Tsakos Energy Navigation Limited Declares Dividend on Its 8.75% Series D Cumulative Perpetual Preferred Shares
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 $0.546875 per share for its 8.75% Series D Cumulative Perpetual Preferred Shares (the "Series D Preferred Shares") (NYSE: TNPPRD) for the period from November 28, 2015 through February 27, 2016. The dividend will be paid on February 29, 2016 to all holders of record of the Series D Preferred Shares as of February 24, 2016 as the dividend payment date of February 28, 2016 falls on a Sunday this year.
Dividends on the Series D Preferred Shares will be payable quarterly in arrears on the 28th day (unless the 28th falls on a weekend or public holiday, in which case the payment date is moved to the next business day)of February, May, August and November of each year when, as and if declared by TEN's Board of Directors. This is the third dividend on the Series D Preferred Shares.
TEN has 3,400,000 Series D Preferred Shares outstanding as of the date of this press release.
ABOUT TSAKOS ENERGY NAVIGATION 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 7.2 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.
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.