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

Rhea-AI Summary

TEN Ltd. (NYSE: TNP) announced a quarterly cash dividend of $0.546875 per share for Series D and $0.578125 for Series E Cumulative Perpetual Preferred Shares. The payments cover the period from November 28, 2020, to February 27, 2021, and are scheduled for March 1, 2021, for shareholders on record as of February 24, 2021. This represents the 23rd dividend on Series D and 16th on Series E since they began trading on the NYSE. TEN has 3,424,803 Series D and 4,600,000 Series E shares outstanding.

Positive

• Regular quarterly dividends maintained, reflecting company stability.
• Strong history of dividend payments enhances shareholder confidence.

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• None.

ATHENS, Greece, Feb. 09, 2021 (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 on November 28, 2020 through February 27, 2021.

The dividend on the Series D and E Preferred Shares will be paid on March 1, 2021 to all holders of record of Series D and E Preferred Shares as of February 24, 2021. 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 23^rd dividend on the Series D and the 16^th dividend on the Series E since their commencement of trading on the New York Stock Exchange.

TEN has 3,424,803 Series D and 4,600,000 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 28 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 one LNG carrier and one suezmax DP2 shuttle tanker 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 D Preferred Shares?

The dividend amount for TNP's Series D Preferred Shares is $0.546875 per share.

When will the dividend for TNP be paid?

The dividend will be paid on March 1, 2021.

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

The record date for TNP's dividend payment is February 24, 2021.

How often does TNP pay dividends on its Preferred Shares?

TNP pays dividends quarterly on its Preferred Shares.

What number dividend is this for TNP's Series E Preferred Shares?

This is the 16th dividend for TNP's Series E Preferred Shares.