TEN, Ltd Announces the Delivery and Long-Term Charter of Panamax Product Tanker "Sunrise"

ATHENS, GREECE--(Marketwired - Sep 28, 2016) -  TEN Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery of its second 74,200 dwt Panamax product tanker "Sunrise" from South Korea which will immediately enter a five year contract with profit sharing and extension options to a European oil major that could generate gross revenues of $40.0 million. The Sunrise becomes the fifth in a 15-vessel growth program to be delivered since June 2016. With 13 of the 15 vessels already on long-term contracts, the fleet's secured days for the remainder of 2016, to date, increase to 60% and 54% for 2017. Following this latest addition, the charter duration of the fleet under secured employment average 2.7 years with gross revenues of $1.5 billion. 

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 one VLCC, one LNG carrier, eight Aframax tankers and a Suezmax DP2 shuttle tanker all under construction, 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. All of TEN's tanker newbuildings except the one remaining VLCC Hercules and the LNG carrier Maria Energy are fixed on long-term project businesses.

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.

VESSELS UNDER CONSTRUCTION