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

ATHENS, Greece, April 10, 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 January 30, 2018 through April 29, 2018.

The dividend on the Series B Preferred Shares will be paid on April 30, 2018 to all holders of record of Series B Preferred Shares as of April 27, 2018. The dividend on the Series C Preferred Shares will be paid on April 30, 2018 to all holders of record of Series C Preferred Shares as of April 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 20th dividend on the Series B and the 18th 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, totalling 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 NameTypeDwtDeliveryStatusEmployment
1UlyssesVLCC300,000May 2016DeliveredYes
2Elias TsakosAframax112,700June 2016DeliveredYes
3Thomas ZafirasAframax112,700Aug 2016DeliveredYes
4Leontios HAframax112,700Oct 2016DeliveredYes
5Parthenon TSAframax112,700Nov 2016DeliveredYes
6SunrayPanamax LR174,200Aug 2016DeliveredYes
7SunrisePanamax LR1 74,200Sep 2016DeliveredYes
8Maria EnergyLNG93,616Oct 2016DeliveredYes
9Hercules IVLCC300,000Jan 2017DeliveredYes
10Marathon TSAframax112,700Feb 2017DeliveredYes
11Lisboa DP2 Shuttle157,000Mar 2017DeliveredYes
12Sola TSAframax112,700Apr 2017DeliveredYes
13Oslo TSAframax112,700May 2017DeliveredYes
14Stavanger TSAframax112,700July 2017DeliveredYes
15Bergen TSAframax112,700Oct 2017DeliveredYes

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

Source:Tsakos Energy Navigation

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