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

Rhea-AI Summary

ATHENS, Greece, May 05, 2020 - TEN Ltd. (NYSE: TNP) has declared quarterly cash dividends for its Series D and Series E Cumulative Perpetual Preferred Shares. The Series D dividend is set at $0.546875 per share, while the Series E dividend is $0.578125 per share. These dividends cover the period from February 28 to May 27, 2020, and will be paid on May 28, 2020, to holders on record as of May 22, 2020. This marks the 20th dividend for Series D and the 13th for Series E, with a total of 3,424,803 Series D and 4,600,000 Series E shares outstanding.

Positive

• Quarterly cash dividend of $0.546875 per share for Series D Preferred Shares.
• Quarterly cash dividend of $0.578125 per share for Series E Preferred Shares.
• 20th dividend declared for Series D and 13th for Series E, indicating consistent returns to shareholders.

Negative

• None.

ATHENS, Greece, May 05, 2020 (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 $0.546875 per share for its Series D Cumulative Perpetual Preferred Shares (the “Series D Preferred Shares”; NYSE; TNPPRD) and the regular quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares (the “Series E Preferred Shares”; NYSE; TNPPRE).

The dividend on the Series D and Series E is for the period from the most recent dividend payment date on February 28, 2020 through May 27, 2020. 

The dividend on the Series D and E Preferred Shares will be paid on May 28, 2020 to all holders of record of Series D and E Preferred Shares as of May 22, 2020.  Dividends on the Series D and E Preferred Shares are payable quarterly in arrears on the 28^th day (unless the 28^th 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 20^th dividend on the Series D and the 13^th dividend on the Series E since their commencement of trading on the New York Stock Exchange.

TEN has 3,424,803 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 and celebrating this year 27 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 69 double-hull vessels, including two suezmax tankers and one LNG carrier under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.6 million dwt. Of the proforma fleet today, 48 vessels trade in crude, 15 in products, three are shuttle tankers and three are LNG carriers.

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 May 2020?

TEN Ltd. declared a dividend of $0.546875 for Series D and $0.578125 for Series E Preferred Shares for May 2020.

What is the payment date for the May 2020 dividend of TEN Ltd. (TNP)?

The dividend will be paid on May 28, 2020.

How often does TEN Ltd. (TNP) pay dividends on its Preferred Shares?

Dividends are paid quarterly in February, May, August, and November, subject to declaration by the board.

What is the record date for the May 2020 dividend payment for TEN Ltd. (TNP)?

The record date for the May 2020 dividend payment is May 22, 2020.