Slide 1: Q3 & 9mo 2025 Earnings Presentation
TEN, Ltd. Q3 & 9mo 2025 Earnings Presentation November 20, 2025
Slide 2: Forward-looking statements
This presentation may contain forward-looking statements that are not based on historical fact, including without limitation, statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions. Because these forward-looking statemen
Slide 3: Crisis-Resistant Growth Model Spanning Four Decades
Crisis-Resistant Growth Model Spanning Four Decades _______________________________________________________________ Covid Ukraine ME OPA 90 Far East Crisis 9/11 Crisis Credit Crisis Crisis War Crisis 12 10 8 Million (dwt) 6 4 2 0 2015 2022 2025 (9mo) 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Slide 4: Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth
Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth Conventional 1 Ulysses _______________________________________________________________ Dwt 300,000 Built 2016 Yard Hull DH Ice Class/Other 39 Ithaki DF South Korea Dwt 115,000 Built 2024 Yard South Korea Hull Ice Class/Other DH
Slide 5: Diversified Fleet - Specialized
Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth Specialized _______________________________________________________________ Dwt Built Yard Hull Ice Class/Other 3 1 Maria Energy 86,000 2016 South Korea DH 174,000m LNG (1) 3 2 Tenergy 81,479 2021 South Korea DH 174,000m 3 Paris
Slide 6: Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth
Industrial Model – Strategic Alliances – Repeat Business – Dual-Fuel Growth _______________________________________________________________ http://merchantmarinepilots.com/wp-content/uploads/2013/12/flopec.jpg Long-Term, Blue-Chip, Customer Base Consisting of Major Global Energy Concerns Transporter
Slide 7: Timely Acquisitions - Efficient Vessel Management
Timely Acquisitions - Efficient Vessel Management 9mo 2025 B/E rates (B/E after OpEx, G&A, Int. and Depreciation) _______________________________________________________________ EUAs 9mo 2025 $165,000,000 Spot $150,000,000 VLCC $28,742 $135,000,000 SUEZMAX $24,288 $120,000,000 $105,000,000 AFRAMAX $
Slide 8: Managing Bank Debt an Integral Part of Strategy
Managing Bank Debt an Integral Part of Strategy _______________________________________________________________ 60.0% 2.00 52.5% 50.9% 47.9% 47.8% 49.2% 49.3% 47.3% 1.80 50.0% 45.6% 44.9% 42.0% 1.60 1.40 40.0% 1.20 30.0% 1.00 0.80 20.0% 0.60 0.40 10.0% 0.20 0.0% 0.00 2016 2017 2018 2019 2020 2021 20
Slide 9: Fleet Renewal and Greenship Growth
Fleet Renewal and Greenship Growth _______________________________________________________________ Since 1/1/2023: Divestments Growth • 17 vessels Sold • 33 vessels Contracted/Acquired – 1 x LNG Carrier – 12 x NB DP2 Shuttle (2x Delivered) – 3 x Suezmax – 3 x VLCC – 3 x Aframax – 2 x NB Suezmax (1x
Slide 10: Historical Solid Performance – Healthy Liquidity
Historical Solid Performance – Healthy Liquidity _______________________________________________________________ Expressed in million USD 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Av. Number of Vessels 27.3 26.1 33.8 41.7 44.1 46.6 46.1 47.8 47.9 47.5 Total Revenues $318 $296 $428 $501 $623
Slide 11: Healthy Dividends Through Market Cyclicality and Growth
Healthy Dividends Through Market Cyclicality and Growth _______________________________________________________________ ❑ Common Stock Dividend Continuity – Management aims on semi-annual dividend distributions ❑ 2024 total dividends of $1.50 per common share ($0.60 in July 2024 and $0.90 in Decembe
Slide 12: Global Oil Demand Remains Strong
Global Oil Demand Remains Strong _______________________________________________________________ BARRELS OF OIL PER CAPITA PER ANNUM (Based on 2024 consumption and population) ❑ Strong potential of China and India with a combined population of 2.8 billion in a world of 8.0 billion. Their per capita
Slide 13: Global NB Orderbook Low vs. Fleet Over Years Old
Global NB Orderbook Low vs. Fleet Over 15 Years Old _______________________________________________________________ ❑ Total NB Orderbook of 794 tankers to join the fleet over the next three years vs. 2,697 vessels (over 25,000dwt) aged over 15 years, in a global tanker fleet of 5,498 vessels (over 2
Slide 14: Scrapping Activity Picking Up
Scrapping Activity Picking Up _______________________________________________________________ ❑ Scrapping activity picking-up as scrap prices continue to be elevated BUT… ✓ Upcoming regulations and ongoing debate for alternative propulsion fuels should lead to further increases in scrapping ✓ Older
Slide 15: Financial Highlights
Financial Highlights _______________________________________________________________ Three months ended Nine months ended September 30 (unaudited) September 30 (unaudited) STATEMENT OF OPERATIONS DATA 2025 2024 2025 2024 Voyage revenues $ 186,228 $ 200,158 $ 576,588 $ 615,801 Voyage expenses 27,385
Slide 16: Financial Highlights (Cont.)
Financial Highlights (Cont.) _______________________________________________________________ Three months ended Nine months ended OTHER FINANCIAL DATA September 30 September 30 2025 2024 2025 2024 Net cash provided by operating activities $ 85,460 $ 59,657 $ 201,404 $ 219,879 Net cash used in invest
Slide 17: Tsakos Energy Navigation, Ltd contact details
Tsakos Energy Navigation, Ltd For more information please contact: 367 Syngrou Avenue George Saroglou: Athens 175 64 Chief Operating Officer Greece gsaroglou@tenn.gr Tel: +30210 94 07 710 Harrys Kosmatos: Fax: +30210 94 07 716 Co-Chief Financial Officer Email: ten@tenn.gr hkosmatos@tenn.gr