TEN Ltd. Declares Dividend on its Series F Cumulative Redeemable Perpetual Preferred Shares

Rhea-AI Summary

On October 6, 2022, TEN Ltd. (NYSE: TNP) announced a quarterly cash dividend of approximately $0.59375 per share for its Series F Cumulative Redeemable Perpetual Preferred Shares. This dividend covers the period from July 30, 2022, to October 29, 2022, and will be paid on October 31, 2022. Holders of record as of October 26, 2022 will receive the payment. This marks the 17th dividend since the Series F began trading. TEN has a total of 6,747,147 Series F Preferred Shares outstanding.

Positive

• Quarterly dividend of $0.59375 enhances shareholder value.
• 17th consecutive dividend payment demonstrates company stability.

Negative

• None.

ATHENS, Greece, Oct. 06, 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 approximately $0.59375 per share for its Series F Cumulative Redeemable Perpetual Preferred Shares (the “Series F Preferred Shares”; NYSE: TNPPRF).

The dividend on the Series F Preferred Shares is for the period from the most recent dividend payment date on July 30, 2022 through October 29, 2022.

The dividend on the Series F Preferred Shares will be paid on October 31, 2022 to all holders of record of Series F Preferred Shares as of October 26, 2022. Dividends on the Series F Preferred Shares are payable quarterly in arrears on the 30^th day (unless the 30^th 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 17^th 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 29 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 70 double-hull vessels including four dual-fuel LNG powered aframax vessels under construction and a 2020-built scrubber-fitted South Korean-built VLCC to be delivered in the fourth quarter of 2022, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 8.1 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 F Preferred Shares?

The dividend amount is approximately $0.59375 per share.

When will the dividend for TNP's Series F Preferred Shares be paid?

The dividend will be paid on October 31, 2022.

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

The record date for the dividend payment is October 26, 2022.

How often does TNP pay dividends on its Series F Preferred Shares?

TNP pays dividends quarterly in January, April, July, and October.

How many Series F Preferred Shares does TNP have outstanding?

TEN has 6,747,147 Series F Preferred Shares outstanding.