Tsakos Declares Limited Dividend

marinelink.com
Tuesday, January 14, 2014

Tsakos Energy Navigation Limited Declares Dividend on Its 8.00% Series B and 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares.

Tsakos Energy Navigation Limited, a leading product, crude 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 $0.73958 per share for its 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares (the "Series C Preferred Shares"; NYSE; TNPPRC).

The dividend for the Series B is for the period from the most recent dividend payment date on October 30, 2013 through January 29, 2014. For the Series C, the dividend is for the period from the original issuance of the Series C Preferred Shares on September 30, 2013 through January 29, 2014.

The dividend on the Series B Preferred Shares will be paid on January 30, 2014 to all holders of record of Series B Preferred Shares as of January 29, 2014. The dividend on the Series C Preferred Shares will be paid on January 30, 2014 to all holders of record of Series C Preferred Shares as of January 27, 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 third dividend on the Series B and the first 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 this date.
 

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