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

Rhea-AI Summary

On January 7, 2021, 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 October 30, 2020, to January 29, 2021, and will be paid on February 1, 2021 to shareholders of record as of January 27, 2021. This marks the 10th dividend since trading began. TEN has 6,000,000 Series F Preferred Shares outstanding, contributing to a diversified fleet of 68 vessels including tankers and an LNG carrier.

Positive

• Declared a quarterly cash dividend of $0.59375 per share.
• 10th dividend on Series F Preferred Shares since commencement of trading.
• 6,000,000 Series F Preferred Shares outstanding ensures liquidity.

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• None.

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

Each dividend of the Series F Preferred Shares is for the period from the most recent dividend payment date on October 30, 2020 through January 29, 2021.

The dividend on the Series F Preferred Shares will be paid on February 1, 2021 to all holders of record of Series F Preferred Shares as of January 27, 2021. 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 10^th dividend on the Series F since their commencement of trading on the New York Stock Exchange.

TEN has 6,000,000 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 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 TEN Ltd. (TNP) in February 2021?

The dividend amount for TEN Ltd. (TNP) is approximately $0.59375 per share.

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

The dividend will be paid on February 1, 2021.

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

The record date for the dividend payment is January 27, 2021.

How often does TEN Ltd. pay dividends on its Series F Preferred Shares?

TEN Ltd. pays dividends on its Series F Preferred Shares quarterly.