Tsakos Energy Navigation Limited (TEN), a crude, product and LNG tanker operator, has 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 and $0.55469 per share for its 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares.
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.