NYSE-listed Tsakos Energy Navigation (TEN) has set aside an extra $20m for its share repurchase programme, in which it will buy back its common and preferred stock.
The Athens-based company said it has completed its original $20m share buyback, which was announced in December 2015.
Some 3,580,286 common shares were acquired as treasury stock during the scheme, at an average price of $5.59 per share.
“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, TEN’s vice-president and COO, said in a release.
The new funds will be used to make additional repurchases “from time to time based on market conditions at management’s discretion”, the company said.
