TEN Celebrates 25 years as a Public Company – To Ring the Opening Bell at the NYSE on March 14, 2018

30% Fleet Expansion Successfully Completed

15 New Vessels All with Long Term Contracts to Solid Counterparties

RECENT HIGHLIGHTS

• Net income for the year 2017 of $20.4 million before non-cash items (impairment charges and loss on sale of vessels).
• Net income in the fourth quarter 2017 of $2.7 million before non-cash items (impairment charges and loss on sale of vessels).
• Strong balance sheet and cash liquidity at $202.7 million as of December 31, 2017.
• 77% of fleet under secured contracts with $1.3 billion in minimum revenues and average charter life of 2.6 years.
• Average TCE per vessel at approx. $19,000 per day outperforms market. Further reductions in vessel daily operating expenses at $7,688 despite a weak dollar. 
• Maintained outstanding fleet utilization at 98% in the fourth quarter 2017.
• 15-vessel newbuilding program successfully completed in Q4 2017.
• Sale of two 2005-built suezmax tankers through a sale and leaseback transaction generating $15.6 million of free cash.
• Fleet of 65 vessels, totaling 7.2 million dwt, consisting of 47 tankers that trade in the crude space, three shuttle tankers, 13 tankers carrying products and two LNG vessels.
• Dividend of $0.05 per common share paid in December 2017 and new dividend of $0.05 per common share declared for payment on May 10, 2018.

ATHENS, Greece, March 12, 2018 (GLOBE NEWSWIRE) -- TEN, Ltd (TEN) (NYSE:TNP) (the “Company”) today reported results (unaudited) for the fourth quarter and year ended December 31, 2017.

YEAR-END 2017 RESULTS
Gross revenue amounted to $529.2 million, a 9.8% increase over 2016, due to the increase of the fleet by seven new vessels on long term attractive contracts.

EBITDA (Earnings before interest, taxes, depreciation and amortization) totaled $216.3 million adjusted, while operating income amounted to $76.3 million before non-cash impairment charges and the loss on the sale of two suezmax vessels through a sale and leaseback transaction. The daily time charter equivalent (TCE) for the fleet (voyage revenue less voyage expenses) averaged $18,931 for the year, well above the spot market average for 2017, in all categories of vessels we operate.

Net income, excluding the above non-cash items, reached $20.4 million. 

Continuous proactive vessel management together with the scale of our technical managers assisted in reducing daily vessel operating expenses to $7,688 from $7,763 in 2016, despite the impact of a weaker US dollar. Efficient cost management also contributed to lower average daily overheads (G&A, management fees) per vessel which experienced a significant drop by 13.4%.

Depreciation and dry-docking amortization costs were $139.0 million due to fleet growth.

Interest and finance costs reached $56.8 million due to increased loan expenses and interest on the loans drawn down for the newly delivered vessels to the fleet.

FOURTH QUARTER 2017 RESULTS
TEN generated gross revenues of $134.5 million in the fourth quarter of 2017, a 2.9% increase over the $130.7 million revenue earned in the fourth quarter of 2016, the increase being mainly due to the addition of 7.4 modern vessels, on average, between the two fourth quarters.

Revenues net of voyage expenses (bunker, port expenses and commissions) for the same period were $106.6 million, a 7.6% increase from the same quarter of 2016 while total voyage expenses declined by 11.8% as more of the fleet’s vessels were placed under time-charters.

Net income for the quarter was at $2.7 million before the non-cash items mentioned above.

During the fourth quarter 2017, the vessels on time charter contracts generated $90.5 million gross revenue, enough to cover all the operating, overhead and finance costs of the whole fleet. Vessels on spot charters, despite the softness in that market, contributed an additional $21 million of revenue after bunker and port expenses, indicating that the expected improvement in spot rates, after the majority of the current orderbook delivers, will have a significantly positive impact on TEN’s bottom line.

Despite a difficult tanker market due to a temporary surplus vessel capacity and production cuts by leading suppliers, which resulted in market spot rates in several sectors falling to exceptionally low levels, TEN’s vessels, which primarily operate under secured contracts,  achieved an average daily net revenue per vessel of $18,343, a comparatively high rate compared to the spot market. During the quarter, the fleet achieved a notable 98% utilization rate.

Operating income before non-cash items came in at $15.9 million and daily operating expenses per vessel remained at economic levels at $7,823 despite a 9.3% weakening of the US dollar against the Euro, which affected crew costs and repair costs. Average daily overheads per vessel (G&A, management fees) fell by 2.9%.

In October 2017, TEN took delivery of the aframax newbuilding Bergen TS, bringing to completion the newbuilding program of 15 vessels. The Bergen TS immediately started its pre-arranged long-term charter, as with all the preceding newbuildings joining the fleet.

Interest and finance costs in the fourth quarter of 2017 totaled $13.7 million, an increase over the 2016 fourth quarter partly due to the new financing obtained for the new building program and market increases in the applicable LIBOR rate.  This was offset by gains achieved from bunker hedges.

TEN’s balance sheet remained strong with cash balances at $202.7 million as of December 31, 2017. Net debt to capital at December 31, 2017 was at a healthy 50.9%. Adjusted EBITDA in the fourth quarter amounted to $52.9 million.

Other Developments
On December 21, 2017 TEN sold the 2005-built suezmax tankers, Euronike and Eurochampion 2004 to third-party entities, for $65.2 million and chartered them back on a bareboat basis for five years as part of a sale and leaseback deal. The sale resulted in a non-cash loss of $3.9 million, but related debt of $36.0 million was prepaid leaving $15.6 million of free cash immediately available.

Following internal impairment tests, our oldest vessels, the 1998-built VLCC Millennium and the 2002-built suezmax Silia T, were determined to have carrying values in excess of fair value as assessed by independent brokers. Consequently, an impairment charge of $8.9 million was incurred.

Dividend – Common Shares
The Company will pay a dividend of $0.05 per common share on May 10, 2018 to shareholders of record as of May 3, 2018. Inclusive of this payment, TEN will have distributed a total of $10.65 per share in uninterrupted dividends to its common shareholders since the Company’s listing on the NYSE in March 2002.

Corporate Strategy
2018 started with TEN operating the largest fleet in its 25 year history, 77% of which in secured contracts averaging 2.7 years with minimum secured revenues of $1.3 billion. Of the vessels under those fixed contracts, 40% have the ability to capture market upswings through pre-agreed profit sharing provisions which together with the vessels operating in pure spot contracts, empower the Company with significant cash generating muscle when rates firm, expected in mid to late 2018.       

TEN continues to position its fleet to safeguard cashflows to meet all 65 vessels’ costs and expenses, while having a large enough complement of spot and profit-share chartered vessels have the flexibility to take advantage of rate changes and evolving trading patterns.  Management will continue to adapt its chartering policy to conform to these norms and adjust the fleet’s employment profile accordingly, but always cognizant of its stated strategy of smoothing market cyclicality while offering visibility to its investors.

In terms of fleet management, growth opportunities will continue to be explored and assessed provided they do not add undue burden on TEN’s balance sheet. Conversely, vessel divestments, particularly relating to our first-generation tankers, will become more important as asset prices recover, as expected, when the current schedule of newbuilding deliveries, mostly ordered on speculation, begins to decline.

“As we enter our 25^th year, we are proud to report profits in such a challenging environment. TEN’s tried and tested strategy of providing downside protection while allowing for the flexibility to capture rate hikes, has proved effective once again. The markets are gradually positioning for an upturn and TEN is well placed to reap those rewards as they will occur,” Mr. Nikolas P. Tsakos, President and CEO of TEN commented. “I would like to take this opportunity to thank all of our associates and partners for their support and continuous efforts these 25 years and especially our men and women that serve on our vessels together with our onshore colleagues, the Board of Directors and management of TEN,” Mr. Tsakos concluded.

Conference Call:
As previously announced, today, Monday, March 12, 2018 at 10:00 a.m Eastern Time, TEN will host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond that which is included in the earnings press release.

Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please quote "Tsakos" to the operator. A telephonic replay of the conference call will be available until Monday, March 19, 2018 by dialling 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 90295809#

Simultaneous Slides and Audio Webcast:
There will also be a simultaneous live, and then archived, slides webcast of the conference call, available through TEN's website (www.tenn.gr). The slides webcast will also provide details related to fleet composition and deployment and other related company information. This presentation will be available on the Company's corporate website reception page at www.tenn.gr. Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

ABOUT TEN
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. TEN’s fleet consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers.

ABOUT FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

For further information please contact:
Company
Tsakos Energy Navigation Ltd.
George Saroglou
COO
+30210 94 07 710
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Paul Lampoutis
+212 661 7566 ten@capitallink.com

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES
Selected Consolidated Financial and Other Data
(In Thousands of U.S. Dollars, except share, per share and fleet data)
			Three months ended								Year ended
			December 31 (unaudited)								December 31
	STATEMENT OF OPERATIONS DATA		2017				2016				2017				2016
	Voyage revenues	$	134,517			$	130,664			$	529,182			$	481,790
	Voyage expenses		27,873				31,585				113,403				106,403
	Charter hire expense		311				-				311				-
	Vessel operating expenses		46,579				38,959				173,864				146,546
	Depreciation and amortization		36,518				31,737				139,020				113,420
	General and administrative expenses		7,300				6,626				26,324				25,611
	Loss on sale of vessels		3,860				-				3,860				-
	Vessel impairment charge		8,922				-				8,922				-
	Total expenses		131,363				108,907				465,704				391,980
	Operating  income		3,154				21,757				63,478				89,810
	Interest and finance costs, net		(13,693)				(10,068)				(56,839)				(35,873)
	Interest income		268				179				1,082				623
	Other, net		598				626				1,464				1,935
	Total other expenses, net		(12,827)				(9,263)				(54,293)				(33,315)
	Net (loss) income		(9,673)				12,494				9,185				56,495
	Less: Net income attributable to the noncontrolling interest		(413)				(558)				(1,573)				(712)
	Net (loss) income attributable to Tsakos Energy Navigation Limited	$	(10,086)			$	11,936			$	7,612			$	55,783
	Effect of preferred dividends		(6,642)				(3,969)				(23,776)				(15,875)
	Net (loss) income  attributable to common stockholders of Tsakos Energy Navigation Limited	$	(16,728)			$	7,967			$	(16,164)			$	39,908
	(Loss) Earnings per share, basic and diluted	$	(0.19)			$	0.10			$	(0.19)			$	0.47
	Weighted average number of common shares, basic and diluted		85,884,192				83,720,866				84,713,572				84,905,078

	BALANCE SHEET DATA		December 31				December 31
			2017				2016
	Cash		202,673				197,773
	Other  assets		140,909				186,210
	Vessels, net		3,028,404				2,677,061
	Advances for vessels  under construction		1,650				216,531
	Total assets	$	3,373,636			$	3,277,575
	Debt, net of deferred finance costs		1,751,869				1,753,855
	Other liabilities		113,629				106,270
	Stockholders' equity		1,508,138				1,417,450
	Total liabilities and stockholders' equity	$	3,373,636			$	3,277,575

			Three months ended									Year ended
	OTHER FINANCIAL DATA		December 31 (unaudited)									December 31
			2017					2016				2017					2016
	Net cash from operating activities	$	30,772				$	32,204			$	170,340				$	170,354
	Net cash provided by (used in) investing activities	$	15,489				$	(224,160)			$	(241,830)				$	(576,075)
	Net cash (used in) provided by financing activities	$	(62,250)				$	159,683			$	73,477				$	303,822
	TCE per ship per day	$	18,343				$	19,466			$	18,931				$	20,412
	Operating expenses per ship per day	$	7,823				$	7,557			$	7,688				$	7,763
	Vessel overhead costs per ship per day	$	1,226				$	1,262			$	1,152				$	1,331
			9,049					8,819				8,840					9,094
	FLEET DATA
	Average number of vessels during period		62.7					57.1				60.6					52.6
	Number of vessels at end of period		65.0					58.0				65.0					58.0
	Average age of fleet at end of period	Years	7.7					7.9				7.7					7.9
	Dwt at end of period (in thousands)		7,237					6,216				7,237					6,216
	Time charter employment - fixed rate	Days	2,499					1,835				9,109					6,959
	Time charter employment - variable rate	Days	1,810					1,233				6,357					3,850
	Period employment (coa) at market rates	Days	276					271				1,093					947
	Spot voyage employment at market rates	Days	1,229					1,798				5,536					6,814
	Total operating days		5,814					5,137				22,095					18,570
	Total available days		5,954					5,250				22,850					19,244
	Utilization		97.6%					97.8%				96.7%					96.5%

	Non-GAAP Measures
	Reconciliation of Net (loss) income to Adjusted Net income
			Three months ended								Year ended
			December  31								December 31
			2017					2016			2017				2016
	Net (loss) income attributable to Tsakos Energy Navigation Limited	$	(10,086)					11,936		$	7,612			$	55,783
	Loss on sale of vessels		3,860					-			3,860				-
	Vessel impairment charge		8,922					-			8,922				-
	Adjusted net income attributable to Tsakos Energy Navigation Limited	$	2,696				$	11,936		$	20,394			$	55,783
	Calculation of Adjusted Earnings per Share
			Three months ended								Year ended
			December  31								December 31
			2017					2016			2017				2016
	Adjusted net income attributable to Tsakos Energy Navigation Limited	$	2,696					11,936		$	20,394			$	55,783
	Weighted average number of common shares, basic and diluted		85,884,192					83,720,866			84,713,572				84,905,078
	Adjusted earnings per share attributable to Tsakos Energy Navigation Limited	$	0.03				$	0.14		$	0.24			$	0.66
	Reconciliation of Net (loss) income to Adjusted EBITDA
			Three months ended								Year ended
			December  31								December 31
			2017					2016			2017				2016
	Net (loss) income attributable to Tsakos Energy Navigation Limited	$	(10,086)				$	11,936		$	7,612			$	55,783
	Depreciation and amortization		36,518					31,737			139,020				113,420
	Interest expense		13,693					10,068			56,839				35,873
	Loss on sale of vessels		3,860					-			3,860				-
	Vessel impairment charge		8,922					-			8,922				-
	Adjusted EBITDA	$	52,907				$	53,741		$	216,253			$	205,076
	The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP measures used within the financial community  may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods as well as comparisons between the performance of us and other shipping companies. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. We are using the following  Non-GAAP measures:
	(i) TCE which represents voyage revenues less voyage expenses divided by the number of operating days.
	(ii) Vessel overhead costs are General & Administrative expenses, which also include Management fees, Stock compensation expense and Management incentive award.
	(iii) Operating expenses per ship per day which exclude Management fees, General & Administrative expenses, Stock compensation expense and Management incentive award.
	(iv) Adjusted net income, adjusted earnings per share and adjusted EBITDA. See above for reconciliation to net (loss) income and earnings per share, respectively.
	Our presentation of adjusted net income, adjusted earnings per share and adjusted EBITDA should not be contrued as an influence that our future results will be unaffected by unusual or non-recurring items.Non-GAAP financial measures should be viewed in addition to and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.
	The Company does not incur corporation tax.