Greek tanker owner and operator Tsakos Energy Navigation plans to resume its stock repurchase program for open market purchases for its common and/or its preferred shares.
The company said it still has up to USD 20 million available from its previously authorized program and will 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.
“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% increase in common stock dividends, TEN offers an attractive proposition to those looking for share price appreciation and growing dividends,” Nikolas P. Tsakos, President and CEO of TEN, said.
TEN’s fleet consists of 65 doublehull vessels, a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. This includes the company’s newbuilding vessels, namely two VLCCs, an LNG carrier, nine Aframax crude oil tankers, a Suezmax DP2 shuttle tanker and two LR1 tankers.