SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

July 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 - Jul 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 $0.55469 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 April 30, 2014 through June 29, 2014. 

The dividend on the Series B Preferred Shares will be paid on July 30, 2014 to all holders of record of Series B Preferred Shares as of July 29, 2014. The dividend on the Series C Preferred Shares will be paid on July 30, 2014 to all holders of record of Series C Preferred Shares as of July 25, 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 fifth dividend on the Series B and the third 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 nine Aframax crude oil tankers under construction, consists of 60 double-hull vessels, a mix of crude tankers, product tankers and LNG carriers, totaling 6.2 million dwt. Of these, 30 are crude carriers ranging from VLCCs to Aframaxes, 28 are product tankers ranging from DP2 shuttle suezmaxes to handysize, 14 of which are currently carrying crude cargoes, and two are LNG carriers. 

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
Aframax H/N 5015   112,700 dwt   1Q2017
Aframax H/N 5016   112,700 dwt   2Q2017
Aframax H/N 5017   112,700 dwt   2Q2017
Aframax H/N 5018   112,700 dwt   3Q2017

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

  • Contact:

    For further information please contact:
    Company
    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