TEN Ltd. Announces Completion of Viken Fleet Acquisition and Sale of Aframax Tanker and LNG Carrier

Green-growth initiative program in progress

Fleet acquisition to generate in excess of $200 million of minimum gross revenues

Athens, Greece - June 3, 2024

TEN, Ltd (NYSE: TNP) (the "Company") announces the completion of the Viken Crude AS acquisition with the delivery of a 2019-built scrubber fitted 1A Ice-Class Aframax tanker. Concurrently the Company has sold a 2008-built Aframax and a 2007-built Steam Turbine LNG carrier to third party interests. From these sales, the Company has generated an additional $100 million in free cash.

Since the beginning of 2023, TEN has sold 13 vessels totaling 1.1 million dwt averaging about 18.5 years. At the same time, it has purchased and placed new orders for 20 vessels totaling 2.25 million dwt, with an average age of 1.2 years. The above transaction significantly increases the Company's size and dwt capacity and drastically modernizes the fleet.

"The vessel divestments coupled with strategic acquisitions, in co-operation with its first-class clients, have enabled the Company to enhance this modern fleet, and increase TEN's critical mass in the maritime energy segments, while strengthening our environmental footprint at a time considered transformational for the industry," Mr. George Saroglou, President & COO of TEN commented.

TEN's Current Newbuilding Program
* Expected delivery as per shipbuilding contracts

About TEN

TEN, founded in 1993 and celebrating this year 31-years as a public company, is one of the first and most established public shipping companies in the world.

TEN's diversified energy fleet currently consists of 74 vessels, including three DP2 shuttle tankers, two scrubber-fitted suezmax vessels and two scrubber-fitted MR product tankers and five scrubber-fitted Panamax tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carries, totaling 9.0 million dwt

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