TEN: Operating income (before impairment charges) up 123%

Adjusted operating income increases by 123% to $33.2 million

Strategic alliance with Statoil for the construction and chartering of nine aframax crude tankers with gross revenues of about $1.0 billion

Dividend of $0.05 per share declared

increasing total dividends paid to $9.775

 

RECENT

HIGHLIGHTS

Financial Highlights:

 

 Pro forma fleet of 58 vessels, consisting of 28 crude carriers, 26 product tankers, two DP2 suezmax shuttle tankers

and two LNG vessels plus one option

 

 Operating income (before impairment charges)

up 123% in 2013 to $ 33.2 million

compared to $16.7 million in 2012 (before impairment charges and loss on vessel sale)

 

Adjusted

EBITDA

to $ 134.2 million in 2013 compared to $117.0 million in 2012

 

 Significant improvement in annual and fourth quarter adjusted net results;

$ (7.2) million for 2013 compared to $ (33.8) million in 2012

. $(5.3) million for Q4 2013, compared to $(9.0) million for Q4 2012

 

 4.3% increase in the 2013 average time charter equivalent to $17,902 per ship per day from $17,163 in 2012. Fleet well positioned to take advantage of strong Q1 2014 market

 

 1.6% decrease in average operating expenses per ship per day in 2013 to $7,634 from $7,755 in 2012

 

 Fleet utilization of 97.8% in 2013

 

 Cooperation with Statoil of Norway for the construction and chartering of nine aframax crude tankers with an average contract term of six years plus options, with expected potential gross revenues of approximately $1 billion

Commence ment in 2013 of 15 -year employment for two DP2 shuttle tankers to

Petrobras with expected gross revenues of $515 million

 

 29 vessels with contracted charter revenues of approximately $887

million at year end 2013 with an average fleet employment of 28 years

.

 Common stock quarterly dividend of $0.05 per

share to be paid on May 22, 2