Page 1

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 THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30 , 2021 Positive cash - flow despite weak freight market and increased dry - dockings $ 500 million in minimum revenues from recent long - term charters New LNG vessel with market - related employment rate to be delivered in January 2022 Initiation of dual - fuel fleet expansion with long - term charters to oil majors Drastic debt and opex reduction Strong product and LNG market recovery Athens , Greece - December 16 , 2021 - TEN , Ltd ( TEN ) ( NYSE : TNP ) ( the " Company " ) today reported results ( unaudited ) for the third quarter and nine months ended September 30 , 2021 . Press Release December 16 , 2021 Q3 2021 SUMMARY RESULTS In what has been described as one of the worst tanker market in 30 years , TEN generated positive cash flow and adjusted EBIDTA of $ 19.5 million for the third quarter . Voyage revenues totaled $ 131.6 million with utilization at about 90 % , as nine vessel surveys were brought forward and took place during the 2021 third quarter . Non - cash items of $ 36.4 million , contributed to a third quarter net loss of $ 25.0 million . Total operating expenses , due to stringent controls , fell by 9 % . This led to a daily opex per vessel dropping by about $ 600 to $ 7,332 . DB1 / 124748560.1 The drastic reduction of $ 115.0 million of our total debt since the end of 2020 , positive bunker hedge valuations , cash gains and decreases in interest margins on certain loans that were refinanced at attractive terms , resulted in lowering finance costs by 40 % , to $ 8.2 million . Visit our company website at : http://www.tenn.gr 1