Reiterated policy is to pay a fraction of earnings. Analysts have predicted loss for Q4, but if that was the case, would they continue with the dividend at 30¢? I was hoping they'd avoid a red quarter, and indications so far support that as far as i can see. So a Q4 profit is a BEAT, and it's a dividend payer, and they're sitting on CASH. Looking forward to the details in a couple of days. Long now, including some shares and options from this morning. ---------------------------- TEN Declares Semi-Annual Dividend
Mar 15, 2010 09:02:25 (ET)
ATHENS, Greece, Mar 15, 2010 (GlobeNewswire via COMTEX) -- Tsakos Energy Navigation Limited (TEN) (TNP, Trade ) announced today that its Board of Directors has declared the Company's semi-annual dividend of $0.30 per share payable April 29th 2010 with a record date of April 23rd 2010 and an ex-dividend date of April 21st 2010.
"We are pleased to announce the second semi-annual dividend for fiscal 2009 of $0.30, raising the total distribution for the year to $0.60 per share. The sustainability of our dividend distributions is a testament to TEN's fleet, operational and commercial strategies, the strong balance sheet and overall capital structure, which enables the Company to remain profitable and to generate positive cash flows even in difficult economic climates" commented Mr. D. John Stavropoulos, Chairman of the Board. "In these most testing times for the world's economy, TEN is proud to be navigating a steady ship and maintaining its ability to reward its shareholders with healthy dividend distributions."
TEN intends to continue 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 of that year and in April of the following year.