SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

November 10, 2016 09:00 ET

TEN, Ltd Declares Dividend on its 8.75% Series D Cumulative Perpetual Preferred Shares

ATHENS, GREECE--(Marketwired - Nov 10, 2016) - TEN Ltd. ("TEN") (NYSE: TNP), a leading crude, product, and LNG tanker operator, today announced that its Board of Directors declared a cash dividend of $0.546875 per share for its 8.75% Series D Cumulative Perpetual Preferred Shares (the "Series D Preferred Shares") (NYSE: TNPPRD) for the period from August 28, 2016 through November 27, 2016. The dividend will be paid on November 28, 2016 to all holders of record of the Series D Preferred Shares as of the third business day prior to the dividend payment date, which is November 22, 2016 as November 24, 2016 is a public holiday (Thanksgiving) this year.

Dividends on the Series D Preferred Shares will be payable quarterly in arrears on the 28th day (unless the 28th 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 sixth dividend on the Series D Preferred Shares.

TEN has 3,400,000 Series D Preferred Shares outstanding as of the date of this press release.

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. The Company's pro-forma fleet, including one VLCC, six Aframax crude tankers and a Suezmax DP2 shuttle tanker all under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt. Of these, 45 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers. All of TEN's tanker newbuildings except the one remaining VLCC Hercules are fixed on long-term project businesses.

VESSELS UNDER CONSTRUCTION

#   Vessel Name   Type   Dwt   Delivery   Status   Employment
1   Ulysses   VLCC   300,000   June 2016   Delivered   Yes
2   Elias Tsakos   Aframax   112,700   June 2016   Delivered   Yes
3   Thomas Zafiras   Aframax   112,700   Aug 2016   Delivered   Yes
4   Leontios H   Aframax   112,700   Oct 2016   Delivered   Yes
5   Parthenon TS   Aframax   112,700   Q4 2016   TBD   Yes
6   Marathon TS   Aframax   112,700   Q1 2017   TBD   Yes
7   Sola TS   Aframax   112,700   Q1 2017   TBD   Yes
8   Oslo TS   Aframax   112,700   Q2 2017   TBD   Yes
9   Stavanger TS   Aframax   112,700   Q3 2017   TBD   Yes
10   Bergen TS   Aframax   112,700   Q4 2017   TBD   Yes
11   Sunray   Panamax LR1   74,200   Aug 2016   Delivered   Yes
12   Sunrise   Panamax LR1   74,200   Sep 2016   Delivered   Yes
13   Maria Energy   LNG   93,616   Oct 2016   Delivered   Yes
14   Lisboa City   DP2 Shuttle   157,000   Q1 2017   TBD   Yes
15   Hercules   VLCC   300,000   Q1 2017   TBD   In Negotiations
                         

Visit our company website at: http://www.tenn.gr

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.

Contact Information

  • 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
    Paul Lampoutis
    +212 661 7566
    ten@capitallink.com