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.