TEN Ltd. Declares Dividend on its Series F Cumulative Redeemable Perpetual Preferred Shares
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Insights
The announcement by TEN Ltd. regarding the quarterly cash dividend for its Series F Cumulative Redeemable Perpetual Preferred Shares signifies a distribution of profits to shareholders, which is a direct reflection of the company's current financial health and future earnings expectations. The declared dividend rate of approximately $0.59375 per share is a critical figure for investors as it influences the yield on their investment relative to the share price. Investors typically view regular and consistent dividends as a sign of a company's stability and maturity and as such, this could potentially enhance the attractiveness of TEN Ltd. to income-focused investors.
It is important to consider the dividend coverage ratio, which indicates how well a company's earnings can cover the dividend payments. If the ratio suggests that dividends are well covered by earnings, it could imply a sustainable dividend policy. Conversely, a lower coverage ratio could signal potential difficulties in maintaining dividend levels in the future. Additionally, the market often reacts to dividend announcements based on whether they meet, exceed, or fall short of expectations, which in turn can affect the company's stock price.
The maritime shipping industry, where TEN Ltd. operates, is subject to cyclical trends and volatility due to factors such as global economic conditions, changes in oil and gas supply and demand and geopolitical events. The ability of TEN Ltd. to maintain its dividend payouts can be seen as an indicator of its operational efficiency and resilience amidst these market fluctuations. Investors and analysts may use this dividend declaration as a benchmark to assess TEN Ltd.'s performance relative to its peers in the sector.
Furthermore, the declaration of the 22nd consecutive dividend for the Series F Preferred Shares suggests a long-term commitment to returning value to shareholders. This track record could be factored into investment decisions, particularly for risk-averse investors seeking stable dividend-paying stocks. The outstanding number of Series F Preferred Shares, 6,747,147 as of the announcement, provides a glimpse into the scale of the capital structure related to these specific securities within the company's overall equity framework.
ATHENS, Greece, Jan. 09, 2024 (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
The dividend on the Series F Preferred Shares is for the period from the most recent dividend payment date on October 30, 2023 through January 29, 2024.
The dividend on the Series F Preferred Shares will be paid on January 30, 2024 to all holders of record of Series F Preferred Shares as of January 25, 2024. Dividends on the Series F Preferred Shares are payable quarterly in arrears on the 30th day (unless the 30th 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 22nd dividend on the Series F since their commencement of trading on the New York Stock Exchange.
TEN has 6,747,147 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 30 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 four dual-fuel LNG powered aframax vessels, two DP2 shuttle tankers, two scrubber-fitted suezmax vessels and two scrubber-fitted MR product tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 8.4 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
President & 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
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