Tsakos Energy Navigation : TEN Ltd. Declares Dividend on its 8.00% Series B and 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares
January 11, 2017 at 02:00 pm
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ATHENS, GREECE--(Marketwired - Jan 11, 2017) - TEN Ltd. ("TEN") (NYSE: TNP) (the "Company"), a leading 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 October 30, 2016 through January 29, 2017.
The dividend on the Series B Preferred Shares will be paid on January 30, 2017 to all holders of record of Series B Preferred Shares as of January 27, 2017. The dividend on the Series C Preferred Shares will be paid on January 30, 2017 to all holders of record of Series C Preferred Shares as of January 25, 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 15th dividend on the Series B and the 13th 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. The Company's pro-forma fleet, including one VLCC, five Aframax tankers and a Suezmax DP2 shuttle tanker 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
VLCC
300,000
Q1 2017
TBD
In Negotiations
10
Lisboa City
DP2 Shuttle
157,000
Q1 2017
TBD
Yes
11
Marathon TS
Aframax
112,700
Q1 2017
TBD
Yes
12
Sola TS
Aframax
112,700
Q2 2017
TBD
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.