ATHENS, Greece, July 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 April 30, 2018 through July 29, 2018. 

The dividend on the Series B Preferred Shares will be paid on July 30, 2018 to all holders of record of Series B Preferred Shares as of July 27, 2018. The dividend on the Series C Preferred Shares will be paid on July 30, 2018 to all holders of record of Series C Preferred Shares as of July 25, 2018.  Dividends on the Series B and C Preferred Shares are payable quarterly in arrears on the 30 th day (unless the 30 th 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 21 st dividend on the Series B and the 19 th 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 and celebrating this year 25 years as a public company, is one of the first and most established public shipping companies in the world today. TEN’s fleet currently consists of 66 double-hull vessels, including two aframax tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt. Of the fleet in the water, 46 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