Exhibit 99.1
Capitalization
The following table sets forth our (i) cash and cash equivalents, (ii) restricted cash and (iii) consolidated capitalization as of June 30, 2023, on:
| • | an actual basis; and |
| • | an as adjusted basis giving effect to (i) scheduled debt repayments of $37.5 million, (ii) debt drawdowns of $59.2 million and paid to the shipyard for Hull 5081, Hull 5082, Hull 5083 and Hull 5084, (iii) $21.4 million of equity contributions to shipyard payments for Hull 5081, Hull 3432 and Hull YZJ2023-1521, (iv) the redemption of 3,517,061 outstanding Series D Cumulative Redeemable Perpetual Preferred Shares and the payment of $87.9 million, (v) the redemption of 1,938,841 outstanding Series B Cumulative Redeemable Perpetual Preferred Shares of Shyris Shipping, a wholly owned subsidiary of Tsakos Energy Navigation Limited and the payment of $19.4 million, (vi) payment of $8.3 million of preferred share dividends, and (vii) the declaration of $0.40 special dividend per common share. |
Other than these adjustments, there has been no material change in our capitalization from debt or equity issuances, re-capitalization or special dividends between June 30, 2023 and September 20, 2023.
| As of June 30, 2023 | |||
| In thousands of U.S. Dollars | Actual | Adjusted | |
| (Unaudited) | (Unaudited) | ||
| Cash | |||
| Cash and cash equivalents | $529,217 | $354,649 | |
| Restricted cash | 4,877 | 4,877 | |
| Total cash | 534,094 | 359,526 | |
| Capitalization | |||
| Debt: | |||
| Long-term secured debt obligations and other financial liabilities (including current portion) | $1,538,086 | 1,559,768 | |
| Stockholders’ equity: | |||
| Preferred Shares, $ 1.00 par value; 25,000,000 shares authorized, 4,745,947 Series E Preferred Shares and 6,747,147 Series F Preferred Shares issued and outstanding on an actual basis and on an adjusted basis | 11,493 | 11,493 | |
| Common shares, $5.00 par value; 60,000,000 shares authorized on an actual and as an adjusted basis; 30,183,776 shares issued and 29,505,603 shares outstanding on an actual basis and as an adjusted basis | 150,919 | 150,919 | |
| Additional paid-in capital | 912,214 | 912,214 | |
| Cost of treasury stock | (6,791) | (6,791) | |
| Accumulated other comprehensive income | 5,037 | 5,037 | |
| Retained earnings | 510,614 | 491,870 | |
| Non-controlling interest | 51,645 | 31,567 | |
| Total stockholders’ equity | 1,635,131 | 1,596,309 | |
| Total capitalization | $3,173,217 | $3,156,077 | |
