Citing the booming tanker markets Greece’s Tsakos Energy Navigation (TEN) has announced it will resume its stock repurchase program. It still has up to $20m left in the buyback scheme.
“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. This ‘double-whammy’ effect of higher income and significantly lower costs finds TEN perfectly placed as a prime beneficiary. The continued nervousness seen in the overall financial markets is creating positive arbitrage prospects for well funded companies like TEN as it provides unique opportunities to acquire back stock at steep discounts to fair value,” Nikolas Tsakos, president and CEO of TEN stated.
Including ships under construction TEN’s fleet now numbers 65 vessels equating to 7.2m dwt.