Tsakos Energy Navigation Limited Declares Dividend on Its 8.00% Series B and 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares

ATHENS, GREECE--(Marketwired - Oct 14, 2014) - Tsakos Energy Navigation Limited ("TEN") (NYSE: TNP), a leading crude, product, and LNG tanker operator, today announced that its Board of Directors declared regular quarterly cash dividends of $0.50 per share for its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the "Series B Preferred Shares") (NYSE: TNPPRB) and $0.5547 per share for its 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares (the "Series C Preferred Shares") (NYSE: TNPPRC).

Each dividend is for the period from the most recent dividend payment date on July 30, 2014 through October 29, 2014. 

The dividend on the Series B Preferred Shares will be paid on October 30, 2014 to all holders of record of Series B Preferred Shares as of October 29, 2014. The dividend on the Series C Preferred Shares will be paid on October 30, 2014 to all holders of record of Series C Preferred Shares as of October 27, 2014. Dividends on the Series B and C Preferred Shares will be payable quarterly in arrears on the 30^th day of January, April, July and October of each year, when, as and if declared by TEN's board of directors. This is the sixth dividend on the Series B and the fourth dividend on the Series C.

TEN has 2,000,000 Series B Preferred Shares and 2,000,000 Series C Preferred Shares outstanding as of the date of this press release.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's fleet, including the LNG carrier Maria Energy, nine Aframax crude oil tankers and two LR1 tankers all under construction, consists of 62 double-hull vessels, a mix of crude tankers, product tankers and LNG carriers, totaling 6.4 million dwt. Of these 44 vessels trade in crude, 14 in products, two are shuttle tankers and two LNG carriers. The average age of the operational fleet is 7.2 years.

The Company's newbuilding program consists of:

ABOUT FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.