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TEN Ltd. Declares Dividend on its Series B and Series C Cumulative Redeemable Perpetual Preferred Shares

ATHENS, Greece, Jan. 09, 2018 (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 $0.50 per share for its Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares”) (NYSE:TNPPRB) and approximately $0.5547 per share for its 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, 2017 through January 29, 2018. 

The dividend on the Series B Preferred Shares will be paid on January 30, 2018 to all holders of record of Series B Preferred Shares as of January 29, 2018. The dividend on the Series C Preferred Shares will be paid on January 30, 2018 to all holders of record of Series C Preferred Shares as of January 25, 2018.  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 19th dividend on the Series B and the 17th 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 fleet consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers.

COMPANY’S DELIVERED GROWTH PROGRAM

# 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 May 2017 Delivered Yes
14 Stavanger TS Aframax 112,700 July 2017 Delivered Yes
15 Bergen TS Aframax 112,700 Oct 2017 Delivered 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.

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
Paul Lampoutis
+212 661 7566
ten@capitallink.com

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