SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

October 14, 2014 09:00 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 - 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 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 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:

Vessel Dwt Built
1. LNG Maria Energy 174,000 cbm 1Q2016
2. Aframax H/N 5010 112,700 dwt 2Q2016
3. Aframax H/N 5011 112,700 dwt 2Q2016
4. Aframax H/N 5012 112,700 dwt 3Q2016
5. Aframax H/N 5013 112,700 dwt 4Q2016
6. Aframax H/N 5014 112,700 dwt 1Q2017
7. Aframax H/N 5015 112,700 dwt 1Q2017
8. Aframax H/N 5016 112,700 dwt 2Q2017
9. Aframax H/N 5017 112,700 dwt 2Q2017
10. Aframax H/N 5018 112,700 dwt 3Q2017
11. LR1 TBA 74,000 dwt 2H2016
12. LR1 TBA 74,000 dwt 2H2016

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