$4.0 billion in minimum fleet revenue-backlog

Tanker markets continue at record levels

TEN Ltd. (“TEN” or the “Company”) (NYSE: TEN) announced the employment extension for two DP2 shuttle tankers, in direct continuation of the existing charters which commenced at delivery back in 2013, for up to five years each.

These new charters are scheduled to come into effect upon expiration of the existing 15-year contracts around mid-2028 and are expected to generate gross revenues in excess of $200 million over their duration.

“Since our entry into the shuttle tanker market in 2013 with these two vessels, TEN has become one of the largest operators in that segment with a proforma fleet of 16 modern vessels and growing,” stated Mr. George Saroglou, President & COO of TEN. “TEN continues its tested policy of long partnership with major oil concerns that secure future cash flow growth, strong balance sheet and continuous dividends to reward its shareholders,” Mr. Saroglou concluded.

ABOUT TEN Ltd.

Founded in 1993 and celebrating 33 years as a public company, TEN is one of the first and most established public shipping companies in the world. TEN's diversified energy fleet currently consists of 83 vessels, including ten DP2 shuttle tankers, three VLCCs, five scrubber-fitted LR1 tankers and one LNG carrier under construction, consisting of a mix of crude tankers, product tankers and LNG carriers totaling approximately 11 million dwt.

Tsakos Energy Navigation Ltd.press release