TEN Ltd. Declares Dividend on its Series E Cumulative Perpetual Preferred Shares

Rhea-AI Summary

TEN (NYSE: TEN), a leading diversified crude, product and LNG tanker operator, has announced a quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares (NYSE: TENPRE). The dividend covers the period from May 28, 2024, to August 27, 2024, and will be paid on August 28, 2024, to shareholders of record as of August 23, 2024. This marks the 30th dividend on the Series E Preferred Shares since their listing on the NYSE. TEN currently has 4,745,947 Series E Preferred Shares outstanding. Dividends are typically paid quarterly on February 28, May 28, August 28, and November 28, subject to board approval and business day adjustments.

Positive

• Regular quarterly dividend payment demonstrates consistent income for preferred shareholders
• 30th consecutive dividend payment indicates stability in the company's dividend policy
• Large number of outstanding preferred shares (4,745,947) suggests strong investor interest

Negative

• None.

ATHENS, Greece, Aug. 06, 2024 (GLOBE NEWSWIRE) -- TEN Ltd. (“TEN”) (NYSE: TEN) (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 $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares (the “Series E Preferred Shares”; NYSE; TENPRE).

The dividend on the Series E Preferred Shares is for the period from the most recent dividend payment date of May 28, 2024 through August 27, 2024.

The dividend on the Series E Preferred Shares will be paid on August 28, 2024 to all holders of record of Series E Preferred Shares as of August 23, 2024. Dividends on the Series E Preferred Shares are payable quarterly in arrears on the 28^th day (unless the 28^th falls on a weekend or public holiday, in which case the payment date is moved to the next business day) of February, May, August and November of each year, when, as and if declared by TEN’s board of directors. This is the 30^th dividend on the Series E Preferred Shares since their commencement of trading on the New York Stock Exchange.

TEN has 4,745,947 Series E Preferred Shares outstanding as of the date of this press release.

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and celebrating this year 31-years as a public company, is one of the first and most established public shipping companies in the world. TEN’s pro forma diversified energy fleet currently consists of 74 vessels, including three DP2 shuttle tankers, two scrubber fitted suezmax vessels, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers, totaling over 9.0 million dwt.

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
President & COO
+30210 94 07 710
gsaroglou@tenn.gr

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
ten@capitallink.com

FAQ

What is the dividend amount for TEN's Series E Preferred Shares?

TEN has declared a quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares.

When will TEN (NYSE: TEN) pay the dividend on its Series E Preferred Shares?

The dividend on TEN's Series E Preferred Shares will be paid on August 28, 2024, to holders of record as of August 23, 2024.

How often does TEN pay dividends on its Series E Preferred Shares?

TEN pays dividends on its Series E Preferred Shares quarterly, typically on the 28th of February, May, August, and November, subject to board declaration and business day adjustments.

How many Series E Preferred Shares does TEN have outstanding as of August 2024?

As of the press release date, TEN has 4,745,947 Series E Cumulative Perpetual Preferred Shares outstanding.

What is the dividend period for TEN's latest Series E Preferred Shares dividend?

The dividend covers the period from May 28, 2024, through August 27, 2024.