TEN Ltd. declares dividend on its Series D and E cumulative perpetual preferred shares

TEN Ltd. (“TEN”) (NYSE: TNP) (the “Company”), a leading diversified crude, product and LNG tanker operator, said 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.