Tsakos Energy Navigation : TEN Ltd. Declares Dividend on its 8.00% Series B and 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares
April 13, 2017 at 09:00 am EDT
Share
ATHENS, GREECE--(Marketwired - Apr 13, 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 $0.50 per share for its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the "Series B Preferred Shares") (NYSE: TNPPRB) and approximately $0.5547 per share for its 8.875% 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 January 30, 2017 through April 29, 2017.
The dividend on the Series B Preferred Shares will be paid on May 1, 2017 to all holders of record of Series B Preferred Shares as of April 28, 2017. The dividend on the Series C Preferred Shares will be paid on May 1, 2017 to all holders of record of Series C Preferred Shares as of April 26, 2017. 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 16th dividend on the Series B and the 14th 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, 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.
Tsakos Energy Navigation Ltd is a Greece-based provider of international seaborne crude oil and petroleum product transportation services. The Company operates through the maritime transportation of liquid energy-related products segment. The Company's fleet consists of 70 vessels, constituting a mix of crude tankers, product tankers, and liquefied natural gas (LNG) carriers, totaling more than 7 million dwt. It includes VLCC, Aframax, Panamax, handysize, handymax tankers, LNG carrier, and DP2 shuttle tankers, which allows the Company to serve its customers' international petroleum product and crude oil transportation needs.