TEN FLEET DATA as of 7 August, 2015 ( All vessels are Double-Hull)

Depreciation

Forthcoming
# Vessel Name Built Dwt Ice-Class Current Employment Expiry Date Terms Daily
Dry-dockings

VLCC

1 Millennium Sep-98 301,171 Time-Charter Aug-15 $55,000 2,440

SUEZMAX

1 Brasil 2014 Apr-13 155,721 Time-Charter June-28 $47,000 10,031

2 Rio 2016 Mar-13 155,709 Time-Charter May-28 $47,000 10,005

3 Eurovision Jan-13 158,000 Spot Market Rate 5,996

4 Euro Sep-12 158,000 Time-Charter Jul/18 $23,975. See notes. 5,860

5 Dimitris P. Aug-11 157,740 Time-Charter Aug-23 $23,000 min. 100% to $26,000 plus 50% profit share if above. 7,043

6 Spyros K May-11 157,648 Time-Charter May-22 $23,000 min. 100% to $26,000 plus 50% profit share if above. 6,982

7 Antarctic Apr-07 163,216 1A Spot Market Rate 5,667

8 Arctic Jan-07 163,216 1A Time-Charter Oct-15 $18,000 min. 100% to $19,000 plus 50% profit share if above. 5,624

9 Alaska Feb-06 163,250 1A Spot Market Rate 4,960

10 Archangel Jan-06 163,216 1A Spot Market Rate 4,976

11 Eurochampion 2004 Apr-05 164,608 1C Spot Market Rate 4,484

12 Euronike Sep-05 164,565 1C Time-Charter Sep-16 $18,000 min. 100% to $19,000 plus 50% profit share if above. 4,473 Sep-15

13 Silia T Jun-02 164,286 Time-Charter Sep-15 $18,250 min. plus 50% profit share to max. $24,500 3,479

14 Acquisition 1 Aug-09 158,475 Spot To be delivered in Q4 2015 6,900

15 Acquisition 2 Jan-12 158,475 Spot To be delivered in Q4 2015 6,900

2,406,125

AFRAMAX

1 Izumo Princess Mar-07 105,374 Spot Market Rate 4,903

2 Sakura Princess Jun-07 105,365 Pool Evergreen Market Rate 6,127

3 Maria Princess Oct-08 105,346 Spot Market Rate 6,259

4 Nippon Princess Nov-08 105,392 Spot Market Rate 6,249

5 Ise Princess Jul-09 105,361 Spot Market Rate 6,321

6 Asahi Princess Sep-09 105,372 Spot Market rate 6,344

7 Sapporo Princess Apr-10 105,354 Spot Market rate 6,375

8 Uraga Princess Jul-10 105,344 Spot Market rate 6,361

842,908

AFRAMAX LR (PRODUCTS)

1 Proteas May-06 117,055 1A Spot Market Rate 7,291

2 Promitheas Aug-06 117,055 1A Spot Market Rate 7,391

3 Propontis Oct-06 117,055 1A Spot Market Rate 7,445

351,165

PANAMAX (PRODUCTS)

1 Selecao Feb-08 74,296 Time-Charter Oct-16 $16,450 5,941

2 Socrates Mar-08 74,327 Time-Charter Nov-16 $16,450 5,914

3 World Harmony Apr-09 74,200 Time-Charter Apr-16 $14,250 5,668

4 Chantal May-09 74,329 Time-Charter Jun-16 $14,250 5,651

5 Selini Jan-09 74,296 Time-Charter Oct-17 $15,500 min 100% to 16,500, 50% profit share if above 5,793

6 Salamina Feb-09 74,251 Time-Charter Apr-17 $15,500 min 100% to 16,500, 50% profit share if above 5,787

7 Andes Sep-03 68,439 Time-Charter Nov-16 $13,750 3,454

8 Maya (49% owned by FLOPEC) Jan-03 68,439 Time-Charter Sep-16 $13,750 3,403

9 Inca (49% owned by FLOPEC) Mar-03 68,439 Time-Charter May-16 $13,750 3,447
651,016

HANDYMAX (PRODUCTS)

1 Aris Apr-05 53,107 1A Time-Charter May-17 $15,000 5,565

2 Ajax Mar-05 53,095 1A Time-Charter Jul-17 $15,750 min 100% to $17,000, 50% profit share if above 5,592

3 Afrodite Aug-05 53,082 1A Time-Charter Jul-17 $15,750 min 100% to $17,000, 50% profit share if above 5,476 Sep-15

4 Artemis Aug-05 53,039 1A Time-Charter Dec-17 $14,900 5,467 Aug-15

5 Ariadne Nov-05 53,021 1A Time-Charter Jul-17 $15,750 min 100% to $17,000, 50% profit share if above 5,481 Nov-15

6 Apollon May-05 53,149 1A Time-Charter Aug-16 $17,500 5,563

318,493

HANDYSIZE (PRODUCTS)

1 Bosporos Aug-07 37,275 1B Spot Market Rate 4,975

2 Byzantion May-07 37,275 1B Spot Market Rate 4,910

3 Aegeas Apr-07 37,061 1A Spot Market Rate 3,315

4 Andromeda Mar-07 37,061 1A Spot Market Rate 3,291

5 Amphitrite May-06 37,061 1A Spot Market Rate 3,266

6 Arion Oct-06 37,061 1A Spot Market Rate 3,275

7 Didimon Jan-05 37,432 Time-Charter Jul-15 $14,900 2,629

260,226

LNG (LIQUEFIED NATURAL GAS)

1 Neo Energy Feb-07 85,602 Time-Charter Mar-16 $80,500 11,592

50 5,216,706

VESSEL UNDER CONSTRUCTION/EXPECTED DELIVERIES REMAINING PAYMENTS

Vessel Name Delivery Dwt Price $m Extras Paid to date 2015 2016 2017 2018

1 LNG carrier Maria Energy Q1 2016 93,616 219.8 2.8 104.5 118.1

2 Aframax Hull No 5010 Q2 2016 112,700 51.2 1.0 15.4 5.1 31.7

3 Aframax Hull No 5011 Q2 2016 112,700 51.2 1.0 15.3 5.1 31.8

4 Aframax Hull No 5012 Q3 2016 112,700 51.2 1.0 10.2 5.1 36.9

5 Aframax Hull No 5013 Q4 2016 112,700 51.2 1.0 10.2 5.1 36.9

6 Aframax Hull No 5014 Q1 2017 112,700 51.2 1.0 10.2 10.2 31.8

7 Aframax Hull No 5015 Q1 2017 112,700 51.7 1.0 10.3 10.4 32.0

8 Aframax Hull No 5016 Q2 2017 112,700 51.7 1.0 10.3 10.4 32.0

9 Aframax Hull No 5017 Q2 2017 112,700 51.7 1.0 10.3 10.4 32.0

10 Aframax Hull No 5018 Q3 2017 112,700 51.7 1.0 10.3 10.4 32.0

11 LR 1 Product Carrier Hull No S3116 Q3 2016 74,200 46.9 11.7 9.4 25.8

12 LR 1 Product Carrier Hull No S3117 Q3 2016 74,200 46.9 11.7 4.7 30.5
13 Shuttle tanker Hull No S7004 Q1 2017 157,000 98.0 19.6 9.8 19.6 49.0
14 VLCC H/N S779 Q1 2016 300,000 96.9 19.8 77.1
15 VLCC H/N S780 Q4 2016 300,000 96.9 19.8 77.1
15 VESSELS UNDER CONSTRUCTION: 2,013,316 1,068.2 11.8 289.6 44.3 537.3 208.8 0.0

65 TOTAL FLEET: 7,230,022

NOTES TO DATA (7 August, 2015):

Expected off-hire:
Q3: Estimated days lost due to Dry docking: Suezmax Eurochampion 23 days and Aframax Sapporo Princess 20 days.
The dry-dock program for 2015 is currently under review and may change from that indicated on the attached fleet table.
Costs incurred which specifically relate to the dry-dock for survey purposes (i.e. they would not otherwise have been incurred) are deferred, i.e. they are capitalized and
amortized over the period to the next survey dry-docking. During dry-docking other costs are often incurred which do not relate to the survey. Such costs are expensed
immediately. As a consequence, daily operating costs of a vessel during a quarter in which it undertakes a dry-dock are expected to be higher than usual.
Charters with escalation clauses:
Euro Period 1 (8/7/14-15/11/14) at $22,500 per day.
Period 2 (16/11/14-15/11/15) at $24,500 per day.
For accounting purposes, minimum revenue is recognised on a straight line basis i.e. $23,975 pd from delivery of the vessel until the end of charter.
Extended for 30 months starting from Dec-15 until Jul-18. The rate for the first 12 months is $35,000, for the second $32,500 and for the last 6 months $30,000. For accounting purposes $33,000 per day

Profit sharing arrangements:

For vessels on a monthly profit-share arrangement, the profit-share is based on a commonly accessible index and therefore is determinable at any month end.
For vessels on a six-monthly profit-share arrangement, the profit-share is determined on a fixed date, by recalculating the monthly
average of the past six monthly actual rates (Spyros K and Dimitris P).
Until the rate has been determined only the minimum rate is accounted for (minimums are shown on the preceding Fleet Data Sheet).
Determination dates are as follows: Spyros K and Dimitris P - 30 June and 31 December (as a result only $23,000 daily per vessel will be accounted for.
Any profit share gained in the second half of 2015 for these two vessels will be accounted for on 31 December).

Overheads: include -
Management fees - fees are $27,500 monthly per vessel ($35,833 for Neo Energy, LNG carrier and $35,000 for Brasil 2014 and Rio 2016, shuttle tankers).
Administrative costs - audit and legal fees, director fees and expenses, investor relations costs, office supplies, advertising, project costs, D&O insurance, sundry.
Average total expenditure on Administrative costs per quarter is approximately $1.0m.
Management Incentive Award $1.1m accounted for in Q1 2015.
Finance costs: In Q3 expected finance costs are as follows:
$m estimate
Loan Interest Total Approx. Average Loans in Q3 ($m) 1,390 Average loan interest rate 2.2% Expected loan interest 7.8
Interest payable in Q3 on all interest rate swaps Expected swap interest 1.1
Capitalized interest credit (13 vessels under construction in Q2.) Positive -0.7
Loan expense amortization, bank charges, other finance costs expensed. Negative 0.2
Swap (non-hedging) valuation fluctuation since prior quarter end Negative 0.1
Bunker hedges (non-hedging criteria) cash settlements - estimated Cash paid 1.8
Bunker hedges (non-hedging criteria) valuation movements - estimated Positive -1.5
Total expected finance costs 8.8

Interest and investment income: Interest earned on bank deposits is expected to amount to $0.3m in Q3.

Sale of Vessels:
In mid July 2015 the Company sold the suezmax Triathlon and the product carrier Delphi for $43 million in total.

New deliveries:
The attached table shows the status of our newbuilding program, of one LNG carrier, nine aframaxes, two LR1 product tankers and one shuttle tanker.
In July 2015 the Company acquired the newbuilding contracts for two VLCC's with expected delivery in 2016 and two suezmax tankers build in 2009 and 2012 with expected delivery towards the end of 2015
Debt financing, including pre-delivery financing, has been agreed for all vessels under construction except of the LNG carrier for which only predelivery financing of $52m has been agreed.
The new building program at June 30, 2015 amounted to $887m, for which bank financing of $547m has been agreed, $137m have been drawn down until totday and the remaining undrawn
amount is $410m.
Financing for the delivery of the LNG carrier Maria Energy, for the two newly acquired suezmaxes and the two newly agreed resale VLCCs are all under discussion currently.

Liquidity:
As at August 7, 2015 the Company had approximately $299m in cash and other liquid assets.

Loan movements in Q3: $m

Outstanding debt at June 30, 2015 1,404.0
Draw down 71.0
Repayments -27.0
Early repayment of debt -46.5
Prepayments of debt on sale of vessels Triathlon and Delphi -23.2
Outstanding debt at September 30, 2015 1,378.3

In Q2 2015, the Company completed an offering of 3,400,000 of its 8.75% Series D Cumulative Perpetual Preferred Shares for net proceeds of $82.5m.
Total common shares issued and outstanding are currently 84.7m.
In H1 2015, the Company has made dividend payments totaling $10.2m and declared dividends of $0.06 per common share payable on September 10
to shareholders of record September 3, 2015 and another dividend of $0.06 per common share payable on December 15 to shareholders of record December 9, 2015.
Dividends on the 8.0% Series B Preferred Shares and the 8 7/8% Series C Preferred Shares will be paid quarterly in arrears on the 30 th day of January, April, July and October
of each year if and when declared by the Companys board of directors.
Dividends on the 8.75% Preferred Shares will be payable quarterly in arrears on the 28th day of February, May, August and November of its year commencing August 28, 2015, if declared by the Company's board of
directors.
Preferred dividends, like common stock dividends, do not impact the income statement. However, for the calculation of eps, preferred dividends are taken account of.

Vessel values: We regularly perform cash flow tests to assess whether the estimated future cash flow to be generated by each of our vessels is in excess of the net book value
of those vessels. At June 30, 2015 no impairment was charged.
Testing for the end of September has not comenced yet, but assuming vessel values are at the same levels as at June 30, 2015, no impairment charge is expected.

Cargo: Although the LR2s and LR1s are designated product carriers, much of their activity during Q3 has been the transportation of crude or fuel oil.

Chartered-in vessels: TEN has no chartered-in vessels.

Leases: TEN has no operating or financial leases.