SYS-CON MEDIA Authors: Kevin Benedict, Gilad Parann-Nissany, Michael Bushong, Eric Brown

News Feed Item

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) -- 07/14/14 -- 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 $0.55469 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 April 30, 2014 through June 29, 2014.

The dividend on the Series B Preferred Shares will be paid on July 30, 2014 to all holders of record of Series B Preferred Shares as of July 29, 2014. The dividend on the Series C Preferred Shares will be paid on July 30, 2014 to all holders of record of Series C Preferred Shares as of July 25, 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 fifth dividend on the Series B and the third 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 and nine Aframax crude oil tankers under construction, consists of 60 double-hull vessels, a mix of crude tankers, product tankers and LNG carriers, totaling 6.2 million dwt. Of these, 30 are crude carriers ranging from VLCCs to Aframaxes, 28 are product tankers ranging from DP2 shuttle suezmaxes to handysize, 14 of which are currently carrying crude cargoes, and two are LNG carriers.

The Company's newbuilding program consists of:

-------------------------------------------------------------------
Vessel                    Dwt                  Built
-------------------------------------------------------------------
LNG Maria Energy          174,000 cbm          1Q2016
-------------------------------------------------------------------
Aframax H/N 5010          112,700 dwt          2Q2016
-------------------------------------------------------------------
Aframax H/N 5011          112,700 dwt          2Q2016
-------------------------------------------------------------------
Aframax H/N 5012          112,700 dwt          3Q2016
-------------------------------------------------------------------
Aframax H/N 5013          112,700 dwt          4Q2016
-------------------------------------------------------------------
Aframax H/N 5014          112,700 dwt          1Q2017
-------------------------------------------------------------------
Aframax H/N 5015          112,700 dwt          1Q2017
-------------------------------------------------------------------
Aframax H/N 5016          112,700 dwt          2Q2017
-------------------------------------------------------------------
Aframax H/N 5017          112,700 dwt          2Q2017
-------------------------------------------------------------------
Aframax H/N 5018          112,700 dwt          3Q2017
-------------------------------------------------------------------

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.