Tsakos Energy Navigation Increases Semi-Annual Cash Dividend to $1.65 Per Common Share

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

28 Sep 2007

Tsakos Energy Navigation Limited (TEN) announced today that its Board of Directors has declared the Company's initial cash dividend for the fiscal year 2007 of $1.65 per common share, payable October 26th, 2007 to stockholders of record on October 22nd, 2007. The ex-dividend date will be October 18th, 2007. "We are proud to announce our first dividend based on our financial performance for 2007 to date, and the encouraging prospects for the remainder of the year," commented Mr. D. John Stavropoulos, Chairman of the Board. "We remain focused on growing our fleet and optimizing utilization to sustain a steady stream of revenue and a healthy return to our shareholders." 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 pays a semi-annual dividend for a given fiscal year in October and in the April of the following year.