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ATHENS, Greece, May 07, 2018 -- 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, 2018 through May 27, 2018.
The dividend on the Series D and E Preferred Shares will be paid on May 29, 2018 to all holders of record of Series D and E Preferred Shares as of May 23, 2018. 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 12th dividend on the Series D and the fifth 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, is one of the first and most established public shipping companies in the world today. TEN’s fleet consists of 64 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 6.9 million dwt. Of these, 46 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers.
COMPANY’S GROWTH TIME-TABLE
| # | Vessel Name | Type | Dwt | Delivery | Status | LT Contracts |
| 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 |
LT: Long-Term
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
[email protected]
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Paul Lampoutis
+212 661 7566
[email protected]
