SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

October 11, 2016 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 11, 2016) - 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 approximately $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, 2016 through October 29, 2016. 

The dividend on the Series B Preferred Shares will be paid on October 31, 2016 to all holders of record of Series B Preferred Shares as of October 28, 2016. The dividend on the Series C Preferred Shares will be paid on October 31, 2016 to all holders of record of Series C Preferred Shares as of October 26, 2016. Dividends on the Series B and C Preferred Shares are payable quarterly in arrears on the 30th day (unless the 30th falls on a weekend or public holiday, in which case the payment date is moved to the next business day) of January, April, July and October of each year, when, as and if declared by TEN's board of directors. This is the 14th dividend on the Series B and the 12th dividend on the Series C since their commencement of trading on the New York Stock Exchange.

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
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. The Company's pro-forma fleet, including one VLCC, one LNG carrier, seven Aframax tankers and a Suezmax DP2 shuttle tanker all under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 45 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers. All of TEN's tanker newbuildings except the one remaining VLCC Hercules and the LNG carrier Maria Energy are fixed on long-term project businesses.

VESSELS UNDER CONSTRUCTION

 #  Vessel Name Type Dwt Delivery Status  Employment
 1  Ulysses VLCC 300,000 June 2016 Delivered  Yes
 2  Elias Tsakos Aframax 112,700 June 2016 Delivered  Yes
 3  Thomas Zafiras Aframax 112,700 Aug 2016 Delivered  Yes
 4  Leontios H Aframax 112,700 Q4 2016 TBD  Yes
 5  TS Parthenon Aframax 112,700 Q4 2016 TBD  Yes
 6  TS Marathon Aframax 112,700 Q1 2017 TBD  Yes
 7  TS Sola Aframax 112,700 Q1 2017 TBD  Yes
 8  TS Oslo Aframax 112,700 Q2 2017 TBD  Yes
 9  TS Stavanger Aframax 112,700 Q3 2017 TBD  Yes
 10  TS Bergen Aframax 112,700 Q4 2017 TBD  Yes
 11  Sunray Panamax LR1 74,200 Aug 2016 Delivered  Yes
 12  Sunrise Panamax LR1 74,200 Sep 2016 Delivered  Yes
 13  Lisboa City DP2 Shuttle 157,000 Q1 2017 TBD  Yes
 14  Hercules VLCC 300,000 Q1 2017 TBD  In Negotiations
 15  Maria Energy LNG 93,616 Q3 2016 TBD  In Negotiations
             

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.

Visit our company website at: http://www.tenn.gr

Contact Information

  • 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