SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

August 13, 2015 16:02 ET

Tsakos Energy Navigation Limited Declares Dividend on Its 8.75% Series D Cumulative Perpetual Preferred Shares

ATHENS, GREECE--(Marketwired - Aug 13, 2015) - Tsakos Energy Navigation Limited ("TEN") (NYSE: TNP), a leading crude, product, and LNG tanker operator, today announced that its Board of Directors declared a cash dividend of $0.723090 per share for its 8.75% Series D Cumulative Perpetual Preferred Shares (the "Series D Preferred Shares"; NYSE; TNPPRD) for the period from the original issuance of the Series D Preferred Shares on April 29, 2015 through August 27, 2015. The dividend will be paid on August 28, 2015 to all holders of record of the Series D Preferred Shares as of August 25, 2015.

Dividends on the Series D will be payable quarterly in arrears on the 28th day of February, May, August and November of each year, when, as and if declared by TEN's board of directors. This is the first dividend on the Series D.

TEN has 3,400,000 Series D Preferred Shares outstanding as of the date of this press release.

To date, TEN's fleet, including two VLCCs, the LNG carrier Maria Energy, nine Aframax crude oil tankers, a Suezmax DP2 shuttle tanker and two LR1 tankers all under construction, consists of 65 double-hull vessels, a mix of crude tankers, product tankers and LNG carriers, totalling 7.3 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two LNG carriers. In addition, TEN has an option to construct another Suezmax DP2 shuttle tanker. All of TEN's tanker newbuildings except the LNG carrier Maria Energy are fixed on accretive long term project business.

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
    +30210 94 07 710

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

    367 Syngrou Avenue, 175 64 P. Faliro, Hellas
    Tel:30210 94 07 710-3
    Fax:30210 94 07 716