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

Rhea-AI Summary

On May 7, 2021, Tsakos Energy Navigation (NYSE: TNP) announced its Board of Directors declared a quarterly cash dividend of $0.546875 for Series D and $0.578125 for Series E Cumulative Perpetual Preferred Shares. These dividends cover the period from February 28, 2021, to May 27, 2021, and will be paid on May 28, 2021. Holders of record as of May 25, 2021 will receive the dividends, marking the 24th and 17th dividends since their trading commencement. The company has 3,424,803 Series D and 4,600,000 Series E Preferred Shares outstanding.

Positive

• Quarterly dividend announced: $0.546875 for Series D, $0.578125 for Series E.
• Dividends signify stable income for shareholders.

Negative

• None.

ATHENS, Greece, May 07, 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 February 28, 2021 through May 27, 2021.

The dividend on the Series D and E Preferred Shares will be paid on May 28, 2021 to all holders of record of Series D and E Preferred Shares as of May 25, 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 24^th dividend on the Series D and the 17^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 7.5 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 Series D and E preferred shares?

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

When is the TNP dividend payment date?

The dividend payment date is May 28, 2021.

What is the record date for TNP's preferred shares dividend?

The record date for the dividend is May 25, 2021.

How often does TNP pay dividends on Series D and E preferred shares?

TNP pays dividends quarterly on the 28th of February, May, August, and November.

How many TNP Series D and E preferred shares are outstanding?

There are 3,424,803 Series D and 4,600,000 Series E preferred shares outstanding.