ATHENS, Greece, June 8, 2010 (GLOBE NEWSWIRE) -- Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) announced today that at its Board Meeting on Friday June 4th, it was decided to change the Company's dividend policy from semi-annual payments to quarterly payments. Since initiation of cash payments in 2002, following the New York Stock Exchange (NYSE) listing, TEN has declared and paid 16 consecutive semi-annual dividends including the most recent payment of $0.30 in April, 2010.
The first dividend of $0.15 per share will be paid on July 15, 2010 to shareholders of record on July 12, 2010 and will trade ex-dividend on July 9, 2010.
The basis of dividends will continue to target a payout ratio of 25% to 50% of net income subject to maintaining an appropriate level of liquidity as a function of a prudent and strong financial position. Each April, the Board of Directors will give consideration to the declaration of a supplementary dividend.
D. John Stavropoulos, Chairman of the Board, said, "We believe this modification will better serve the objectives of our shareholders, broaden our investor base and help support an improved valuation of our common shares."
Including the above distribution, TEN will have distributed $8.325 per share in dividends to its shareholders since the Company was listed on the NYSE in March of 2002. The listing price was $7.50 per share taking into account for the 2-1 share split of November 14th, 2007.
ABOUT TSAKOS ENERGY NAVIGATION
TEN's pro forma fleet consists of 48 vessels of 5.2 million dwt. TEN's operational fleet consists of 45 vessels all of double-hull design. TEN's remaining newbuilding program includes one DNA-aframax crude carrier of 105,000 dwt and two suezmaxes of 158,000 dwt each.
TEN's current newbuilding program:
| Aframax | DWT | Hull Type / Design | Delivery |
| 1. Uraga Princess | 105,000 | DNA - DH | July 2nd 2010 |
| 2. S2034 | 158,000 | DH | Q2 2011 |
| 3. S2035 | 158,000 | DH | Q3 2011 |
| Total: | 421,000 |
DH: Double Hull
DNA: Design New Aframax
FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.