ATHENS, GREECE--(Marketwired - Jul 13, 2016) - Tsakos Energy Navigation Limited ("TEN") (
Each dividend is for the period from the most recent dividend payment date on April 30, 2016 through July 29, 2016.
The dividend on the Series B Preferred Shares will be paid on August 1, 2016 to all holders of record of Series B Preferred Shares as of July 29, 2016. The dividend on the Series C Preferred Shares will be paid on August 1, 2016 to all holders of record of Series C Preferred Shares as of July 27, 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 13th dividend on the Series B and the 11th 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, eight Aframax tankers, a Suezmax DP2 shuttle tanker and two LR1 product tankers 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, 47 vessels trade in crude, 13 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. As of July 2016, about 60% of 2016 fleet available days, assuming nine deliveries, are on secured contracts with an average length of 2.5 years and minimum gross revenues of about $1.5 billion.
VESSELS UNDER CONSTRUCTION
| # | Vessel Name | Type | Dwt | Delivery | Status | Employment | ||||||
| 1 | Ulysses | VLCC | 300,000 | Q2 2016 | Delivered | Yes | ||||||
| 2 | Elias Tsakos | Aframax | 112,700 | Q2 2016 | Delivered | Yes | ||||||
| 3 | Thomas Zafiras | Aframax | 112,700 | Q3 2016 | TBD | 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 | Q3 2016 | TBD | Yes | ||||||
| 12 | Sunrise | Panamax LR1 | 74,200 | Q3 2016 | TBD | Yes | ||||||
| 13 | Lisboa City | DP2 Shuttle | 157,000 | Q1 2017 | TBD | Yes | ||||||
| 14 | Hercules | VLCC | 300,000 | Q4 2016 | TBD | In Negotiations | ||||||
| 15 | Maria Energy | LNG | 93,616 | Q3 2016 | TBD | In Negotiations | ||||||
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.
For further information please contact: Company Tsakos Energy Navigation Ltd. George Saroglou COO +30210 94 07 710 gsaroglou@tenn.gr Investor Relations / Media Capital Link, Inc. Nicolas Bornozis Paul Lampoutis +212 661 7566 ten@capitallink.com
