Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 233

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 19
Chunk 233
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 Shipping Preferred Shares”) of Shyris Shipping Company S. A. (“ Shyris Shipping”), a wholly owned subsidiary of the Company, par value $ 0.001, each with a liquidation preference of $ 10.00 per share were 2,048,841 with an aggregate liquidation price of $ 20,388, which were entitled to receive cumulative semi-annual dividends from Shyris Shipping at a rate of 7.50% per annum, payable in arrears on the 1st day of March and September of each year, as, when and if declared by the Shyris Shipping Board of Directors. Shyris Shipping paid dividends on the Shyris Shipping Preferred Shares amounting to $nil, $ 1,446 and $ 1,698 in the period ended December 31, 2024, 2023 and 2022, respectively (Note 10). 0

The Shyris Shipping Preferred Shares were non-convertible and perpetual, and redeemable by Shyris Shipping, in whole or in part, at redemption prices that decline over time from 112.5% 100% 22,889

During 2022, Shyris Shipping redeemed 250,000 of the outstanding Shyris Shipping Preferred Shares for an aggregate redemption price of $ 2,500 and was included in non-controlling interest in the accompanying consolidated balance sheet as at December 31, 2022. On January 20, 2023, July 25, 2023, and September 1, 2023, Shyris Shipping redeemed 100,000, 500,000 and 1,438,841 of the outstanding Shyris Shipping Preferred Shares for an aggregate redemption price of $ 1,000, $ 5,000, and $ 14,388, respectively. Following these redemptions, no Shyris Shipping Preferred Shares were outstanding as of December 31, 2024 and 2023, respectively.

On July 7, 2023, the Company redeemed all of its 3,517,061Series D Preferred Shares, par value $ 1.00 per share with a liquidation preference of $ 25.00 per share along with the payment of a final dividend of $ 0.243056 per share, as declared on May 30, 2023. The difference between the carrying value and the fair value of the Series D Preferred Shares, amounting to