ATHENS, Greece, July 09, 2018 (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 $0.50 per share for its Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares”) (NYSE:TNPPRB) and approximately $0.5547 per share for its Series C Cumulative Redeemable Perpetual Preferred Shares (the “Series C Preferred Shares”) (NYSE:TNPPRC).
Each dividend is for the period from the most recent dividend payment date on April 30, 2018 through July 29, 2018.
The dividend on the Series B Preferred Shares will be paid on July 30, 2018 to all holders of record of Series B Preferred Shares as of July 27, 2018. The dividend on the Series C Preferred Shares will be paid on July 30, 2018 to all holders of record of Series C Preferred Shares as of July 25, 2018. Dividends on the Series B and C 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 21st dividend on the Series B and the 19th dividend on the Series C since their commencement of trading on the New York Stock Exchange.
TEN has 2,000,000 Series B Preferred Shares and 2,000,000 Series C Preferred Shares outstanding as of the date of this press release.
ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and celebrating this year 25 years as a public company, is one of the first and most established public shipping companies in the world today. TEN’s fleet currently consists of 66 double-hull vessels, including two aframax tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt. Of the fleet in the water, 46 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers.
COMPANY’S DELIVERED GROWTH PROGRAM
| # | 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 | May 2017 | Delivered | Yes |
| 14 | Stavanger TS | Aframax | 112,700 | July 2017 | Delivered | Yes |
| 15 | Bergen TS | Aframax | 112,700 | Oct 2017 | Delivered | 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.
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