Ετικέτα: dividend

TEN Ltd. Declares Dividend on its Series F Cumulative Redeemable Perpetual Preferred Share

TEN Ltd. (NYSE: TEN) (“TEN” or the “Company”), a leading diversified tanker and LNG operator, yesterday announced that its Board of Directors declared the regular quarterly cash dividend of approximately $0.59375 per share for its Series F Cumulative Redeemable Perpetual Preferred Shares (the “Series F Preferred Shares”; NYSE: TENPRF).
The dividend on the Series F Preferred Shares is for the period from the most recent dividend payment date on April 30, 2026, through July 29, 2026.
The dividend on the Series F Preferred Shares will be paid on July 30, 2026, to all holders of record of Series F Preferred Shares as of July 27, 2026. Dividends on the Series F 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 32nd dividend on the Series F Preferred Shares since their commencement of trading on the New York Stock Exchange.
TEN has 6,747,147 Series F Preferred Shares outstanding as of the date of this press release (2nd of July, 2026).

PPA S.A.: Successfully Holds Annual General Meeting – Gross Dividend of €1.896 per Share Approved

PPA S.A. successfully held its Annual General Meeting of Shareholders today, in accordance with the applicable procedures, with shareholders representing 83.40% of the Company’s share capital participating in the meeting.
During the meeting, the agenda items were presented in detail, along with the Company’s financial and operational performance, reflecting the successful implementation of its long-term growth strategy.
The General Meeting approved, by a broad majority, all agenda items, including the Annual Financial Statements and the distribution of a dividend for the 2025 fiscal year (1 January 2025 – 31 December 2025). Following the recommendation of the Board of Directors, the gross dividend was set at €1.896 per share.
According to the 2025 Annual Financial Report, total revenue amounted to €250.8 million, representing an increase of 8.6%, or €19.9 million, compared to 2024. Earnings before interest, taxes, depreciation and amortization (EBITDA) reached €132.3 million, up 2.2%, while net profit after tax amounted to €86.2 million, recording a marginal decrease of 1.5%.
These results represent the strongest revenue and EBITDA performance in the Company’s history. confirming the Company’s sustained growth trajectory for the fifth consecutive year and the continued strength of its operational and financial performance.
The Chairman of PPA S.A., Mr. Han Chao, expressed his gratitude to the shareholders for their trust and continued support. He also acknowledged the contribution of the Company’s Management and employees, whose dedication and professionalism have been instrumental in achieving these outstanding results.
In his statement, Mr. Han Chao noted: “The steady upward trajectory of PPA S.A., as reflected in the Company’s financial performance over recent years, confirms the effectiveness of our strategy for the comprehensive upgrade of the Port of Piraeus. Through targeted investments, best management practices and the continuous enhancement of our services, we are strengthening Piraeus’ position as a leading transshipment and commercial hub in the Mediterranean and Europe. At the same time, we remain firmly committed to the principles of sustainable development, investing in initiatives that create long-term value for society, the environment and the local economy. Our goal is to build a modern, resilient and competitive port well positioned for future generations.”

Global Ship Lease Declares Quarterly Dividend on its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares – Newbuilding Orders

Global Ship Lease, Inc. (NYSE:GSL) (the “Company”), a containership owner and lessor, announced that the Company’s Board of Directors has declared a cash dividend of $0.546875 per depositary share, each representing a 1/100th interest in a share of its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares”) (NYSE:GSLPrB). The dividend represents payment for the period from April 1, 2026 to June 30, 2026 and will be paid on July 1, 2026 to all Series B Preferred Shareholders of record as of June 24, 2026.
Newbuilding Orders
Subject to certain conditions precedent being met, the Company has agreed individual newbuilding contracts for 10 mid-size, ultra-high-reefer, wide-beam, latest-generation containerships (the “Newbuilds”) for an aggregate purchase price of approximately $917 million. These highly flexible ships have been designed and specified to ensure a superior fit for existing and future market needs, with deliveries scheduled to take place between 4Q 2028 and 1Q 2030. Upon delivery from the respective yards, the Newbuilds are contracted on multi-year charters, with a TEU-weighted average term of 6.7 years and at rates expected to generate aggregate Adjusted EBITDA of approximately $665 million over their respective charter terms.
George Youroukos, Executive Chairman of Global Ship Lease, commented: “We are pleased to have agreed attractive terms for these best-in-class vessels, which we expect to be the workhorses of global container shipping for many years to come, ensuring that our existing “cash cows” are successfully replaced as they begin to age out. Alongside our continuing efforts to renew our fleet with well-specified, on-the-water vessels, we have worked hard to ensure that the next generation represented by these newbuilds reflects the evolving needs of our liner customers for maximum flexibility to adapt to changing trade patterns, as well as highly efficient operation. Consistent with our long-held strategy of mitigating downside risk while unlocking attractive upside potential, we are pleased to have fixed all 10 of the Newbuilds on multi-year charters commencing upon delivery from the yards. Moving on these compelling newbuilding opportunities is facilitated both by our strong balance sheet and our stable platform with existing forward charter cover of $2.1 billion spread over 2.6 years.”

Deutsche Bank’s 2026 AGM to be held in person again for the first time since 2019; dividend again increased for shareholders

Management Board and Supervisory Board propose a dividend of € 1.00 per share in respect of the financial year 2025, an increase of around 50% compared to 2024
Alexander Wynaendts and Yngve Slyngstad are proposed for another term on the Supervisory Board. It is intended that Wynaendts will subsequently be again elected Chairman of the Supervisory Board
Frank Witter will step down from the Supervisory Board for personal reasons, with effect from the close of the Annual General Meeting on May 28, 2026. Carsten Knobel will be proposed for election to the Supervisory Board at the AGM
The remuneration of the Supervisory Board members is to be adjusted

The Annual General Meeting of Deutsche Bank AG (XETRA: DBKGn.DE / NYSE: DB) will take place in person this year for the first time since 2019. Shareholders can attend in person in Frankfurt am Main and exercise their shareholder rights.
“The Supervisory Board and Management Board are very much looking forward to a direct and open exchange with our shareholders. By holding an in-person event, we are accommodating wishes of shareholders,” said Alexander Wynaendts, Chairman of the Supervisory Board. “We believe that alternating on a regular basis between in-person and virtual formats, which we have now initiated, is for a good way of combining the advantages of both options.”
As announced in January 2026, the Management Board and the Supervisory Board propose a dividend of € 1.00 per share (approximately € 1.9 billion in total) for 2025. This would represent an increase of around 50% compared to € 0.68 per share paid in respect of 2024. Together with the share buyback launched in February 2026 with a volume of € 1.0 billion, which is now underway, this increases the cumulative capital distributions in respect of the financial years 2021-2025 to € 8.5 billion, thereby exceeding the Bank’s original target of € 8.0 billion for this period.
Supervisory Board elections
Alexander Wynaendts’ term of office is set to expire with the conclusion of the Annual General Meeting on May 28, 2026. As announced in November, the Supervisory Board has nominated Wynaendts for another four-year term. It is intended that Alexander Wynaendts will be re-elected Chairman of the Supervisory Board following his election by the Annual General Meeting. Yngve Slyngstad’s term of office also expires at the 2026 AGM; he is also proposed for re-election.
Frank Witter has informed the Bank that he will resign from his Supervisory Board mandate for personal reasons at the conclusion of the Annual General Meeting on May 28, 2026. To fill the vacancy, Carsten Knobel, Chief Executive Officer of Henkel AG & Co. KGaA, will be proposed for election to the Supervisory Board at the AGM.
“I am delighted that Carsten Knobel will be a candidate for our Supervisory Board. He brings extensive experience and is a highly respected representative of a globally oriented German industrial and consumer goods company,” said Wynaendts. “At the same time, I look forward to continuing the good and trusting cooperation with Yngve Slyngstad.”
“I would also like to thank Frank Witter for his significant contribution over the past years. With his commitment and expertise as Chairman of the Audit Committee, he supported the bank during an important phase and contributed greatly to its success,” Wynaendts added.
Adjustment of Supervisory Board Compensation
The Supervisory Board and Management Board believe that the current compensation for the Supervisory Board is no longer competitive in attracting and retaining highly qualified Supervisory Board members. Given the demanding and multifaceted requirements, and the particularly complex regulatory environment that also impacts on the Supervisory Board’s work, the members’ compensation should therefore be adjusted. The fixed annual basic compensation for Supervisory Board members will be increased from € 300,000 to € 350,000, for the deputy Chairman of the Supervisory Board from € 475,000 to € 550,000, and for the Chairman of the Supervisory Board from € 950,000 to € 1,150,000. Furthermore, the person chairing a Supervisory Board committee will generally receive additional remuneration in the future, and previous exemptions for this will no longer apply.
The full agenda is published at Annual General Meeting website.
Participation in the AGM 2026
Shareholders of Deutsche Bank can fully exercise all shareholder rights. In addition, Deutsche Bank is again offering additional information and participation opportunities this year:

The speeches of the Chairman, Alexander Wynaendts, and the Chief Executive Officer, Christian Sewing, will be published on Wednesday, May 20, 2026, the latest, on our Annual General Meeting website
Shareholders can submit written statements for publication until May 25, 2026
The Bank will broadcast the entire AGM, including the general debate and voting, live, both on the shareholder portal (agm.db.com/shareholderportal) and publicly on our Annual General Meeting website
Virtual voting is possible until the end of the general debate on the day of the AGM

All details on participation and interaction options are available in the invitation at our Annual General Meeting website.

Deutsche Bank Annual General Meeting 2025 – a further dividend increase for shareholders

Management Board and Supervisory Board propose a dividend of € 0.68 per share for 2024, an increase of 50% compared to the previous year.
The Annual General Meeting of Deutsche Bank is to be held as a physical event at least every four years, alternating with virtual events. A physical event is already planned for 2026, barring any exceptional circumstances such as another pandemic.
This year’s AGM will again be held virtually. This year, a submission of questions in advance is no longer planned, as shareholders can now submit their questions directly via live video as part of their statements.
Kirsty Roth and Klaus Moosmayer are proposed as new members of the Supervisory Board, to succeed Dagmar Valcárcel and Theodor Weimer, whose current terms are expiring.
Sigmar Gabriel and Frank Witter are proposed for re-election for a further term.

The Annual General Meeting of Deutsche Bank AG (XETRA: DBKGn.DB / NYSE: DB) will be held as a physical event at regular intervals, which shall not exceed four years, and thus alternate with virtual events. A physical event is already planned for 2026, barring any exceptional circumstances such as another pandemic.
“The virtual format, which we have continuously developed in recent years, has unquestionable advantages: shareholders can participate regardless of their location, and the environmental impact is lower. At the same time, we are aware that some stakeholders prefer a physical event,” said Alexander Wynaendts, Chairman of the Supervisory Board. “By alternating between the two formats, we aim to meet the varying interests of different stakeholders in future. I am very much looking forward to our discussion with our shareholders at our AGM, be it virtually or once again on site in Frankfurt.”
This year’s virtual AGM again provides expanded participation opportunities for Deutsche Bank’s shareholders. It is no longer necessary to submit questions in advance; shareholders can submit their questions as part of their statements live during the event via video. The agenda for this year’s Annual General Meeting comprises 14 items and was published on 31 March 2025 in the Federal Gazette and on the bank’s website (agm.db.com).
As announced in January 2025, the Management Board and the Supervisory Board propose a cash dividend of approximately € 1.3 billion, or € 0.68 per share, for 2024. This would represent an increase of 50% compared to the € 0.45 per share paid in respect of 2023. Together with the share repurchase program launched at the beginning of April 2025 with a volume of € 750 million, the bank this year would return more than € 2.1 billion in capital to its shareholders. This would amount to a cumulative total of € 5.4 billion since 2022. This is in line with Deutsche Bank’s ambition to distribute more than € 8 billion of capital to shareholders in respect of the financial years 2021 to 2025.
Supervisory board elections
The terms of Dagmar Valcárcel, Sigmar Gabriel, Theodor Weimer and Frank Witter will expire as planned at the end of the AGM on May 22, 2025. While Sigmar Gabriel and Frank Witter will be proposed for another four-year term, Theodor Weimer has informed the bank that he will not stand for re-election. Dagmar Valcárcel will also leave the Supervisory Board with this year’s AGM. As successors, Kirsty Roth and Klaus Moosmayer, will be proposed to the AGM. Kirsty Roth is Chief Operations and Technology Officer at Thomson Reuters, the software, data and media company, where she has led comprehensive change programs and spearheaded the implementation of new technologies including cloud and artificial intelligence. Previously, she worked in the banking industry for nine years, first at Credit Suisse and then at HSBC from 2016 to 2020, also holding leadership positions in operations and technology.
Klaus Moosmayer has been Chief Ethics, Risk & Compliance Officer and a member of the Executive Committee at the Swiss pharmaceutical company Novartis since 2018. Prior to that, he worked at Siemens for 18 years in management positions of increasing responsibilities, ultimately as the Chief Compliance Officer. In addition, Moosmayer holds positions with international organizations focused on good corporate governance and anti-corruption. He is a member of the Board of the Business and Industry Advisory Committee of the OECD and co-chair of the Global Future Council on Good Governance at the World Economic Forum (WEF).
“We are delighted to propose to our shareholders two experienced managers and recognized experts in their fields as new members of our Supervisory Board,” said Supervisory Board Chairman Alexander Wynaendts. “Kirsty Roth has worked in senior management positions for many years. She will enrich the Supervisory Board with additional technology, data and AI expertise and brings extensive experience in leading innovation and change projects. Klaus Moosmayer has demonstrated his extensive expertise in control functions at two leading global corporations. He has extensive board experience and has also earned a reputation as an international thought leader on issues of good corporate governance.”
“At the same time, I would like to thank Dagmar Valcárcel and Theodor Weimer for their many contributions over the past years. With their commitment, expertise, and ability to ask the right questions, they were important pillars for our Supervisory Board and actively contributed to the development of Deutsche Bank.”
The Supervisory Board has defined general and expanded fields of expertise in its profile for requirements for Supervisory Board members, which are set out in the Bank’s latest Annual Report. The nominations contribute to further sharpening this profile.
Participation in the AGM 2025
This year’s AGM format provides the opportunity for Deutsche Bank shareholders to fully exercise their rights:

The Bank will broadcast the entire AGM, including the general debate and voting, live, both on the shareholder portal (agm.db.com/shareholderportal) and publicly on its website (agm.db.com).
The speeches of the Chairman, Alexander Wynaendts, and the Chief Executive Officer, Christian Sewing, will be published on Thursday, 15 May 2025 the latest, on the bank’s website at agm.db.com.
Shareholders can submit their statements in audio and video format live during the AGM and, in this way, exercise their right to request information in accordance with statutory provisions, among other points.
Shareholders may submit comments on the items on the agenda. The Bank will make comments received in text form by Friday, 16 May 2025, 24:00 (CEST), available on the website agm.db.com by midnight (CEST) on Saturday, 17 May 2025, at the latest.
Details on the interactive options can be found in the invitation to the AGM, which can be downloaded from agm.db.com.

Everest Group Increases Quarterly Dividend to $1.75

Everest Group, Ltd. announced that its Board of Directors declared an increase in the regular quarterly dividend from $1.65 to $1.75 per common share. This dividend will be payable on or before September 29, 2023 to all shareholders of record as of September 19, 2023.

NN Group announces stock fraction for 2022 final dividend and repurchase of shares to neutralise stock dividend

As announced on 16 February 2023, NN Group shareholders were given the option to receive the final dividend for 2022 of EUR 1.79 per ordinary share either in cash or in ordinary shares. 
Shareholders who have elected to receive the final dividend in shares will receive one NN Group N.V. ordinary share for every 18.08 ordinary shares held. The stock fraction is based on the volume-weighted average price of EUR 32.3638 for NN Group shares on Euronext Amsterdam for the five trading days from 16 June 2023 up to and including 22 June 2023. Any remaining stock fractions will be paid in cash. The stock and cash dividend are approximately equal in value. For shareholders that have not made a choice during the election period, the dividend will be paid in cash. 
Shareholders representing approximately 47.71% of the outstanding number of shares have elected to receive the final dividend in ordinary shares. Consequently, 7,289,612 ordinary shares will be delivered from NN Group treasury shares.   
NN Group will neutralise the dilutive effect of the stock dividend through the repurchase of ordinary shares for a total amount of EUR 235 million, equivalent to the value of the stock dividend. These share buybacks will be executed by financial intermediaries under a share buyback programme which is expected to end no later than 25 August 2023. The shares will be repurchased at a price that does not exceed the last independent trade or the highest current independent bid on the relevant trading platform. The share buyback programme will be executed within the limitations of the existing authority granted by the General Meeting on 2 June 2023, and will be performed in compliance with the safe harbour provisions for share buybacks. NN Group intends to cancel any repurchased NN Group shares under the programme unless used to cover obligations under share-based remuneration arrangements or to deliver stock dividend.    
This programme is in addition to the existing share buyback programme for a total amount of EUR 250 million that was announced on 16 February 2023. NN Group reports on the progress of the share buyback programmes on its corporate website on a weekly basis. 
Payment of the dividend in cash, after deduction of withholding tax if applicable, or payment of the dividend in the form of ordinary shares, as well as settlement of fractions in cash will take place on 29 June 2023.   

TEN Ltd. Declares Dividend on its Series D and Series E Cumulative Perpetual Preferred Shares

TEN Ltd., a leading diversified crude, product and LNG tanker operator, today announced 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 the regular quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares (the “Series E Preferred Shares”; NYSE; TNPPRE).
The dividend on the Series D and Series E is for the period from the most recent dividend payment date of May 28, 2022 through August 27, 2022.
The dividend on the Series D and E Preferred Shares will be paid on August 29, 2022 to all holders of record of Series D and E Preferred Shares as of August 24, 2022. 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 29th dividend on the Series D and the 22nd dividend on the Series E since their commencement of trading on the New York Stock Exchange.
TEN has 3,517,061 Series D and 4,745,947 Series E Preferred Shares outstanding as of the date of this press release.

Dorian LPG Ltd. Announces First Quarter Fiscal Year 2022 Financial Results, Declares its First Ever Dividend

Dorian LPG Ltd., a leading owner and operator of modern very large gas carriers (“VLGCs”), reported its financial results for the three months ended June 30, 2021.
Key Recent Developments
– Announced that our Board of Directors has declared a cash dividend of $1.00 per share of the Company’s common stock. The dividend is payable on or about September 8, 2021 to all shareholders of record as of the close of business on August 9, 2021.
– Classified the debt-free Captain Markos NL as vessel held-for-sale.
Highlights for the First Quarter Fiscal Year 2022
– Revenues of $63.0 million and Time Charter Equivalent (“TCE”)(1) rate for our fleet of $31,571 for the three months ended June 30, 2021, compared to revenues of $73.2 million and TCE rate for our fleet of $41,249 for the three months ended June 30, 2020.
– Net income of $5.9 million, or $0.14 earnings per diluted share (“EPS”), and adjusted net income(1) of $5.4 million, or $0.13 adjusted earnings per diluted share (“adjusted EPS”),(1) for the three months ended June 30, 2021.
– Adjusted EBITDA(1) of $29.8 million for the three months ended June 30, 2021.
John C. Hadjipateras, Chairman, President and Chief Executive Officer of the Company, commented, “The safety of our seafarers and shoreside staff remains paramount. We are grateful for their dedication in these challenging times. We declared our first ever dividend and will continue to look at a variety of ways to return capital to shareholders. In addition, the prospective sale of the Captain Markos NL underscores our commitment to realize value from our asset base.”
First Quarter Fiscal Year 2022 Results Summary
Net income amounted to $5.9 million, or $0.14 per diluted share, for the three months ended June 30, 2021, compared to $12.2 million, or $0.24 per diluted share, for the three months ended June 30, 2020.
Adjusted net income amounted to $5.4 million, or $0.13 per diluted share, for the three months ended June 30, 2021, compared to $12.7 million, or $0.25 per diluted share, for the three months ended June 30, 2020. Net income for the three months ended June 30, 2021 is adjusted to exclude an unrealized gain on derivative instruments of $0.4 million. Please refer to the reconciliation of net income to adjusted net income, which appears later in this press release.
The $7.3 million decrease in adjusted net income for the three months ended June 30, 2021, compared to the three months ended June 30, 2020, is primarily attributable to a decrease of $10.2 million in revenues and increases of $2.9 million in vessel operating expenses, $0.6 million in voyage expenses, $0.2 million in depreciation and amortization, and a $1.4 million unfavorable change in other gain/(loss), net, partially offset by decreases of $3.5 million in interest and finance costs, $3.3 million in general and administrative costs, and $1.2 million in charter hire expenses.
The TCE rate for our fleet was $31,571 for the three months ended June 30, 2021, a 23.5% decrease from a TCE rate of $41,249 for the same period in the prior year, primarily driven by increased bunker costs. Please see footnote 7 to the table in “Financial Information” below for information related to how we calculate TCE. Total fleet utilization (including the utilization of our vessels deployed in the Helios Pool) increased from 82.3% in the quarter ended June 30, 2020 to 96.1% in the quarter ended June 30, 2021.
Vessel operating expenses per day increased to $10,131 for the three months ended June 30, 2021 compared to $8,686 in the same period in the prior year. Please see “Vessel Operating Expenses” below for more information.
Revenues
Revenues, which represent net pool revenues—related party, time charters and other revenues, net, were $63.0 million for the three months ended June 30, 2021, a decrease of $10.2 million, or 14.0%, from $73.2 million for the three months ended June 30, 2020 primarily due to a decrease in average TCE rates and fleet availability despite an increase in fleet utilization. Average TCE rates decreased by $9,678 from $41,249 for the three months ended June 30, 2020 to $31,571 for the three months ended June 30, 2021. We recognized a reallocation of prior period pool profits based on a periodic review of actual vessel performance in accordance with the pool participation agreements. This resulted in a $31 per operating day increase in our fleet’s overall TCE rates for the three months ended June 30, 2021 due to adjustments related to speed and consumption performance of the vessels operating in the Helios Pool. During the three months ended June 30, 2020, we recognized a similar reallocation that resulted in a $916 decrease in our fleet’s overall TCE rates. Excluding these reallocations, TCE rates decreased by $10,625 when comparing the three months ended June 30, 2021 and 2020, primarily driven by higher bunker prices, partially offset by an increase in spot market rates during this period. The average price of very low sulfur fuel oil (expressed as U.S. dollars per metric ton), from Singapore and Fujairah increased from $272 during the three months ended June 30, 2020 to $508 during the three months ended June 30, 2021. The Baltic Exchange Liquid Petroleum Gas Index, an index published daily by the Baltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S. dollars per metric ton), averaged $52.790 during the three months ended June 30, 2021 compared to an average of $41.484 for the three months ended June 30, 2020. Our fleet utilization increased from 82.3% during the three months ended June 30, 2020 to 96.1% during the three months ended June 30, 2021.
Charter Hire Expenses
Charter hire expenses for the vessels chartered in from third parties were $3.5 million and $4.7 million for the three months ended June 30, 2021 and 2020, respectively. The decrease of $1.2 million, or 25.6%, was caused by a decrease in time chartered-in days from 192 for the three months ended June 30, 2020 to 139 for the three months ended June 30, 2021, due to the redelivery of one time chartered in vessel during the period.
Vessel Operating Expenses
Vessel operating expenses were $20.3 million during the three months ended June 30, 2021, or $10,131 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time-period for the technically-managed vessels that were in our fleet. Vessel operating expenses per vessel per calendar day increased by $1,445 from $8,686 for the three months ended June 30, 2020 to $10,131 for the three months ended June 30, 2021. The increase in vessel operating expenses for the three months ended June 30, 2021, when compared with the three months ended June 30, 2020, was primarily the result of an increase in crew wages and related costs of $2.3 million, or $1,159 per vessel per calendar day, and an increase in operating expenses related to repairs and maintenance, spares and stores, and coolant costs of $0.7 million, or $342 per vessel per calendar day. COVID-19 related expenses were the primary driver of the increase in crew wages and related costs, particularly in crew travel and medical costs.
General and Administrative Expenses
General and administrative expenses were $8.0 million for the three months ended June 30, 2021, a decrease of $3.3 million, or 28.9%, from $11.3 million for the three months ended June 30, 2020. This was driven by reductions of $2.4 million in cash bonuses and $1.3 million in stock-based compensation. The Compensation Committee of our Board of Directors had not yet approved cash bonuses for our named executive officers as of June 30, 2021.
Interest and Finance Costs
Interest and finance costs amounted to $5.6 million for the three months ended June 30, 2021, a decrease of $3.5 million, or 37.8%, from $9.1 million for the three months ended June 30, 2020. The decrease of $3.5 million during this period was due to (1) a decrease of $1.8 million in amortization of deferred financing fees and loan expenses, primarily resulting from accelerated amortization of $2.1 million during the three months ended June 30, 2020 that did not recur in the current period, and (2) a decrease of $1.7 million in interest incurred on our long-term debt, primarily resulting from a reduction of average indebtedness and a reduced margin on the commercial tranche of the 2015 AR Facility due to the results of our Average Efficiency Ratio (which weighs carbon emissions for a voyage against the design deadweight of a vessel and the distance travelled on such voyage). Average indebtedness, excluding deferred financing fees, decreased from $676.0 million for the three months ended June 30, 2020 to $600.0 million for the three months ended June 30, 2021. As of June 30, 2021, the outstanding balance of our long-term debt, net of deferred financing fees of $10.0 million, was $579.1 million.
Unrealized Gain/(Loss) on Derivatives
Unrealized gain on derivatives amounted to $0.4 million for the three months ended June 30, 2021, compared to $0.5 million loss for the three months ended June 30, 2020. The favorable $0.9 million difference is primarily attributable to an increase in favorable fair value changes to our interest rate swaps resulting from changes in forward LIBOR yield curves.
Market Outlook & Update
Global seaborne LPG supply increased an estimated 1.5 million tons during the second calendar quarter of 2021 compared to the first calendar quarter of 2021 and a 6% increase from the same period of 2020. The majority of this increase was from the U.S. where exports reached an average of 4.4 million tons per month in the second calendar quarter of 2021. Middle Eastern LPG seaborne supply remained relatively constant with production cuts and Iranian Sanctions remaining in place.
Crude oil prices rose throughout the second calendar quarter of 2021 with Brent averaging approximately $69 per barrel, compared to $32 per barrel during the same period in 2020. Flat prices of propane and butane consequently rose, however, the percentage of propane and butane compared to crude oil dropped from the previous quarter across all major regions.
With higher seaborne supply, imports into the major consuming regions rose particularly to China, where LPG imports increased from around 5.7 million tons during the first calendar quarter of 2021 to 6.5 million tons during the second calendar quarter of 2021. After two new propane dehydrogenation plants began operating in the first calendar quarter of 2021, a new steam cracker utilizing imported propane as the feedstock started production in April 2021.
Petrochemical margins increased throughout the first calendar quarter of 2021 and this trend continued into the second calendar quarter of 2021 as a number of facilities did not return to full operation after being shut in the first quarter. This was most noticeable in the western hemisphere. Consumption of LPG as a feedstock for petrochemicals increased in the second calendar quarter of 2021 compared to the first quarter with propane favored as a feedstock for the production of ethylene over naphtha. The propane-naphtha spread in north-western Europe widened to -$90 per ton on average in the second calendar quarter of 2021, compared to an average of -$23 per ton during the first quarter. Towards the end of the second quarter, however, margins for the production of ethylene via steam cracking started to decline, with the largest declines in the eastern hemisphere.
The Baltic VLGC index averaged around $53 per ton in the second calendar quarter of 2021, only $2 per ton below the performance of the Baltic Index as of the first calendar quarter of 2021.
Currently, the VLGC orderbook stands at approximately 22% of the current global fleet. An additional 70 VLGCs, equivalent to roughly 6.2 million cbm of carrying capacity, are expected to be added to the global fleet by calendar year-end 2023. The average age of the global fleet is now approximately 10 years old.
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TEN Ltd. Declares Dividend on its Series D and Series E Cumulative Perpetual Preferred Shares

TEN Ltd., a leading diversified crude, product and LNG tanker operator, announced 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 the regular quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares (the “Series E Preferred Shares”; NYSE; TNPPRE).
The dividend on the Series D and Series E is for the period from the most recent dividend payment date on May 28, 2021 through August 27, 2021.
The dividend on the Series D and E Preferred Shares will be paid on August 30, 2021 to all holders of record of Series D and E Preferred Shares as of August 25, 2021. 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 25th dividend on the Series D and the 18th dividend on the Series E since their commencement of trading on the New York Stock Exchange.
TEN has 3,484,979 Series D and 4,701,377 Series E Preferred Shares outstanding as of the date of this press release.