Tsakos Energy Navigation is set to redeem preferred shares next month for $25 each.
The New York-traded tanker and LNG carrier owner announced Friday that its 8% Series B Cumulative Redeemable Perpetual Preferred shares would be redeemed 30 July.
That date will also be the final dividend payment for the shares. The dividend will be $0.50 per share with a registration date of 29 July.
The Nikolas Tsakos-led company issued 2 million of the preferred shares in May 2013.
Speaking at the TradeWinds Shipowner Forum in Athens this week, Tsakos said he was open to spinning off the company's two LNG carriers into a separate company or merging the LNG division with another company.
He said he had been approached by several companies in regard to the merger.
