SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

May 12, 2017 16:05 ET

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

ATHENS, GREECE--(Marketwired - May 12, 2017) -  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 a cash dividend of $0.34045 per share for its Series E Cumulative Perpetual Preferred Shares (the "Series E Preferred Shares") (NYSE: TNPPRE).

The dividend on the Series D is for the period from the most recent dividend payment date on February 28, 2017 through May 27, 2017. The dividend on the Series E is for the period from the original issuance of the Series E Preferred Shares on April 5, 2017 through May 27, 2017.

The dividend on the Series D and E Preferred Shares will be paid on May 30, 2017 to all holders of record of Series D and E Preferred Shares as of May 24, 2017. Dividends on the Series D and E Preferred Shares are 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 eighth dividend on the Series D and the first dividend on the Series E since their commencement of trading on the New York Stock Exchange.

TEN has 3,412,199 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, is one of the first and most established public shipping companies in the world today. TEN's pro-forma fleet, including three Aframax tankers 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.

 
COMPANY'S GROWTH TIME-TABLE
 
# Vessel Name   Type   Dwt   Delivery   Status   Employment
1 Ulysses   VLCC   300,000   May 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   Nov 2016   Delivered   Yes
6 Sunray   Panamax LR1   74,200   Aug 2016   Delivered   Yes
7 Sunrise   Panamax LR1   74,200   Sep 2016   Delivered   Yes
8 Maria Energy   LNG   93,616   Oct 2016   Delivered   Yes
9 Hercules I   VLCC   300,000   Jan 2017   Delivered   Yes
10 Marathon TS   Aframax   112,700   Feb 2017   Delivered   Yes
11 Lisboa   DP2 Shuttle   157,000   Mar 2017   Delivered   Yes
12 Sola TS   Aframax   112,700   Apr 2017   Delivered   Yes
13 Oslo TS   Aframax   112,700   Q2 2017   TBD   Yes
14 Stavanger TS   Aframax   112,700   Q3 2017   TBD   Yes
15 Bergen TS   Aframax   112,700   Q4 2017   TBD   Yes
                       

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