SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

January 14, 2014 08:30 ET

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 - Jan 14, 2014) -  Tsakos Energy Navigation Limited ("TEN") (NYSE: TNP), a leading product, crude 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 $0.73958 per share for its 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares (the "Series C Preferred Shares"; NYSE; TNPPRC).

The dividend for the Series B is for the period from the most recent dividend payment date on October 30, 2013 through January 29, 2014. For the Series C, the dividend is for the period from the original issuance of the Series C Preferred Shares on September 30, 2013 through January 29, 2014.

The dividend on the Series B Preferred Shares will be paid on January 30, 2014 to all holders of record of Series B Preferred Shares as of January 29, 2014. The dividend on the Series C Preferred Shares will be paid on January 30, 2014 to all holders of record of Series C Preferred Shares as of January 27, 2014. Dividends on the Series B and C Preferred Shares will be payable quarterly in arrears on the 30th day of January, April, July and October of each year, when, as and if declared by TEN's board of directors. This is the third dividend on the Series B and the first 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 and five Aframax crude oil tankers under construction, consists of 54 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 5.5 million dwt. Of these, 28 are product carriers ranging from DP2 shuttle suezmaxes to handysize, 24 are crude tankers ranging from VLCCs to Aframaxes, and two are LNG carriers. The Company also holds an option for a 174,000 cbm tri-fuel LNG carrier to be exercised no later than January 31, 2014.

The Company's newbuilding program consists of:

     
Vessel Dwt Built
LNG Maria Energy 174,000 cbm 1Q2016
Aframax H/N 5010 112,700 dwt 2Q2016
Aframax H/N 5011 112,700 dwt 2Q2016
Aframax H/N 5012 112,700 dwt 3Q2016
Aframax H/N 5013 112,700 dwt 4Q2016
Aframax H/N 5014 112,700 dwt 1Q2017
     

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.

Contact Information

  • For further information please contact:
    Tsakos Energy Navigation Ltd.
    George Saroglou
    COO
    +30210 94 07 710
    gsaroglou@tenn.gr

    Investor Relations / Media
    Capital Link, Inc.
    Nicolas Bornozis
    Paul Lampoutis
    +212 661 7566
    ten@capitallink.com