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 |
| |
|
|
|
|
|
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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