TEN, Ltd. Reports Profits for the First Quarter 2022 and Common Dividend Distribution

Over 200% increase in Net Income

$150 million in revenues – Solid Balance Sheet

$500 million of continued dividend payments – Reduced bank debt

$1.0 billion in minimum contracted revenues

Strong market fundamentals for product, gas and crude vessels

ATHENS, Greece, June 30, 2022 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) today reported results (unaudited) for the quarter ended March 31, 2022.

Q1 2022 SUMMARY RESULTS
In the first quarter of 2022, and after six vessels going through dry-docking for survey or upgrade purposes, TEN generated $150 million in gross revenues and $9.6 million in operating income, the latter more than four times higher than the one in the 2021 first quarter. A net income of $5.5 million was achieved, approximately a $10 million improvement from the first quarter of 2021, as several of the spot vessels begun to enjoy significantly higher rates since global oil demand rebounded after two years of pandemic lockdowns.

Fleet utilization amounted to a healthy 93.3% irrespective of the aforementioned dry-dockings.

The average daily TCE increased to $19,730, signifying a potential exit from the challenging markets of the recent past and Adjusted EBITDA exceeded $42 million, resulting in a $5 million increase when compared to the 2021 first quarter.

Interest and finance costs were half to those incurred in the 2021 first quarter due to a reduction of about $44 million of bank debt in this first quarter and bunker hedge gains. In the first quarter of 2022, cash reserves increased to $143 million.

Operating expenses remained under control despite the various inflationary pressures the world has been facing coming out of the pandemic.

General and administrative expenses together with management fees were similar to those of the prior year first quarter.

Depreciation fell by $2.2 million, while amortization of deferred dry-dock costs marginally increased due to the heavy dry-docking schedule over the past two years, resulting in a depreciation and amortization decrease of $1.7 million.

RECENT EVENTS AND OTHER
The Company’s fleet renewal program was on schedule regardless of the obstacles imposed by the Covid-19 pandemic with the timely construction and charter of the LNG Tenergy and the DP2 shuttle tanker Porto, from South Korean yards. These are followed by four dual-fuel LNG powered aframax tankers expected to be delivered within the next 24 months.

In addition to the above, in June 2022 the Company acquired a 2020-built scrubber-fitted South Korean-built VLCC from a major oil concern with expected delivery in September 2022.

Through the above acquisitions, orders and deliveries, Company’s presence in the high-end LNG, Shuttle Tanker, VLCC and Dual-Fuel green technology vessels is further enhanced to take advantage of the strong rebound in market fundamentals.

In May 2022, the Company sold to third party interests, the 2006-built LR2 aframax tanker Proteas and realized $7.1 million in free cash after the repayment of the associated debt.

DIVIDEND POLICY – COMMON SHARES
As previously announced, a dividend of $0.10 per common share will be paid on July 20, 2022, to holders of record as of July 14, 2022. This brings the total dividends paid since the NYSE listing in 2002 to about $500 million.

During the first quarter of 2022, the Company issued, through its ATM program, 3,603,697 common shares and 8,292 preferred shares generating $28.8 million.

CORPORATE STRATEGY
The first part of 2022 has been a rollercoaster ride starting with the easing of Covid restrictions and the return to some form of normality, then followed by the unprecedented invasion of the Ukraine and its huge financial and emotional side-effects.

In this turbulent global environment, TEN, with 30 years of operating track record having gone through similar magnitude crises in the past, has maintained its steady course. Not only it has been profitable, but it has continued its uninterrupted growth strategy with the delivery of the LNG “Tenergy”, a state-of-the-art vessel, the M/T “Porto”, the newest and most advanced DP2 Shuttle Tanker in the world and soon to be followed by the delivery of our next Hyundai-built VLCC M/T “Zeus”.

Further on, the Company’s green ship initiative has been launched with the first delivery of a dual-fuel LNG powered aframax tanker scheduled for the third quarter of 2023.

TEN remains committed and at the forefront of structural, technical and environmental changes that our industry is facing, similar to actions taken in the early 90s following the US-led OPA90 legislation. To this effect, management is closely monitoring studies of vessel hull and combustion designs through TEN’s Operational, Safety and Environment Committee and in close co-operation with our top clients.

As TEN has proved over the recent past, fleet renewal remains high on its agenda with a number of first-generation vessels potentially becoming candidates for sale. In the meantime, the Company is well positioned to benefit from the expected upturn in tanker rates, which is already evident in the product sector.

The preservation and creation of healthy cash reserves and bank debt reduction will continue to be the principal drivers in fortifying the Company’s balance sheet going forward.

“Management continues to explore and evaluate potentially attractive investments, primarily for vessels meeting all future environmental standards,” Mr. George Saroglou, COO of TEN commented. “TEN’s diversified high-quality model continues to be validated in today’s uncertain environment. With a mixed fleet of crude and product carriers, the Company is well prepared for the expected rebound across all tanker sectors, evident today in the lucrative products and LNG segments,” Mr. George Saroglou, COO of TEN concluded.

CONFERENCE CALL

Today, Thursday, June 30, 2022 at 10:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond that which is included in the earnings press release.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1844 654 9829 (US Toll Free Dial-In), or +1213 320 2519 (US International Dial-In). To access the conference call, please reference call ID number [4028466] or "Tsakos" to the operator.

Simultaneous Slides and Audio Webcast

There will also be a simultaneous live, and then archived, slides webcast of the conference call, available through TEN's website (www.tenn.gr). The slides webcast will also provide details related to fleet composition and deployment and other related company information. This presentation will be available on the Company's corporate website reception page at www.tenn.gr. Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

ABOUT TEN

TEN, founded in 1993 and celebrating this year 29 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 71 double-hull vessels including four dual-fuel LNG powered aframax vessels under construction and a 2020-built scrubber-fitted South Korean-built VLCC to be delivered in the third quarter of 2022, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 8.1 million dwt.

TEN’s GROWTH PROGRAM

*Expected delivery as per shipbuilding contracts

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
Markella Kara
+212 661 7566
ten@capitallink.com