Core Viewpoint - TEN Ltd. has declared a quarterly cash dividend of approximately $0.59375 per share for its Series F Cumulative Redeemable Perpetual Preferred Shares, marking the 26th dividend since their trading commencement on the NYSE [1][3]. Group 1: Dividend Details - The dividend is for the period from October 30, 2024, to January 29, 2025 [2]. - Payment will be made on January 30, 2025, to holders of record as of January 27, 2025 [3]. - Dividends are payable quarterly in arrears on the 30th day of January, April, July, and October, subject to declaration by the board [3]. Group 2: Company Overview - TEN Ltd. was founded in 1993 and is celebrating 31 years as a public company [5]. - The company operates a diversified energy fleet consisting of 74 vessels, including various types of tankers and carriers, totaling 8.9 million deadweight tons (dwt) [5]. - As of the date of the press release, there are 6,747,147 Series F Preferred Shares outstanding [4].

Core Viewpoint - TEN Ltd. has published its third annual 2023 Environmental, Social, and Governance (ESG) Report, highlighting its commitment to sustainability and strategic initiatives aimed at measurable results [1]. ESG Report Highlights - The report introduces the double materiality methodology, assessing both the company's environmental and societal impact and external factors affecting financial performance [1]. - It includes information for participation in the S&P Global Corporate Sustainability Assessment (CSA), a framework utilized by over 13,000 companies globally [1]. - The report received independent assurance for the second consecutive year from the Center for Sustainability and Excellence (CSE) North America [1]. - It aligns with the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and United Nations Sustainable Development Goals [1]. Achievements in ESG Goals - The company reduced its fleet's average carbon intensity by 19.60% compared to 2008 levels through fleet optimization and the introduction of two dual fuel LNG powered vessels [2]. - TEN has set a net zero GHG emissions target by 2050 and is estimating Scope 3 emissions from key supply chain partners [2]. - The company enhanced its decarbonization strategy considering industry emissions compliance under the EU ETS regulation [2]. - TEN participates in the Maritime Anti-Corruption Network (MACN), promoting a corruption-free maritime industry [2]. Company Overview - TEN, founded in 1993, is one of the first public shipping companies, celebrating 31 years as a public entity [3]. - The company's diversified energy fleet consists of 74 vessels, including various types of tankers, totaling 8.9 million deadweight tonnage (dwt) [3].

Financial Data and Key Metrics Changes - For the first nine months of 2024, the company generated gross revenues of $660 million and operating income of $236 million, including approximately $49 million in capital gains [35] - The net income for the first nine months was $157 million, resulting in an EPS of $4.62, with adjusted EBITDA up to $314 million [37] - In Q3 2024, gross revenues were $200 million and operating income was $57 million, compared to $187 million and $53 million in Q3 2023 [41] - The net income for Q3 2024 was $26.5 million, producing an EPS of $0.67 [43] Business Line Data and Key Metrics Changes - The fleet operated 62 vessels in the first nine months of 2024, with a fleet utilization rate of 92.2%, down from 95.6% in the same period of 2023 [33] - The mix between secure revenue and spot-related charters was revised to 82% fixed versus 45% spot for the first nine months of 2024, compared to 77% fixed versus 54% spot in 2023 [34] - Time charter equivalent per ship per day was $33,390, which is 3.6 times higher than the daily operating expense rate of $9,306 [36] Market Data and Key Metrics Changes - The company transported 460 million barrels per day in 2023, representing about 5% of global oil consumption [17] - The fair market value of the fleet was approximately $4 billion, with total debt at $1.8 billion, maintaining a net debt to capital ratio of 44% [44] Company Strategy and Development Direction - The company is focused on maintaining a sustainable and profitable industrial energy transportation model, with a significant emphasis on long-term contracts and partnerships with major energy companies [14][48] - The company has a 21 new vessel program, with five vessels acquired earlier in the year and 12 more to be delivered starting from April 2025 [12] - The company aims to achieve a fair valuation of at least double its current trading multiple, which is significantly lower than its peers [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the medium- and long-term prospects of the business, citing a strong appetite for quality ships and services from major clients [14] - The management noted that sanctions on certain countries have benefited first-class shipping companies by reducing competition from older, less efficient vessels [58] - The company is optimistic about future growth, with a backlog of $1.8 billion in secured revenues and a focus on fleet modernization [21] Other Important Information - The company announced a second semi-annual common stock dividend of $0.90, bringing the total distribution for 2024 to $1.50 per common share, a 50% increase from 2023 [45] - The company has been recognized as Tanker Operator of the Year, highlighting its operational efficiency and commitment to crew welfare [7] Q&A Session Summary Question: Thoughts on U.S. elections and potential sanctions - Management indicated that shipping thrives with open borders and that current sanctions are benefiting first-class companies by reducing competition from older vessels [57][58] Question: Impact of tighter sanctions on the grey fleet - Management believes that many older vessels will not be able to re-enter the competitive market due to strict environmental regulations [63] Question: Update on newbuild program expenditures - The company has approximately $21.5 million remaining for the newbuild program in Q4 2024, with expectations for over $100 million in equity payments for 2025 [66] Question: Dry docking schedule and commercial off-hire expectations - Management expects to have three to four vessels undergoing scheduled dry dockings in Q4 2024, with no additional commercial off-hire anticipated [78][84] Question: Increase in general and administrative expenses - Management clarified that the increase is a one-off due to a share incentive plan for personnel, and G&A expenses are expected to revert lower in Q4 [86][87]

Company Overview - TEN Ltd is one of the largest and most established energy transporters worldwide, transporting 460 million barrels in 2023, which is about 23 days of US consumption[4] - TEN has a modern diversified fleet and serves highest caliber repeat clients, with Exxon accounting for 22% and Equinor, Shell, Chevron, TotalEnergies & BP following in excess of 60%[4] - TEN has secured revenues of $1.8 billion through strong TC exposure and profit share arrangements, with an average TC duration of 20 years[4] - TEN's fleet Fair Market Value (FMV) is at $40 billion with low debt of $18 billion and 30 million common shares outstanding[4] Financial Performance - TEN's Q3 2024 voyage revenues were $200158 million compared to $186659 million in Q3 2023[48] - Net income attributable to Tsakos Energy Navigation Limited for the nine months ended September 30, 2024, was $156959 million, compared to $268420 million for the nine months ended September 30, 2023[48] - The company's cash position as of September 30, 2024, was $385901 million[48] - Adjusted EBITDA for the nine months ended September 30, 2024, was $314060 million, compared to $366816 million for the nine months ended September 30, 2023[51] Fleet Management and Strategy - Since January 1, 2023, TEN has divested 13 vessels with an average age of 175 years and acquired/contracted 21 vessels with an average age of 10 years, increasing total DWT from 10 million to 23 million[25] - As of November 22, 2024, 50% of the vessels in the water have market exposure (Spot + TC P/S), and 79% are in secured revenue contracts (TC + TC P/S)[9] - The company aims for semi-annual dividend distributions and the 2024 total dividend payment is at $150 per common share, a 50% increase from $100 for 2023 operations[29] Market Outlook - World oil demand reached a record 1028 million barrels per day in 2024, and growth is expected to be around 10 million barrels per day in 2025[35] - The total NB orderbook is 764 tankers to join the fleet over the next three years vs 2405 vessels over 15 years, in a global tanker fleet of 5372 vessels, that are expected to depart the competitive fleet in the same timeframe[39] - Approximately 17% of the total tanker fleet, or up to 900 vessels primarily over 15 years of age, are engaged in Shadow Fleet operations[43]

Net income of $157 million or $4.62 per share for 2024 nine months 50% higher dividend distributions from 2023 at $1.50 per common share in total $0.90 to be paid in December 2024 30 vessels with new and extended charters at significantly higher rates - $1.8 Billion in Fleet Forward Contracted Revenue Dynamic growth and renewal – 21 vessels contracted/acquired within 2024 Efficient vessel management – 10% decrease in vessel operating expenses TST operates first private naval academy in Greece Healthy Mark ...

Group 1 - TEN Ltd. will report its earnings for the third quarter ended September 30, 2024, before the market opens in New York on November 26, 2024 [1] - A conference call will be held on the same day at 10:00 a.m. Eastern Time to review the results and management's outlook for the business [2] - Participants can join the conference call by dialing in 10 minutes prior to the scheduled time using provided numbers [3] Group 2 - TEN, founded in 1993, is one of the first and most established public shipping companies globally, celebrating 31 years as a public company [6] - The company's diversified energy fleet consists of 74 vessels, including various types of tankers and LNG carriers, totaling 8.9 million deadweight tonnage (dwt) [6]