additional $20 million for purchases of its common and/or its preferred shares as the first $20 million program announced in December 2015 has been completed.
In that program, the Company acquired as treasury stock 3,580,286 common shares at an average price of $5.59 per share. The Company will make additional repurchases from time to time based on market conditions at management’s discretion.
“Tanker stocks and especially TEN have been negatively affected in recent months by reasons unrelated to our underlying business. As a result, we believe that the current value of our stock continues to present a great buying opportunity at a time our Company is undergoing its largest expansion in history both in terms of fleet growth and revenue generation,” Mr. George V. Saroglou, Vice-President and COO of TEN stated.