Dynamic Fleet Growth on Track
Five New-Technology Panamaxes on Order
Tanker Market Fundamentals Remain Strong
ATHENS, Greece, Sept. 28, 2026 (GLOBE NEWSWIRE) -- TEN, Ltd. (NYSE: TEN) (the "Company") today reported the sale of the oldest vessel in its fleet, the 2003 Japanese-built Panamax tanker Andes, to independent third parties. The sale generated approximately $13.0 million of free cash and registered a $4.6 million capital gain, to be recorded in the third quarter of 2026.
"The Company has embarked on a significant fleet growth program, as reflected in its 26-vessel orderbook, of which seven vessels have already been delivered. Particular emphasis has been placed on the flexible Panamax segment through the construction of five units," Mr. George Saroglou, President of TEN commented. "Looking ahead, we will continue to evaluate sale and purchase opportunities while remaining committed to maintaining fleet modernity and operational flexibility that have allowed TEN to thrive through market cycles over the decades," Mr. Saroglou concluded.
TEN's CURRENT NEWBUILDING PROGRAM
| - | Name | Type | Delivery (exp) | Status | Employment |
| CONVENTIONAL TANKERS | |||||
| 1 | DR IRENE TSAKOS | Suezmax - Scrubber Fitted | Q2 2025 | DELIVERED | Yes |
| 2 | SILIA T | Suezmax - Scrubber Fitted | Q4 2025 | DELIVERED | Yes |
| 3 | DELOS T | MR - Scrubber Fitted | Q1 2026 | DELIVERED | Yes |
| 4 | DION | MR - Scrubber Fitted | Q1 2026 | DELIVERED | Yes |
| 5 | AMAZONA | Panamax LR1 - Scrubber Fitted | Q2 2027 | Under Construction | TBA |
| 6 | MAYA | Panamax LR1 - Scrubber Fitted | Q3 2027 | Under Construction | TBA |
| 7 | INCA | Panamax LR1 - Scrubber Fitted | Q4 2027 | Under Construction | TBA |
| 8 | CHAIRMAN DJS | VLCC - Scrubber Fitted | Q4 2027 | Under Construction | TBA |
| 9 | TBN | VLCC - Scrubber Fitted | Q1 2028 | Under Construction | TBA |
| 10 | TBN | VLCC - Scrubber Fitted | Q2 2028 | Under Construction | TBA |
| 11 | AZTEC | Panamax LR1 - Scrubber Fitted | Q3 2028 | Under Construction | TBA |
| 12 | ANDES | Panamax LR1 - Scrubber Fitted | Q3 2028 | Under Construction | TBA |
| SHUTTLE TANKERS | |||||
| 13 | ATHENS 04 | DP2 Shuttle Tanker | Q2 2025 | DELIVERED | Yes |
| 14 | PARIS 24 | DP2 Shuttle Tanker | Q3 2025 | DELIVERED | Yes |
| 15 | ANFIELD DP | DP2 Shuttle Tanker | Q3 2026 | DELIVERED | Yes |
| 16 | ARIANO SUASSUNA DP | DP2 Shuttle Tanker | Q3 2027 | Under Construction | Yes |
| 17 | ELZA SOARES DP | DP2 Shuttle Tanker | Q4 2027 | Under Construction | Yes |
| 18 | MARIA FIRMINA DP | DP2 Shuttle Tanker | Q1 2028 | Under Construction | Yes |
| 19 | CAROLINA DE JESUS DP | DP2 Shuttle Tanker | Q2 2028 | Under Construction | Yes |
| 20 | DR SOCRATES DP | DP2 Shuttle Tanker | Q3 2028 | Under Construction | Yes |
| 21 | MARACANA DP | DP2 Shuttle Tanker | Q3 2028 | Under Construction | Yes |
| 22 | CORINTHIANS DP | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes |
| 23 | IPANEMAS DP | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes |
| 24 | COPA DP | DP2 Shuttle Tanker | Q4 2028 | Under Construction | Yes |
| LNG CARRIERS | |||||
| 25 | NY ENERGY 26 | LNG Carrier | Q3 2028 | Under Construction | TBA |
| 26 | TBN | LNG Carrier | Q1 2029 | Under Construction | TBA |
ABOUT TEN LTD.
Founded in Bermuda in 1993 and celebrating 33 years as a public company, 24 of which on the NYSE, TEN is one of the first and most established public shipping companies in the world. TEN's diversified pro-forma energy fleet currently consists of 80 vessels, totaling approx. 10.4 million dwt.
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:
Tsakos Energy Navigation Ltd.
George Saroglou
President & COO
+30210 94 07 710
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis/ Markella Kara
+212 661 7566
ten@capitallink.com
