Slide 1: Q2 & 6mo 2026 Earnings Presentation
TEN, Ltd. Q2 & 6mo 2026 Earnings Presentation September 10, 2026
Slide 2: Forward-looking statements
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 stateme
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 CAGR: 12.8% 8 Million (dwt) 6 4 2 0 2015 2022 1993 1994 1995 1996 1997 1998 1999 2000 2001 200
Slide 4: Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth (Conventional)
Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth Conventional _______________________________________________________________ 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
Slide 5: Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth (Specialized)
Diversified Fleet - Secured Revenues – Market Upside – Greenship Growth Specialized _______________________________________________________________ Dwt Built Yard Hull Ice Class/Other 1 Maria Energy 93,301 2016 South Korea DH 174,000m3 (1) 174,000m3 LNG 2 Tenergy 93,650 2022 South Korea DH 3 3 NY Kn
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 2026 6mo B/E rates (B/E after OpEx, G&A, Int. and Depreciation) _______________________________________________________________ 2026 6mo EUAs $500,000,000 VLCC $24,374 Spot $450,000,000 SUEZMAX $25,146 $400,000,000 AFRAMAX $21,730 $350,000,000 AFRAMA
Slide 8: Managing Bank Debt an Integral Part of Strategy
Managing Bank Debt an Integral Part of Strategy _______________________________________________________________ 60.0% 2.50 52.5% 50.9% 47.9% 47.8% 49.2% 49.3% 50.0% 45.6% 44.9% 46.7% 44.5% 2.00 42.0% 1.966 40.0% 1.78 1.753 1.751 1.50 1.595 1.534 1.597 30.0% 1.5 1.373 1.41 1.404 1.00 20.0% 0.50 10.0%
Slide 9: Fleet Renewal and Greenship Growth
Fleet Renewal and Greenship Growth _______________________________________________________________ Since 1/1/2023: Divestments Growth • 20 vessels Sold • 35 vessels Contracted/Acquired – 1 x VLCC – 2 x NB LNG Carriers – 1 x LNG Carrier – 12 x NB DP2 Shuttles (3x Delivered) – 5 x Suezmax – 3 x NB VLC
Slide 10: Solid Historical Performance – Healthy Liquidity
Solid Historical 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 ❑ 2026 total dividends of $1.50 per common share ($0.50 in February 2026 and $1.00 in Jul
Slide 12: Global Oil Demand Remains Healthy Despite Geopolitical Challenges
Global Oil Demand Remains Healthy Despite Geopolitical Challenges _______________________________________________________________ BARRELS OF OIL PER CAPITA PER ANNUM (Based on 2025 consumption and population) ❑ Strong potential of China and India with a combined population of 2.9 billion in a world
Slide 13: Newbuilding Orderbook vs. Fleet Over Years Old
Newbuilding Orderbook vs. Fleet Over 15 Years Old _______________________________________________________________ ❑ 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 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 fuels should lead to further increases in scrapping ✓ Older vessels are
Slide 15: Financial Highlights
Financial Highlights _______________________________________________________________ Three months ended Six months ended June 30 (unaudited) June 30 (unaudited) STATEMENT OF OPERATIONS DATA 2026 2025 2026 2025 Voyage revenues $ 298,405 $ 193,309 $ 551,367 $ 390,360 Voyage expenses 52,126 31,917 81,9
Slide 16: Financial Highlights (Cont.)
Financial Highlights (Cont.) _______________________________________________________________ Three months ended Six months ended OTHER FINANCIAL DATA June 30 June 30 2026 2025 2026 2025 Net cash provided by operating activities $ 183,986 $ 63,794 $ 281,167 $ 115,944 Net cash provided by (used in) in
Slide 17: Why TEN: One Of The Largest & Most Established Energy Transporters Worldwide
WHY TEN: One Of The Largest & Most Established Energy Transporters Worldwide 1 565mbbls Transported in 2025 – About 28 days of US Consumption 2 33 years in the Public Markets (NYSE Since 2002) – Uninterrupted Dividends 3 Big Modern Diversified Fleet – One-Stop-Ship – Industrial Shipping Highest Cali
Slide 18: 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 Chief Financial Officer Email: ten@tenn.gr hkosmatos@tenn.gr
Slide 19: WE REMEMBER 9/11
WE REMEMBER 9/11 wl | L in = CFP eer tne c 19