SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

January 14, 2015 08:00 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 - Jan 14, 2015) - 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 October 30, 2014 through January 29, 2015. 

The dividend on the Series B Preferred Shares will be paid on January 30, 2015 to all holders of record of Series B Preferred Shares as of January 29, 2015. The dividend on the Series C Preferred Shares will be paid on January 30, 2015 to all holders of record of Series C Preferred Shares as of January 27, 2015. 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 seventh dividend on the Series B and the fifth 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, two LR1 tankers and one Suezmax DP2 all under construction, consists of 64 double-hull vessels (including Suezmax DP2 option), a mix of crude tankers, product tankers and LNG carriers, totaling 6.72 million dwt. Of these 44 vessels trade in crude, 14 in products, four are shuttle tankers (including Suezmax DP2 option) and two LNG carriers. The average age of the operational fleet is 7.2 years.

All TEN's newbuildings, except the Maria Energy, are fixed on accretive long term project business. Finance for 10 out of 14 newbuilding vessels has been arranged and discussions for the remainder are in progress.

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