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TEN, Ltd. Q2 & 6mo 2026 Earnings Presentation September 10, 2026
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This presentation may contain forward-looking statements that are not based on historical facts, including without limitation, statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include those risks described from time to time in Tsakos Energy Navigation Ltd’s (TEN) filings with the Securities and Exchange Commission, including, without limitation, the risks described in TEN’s most recent Annual Report on Form 20-F on file with the Securities and Exchange Commission. These factors should be considered carefully, and you are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date of this presentation, and TEN undertakes no duty to update this information. 2
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0 2 4 6 8 10 12 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CAGR: 12.8% Million (dwt) Far East Crisis 9/11 Crisis Credit Crisis Crisis-Resistant Growth Model Spanning Four Decades _______________________________________________________________ 3 Covid Crisis Ukraine War ME CrisisOPA 90
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Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth Conventional _______________________________________________________________ 4 As at Sep. 8, 2026: Fixed TC / TC w/Profit Share / Spot 1) Sale & Leaseback 2) 51% owned NBs Dwt Built Yard Hull Ice Class/Other Dwt Built Yard Hull Ice Class/Other 1 Dias I 299,999 2020 South Korea DH Scrubber Fitted 36 Ithaki DF 114,598 2024 South Korea DH LNG Powered 2 Hercules 299,011 2017 South Korea DH Scrubber Fitted 37 Chios DF 114,598 2024 South Korea DH LNG Powered 3 Chairman DJS 320,000 2028 South Korea DH Scrubber Fitted 38 Ran DF 114,575 2023 South Korea DH LNG Powered 4 NB TBN 320,000 2028 South Korea DH Scrubber Fitted 39 Njord DF 114,545 2023 South Korea DH LNG Powered 5 NB TBN 320,000 2027 South Korea DH Scrubber Fitted 40 DF Montmartre 109,999 2023 PRC DH LNG Powered 6 Silia T 156,833 2025 South Korea DH Scrubber Fitted 41 DF Mystras 109,999 2023 PRC DH LNG Powered 7 Artemis Voyager 157,400 2020 South Korea DH Scrubber Fitted 42 Propontis 117,055 2006 South Korea DH 1A 8 Apollo Voyager 157,135 2020 South Korea DH Scrubber Fitted 43 Promitheas 117,055 2006 South Korea DH 1A 9 Spyros K 157,648 2011 South Korea DH 44 Sunrise 74,043 2016 South Korea DH 10 Dr Irene Tsakos 156,838 2025 South Korea DH Scrubber Fitted 45 Selini (2) 74,296 2009 South Korea DH 11 Popi Sazaklis 157,611 2018 South Korea DH Super Eco 46 Salamina (2) 74,251 2009 South Korea DH 12 Eurovision 157,803 2013 South Korea DH 47 World Harmony 74,200 2009 South Korea DH 13 Euro 157,539 2012 South Korea DH 48 Andes 68,439 2003 Japan DH 14 Dimitris P 157,740 2011 South Korea DH 49 Chantal 74,329 2009 South Korea DH 15 Antarctic 163,216 2007 South Korea DH 1A 50 Sunray 74,039 2016 South Korea DH 16 Arctic 163,216 2007 South Korea DH 1A 51 Selecao 74,296 2008 South Korea DH 17 Decathlon 158,475 2012 South Korea DH 52 Socrates 74,327 2008 South Korea DH 18 Caribbean Voyager 115,166 2020 South Korea DH Scrubber Fitted 53 Amazona 73,500 2028 PRC DH Scrubber Fitted 19 Mediterranean Voyager 115,166 2019 South Korea DH Scrubber Fitted 54 NB TBN 73,500 2028 PRC DH Scrubber Fitted 20 Bergen TS 113,039 2017 South Korea DH 1B 55 NB TBN 73,500 2027 PRC DH Scrubber Fitted 21 Sola TS 112,939 2017 South Korea DH 1B 56 NB TBN 73,500 2027 PRC DH Scrubber Fitted 22 Oslo TS 112,949 2017 South Korea DH 1B 57 NB TBN 74,650 2027 PRC DH Scrubber Fitted 23 Stavanger TS 113,004 2017 South Korea DH 1B 58 Delos T 50,479 2026 PRC DH Scrubber Fitted 24 Marathon TS 113,651 2017 South Korea DH 59 Dion 50,396 2026 PRC DH Scrubber Fitted 25 Parthenon TS 113,544 2016 South Korea DH 60 Byzantion (2) 39,589 2007 South Korea DH 1B 26 Leontios H 113,612 2016 South Korea DH 61 Bosporos (2) 39,589 2007 South Korea DH 1B 27 Thomas Zafiras 113,691 2016 South Korea DH 28 Elias Tsakos 113,737 2016 South Korea DH 29 Uraga Princess 105,344 2010 Japan DH 30 Asahi Princess 105,372 2009 Japan DH 31 Aspen 112,460 2019 South Korea DH Scrubber Fitted / 1A 32 Alpes 112,505 2018 South Korea DH Scrubber Fitted / 1A 33 Sapporo Princess 105,354 2010 Japan DH 34 Maria Princess 105,346 2008 Japan DH 35 Sakura Princess (1) 105,365 2007 Japan DH SUEZMAXAFRAMAX VLCC HND LR2 AFRAMAX DFPANAMAX LR1MR
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Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth Specialized _______________________________________________________________ 23 out of 62 Vessels in the Water or 37% with Market Exposure (Spot + TC P/S) 52 out of 62 Vessels in the Water or 84% in Secured Revenue Contracts (TC + TC P/S) 5 1) Sale & Leaseback 2) 51% owned NBs As at Sep. 8, 2026: Fixed TC / TC w/Profit Share / Spot Dwt Built Yard Hull Ice Class/Other 1 Maria Energy 93,301 2016 South Korea DH 174,000m3 2 Tenergy (1) 93,650 2022 South Korea DH 174,000m3 3 NY Knicks 81,755 2028 South Korea DH 174,000m3 4 NB TBN 81,755 2029 South Korea DH 174,000m3 5 Paris 24 154,350 2025 South Korea DH DP2 6 Athens 04 154,350 2025 South Korea DH DP2 7 Porto 154,847 2022 South Korea DH DP2 8 Lisboa 155,723 2017 South Korea DH DP2 9 Rio 2016 155,709 2013 South Korea DH DP2 10 Brasil 2014 DP 155,721 2013 South Korea DH DP2 11 Anfield DP 154,850 2026 South Korea DH DP2 12 Ariano Suassuna DP 154,650 2027 South Korea DH DP2 13 Elza Soares DP 154,650 2027 South Korea DH DP2 14 Maria Firmina DP 154,650 2028 South Korea DH DP2 15 Carolina De Jesus DP 154,650 2028 South Korea DH DP2 16 Ipanemas DP 154,650 2028 South Korea DH DP2 17 Maracana DP 154,650 2028 South Korea DH DP2 18 Corinthians DP 154,650 2028 South Korea DH DP2 19 Dr Socrates DP 154,650 2028 South Korea DH DP2 20 NB TBN 154,650 2028 South Korea DH DP2 SHUTTLE TANKERS LNG
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Long - Term, Blue - Chip, Customer Base Consisting of Major Global Energy Concerns Transporter of Choice for Major Energy Companies – ExxonMobil TEN’s Largest Charterer… http://merchantmarinepilots.com/wp-content/uploads/2013/12/flopec.jpg Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth _______________________________________________________________ 6 …followed by Equinor, Shell, Chevron, TotalEnergies & BP – Av. Clients P/E: 10.0x
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$0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 $300,000,000 $350,000,000 $400,000,000 $450,000,000 $500,000,000 Expenses Time Charter Note: Spot net of Voyage Expenses (including EUAs) Expenses = Opex +Finance Expenses+ Commissions + Overheads + Charter Hire – Interest Income Every $1,000pd Increase in Spot Rates has a Positive $0.11 Impact in Annual EPS (Based on Current Vessels in Spot Contracts Only and June 30, 2026 Common Shares Outstanding) Spot Timely Acquisitions - Efficient Vessel Management 2026 6mo B/E rates (B/E after OpEx, G&A, Int. and Depreciation) _______________________________________________________________ 7 EUAs2026 6mo VLCC $24,374 SUEZMAX $25,146 AFRAMAX $21,730 AFRAMAX LR2 $23,338 PANAMAX LR1 $18,171 MR $18,687 HANDYSIZE $13,011 LNG $65,168 DP2 SHUTTLE $40,218
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Managing Bank Debt an Integral Part of Strategy _______________________________________________________________ 8 NOTE: Total debt balances include deferred charges and exclude a financial lease obligation of $136.4 million (after deferred finance costs) 1.753 1.751 1.595 1.534 1.5 1.373 1.41 1.404 1.597 1.78 1.966 52.5% 50.9% 47.9% 47.8% 49.2% 49.3% 45.6% 42.0% 44.9% 46.7% 44.5% 0.00 0.50 1.00 1.50 2.00 2.50 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 6mo Bank Debt (in USD bil.) Net Debt-to-Cap
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Divestments • 20 vessels Sold – 1 x VLCC – 1 x LNG Carrier – 5 x Suezmax – 3 x Aframax – 6 x MR Product – 4 x Handy Product Average Age: 17.3 years Total DWT: 2.0 million Growth • 35 vessels Contracted/Acquired – 2 x NB LNG Carriers – 12 x NB DP2 Shuttles (3x Delivered) – 3 x NB VLCC – 2 x NB Suezmax (Delivered) – 5 x NB LR1 Panamax – 2 x NB MR Product (Delivered) – 4 x NB DF LR2 (Delivered) – 2 x DF LR2 (Delivered) – 2 x Aframax (Delivered) – 1 x Suezmax (Delivered) Average Age: 0.5 years Total DWT: 4.8 million Fleet Renewal and Greenship Growth _______________________________________________________________ Since 1/1/2023: 9
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10 Solid Historical Performance – Healthy Liquidity _______________________________________________________________ 2013201220112010200920082007200620052004Expressed in million USD 47.547.947.846.146.644.141.733.826.127.3Av. Number of Vessels $418$394$395$408$445$623$501$428$296$318Total Revenues $(9.2)$(33.8)$(55.1)$3.2$42.6$168.4$114.2$158.4$127.3$129.7Net Income / (Loss) $132$115$109$183$195$377$345$303$215$198Adj. EBITDA $173$162$183$284$304$321$189$179$146$117Cash & Cash equivalents $2,173$2,088$2,236$2,262$2,131$2,155$1,928$1,459$711$636Vessels’ net book value 55%58%59%56%57%57%59%56%32%32%Net Debt/Cap 2023 2022 2021 202020192018 2017 201620152014Expressed in million USD 59.565.565.465.064.264.362.552.649.249.0Av. Number of Vessels $890$860$546$644$597$530$529$482$588$501Total Revenues $327$204$(59.2)$59.2$42.7$(32.9)$20.4$55.7$156.2$33.5Net Income / (Loss) $490$396$115$267$257$191$216$205$292$179Adj. EBITDA $377$309$127$172$198$220$203$198$305$214Cash & Cash equivalents $2,600$2,580$2,402$2,615$2,633$2,829$3,028$2,677$2,053$2,199Vessels’ net book value 42%46%49%48%48%48%51%53%44%51%Net Debt/Cap 2026 6mo2025 2024Expressed in million USD 63.561.861.8Av. Number of Vessels $551$800$804Total Revenues $228$161$176Net Income / (Loss) $324$416$400Adj. EBITDA $466$298$348Cash & Cash equivalents $3,155$3,156$2,919Vessels’ net book value 45%47%45%Net Debt/Cap
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0 10 20 30 40 50 60 70 80 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Dividends (calendar year) ❑ Common Stock Dividend Continuity – Management aims on semi-annual dividend distributions ❑ 2026 total dividends of $1.50 per common share ($0.50 in February 2026 and $1.00 in July 2026) vs. $1.10 for calendar 2025 – A 36% increase ❑ TEN has always paid a dividend reflective of market irrespective of cyclicality; over $1.0 billion by the end of 2026 in both preferred and common stock dividend payments ❑ $652 million in common stock dividend payments since 2002 NYSE listing averaging approximately $26 million per year NOTE: Total annual dividend payments in million USD 11 Healthy Dividends Through Market Cyclicality and Growth _______________________________________________________________
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22 9 9 7 4 1 0 5 10 15 20 25 BARRELS OF OIL PER CAPITA PER ANNUM (Based on 2025 consumption and population) United States Japan Europe Thailand China (incl. HK) India Source: International Energy Agency, Oil Market Report, IMF & Clarkson Shipping Intelligence Network Oil Price vs . Global Oil Demand (in mbpd) ❑ Strong potential of China and India with a combined population of 2.9 billion in a world of 8.2 billion. Their per capita oil consumption is at extremely low levels and have already embarked on an aggressive industrialization program ❑ If China reaches the same levels of consumption as Thailand, Chinese oil demand would rise to 18mbpd ❑ China and India will continue to play a significant role in global oil demand as urbanization continuous ❑The effect of the war in the Middle East and the ongoing closure of the Strait of Hormuz resulted in elevated crude and product prices that weigh on global oil demand. According to the IEA, demand contraction will be more pronounced in the 2Q26 (down 4.9 mbpd from the previous quarter) before returning to growth in the 4Q26. On average, global oil demand is forecasted to decline by about 1.6 mbpd in 2026 before projections to return to growth by 2.4 mbpd in 2027. ❑ The IMF forecasts global GDP growth will slow to 3.0% in 2026 before recovering to 3.4% in 2027, falling just short of the 3.5% average from 2024–25. While the Middle East conflict is dragging down energy and commodity markets, booming demand for AI and advanced technologies continues to cushion the global economy. ❑The ongoing war in Ukraine and Iran, wider geopolitical tensions in the Middle East and the recurrence of safe transits in the Red Sea have assisted in the global redrawing of trade routes leading to an increase in oil tanker voyages – Positive for ton-mile demand Global Oil Demand Remains Healthy Despite Geopolitical Challenges _______________________________________________________________ 12 85.0 87.0 86.3 85.5 88.4 89.0 90.1 91.9 92.9 95.0 96.4 97.9 99.3 100.5 91.5 97.6 99.7 101.9 103.1 102.9 103.0 $65 $72 $99 $61 $80 $111 $112 $109 $99 $54 $45 $55 $71 $64 $43 $71 $100 $82 $80 $68 $88 $0 $20 $40 $60 $80 $100 $120 0 20 40 60 80 100 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD Oil Demand Oil Price (Brent)
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Current Fleet Current Fleet over 15yrs Current O/B 2026 Remaining 2027 Deliveries 2028 Deliveries VLCC 928 416 302 13 67 222 Suezmax 719 300 209 17 55 137 Aframax 1255 612 241 32 83 126 Panamax 467 329 62 11 28 23 Handy/MRs 2336 1232 326 61 107 158 0 300 600 900 1,200 1,500 1,800 2,100 2,400 2,700 3,000 3,300 3,600 3,900 4,200 4,500 4,800 5,100 5,400 5,700 WORLD FLEET ORDERBOOK - DELIVERY SCHEDULE ❑ Total NB Orderbook of 1,140 tankers to join the fleet over the next three years vs. 2,889 vessels (over 25,000dwt) aged over 15 years, in a global tanker fleet of 5,705 vessels (over 25,000dwt), that are expected to depart the global fleet in the same timeframe (This does NOT include 944 vessels (over 25,000dwt) in the 10-14year age bracket most of which will be around the 15-year age mark by 2027-29) ❑ World Fleet over 20 years: 23.0% ❑ World Fleet over 15 years: 50.6% (2.5x World Fleet Orderbook) ❑ World Fleet Orderbook: 19.9% (in August 2026) Number of Ships Source: Clarkson Research Studies, Oil & Tanker Trades Outlook - August 2026 Newbuilding Orderbook vs. Fleet Over 15 Years Old _______________________________________________________________ 13 11.8% 29.8% 58.4%
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❑ Scrapping activity picking-up as scrap prices continue to be elevated BUT… ✓ Upcoming regulations and ongoing debate for alternative fuels should lead to further increases in scrapping ✓ Older vessels are getting out of favor for long-term business resulting in a pickup in scrapping activity ✓ Market sources suggest that anywhere between 900 and 1,500 vessels, primarily over 15 years of age, are engaged in Shadow Fleet operations (transportation of sanctioned oil) – This is approximately 16-26% of the total tanker fleet ❑ In 2018 171 vessels were scrapped of 20.1m dwt ❑ In 2019 49 vessel were scrapped of 3.4m dwt ❑ In 2020 48 vessels were scrapped of 3.5m dwt ❑ In 2021 181 vessels have been scrapped of 14.2m dwt ❑ In 2022 70 vessels have been scrapped of 5.5m dwt ❑ In 2023 15 vessels have been scrapped of 0.8m dwt ❑ In 2024 15 vessels have been scrapped of 1.8m dwt ❑ In 2025 53 vessels have been scrapped of 4.2m dwt ❑ In 2026 (up to August) 44 vessels have been scrapped of 3.6m dwt Scrapping Activity Picking Up _______________________________________________________________ 14 Source: Clarkson Research Studies, Oil & Tanker Trades Outlook - August 2026 0 50 100 150 200 250 300 350 400 450 500 Jun-2015 Dec-2015 Jun-2016 Dec-2016 Jun-2017 Dec-2017 Jun-2018 Dec-2018 Jun-2019 Dec-2019 Jun-2020 Dec-2020 Jun-2021 Dec-2021 Jun-2022 Dec-2022 Jun-2023 Dec-2023 Jun-2024 Dec-2024 Jun-2025 Dec-2025 Jun-2026 $/Ldt vs. 6mo average 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 0 5 10 15 20 25 30 35 Jan-2009 Jul-2009 Jan-2010 Jul-2010 Jan-2011 Jul-2011 Jan-2012 Jul-2012 Jan-2013 Jul-2013 Jan-2014 Jul-2014 Jan-2015 Jul-2015 Jan-2016 Jul-2016 Jan-2017 Jul-2017 Jan-2018 Jul-2018 Jan-2019 Jul-2019 Jan-2020 Jul-2020 Jan-2021 Jul-2021 Jan-2022 Jul-2022 Jan-2023 Jul-2023 Jan-2024 Jul-2024 Jan-2025 Jul-2025 Jan-2026 Jul-2026 # of Ships Mill. Dwt
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15 Financial Highlights _______________________________________________________________ STATEMENT OF OPERATIONS DATA 2026 2025 2026 2025 Voyage revenues $ 298,405 $ 193,309 $ 551,367 $ 390,360 Voyage expenses 52,126 31,917 81,972 67,980 Charter hire expense 2,646 3,321 6,032 6,603 Vessel operating expenses 57,690 52,704 110,954 102,310 Depreciation and amortization 46,295 42,089 90,443 83,220 General and administrative expenses 14,792 13,237 27,236 23,143 Gain on sale of vessels (37,870) - (37,870) (3,553) Total expenses 135,679 143,268 278,767 279,703 Operating income 162,726 50,041 272,600 110,657 Interest and finance costs, net (22,643) (24,978) (43,430) (48,980) Interest income 3,405 3,231 5,606 5,538 Other, net (12) (4) (33) (23) Total other expenses, net (19,250) (21,751) (37,857) (43,465) Net income 143,476 28,290 234,743 67,192 Less: Net income attributable to the noncontrolling interest (4,176) (1,457) (6,601) (2,648) Net income attributable to Tsakos Energy Navigation Limited $ 139,300 $ 26,833 $ 228,142 $ 64,544 Effect of preferred dividends (6,750) (6,750) (13,500) (13,500) Undistributed and distributed income allocated to non-vested restricted common stock (684) (313) (1,108) (513) Net income attributable to common stockholders of Tsakos Energy Navigation Limited $ 131,866 $ 19,770 $ 213,534 $ 50,531 Earnings per share, basic attributable to Tsakos Energy Navigation Limited common stockholders $ 4.40 $ 0.67 $ 7.12 $ 1.70 Earnings per share, diluted attributable to Tsakos Energy Navigation Limited common stockholders $ 4.40 $ 0.67 $ 7.12 $ 1.70 Weighted average number of shares, basic 29,972,103 29,661,103 29,972,103 29,661,103 Weighted average number of shares, diluted 29,972,103 29,661,103 29,972,103 29,661,103 BALANCE SHEET DATA June 30 December 31 2026 2025 Cash 466,143 298,129 Other assets #VALUE! 197,009 Vessels, net 3,155,282 3,156,075 Advances for vessels under construction 470,050 301,868 Total assets $ #VALUE! $ 3,953,081 Debt and other financial liabilities, net of deferred finance costs 2,102,177 1,920,975 Other liabilities 220,881 169,101 Stockholders' equity 2,054,657 1,863,005 Total liabilities and stockholders' equity $ 4,377,715 $ 3,953,081 Six months ended June 30 (unaudited) Three months ended June 30 (unaudited)
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16 Financial Highlights (Cont.) _______________________________________________________________ OTHER FINANCIAL DATA 2026 2025 2026 2025 Net cash provided by operating activities $ 183,986 $ 63,794 $ 281,167 $ 115,944 Net cash provided by (used in) investing activities $ 3,763 $ (233,479) $ (248,312) $ (236,124) Net cash (used in) provided by financing activities $ (43,022) $ 107,327 $ 135,159 $ 59,088 TCE per ship per day $ 46,100 $ 30,767 $ 43,503 $ 30,754 Operating expenses per ship per day $ 10,640 $ 9,982 $ 10,298 $ 9,743 Vessel overhead costs per ship per day $ 2,558 $ 2,347 $ 2,370 $ 2,063 13,198 12,329 12,668 11,806 FLEET DATA Average number of vessels during period 63.5 62.0 63.5 62.0 Number of vessels at end of period 64.0 63.0 64.0 63.0 Average age of fleet at end of period Years 10.5 10.2 10.5 10.2 Dwt at end of period (in thousands) 7,702 7,766 7,702 7,766 Time charter employment - fixed rate Days 3,569 2,969 7,197 5,841 Time charter and pool employment - variable rate Days 1,263 1,771 2,731 3,518 Period employment coa at market rates Days 0 0 0 0 Spot voyage employment at market rates Days 652 708 1,165 1,507 Total operating days 5,484 5,448 11,093 10,866 Total available days 5,783 5,641 11,490 11,216 Utilization 94.8% 96.6% 96.5% 96.9% 2026 2025 2026 2025 Net income attributable to Tsakos Energy Navigation Limited $ 139,300 $ 26,833 $ 228,142 $ 64,544 Depreciation and amortization 46,295 42,089 90,443 83,220 Interest Expense 22,643 24,978 43,430 48,980 Gain on sale of vessels (37,870) - (37,870) (3,553) Adjusted EBITDA $ 170,368 $ 93,900 $ 324,145 $ 193,191 Three months ended Six months ended June 30 June 30 Non-GAAP Measures Reconciliation of Net income to Adjusted EBITDA Three months ended Six months ended June 30 June 30
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STOCK UNDERVALUED – GROWTH & VALUE OPPORTUNITY WHY TEN: Big Modern Diversified Fleet – One-Stop-Ship – Industrial Shipping Green Energy Program – Largest DF Operator - Carrier of Choice to Energy Majors Low Valuation – 2025 EPS $4.45 (2025 P/E about 4.4x) – EBITDA-to-Interest: 4.3x Strong TC Exposure => $3.6 billion in Min. Secured Revenues + Extra Profits Through Profit Share – Av. TC Duration (vessels in water): about 2.0 years Low-Cost Efficient Operator – High Fleet Utilization Strong Management Sponsorship at over 30% 1 2 3 5 6 7 8 Solid Balance Sheet - Fleet FMV @ $4.9 billion (Total Debt: $2.1 billion) 4 9 One Of The Largest & Most Established Energy Transporters Worldwide 565mbbls Transported in 2025 – About 28 days of US Consumption 10 33 years in the Public Markets (NYSE Since 2002) – Uninterrupted Dividends Highest Caliber Repeat Clients Exxon, Equinor, Shell, Chevron, TotalEnergies, BP, Petrobras 17
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Tsakos Energy Navigation, Ltd 367 Syngrou Avenue Athens 175 64 Greece Tel: +30210 94 07 710 Fax: +30210 94 07 716 Email: ten@tenn.gr For more information please contact: George Saroglou: Chief Operating Officer gsaroglou@tenn.gr Harrys Kosmatos: Chief Financial Officer hkosmatos@tenn.gr
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19 WE REMEMBER 9/11