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 12, 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 October 30, 2015 through January 29, 2016.
The dividend on the Series B Preferred Shares will be paid on February 1, 2016 to all holders of record of Series B Preferred Shares as of January 29, 2016. The dividend on the Series C Preferred Shares will be paid on February 1, 2016 to all holders of record of Series C Preferred Shares as of January 27, 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 11th dividend on the Series B and the ninth 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
To date, TEN's fleet, including two VLCCs, an LNG carrier, 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 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers. In addition, TEN has an option to construct another Suezmax DP2 shuttle tanker. All of TEN's tanker newbuildings except the two VLCCs and the LNG carrier Maria Energy are fixed on long-term project businesses.
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.
(January 12, 2016 - 9:00 AM EST)
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