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Ten Ltd. Reports Nine Months and Third Quarter 2017 Results and Declares Dividend of $0.05 Per Common Share

Expected 30% increase in revenues from completion of growth program

ATHENS, GREECE -- (Marketwired) -- 11/30/17 -- TEN, Ltd. (TEN) (NYSE: TNP) (the "Company") today reported results (unaudited) for the nine months and third quarter ended September 30, 2017.

TEN's net income in the first nine months of 2017 was $17.7 million. Operating income was $60.3 million.

Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $163.3 million. All the vessels generated positive EBITDA in the nine months apart from two aframaxes which underwent dry-docking in the second quarter.

The daily time charter equivalent rate per vessel for the Company's diversified fleet was $19,141 and fleet utilization was at 96.4%.

TEN and its technical managers maintained costs under control with average daily operating expenses per vessel at $7,640, a 2.5% reduction compared to the equivalent nine months of 2016. Vessel overhead costs per ship per day also experienced significant reductions. From $1,357 in the 2016 nine-month period to $1,126 in the same period 2017, a 17.0% reduction.

The addition of nine new vessels since September 30, 2016 increased depreciation and dry-docking amortization costs to $102.5 million compared to $81.7 million for the same period of 2016.

Interest and finance costs reached $43.1 million, mainly due to the increased size of fleet relating to the new vessels and to general rate of interest increases, while capitalized interest fell as the newbuilding program approached its end.

"With 9-month profits and an improving fourth quarter, we expect TEN to record another positive year in its 24-year long history," Mr. George Saroglou, Chief Operating Officer of TEN stated. "With 30.0% fleet expansion concluded in the last 18 months and now the whole fleet in full force, TEN is strategically positioned to take advantage of the improving environment and be a prime beneficiary going forward," Mr. Saroglou concluded.

Operating income amounted to $11.3 million, a 6.2% increase over the third quarter of 2016, mainly due to the additional vessels in the fleet. The sustained softness in the spot markets during the summer months, the costs associated with the new deliveries and the bringing forward of three drydockings, in order to secure the vessels availability for the seasonally stronger fourth quarter, led to TEN incurring net losses of $3.4 million.

Market conditions in general remained difficult throughout the third quarter, primarily due to a concentrated period of global vessel deliveries in an otherwise light tanker orderbook, seasonal refinery outages, high oil inventories and to an extent OPEC production cuts. Nevertheless, TEN's fleet operated at 95.5% utilization in the third quarter of 2017, during which TEN operated on average a fleet of 63.7 vessels. With such high utilization rates, underscoring the quality of both vessels and TEN's operational ability together with the benefit of having all fully employed 15 newbuildings contributing to the bottom line unlike prior quarters, the upcoming periods should reflect such positivity. With these 15 vessels expected to increase the Company's revenues by 30.0%, TEN cash build-up and dividend payments will be further solidified.

Revenues, net of voyage expenses (bunker, port expenses and commissions), amounted to $96.9 million, an 18.4% increase from the third quarter of 2016 due mainly to the nine newbuilding vessels delivered to TEN since the end of the 2016 third quarter.

Operating costs per day per vessel declined nearly 2.0% to $7,474 with savings on repair spares, insurance costs, lubricants, sundry expenses and general economies of scale associated to the increase of the fleet.

Vessels on time charter accounted for 70.0% of third quarter 2017 operating days compared to 59% in the 2016 third quarter and generated enough gross revenue to cover virtually all of the voyage, operating, overhead and net financial costs of the whole fleet, including vessels on spot.

EBITDA amounted to $48.0 million in the third quarter of 2017, an 18.4% increase over the 2016 third quarter.

The newbuilding aframax Stavanger TS was delivered in the third quarter and the last vessel in the 15-vessel newbuilding program, the aframax Bergen TS, was delivered in October. These vessels, with their long-term industrial contracts, will provide new sources of revenue in the fourth quarter and beyond, contributing to an expected improvement in overall revenues resulting from the increases in freight rates already being witnessed.

Depreciation and dry-docking amortization costs were approximately $35.9 million, an increase mainly as a result of the new vessels delivered to the fleet during the twelve months prior to September 30, 2017.

Daily overhead costs per vessel fell to $1,085, a 13.1% decrease from the 2016 third quarter.

Although lower from the 2017 second quarter, interest and finance costs amounted to $15.4 million, an increase from the previous 2016 third quarter due to the necessary financing raised for the new vessels and rising global interest rates.

Cash balance as of September 30, 2017 was $225.9 million. With the newbuilding program having now been completed, no new debt is expected to be drawn in the foreseeable future. Therefore, it is expected that debt levels and finance costs will decline further. Net debt to capital at the end of the third quarter was at comfortable 51.5%.

Dividend - Common Shares
The Company will pay a dividend of $0.05 per common share on December 29 2017, to shareholders of record as of December 21, 2017. Inclusive of this distribution, TEN will have distributed $10.61 per share in uninterrupted dividends to its common shareholders since the Company's listing on the NYSE in March 2002.

Since the beginning of 2017, the Company has sold 2,488,717 common shares from Treasury Stock and 24,803 Series D preferred shares.

Operational Highlights
Staring at the end of November 2017, the Company fixed one suezmax and one handymax product tanker for one year and three years respectively, the former with profit sharing provisions, to significant end users. Prior to these charters, both vessels were operating in the spot market. As a result of these contracts and further underlining the Company's strategy to safeguard cash flow generation and visibility, with a footing on the upside, the fleet under secured contracts increased to 78.0% with $1.3 billion in minimum revenues.

Corporate Strategy
With the completion of the largest growth program in TEN's 24-year history, management continues to position the Company to take advantage of healthier markets as the current rate of newbuilding deliveries should be abating over the coming few months. Primary focus has been placed on contracts with profit sharing provisions that, on the one hand, cover vessel expenses while on the other secure a notable participation in market upturns. As a result, the number of days in the 2017 third quarter that vessels operated on such flexible contracts increased by over 72.0% when compared to last year's third quarter. The prevalence of such contracts as well as long charters to solid oil concerns, highlights TEN's emphasis on strengthening the industrial nature of its operations in order to smooth out the inevitable cyclicality of the industry while providing its investors with cash flow visibility, security and upside potential.

Top line aside, management, in close cooperation with the technical managers for the fleet, continue to implement cost effective measures to address all issues arising from vessel operations so to continue creating savings that positively impact the Company's bottom line.

With 30% revenue expansion expected in 2018 just from the full operations of the new vessels and tangible signs of market improvements, TEN remains well positioned to comfortably navigate the upcoming quarters and take advantage of opportunities as they appear.

Conference Call:
As previously announced, today, Thursday, November 30, 2017 at 9:00 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.

Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please quote "Tsakos" to the operator.

A telephonic replay of the conference call will be available until Thursday, December 7, 2017 by dialling 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 90295809#

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.

TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. TEN's fleet consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers.


#   Vessel Name         Type     Dwt       Delivery  Status    LT Contracts
1   Ulysses             VLCC     300,000   May 2016  Delivered Yes
2   Elias Tsakos      Aframax    112,700   June 2016 Delivered Yes
3   Thomas Zafiras    Aframax    112,700   Aug 2016  Delivered Yes
4   Leontios H        Aframax    112,700   Oct 2016  Delivered Yes
5   Parthenon TS      Aframax    112,700   Nov 2016  Delivered Yes
6   Sunray          Panamax LR1  74,200    Aug 2016  Delivered Yes
7   Sunrise         Panamax LR1  74,200    Sep 2016  Delivered Yes
8   Maria Energy        LNG      93,616    Oct 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   Mar 2017  Delivered Yes
12  Sola TS           Aframax    112,700   Apr 2017  Delivered Yes
13  Oslo TS           Aframax    112,700   May 2017  Delivered Yes
14  Stavanger TS      Aframax    112,700   July 2017 Delivered Yes
15  Bergen TS         Aframax    112,700   Oct 2017  Delivered Yes

LT: Long-Term

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.

               Selected Consolidated Financial and Other Data
   (In Thousands of U.S. Dollars, except share, per share and fleet data)

                             Three months ended        Nine months ended
                                September 30              September 30
                                (unaudited)               (unaudited)
                         ------------------------  ------------------------
DATA                         2017         2016         2017         2016
                         -----------  -----------  -----------  -----------

Voyage revenues          $   124,244  $   109,183  $   394,665  $   351,126
                         -----------  -----------  -----------  -----------

Voyage expenses               27,327       27,345       85,531       74,818
Vessel operating
 expenses                     43,380       36,491      127,285      107,587
Depreciation and
 amortization                 35,914       28,639      102,502       81,682
General and
 administrative expenses       6,357        6,095       19,024       18,985
                         -----------  -----------  -----------  -----------
Total expenses               112,978       98,570      334,342      283,072
                         -----------  -----------  -----------  -----------

                         -----------  -----------  -----------  -----------
  Operating income            11,266       10,613       60,323       68,054
                         -----------  -----------  -----------  -----------

Interest and finance
 costs, net                  (15,409)      (9,845)     (43,147)     (25,804)
Interest income                  382          183          813          444
Other, net                       812        1,327          866        1,309
                         -----------  -----------  -----------  -----------
Total other expenses,
 net                         (14,215)      (8,335)     (41,468)     (24,051)
                         -----------  -----------  -----------  -----------
  Net (loss)/income           (2,949)       2,278       18,855       44,003

  Less: Net (income)
   attributable to the
   interest                     (409)        (268)      (1,160)        (154)
                         -----------  -----------  -----------  -----------
Net (loss)/income
 attributable to Tsakos
 Energy Navigation
 Limited                 $    (3,358) $     2,010  $    17,695  $    43,849
                         ===========  ===========  ===========  ===========

Effect of preferred
 dividends                    (6,642)      (3,969)     (17,134)     (11,906)
Net (loss)/income
 attributable to common
 stockholders of Tsakos
 Energy Navigation
 Limited                 $   (10,000) $    (1,959)         561       31,943

Earnings per share,
 basic and diluted       $     (0.12) $     (0.02) $      0.01  $      0.37

                         ===========  ===========  ===========  ===========
Weighted average number
 of common shares, basic
 and diluted              84,698,376   83,781,640   84,319,077   85,302,696
                         ===========  ===========  ===========  ===========

                           September    December
BALANCE SHEET DATA            30           31
                             2017         2016
                         -----------  -----------
Cash                         225,885      197,773
Other assets                 169,998      186,210
Vessels, net               3,026,434    2,677,061
Advances for vessels
 under construction           27,312      216,531
                         -----------  -----------
  Total assets           $ 3,449,629  $ 3,277,575
                         ===========  ===========

Debt, net of deferred
 finance costs             1,811,135    1,753,855
Other liabilities            117,470      106,270
Stockholders' equity       1,521,024    1,417,450
                         -----------  -----------
  Total liabilities and
   stockholders' equity  $ 3,449,629  $ 3,277,575
                         ===========  ===========

                             Three months ended        Nine months ended
OTHER FINANCIAL DATA            September 30              September 30
                             2017         2016         2017         2016
                         -----------  -----------  -----------  -----------
Net cash from operating
 activities              $    28,662  $    44,889  $   139,569  $   138,151
Net cash used in
 investing activities    $   (36,100) $   (95,792) $  (257,320) $  (351,916)
Net cash (used
 in)/provided by
 financing activities    $   (37,217) $    17,026  $   135,727  $   144,139

TCE per ship per day     $    17,430  $    17,608  $    19,141  $    20,773

Operating expenses per
 ship per day            $     7,474  $     7,620  $     7,640  $     7,840
Vessel overhead costs
 per ship per day        $     1,085  $     1,249  $     1,126  $     1,357
                         -----------  -----------  -----------  -----------
                               8,559        8,869        8,766        9,197


Average number of
 vessels during
 period                         63.7         53.1         61.9         51.1
Number of vessels at
 end of period                  64.0         55.0         64.0         55.0
Average age of fleet
 at end of period    Years       7.6          8.1          7.6          8.1
Dwt at end of period
 (in thousands)                7,125        5,896        7,125        5,896

Time charter
 employment - fixed
 rate                 Days     2,258        1,805        6,610        5,124
Time charter
 employment -
 variable rate        Days     1,670          970        4,547        2,617
Period employment
 (coa) at market
 rates                Days       276          224          817          676
Spot voyage
 employment at
 market rates         Days     1,396        1,701        4,307        5,016
                          ----------   ----------   ----------   ----------
  Total operating
   days                        5,600        4,700       16,281       13,433
  Total available
   days                        5,861        4,881       16,896       13,994
  Utilization                  95.5%        96.3%        96.4%        96.0%

The Company reports its financial results in accordance with U.S. generally
accepted accounting principles (GAAP). However, management believes that
certain non-GAAP measures used within the financial community may provide
users of this financial information additional meaningful comparisons
between current results and results in prior operating periods as well as
comparisons between the performance of Shipping Companies. Management also
uses these non-GAAP financial measures in making financial, operating and
planning decisions and in evaluating the Company's performance. We are using
the following Non-GAAP measures:

(i) TCE which represents voyage revenues less voyage expenses divided by the
number of operating days.
(ii) Vessel overhead costs are General & Administrative expenses, which also
include Management fees, Stock compensation expense and Management incentive
(iii) Operating expenses per ship per day which exclude Management fees,
General & Administrative expenses, Stock compensation expense and Management
incentive award.
Non-GAAP financial measures should be viewed in addition to and not as an
alternative for, the Company's reported results prepared in accordance with

The Company does not incur corporation tax.

For further information please contact:
Tsakos Energy Navigation Ltd.
George Saroglou
+30210 94 07 710

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

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