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

Rhea-AI Summary

Tsakos Energy Navigation (TNP) announced a quarterly cash dividend of $0.546875 per share for its Series D Preferred Shares and $0.578125 for its Series E Preferred Shares. These dividends are for the period from May 28, 2020, to August 27, 2020, and will be paid on August 28, 2020, to holders of record as of August 25, 2020. TEN has a total of 3,424,803 Series D and 4,600,000 Series E shares outstanding, marking the 21st and 14th dividend payments, respectively. The company operates a diverse fleet, featuring 65 vessels exceeding 8.0 million dwt.

Positive

• Regular quarterly dividends declared for both Series D and E Preferred Shares, reinforcing investor confidence.
• Continued commitment to dividend payments with increasing numbers (21st and 14th dividends) for Series D and E respectively.
• Strong operational support with a fleet of 65 vessels exceeding 8.0 million dwt.

Negative

• None.

ATHENS, Greece, Aug. 05, 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 $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 May 28, 2020 through August 27, 2020. 

The dividend on the Series D and E Preferred Shares will be paid on August 28, 2020 to all holders of record of Series D and E Preferred Shares as of August 25, 2020.  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 21^st dividend on the Series D and the 14^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 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 65 double-hull vessels, one LNG carrier, two suezmax tankers and up to three suezmax DP2 shuttle tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, exceeding 8.0 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
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 Tsakos Energy Navigation (TNP) for August 2020?

The dividend amount is $0.546875 per share for Series D and $0.578125 per share for Series E.

When will the dividends for TNP be paid?

Dividends will be paid on August 28, 2020.

What is the record date for the Tsakos Energy Navigation dividends?

The record date for receiving dividends is August 25, 2020.

How many Series D and Series E Preferred Shares does TNP have outstanding?

TNP has 3,424,803 Series D and 4,600,000 Series E Preferred Shares outstanding.

How often does Tsakos Energy Navigation pay dividends?

Dividends are payable quarterly on the 28th of February, May, August, and November, as declared by the board.