TEN Announces Delivery and Charter of Aframax Tanker Sola TS and Initiation of Strategic Relationship With Large End User

TEN Ltd (“TEN”) (NYSE: TNP), a leading diversified crude, product and LNG tanker operator, today announced the delivery of Sola TS, the sixth in a series of nine aframax tankers from Daewoo Mangalia Heavy Industries built on long term contracts to Norway’s Statoil. In addition, the Company announced the initiation of a new strategic alliance with a major US oil company for the chartering of a series of crude tankers, primarily VLCCs and suezmaxes, for periods of up-to three years.

“Following our tested policy of long term cooperation with significant international end users, we are proud to announce the initiation of a commercial relationship to further solidify the Company’s cash flows and earnings visibility,” stated Mr. George Saroglou, Chief Operating Officer of TEN. “Such industrial alliances, attracted by the Company’s operational experience over the years, assures the high utilization rate of the fleet, at well above industry averages, while enhancing our commitment to our shareholders for long term attractive returns,” Mr. Saroglou concluded.

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. The Company’s pro-forma fleet, including three Aframax tankers under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt. Of these, 45 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers.

NEWBUILDINGS DELIVERED & VESSELS UNDER CONSTRUCTION

 # Vessel Name Type Dwt Delivery Status Employment
 1 Ulysses VLCC 300,000 June 2016 Delivered Yes
 2 Elias Tsakos Aframax 112,700 June 2016 Delivered Yes
 3 Thomas Zafiras Aframax 112,700 Aug 2016 Delivered Yes
 4 Sunray Panamax LR1 74,200 Aug 2016 Delivered Yes
 5 Sunrise Panamax LR1 74,200 Sep 2016 Delivered Yes
 6 Maria Energy LNG 93,616 Oct 2016 Delivered Yes
 7 Leontios H Aframax 112,700 Oct 2016 Delivered Yes
 8 Parthenon TS Aframax 112,700 Nov 2016 Delivered Yes
 9 Hercules I VLCC 300,000 Jan 2017 Delivered Yes
 10 Marathon TS Aframax 112,700 Feb 2017 Delivered Yes
 11 Lisboa DP2 Shuttle 157,000 March 2017 Delivered Yes
 12 Sola TS Aframax 112,700 March 2017 Delivered Yes
 13 Oslo TS Aframax 112,700 Q2 2017 TBD Yes
 14 Stavanger TS Aframax 112,700 Q3 2017 TBD Yes
 15 Bergen TS Aframax 112,700 Q4 2017 TBD Yes

Visit our company website at: http://www.tenn.gr

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