TEN Ltd. Declares Dividend on its Series B and Series C Cumulative Redeemable Perpetual Preferred Shares
April 10 2018 - 4:05PM
TEN Ltd. (“TEN”) (NYSE:TNP) (the “Company”), a leading diversified
crude, product and LNG tanker operator, today announced that its
Board of Directors declared the regular quarterly cash dividend of
$0.50 per share for its Series B Cumulative Redeemable Perpetual
Preferred Shares (the “Series B Preferred Shares”) (NYSE:TNPPRB)
and approximately $0.5547 per share for its Series C Cumulative
Redeemable Perpetual Preferred Shares (the “Series C Preferred
Shares”) (NYSE:TNPPRC).
Each dividend is for the period from the most
recent dividend payment date on January 30, 2018 through April 29,
2018.
The dividend on the Series B Preferred Shares will
be paid on April 30, 2018 to all holders of record of Series B
Preferred Shares as of April 27, 2018. The dividend on the Series C
Preferred Shares will be paid on April 30, 2018 to all holders of
record of Series C Preferred Shares as of April 25, 2018.
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 20th dividend on the Series B and the
18th 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
NAVIGATIONTEN, founded in 1993, is one of the first and
most established public shipping companies in the world today.
TEN’s fleet consists of 65 double-hull vessels, constituting a mix
of crude tankers, product tankers and LNG carriers, totalling 7.2
million dwt. Of these, 47 vessels trade in crude, 13 in products,
three are shuttle tankers and two are LNG carriers.
COMPANY’S DELIVERED GROWTH
PROGRAM
# |
Vessel Name |
Type |
Dwt |
Delivery |
Status |
Employment |
1 |
Ulysses |
VLCC |
300,000 |
May 2016 |
Delivered |
Yes |
2 |
Elias Tsakos |
Aframax |
112,700 |
June 2016 |
Delivered |
Yes |
3 |
Thomas Zafiras |
Aframax |
112,700 |
Aug 2016 |
Delivered |
Yes |
4 |
Leontios H |
Aframax |
112,700 |
Oct 2016 |
Delivered |
Yes |
5 |
Parthenon TS |
Aframax |
112,700 |
Nov 2016 |
Delivered |
Yes |
6 |
Sunray |
Panamax LR1 |
74,200 |
Aug 2016 |
Delivered |
Yes |
7 |
Sunrise |
Panamax LR1 |
74,200 |
Sep 2016 |
Delivered |
Yes |
8 |
Maria Energy |
LNG |
93,616 |
Oct 2016 |
Delivered |
Yes |
9 |
Hercules I |
VLCC |
300,000 |
Jan 2017 |
Delivered |
Yes |
10 |
Marathon TS |
Aframax |
112,700 |
Feb 2017 |
Delivered |
Yes |
11 |
Lisboa |
DP2 Shuttle |
157,000 |
Mar 2017 |
Delivered |
Yes |
12 |
Sola TS |
Aframax |
112,700 |
Apr 2017 |
Delivered |
Yes |
13 |
Oslo TS |
Aframax |
112,700 |
May 2017 |
Delivered |
Yes |
14 |
Stavanger TS |
Aframax |
112,700 |
July 2017 |
Delivered |
Yes |
15 |
Bergen TS |
Aframax |
112,700 |
Oct 2017 |
Delivered |
Yes |
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:
CompanyTsakos Energy Navigation
Ltd.George Saroglou COO+30210 94 07 710gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc. Nicolas BornozisPaul Lampoutis +212 661
7566ten@capitallink.com
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