TEN Announces Time Charter for 2017-Built VLCC Hercules I

ATHENS, GREECE -- (Marketwired) -- 03/09/17 -- TEN Ltd ("TEN") (NYSE: TNP), a leading diversified crude, product and LNG tanker operator, today announced an up to 18 months time charter with minimum and profit sharing provision for the newly delivered VLCC Hercules I to a major US oil company.

"All 15 new vessels in TEN's growth program, including the five for the rest of this year, have full long-term employment. This new time charter announced today with minimum base rate and profit sharing arrangements protects the Company's bottom line and ensures participation on the upside," stated Mr. Nikolas P. Tsakos, President and CEO of TEN and current Chairman of INTERTANKO. "Long-term business with first class clients is an important part of our industrial shipping strategy, solidifying further our balance sheet while supporting TEN's continued profitability. These are all attributes which should ultimately be reflected in TEN's true valuation," Mr. Tsakos 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 four Aframax tankers and a Suezmax DP2 shuttle tanker 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

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 #   Vessel Name        Type     Dwt        Delivery   Status     Employment
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 1   Ulysses            VLCC     300,000    June 2016  Delivered  Yes
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 2   Elias Tsakos      Aframax   112,700    June 2016  Delivered  Yes
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 3   Thomas Zafiras    Aframax   112,700    Aug 2016   Delivered  Yes
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 4   Sunray          Panamax LR1 74,200     Aug 2016   Delivered  Yes
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 5   Sunrise        Panamax LR1  74,200     Sep 2016   Delivered  Yes
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 6   Maria Energy        LNG     93,616     Oct 2016   Delivered  Yes
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 7   Leontios H        Aframax   112,700    Oct 2016   Delivered  Yes
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 8   Parthenon TS      Aframax   112,700    Nov 2016   Delivered  Yes
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 9   Hercules I         VLCC     300,000    Jan 2017   Delivered  Yes
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 10  Marathon TS       Aframax   112,700    Feb 2017   Delivered  Yes
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 11  Lisboa          DP2 Shuttle 157,000    Q1 2017    TBD        Yes
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 12  Sola TS           Aframax   112,700    Q1 2017    TBD        Yes
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 13  Oslo TS           Aframax   112,700    Q2 2017    TBD        Yes
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 14  Stavanger TS      Aframax   112,700    Q3 2017    TBD        Yes
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 15  Bergen TS         Aframax   112,700    Q4 2017    TBD        Yes
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Visit our company website at: http://www.tenn.gr

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
[email protected]

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Paul Lampoutis
+212 661 7566
[email protected]

Source: Tsakos Energy Navigation

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