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TEN Ltd. Announces the Order of Two VLCCs from Hanwha Ocean in South Korea and the Sale of Three 2007-Built Tankers

1. TEN orders two eco VLCCs, enhancing fleet sustainability. 2. Generated $60 million in free cash from selling three older vessels. 3. Proforma fleet capacity approaches 11 million dwt, reflecting growth. 4. Company maintains focus on high-spec, environmentally friendly shipping solutions. 5. Minimum contracted revenues of $3.7 billion ensure future financial stability.

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Why Bullish?

TEN's strategic orders and asset sales strengthen its financial position, similar to past success in fleet upgrades boosting stock performance.

How important is it?

Significant fleet expansion and cash generation demonstrate TEN's commitment to growth, impacting investor confidence.

Why Long Term?

The investment in eco vessels will pay off in years, as market demand for sustainable shipping increases, reflecting patterns observed in shipping industry transitions.

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FLNGGLOGSDRL
August 04, 2025 16:05 ET  | Source: Tsakos Energy Navigation $3.7 billion in minimum contracted revenuesDynamic expansion with 21 eco vessels to be delivered until 2028$60m in free cash generated from strategic asset salesTEN’s proforma fleet approaching 11m dwt capacity ATHENS, Greece, Aug. 04, 2025 (GLOBE NEWSWIRE) -- TEN Ltd. (NYSE: TEN), a leading diversified crude, product and LNG tanker operator, today announced the order of two eco VLCCs at Hanwha Ocean in South Korea with an option for an additional unit, to be delivered in 2027 and 2028. Concurrently with these orders, TEN proceeded with the sale of three 2007-built vessels, two handysize product tankers to related party interests as well as an aframax crude carrier to independent third parties. From the divestment of the above-mentioned vessels, TEN generated approximately $60.0 million in free cash and about $9.0 million in capital gains to be reflected in the Company's third quarter financial statements. "TEN continues its goal to address the needs of its clients by building high specification, environmentally friendly vessels while gradually divesting from its first-generation assets,” Mr. George Saroglou, TEN’s President & COO, said. "With responsible fleet growth remaining a core pillar of our tested model, TEN keeps being a one-stop shipping operation for its blue-chip clients,” Mr. Saroglou concluded. ABOUT TEN Ltd.Founded in 1993 and celebrating 32 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 82 vessels, including eleven DP2 shuttle tankers, two VLCCs plus one option, one scrubber fitted suezmax vessel, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers totaling approx. 11 million dwt. ABOUT FORWARD-LOOKING STATEMENTSExcept 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 result of new information, future events, or otherwise. For further information, please contact: CompanyTsakos Energy Navigation Ltd.George SaroglouPresident & COO+30210 94 07 710gsaroglou@tenn.gr Investor Relations / MediaCapital Link, Inc.Nicolas Bornozis/ Markella Kara+212 661 7566ten@capitallink.com

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