GlobeNewswire Inc | Jun 29, 2021 08:30AM EDT

June 29, 2021

$140 million in revenues and positive operating income in a challenging market

Continuous dividend payments and reduction of debt

Accretive charters of all three LNGs

Tight cost controls led to decrease in operating expenses

TEN would like to offer its sincere gratitude to the Command and Officers of the US Coast Guard, for their successful efforts to rescue one of our seafarers from serious illness under difficult circumstances. Events like this make us all proud to belong to the international shipping community, of which the US Coast Guard leads by example.

ATHENS, Greece, June 29, 2021 (GLOBE NEWSWIRE) -- TEN, Ltd (TEN) (NYSE: TNP) (the Company) today reported results (unaudited) for the quarter ended March 31, 2021.

Q1 2021 SUMMARY RESULTSIn the first quarter of 2021, under the challenging backdrop of the pandemic that affected tanker rates, TEN generated gross revenues of about $140 million and operating income of $2.2 million.

Management took advantage of this low-rate period to bring forward a number of scheduled dry-dockings in order to have a bigger pool of vessels available to achieve higher rates once markets rebound. As a result, TEN incurred modest net losses of $4.8 million in this challenging market.

During this time, revenue generated from time-charter contracts was again sufficient to cover the Companys cash expenses (opex, overheads, charter-in and loan interest), a cornerstone of TENs chartering strategy.

Fleet utilization at a healthy 92% despite the heavy dry-docking schedule in the first quarter of 2021.

The daily average TCE per vessel was $18,121 during the 2021 first quarter, comfortably above our fleet daily average breakeven and comparing favorably to market rates.Adjusted EBITDA for the first quarter of 2021 amounted to $37.3 million.

Thanks to tight controls, average vessel daily operating expenses fell by 6% to $7,426 from $7,886, despite dry-docking expenses and costs related to travel difficulties incurred by crew due to Covid related restrictions, and the weakening US dollar.

Interest and finance costs were reduced as a result of debt reduction and lower margins on new loans or existing loans that were refinanced at more attractive rates and a $5 million positive move in bunker hedge valuations.

General and administrative expenses together with management fees were almost unchanged from the 2020 first quarter.

Depreciation and amortization combined remained at approximately $35.0 million.

By the end of the first quarter of 2021, TENs net debt to capital was at 50%.

RECENT EVENTS AND OTHERIn the first half of 2021, TEN successfully chartered all three of its LNG carriers to significant gas concerns with a duration ranging from twelve months to five years. The new charters will result to an additional $50 million in minimum annual revenues.

In May and June 2021, the Company sold three of its vessels, a 2003-built panamax product tanker and two 2005-built suezmaxes, and generated free cash, in excess of $20.5 million, after the repayment of related debt amounting to $32.3 million.

The Companys fleet renewal program continues to be on target, regardless of the obstacles imposed by Covid-19 with our LNG TENERGY and DP2 shuttle tanker PORTO, to be delivered by South Korean yards.

DIVIDEND COMMON SHARESThe Company will pay a dividend of $0.10 per common share on July 20, 2021, to shareholders of record as of July 14, 2021. Inclusive of this payment, TEN has paid common shareholders approximately half a billion dollars in dividends, equating to about $26 million per annum since its listing on the NYSE in 2002.

The Companys ATM program for preferred and common shares has netted $18.5 million.

CORPORATE STRATEGY

The Company remains committed and at the forefront of structural, technical and environmental changes that our industry is facing, similar to actions taken following the OPA90 legislation, management is closely monitoring the changes of vessel hull and combustion through our Environment and Operations Committee and in close co-operation with our top clients. As TEN has proved over the recent past, fleet renewal remains high on its agenda.

In the meantime, the company is well positioned for the expected upturn in tanker market rates. The preservation of healthy cash reserves and debt reduction will be the principal drivers in safeguarding the Companys balance sheet going forward.

TEN is preparing itself for the rebound, expected to be similar to the one in the container and dry cargo markets. In the meantime, management is planning accretive long-term moves that will propel the Company into a new phase of development Mr. George Saroglou, COO of TEN commented.

CONFERENCE CALLToday, Tuesday, June 29, 2021 at 10:00 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.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 877 55 39962 (US Toll Free Dial In), 0808 2380 669 (UK Toll Free Dial In) or +44 (0)2071 928592 (Standard International Dial In). Please quote "Tsakos" to the operator.

To listen to the archived audio file, visit our website www.tenn.gr and click on Corporate Presentations under our Investors Relations page. The audio replay of the conference call will remain available until Tuesday, July 6, 2021.

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.

ABOUT TEN

TEN, founded in 1993 and celebrating this year 28 years as a public company, is one of the first and most established public shipping companies in the world. TENs diversified energy fleet currently consists of 68 double-hull vessels, including one LNG carrier and one suezmax DP2 shuttle tanker under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.5 million dwt.

TENs GROWTH PROGRAM

# Name Type Delivery Status Employment1 TENERGY LNG 2021 Under Construction Yes2 PORTO DP2 Shuttle 2022 Under Construction Yes

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:

CompanyTsakos Energy Navigation Ltd. George SaroglouCOO+30210 94 07 710gsaroglou@tenn.gr

Investor Relations / MediaCapital Link, Inc. Nicolas Bornozis Markella Kara+212 661 7566ten@capitallink.com

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIESSelected Consolidated Financial and Other Data(In Thousands of U.S. Dollars, except share, per share and fleet data) Three months ended March 31 (unaudited)STATEMENT OF OPERATIONS DATA 2021 2020 Voyage revenues $ 139,013 $ 178,899 Voyage expenses 47,298 32,711 Charter hire expense 6,118 5,140 Vessel operating expenses 41,483 45,488 Depreciation and amortization 35,052 34,828 General and administrative expenses 6,844 7,603 Gain on sale of vessels - (1,638 )Total expenses 136,795 124,132 Operating income 2,218 54,767 Interest and finance costs, net (7,043 ) (33,593 )Interest income 127 391 Other, net (113 ) 408 Total other expenses, net (7,029 ) (32,794 )Net income (loss) (4,811 ) 21,973 Less: Net income attributable to the (11 ) (752 )noncontrolling interestNet income (loss) attributable to Tsakos $ (4,822 ) $ 21,221 Energy Navigation Limited Effect of preferred dividends (8,095 ) (10,207 )Deemed dividend on Series G convertible (1,714 ) - preferred sharesNet income (loss) attributable to commonstockholders of Tsakos Energy Navigation $ (14,631 ) $ 11,014 Limited, basicNet income (loss) attributable to commonstockholders of Tsakos Energy Navigation $ (14,631 ) $ 12,017 Limited, diluted Earnings (Loss) per share, basic $ (0.80 ) $ 0.58 Earnings (Loss) per share, diluted $ (0.80 ) $ 0.58 Weighted average number of common shares, 18,203,282 19,122,761 basicWeighted average number of common shares, 18,203,282 20,867,193 diluted BALANCE SHEET DATA March31 December31 2021 2020Cash 126,898 171,771 Other assets 279,441 276,362 Vessels, net 2,584,485 2,615,112 Advances for vessels under construction 68,101 49,030 Total assets $ 3,058,925 $ 3,112,275 Debt, net of deferred finance costs 1,472,259 1,500,357 Other liabilities 210,191 230,100 Stockholders' equity 1,376,475 1,381,818 Total liabilities and stockholders' $ 3,058,925 $ 3,112,275 equity Three months endedOTHER FINANCIAL DATA March 31 2021 2020Net cash from operating activities $ 12,425 $ 57,453 Net cash (used in) from investing $ (19,988 ) $ 22,546 activitiesNet cash used in financing activities $ (37,309 ) $ (56,918 ) TCE per ship per day $ 18,121 $ 26,629 Operating expenses per ship per day $ 7,426 $ 7,886 Vessel overhead costs per ship per day $ 1,152 $ 1,279 8,578 9,165 FLEET DATA Average number of vessels during period 66.0 65.3 Number of vessels at end of period 66.0 65.0 Average age of fleet at end of period Years 9.5 9.0 Dwt at end of period (in thousands) 7,277 6,998 Time charter employment - fixed rate Days 1,967 2,511 Time charter employment - variable rate Days 1,080 1,735 Period employment pool/(coa) at market Days 106 89 ratesSpot voyage employment at market rates Days 2,287 1,421 Total operating days 5,440 5,756 Total available days 5,940 5,943 Utilization 91.6% 96.9% Non-GAAP MeasuresReconciliation of Net income (loss) to Adjusted EBITDA Three months ended March 31 2021 2020 Net income (loss) attributable to Tsakos (4,822 ) 21,221 Energy Navigation LimitedDepreciation and amortization 35,052 34,828 Interest Expense 7,043 33,593 Gain on sale of vessels - (1,638 )Adjusted EBITDA $ 37,273 $ 88,004 The Company reports its financial results in accordance with U.S. generallyaccepted accounting principles (GAAP). However, management believes thatcertain non-GAAP measures used within the financial community may provide usersof this financial information additional meaningful comparisons between currentresults and results in prior operating periods as well as comparisons betweenthe performance of Shipping Companies. Management also uses these non-GAAPfinancial measures in making financial, operating and planning decisions and inevaluating the Company?s performance. We are using the following Non-GAAPmeasures:

(i) TCE which represents voyage revenue less voyage expenses is divided by thenumber of operating days less 180 days lost for the first quarter of 2021 as aresult of calculating revenue on a loading to discharge basis, compared to 200days lost for the first quarter of 2020.

(ii) Vessel overhead costs are General & Administrative expenses, which alsoinclude Management fees, Stock compensation expense and Management incentiveaward.

(iii) Operating expenses per ship per day which exclude Management fees,General & Administrative expenses, Stock compensation expense and Managementincentive award.

(iv) EBITDA. See above for reconciliation to net income (loss).

Non-GAAP financial measures should be viewed in addition to and not as analternative for, the Company?s reported results prepared in accordance withGAAP.

The Company does not incur corporation tax.