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TEN , Ltd. 367 Syngrou Avenue , 175 64 P. Faliro , Hellas Tel : 30210 94 07 710-3 , Fax : 30210 94 07 716 , e - mail : ten @ tenn.gr Website : http://www.tenn.gr TEN LTD REPORTS RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30 , 2021 Initiation of dual - fuel newbuilding program for up to six tankers chartered to a major oil concern Press Release October 7 , 2021 Timely completion of four - vessel newbuilding program chartered to a US oil major Half - year revenues of $ 275 million despite challenging market $ 87 million further net debt reduction in first six months Total opex decrease irrespective of larger fleet and dry - dockings Strong cash reserves of $ 140 million Athens , Greece - October 7 , 2021 -TEN , Ltd ( TEN ) ( NYSE : TNP ) ( the " Company " ) today reported results ( unaudited ) for the six months and second quarter ended June 30 , 2021 . SIX MONTHS 2021 SUMMARY RESULTS During the first half of 2021 TEN continued its countercyclical growth strategy , taking advantage of the weak markets created by the pandemic . In addition , and as a result of its balanced strategy with 60 % of vessels under secured employment , TEN weathered the impact of market pressures and managed to contain its net loss to $ 18.7 million , before a non - cash loss of $ 5.8 million on the sale of three vessels . DB1 / 124748560.1 The sale related to the disposal of two suezmax crude tankers , a transaction that generated $ 44.7 million in proceeds and released $ 16.6 million of cash after related loan prepayments . In addition , a product carrier was transferred in May to our joint venture partners that released a further $ 4.4 million . Despite the prolonged weak market , gross revenues in the first half of 2021 amounted to $ 275.4 million and the daily time charter equivalent rate per vessel , for the same period , averaged $ 17,701 . An overall positive rate , in most cases well above market spot rates per vessel category during this period , highlighting the contribution of our time charters in weak markets . Visit our company website at : http://www.tenn.gr 1