TEN Ltd. announces a quarterly cash dividend of $0.578125 per Series E Preferred Share, payable on February 28, 2025.
Quiver AI Summary
TEN Ltd. announced a quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares, which will be paid on February 28, 2025, to shareholders recorded by February 25, 2025. This dividend covers the period from November 28, 2024, to February 27, 2025, marking the 32nd dividend since the preferred shares began trading on the NYSE. TEN currently has 4,745,947 Series E Preferred Shares outstanding. Founded in 1993, TEN is a prominent shipping company with a diverse fleet of 74 vessels, including various tankers under construction. The release also includes a disclaimer regarding forward-looking statements and invites inquiries for further information.
Potential Positives
- The declaration of a regular quarterly cash dividend of $0.578125 per share demonstrates the company's commitment to returning value to its shareholders.
- This is the 32nd consecutive dividend for the Series E Preferred Shares, indicating a strong and consistent financial performance.
- The company has a substantial number of Series E Preferred Shares outstanding (4,745,947), reflecting a solid investor base and confidence in the company's financial health.
Potential Negatives
- The regular declaration of a quarterly dividend could indicate that the company is relying on this mechanism to maintain investor interest amid potential financial challenges, suggesting underlying pressure on profitability.
- The fact that the next dividend is contingent on board approval and mentions 'when, as and if declared' may raise concerns regarding the company's financial stability and future dividend payments.
- The communication of forward-looking statements accompanied by strong disclaimers about risks and uncertainties suggests the company may be facing significant challenges or uncertainties in its operations or market conditions.
FAQ
What is the declared dividend for TEN's Series E Preferred Shares?
The declared quarterly cash dividend is $0.578125 per share for the Series E Preferred Shares.
When will the dividend on Series E Preferred Shares be paid?
The dividend will be paid on February 28, 2025, to all holders of record as of February 25, 2025.
How often are dividends paid on the Series E Preferred Shares?
Dividends on the Series E Preferred Shares are payable quarterly in February, May, August, and November.
How many Series E Preferred Shares does TEN have outstanding?
As of the date of the press release, TEN has 4,745,947 Series E Preferred Shares outstanding.
What is TEN Ltd. known for?
TEN Ltd. is a leading diversified operator of crude, product, and LNG tankers, with a fleet of 74 vessels.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
ATHENS, Greece, Feb. 05, 2025 (GLOBE NEWSWIRE) -- TEN Ltd. (“TEN”) (NYSE: TEN) (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 $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares (the “Series E Preferred Shares”; NYSE; TENPRE).
The dividend on the Series E Preferred Shares is for the period from the most recent dividend payment date of November 28, 2024 through February 27, 2025.
The dividend on the Series E Preferred Shares will be paid on February 28, 2025 to all holders of record of Series E Preferred Shares as of February 25, 2025. Dividends on the Series E Preferred Shares are payable quarterly in arrears on the 28
th
day (unless the 28
th
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 32
nd
dividend on the Series E Preferred Shares since their commencement of trading on the New York Stock Exchange.
TEN has 4,745,947 Series E Preferred Shares outstanding as of the date of this press release.
ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and celebrating this year 32-years as a public company, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 74 vessels, including three DP2 shuttle tankers, two scrubber-fitted suezmax vessels, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers, totaling 8.9 million dwt.
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
President & COO
+30210 94 07 710
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
ten@capitallink.com
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