TEN Ltd. Declares Dividend on its Series C and Series F Cumulative Redeemable Perpetual Preferred Shares

Rhea-AI Summary

Tsakos Energy Navigation Ltd. (NYSE: TNP) has declared a quarterly cash dividend of $0.5547 per share for its Series C Preferred Shares and $0.59375 per share for its Series F Preferred Shares. Both dividends are for the period from April 30, 2020, to July 29, 2020, and will be paid on July 30, 2020, to shareholders on record as of July 27, 2020. This marks the 27th dividend for Series C and the 8th for Series F since their trading began on the NYSE.

Positive

• Quarterly cash dividends declared: $0.5547 (Series C), $0.59375 (Series F).
• Consistent dividend payments demonstrate financial stability.

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• None.

ATHENS, Greece, July 01, 2020 (GLOBE NEWSWIRE) -- 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 approximately $0.5547 per share for its Series C Cumulative Redeemable Perpetual Preferred Shares (the “Series C Preferred Shares”; NYSE; TNPPRC) and $0.59375 per share for its Series F Cumulative Redeemable Perpetual Preferred Shares (the “Series F Preferred Shares”; NYSE; TNPPRF).  

Each dividend of the Series C and F Preferred Shares is for the period from the most recent dividend payment date on April 30, 2020 through July 29, 2020.

The dividend on the Series C and F Preferred Shares will be paid on July 30, 2020 to all holders of record of Series C and F Preferred Shares as of July 27, 2020.  Dividends on the Series C and F Preferred Shares are payable quarterly in arrears on the 30^th day (unless the 30^th 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 27^th dividend on the Series C and the eighth dividend on the Series F since their commencement of trading on the New York Stock Exchange.

TEN has 2,000,000 Series C Preferred Shares and 6,000,000 Series F Preferred Shares outstanding as of the date of this press release.

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and celebrating this year 27 years as a public company, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 68 double-hull vessels, including two suezmax tankers and one LNG carrier under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.6 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
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 TNP's Series C Preferred Shares?

The dividend amount for TNP's Series C Preferred Shares is $0.5547.

When will the dividend for TNP's Series F Preferred Shares be paid?

The dividend for TNP's Series F Preferred Shares will be paid on July 30, 2020.

What are the payment dates for TNP's preferred shares dividends?

Dividends are payable quarterly on January 30, April 30, July 30, and October 30.

How many Series C and Series F Preferred Shares are currently outstanding?

There are 2,000,000 Series C Preferred Shares and 6,000,000 Series F Preferred Shares outstanding.