Tsakos Energy Navigation this week completed full redemption of $50m of series B preferred shares.
The Athens-based, New York-traded company announced the milestone Thursday. According to Securities and Exchange Commission filings, there were 2 million shares outstanding.
The company said the move highlights its "ability to access alternative pockets of growth capital, at competitive rates" and its track record in rewarding shareholders.
"The fact that the series B series traded at or above par for most of its life underscores that the bond created between TEN and its investor base remains solid," chief executive Nikos Tsakos said.
"We remain confident about the tanker market direction. Our 19-vessel growth program is close to completion and we have secured $1.2bn in minimum contracted revenues with an average fleet-wide charter duration of 2.2 years."
