Company Overview - TEN Ltd. is a leading diversified operator in the crude, product, and LNG tanker sector, with a fleet of 74 vessels totaling 8.9 million deadweight tons (dwt) [4] - The company was founded in 1993 and is celebrating 32 years as a public company this year [4] Leadership and Contributions - Mr. D. John Stavropoulos, former Chairman of Tsakos Energy Navigation from 1994 to 2014, passed away at the age of 92 [1][3] - He had a distinguished 33-year career at The First National Bank of Chicago, serving as Executive Vice President and Chief Credit Officer [2] - Stavropoulos was a mentor and friend to Dr. Nikolaos P. Tsakos, the Founder & CEO of TEN, and his business acumen significantly influenced the company's direction [3] Industry Recognition - Mr. Stavropoulos was among the first in the U.S. to receive the Certified Financial Analyst designation and served on the Presidential Credit Standards Advisory Committee [2] - He also taught economics and finance at Northwestern University and was involved with the EMEA Alumni Advisory Board of the Kellogg School of Management [2]

Company Overview - TEN Ltd. is a leading diversified crude, product, and LNG tanker operator, founded in 1993 and celebrating 32 years as a public company [5] - The company operates a fleet of 74 vessels, including various types of tankers, totaling 8.9 million deadweight tons (dwt) [5] Dividend Announcement - The Board of Directors declared a quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares [1] - This dividend is for the period from November 28, 2024, to February 27, 2025, and will be paid on February 28, 2025, to holders of record as of February 25, 2025 [2][3] - This marks the 32nd dividend payment on the Series E Preferred Shares since their trading commenced on the New York Stock Exchange [3] Share Information - As of the date of the press release, there are 4,745,947 Series E Preferred Shares outstanding [4]

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].

Group 1 - TEN Ltd. announced a quarterly cash dividend of approximately $0.59375 per share for its Series F Cumulative Redeemable Perpetual Preferred Shares [1] - The dividend is for the period from October 30, 2024, to January 29, 2025, and will be paid on January 30, 2025, to holders of record as of January 27, 2025 [2][3] - This marks the 26th dividend payment on the Series F since their trading commenced on the New York Stock Exchange [3] Group 2 - As of the date of the press release, TEN has 6,747,147 Series F Preferred Shares outstanding [4] - TEN Ltd. was founded in 1993 and has been a public company for 31 years, operating a diversified energy fleet consisting of 74 vessels, totaling 8.9 million deadweight tons (dwt) [5]

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]

COX TEN, Ltd. Q3 & 9mo 2024 Earnings Presentation November 26, 2024 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 statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to dif ...

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]