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

Rhea-AI Summary

On February 8, 2022, TEN Ltd. (NYSE: TNP) announced quarterly cash dividends of $0.546875 per share for Series D and $0.578125 per share for Series E Cumulative Perpetual Preferred Shares. These dividends cover the period from November 28, 2021, to February 27, 2022, and are payable on February 28, 2022, to holders of record as of February 23, 2022. With 3,517,061 Series D and 4,745,947 Series E shares outstanding, this marks the 27th and 20th dividend distributions for each series, respectively.

Positive

• Quarterly cash dividend declared: $0.546875 for Series D shares and $0.578125 for Series E shares.
• Dividends demonstrate continued shareholder returns and company confidence.

Negative

• None.

ATHENS, Greece, Feb. 08, 2022 (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 $0.546875 per share for its Series D Cumulative Perpetual Preferred Shares (the “Series D Preferred Shares”; NYSE; TNPPRD) and the regular quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares (the “Series E Preferred Shares”; NYSE; TNPPRE).

The dividend on the Series D and Series E is for the period from the most recent dividend payment date of November 28, 2021 through February 27, 2022.

The dividend on the Series D and E Preferred Shares will be paid on February 28, 2022 to all holders of record of Series D and E Preferred Shares as of February 23, 2022. Dividends on the Series D and 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 27^th dividend on the Series D and the 20^th dividend on the Series E since their commencement of trading on the New York Stock Exchange.

TEN has 3,517,061 Series D and 4,745,947 Series E Preferred Shares outstanding as of the date of this press release.

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 71 double-hull vessels totaling 8.0 m dwt. Its newbuilding program includes one suezmax DP2 shuttle tanker and four dual-fuel LNG powered aframax vessels.

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 D and E Preferred Shares?

The dividend for Series D is $0.546875, and for Series E, it is $0.578125.

When will the dividends for TNP be paid?

The dividends will be paid on February 28, 2022.

What is the record date for TNP's dividend payment?

The record date for the dividend payment is February 23, 2022.