Greek tanker operator Tsakos Energy Navigation (TEN) has received approval to extend its stock repurchase program by an additional USD 20 million for purchases of its common or preferred shares.
The announcement comes after the completion of the company’s first USD 20 million program, announced in December 2015, under which TEN acquired as treasury stock 3,580,286 common shares at an average price of USD 5.59 per share.
TEN said that it would “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,” George V. Saroglou, Vice-President and COO of TEN, said.