TK4 Tsakos Energy Navigation Ltd.

TEN Ltd. Announces Delivery and Naming of First Two in Series of Twelve DP2 Shuttle Tanker Orders at Samsung Heavy Industries, South Korea

TEN Ltd. Announces Delivery and Naming of First Two in Series of Twelve DP2 Shuttle Tanker Orders at Samsung Heavy Industries, South Korea

$3.7 billion of minimum contracted revenues from 82 vessel pro-forma fleet

16-vessel shuttle tanker fleet making TEN on the largest shuttle tanker owners in world

ATHENS, Greece, May 01, 2025 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE: TEN) (the “Company”) today announced the delivery and naming of two DP2 suezmax shuttle tankers, the “Athens 04” and the “Paris 24”, from Samsung Heavy Industries, Co., Ltd. (“Samsung”) in South Korea and concurrent seven-year employment to a European oil major with options to extend until the vessels’ 15th year anniversary. Total gross revenues from these two contracts, excluding any optional periods being exercised, are expected in the region of $300 million. The delivery of the “Athens 04” and the naming of the “Paris 24”, which is expected in the fleet in June 2025, mark the commencement of TEN’s second phase expansion in the Brazilian offshore space, having established a solid presence in this “high barriers-to-entry” market since 2013.

These two vessels, on top of the four already in operation, spearhead TEN’s efforts in further cementing its foothold in this demanding segment of the tanker market and propel the fleet’s minimum gross revenues to $3.7 billion.

“This new milestone kickstarts a series of shuttle tanker deliveries set to make TEN one of the largest owners of such high-end tonnage in the world, and Brazil in particular,” Mr. George Saroglou, President and COO of TEN stated. “With a $3.7 billion secured revenue backlog, all to blue-chip concerns TEN can comfortably continue its growth, reward shareholders with healthy dividends which eventually should breach the deep valuation discount from its 52-week high of $31.5 dollars,” Mr. Saroglou concluded.

TEN’s CURRENT NEWBUILDING PROGRAM

#NameTypeDelivery (exp)StatusEmployment
SHUTTLE TANKERS
1Athens 04DP2 Shuttle TankerApril 2025DELIVEREDYes
2Paris 24DP2 Shuttle TankerJune 2025NOTICE TO DELIV.Yes
3AnfieldDP2 Shuttle TankerQ3 2026Under ConstructionYes
4TBNDP2 Shuttle TankerQ3 2027Under ConstructionYes
5TBNDP2 Shuttle TankerQ4 2027Under ConstructionYes
6TBNDP2 Shuttle TankerQ1 2028Under ConstructionYes
7TBNDP2 Shuttle TankerQ2 2028Under ConstructionYes
8TBNDP2 Shuttle TankerQ3 2028Under ConstructionYes
9TBNDP2 Shuttle TankerQ3 2028Under ConstructionYes
10TBNDP2 Shuttle TankerQ4 2028Under ConstructionYes
11TBNDP2 Shuttle TankerQ4 2028Under ConstructionYes
12TBNDP2 Shuttle TankerQ4 2028Under ConstructionYes
CONVENTIONAL TANKERS
13Dr Irene TsakosSuezmax – Scrubber FittedQ2 2025Under ConstructionYes
14Silia TSuezmax – Scrubber FittedQ4 2025Under ConstructionYes
15TBNMR – Scrubber FittedQ1 2026Under ConstructionTBA
16TBNMR – Scrubber FittedQ1 2026Under ConstructionTBA
17TBNPanamax LR1 – Scrubber FittedQ2 2027Under ConstructionTBA
18TBNPanamax LR1 – Scrubber FittedQ3 2027Under ConstructionTBA
19TBNPanamax LR1 – Scrubber FittedQ4 2027Under ConstructionTBA
20TBNPanamax LR1 – Scrubber FittedQ3 2028Under ConstructionTBA
21TBNPanamax LR1 – Scrubber FittedQ3 2028Under ConstructionTBA



ABOUT TSAKOS ENERGY NAVIGATION

TEN, founded in 1993 and celebrating this year 32-years as a public company, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 82 vessels, including twelve DP2 shuttle tankers, two scrubber-fitted suezmax vessels, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers, totaling 10.1 million dwt.



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

President & COO

0

Investor Relations / Media

Capital Link, Inc.

Nicolas Bornozis

Markella Kara



A photo accompanying this announcement is available at



EN
01/05/2025

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Tsakos Energy Navigation Ltd.

 PRESS RELEASE

TEN Ltd. Announces Delivery and Naming of First Two in Series of Twelv...

TEN Ltd. Announces Delivery and Naming of First Two in Series of Twelve DP2 Shuttle Tanker Orders at Samsung Heavy Industries, South Korea $3.7 billion of minimum contracted revenues from 82 vessel pro-forma fleet 16-vessel shuttle tanker fleet making TEN on the largest shuttle tanker owners in world ATHENS, Greece, May 01, 2025 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE: TEN) (the “Company”) today announced the delivery and naming of two DP2 suezmax shuttle tankers, the “Athens 04” and the “Paris 24”, from Samsung Heavy Industries, Co., Ltd. (“Samsung”) in South Korea and concurrent...

 PRESS RELEASE

TEN Ltd. Announces the Filing of Form 20-F With the SEC

TEN Ltd. Announces the Filing of Form 20-F With the SEC ATHENS, Greece, April 15, 2025 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE: TEN) (the “Company”) announced today that its Annual Report on Form 20-F for the fiscal year ended December 31, 2024, has been filed with the U.S. Securities and Exchange Commission (“SEC”) and can be accessed on TEN’s Investor Relations website under the section. Alternatively, shareholders may also receive a hard copy of the annual report, free of charge, by contacting Capital Link using the contact information provided at the end of this press release. AB...

 PRESS RELEASE

TEN Ltd. Declares Dividend on its Series F Cumulative Redeemable Perpe...

TEN Ltd. Declares Dividend on its Series F Cumulative Redeemable Perpetual Preferred Shares ATHENS, Greece, April 04, 2025 (GLOBE NEWSWIRE) -- TEN Ltd. (“TEN”) (NYSE: TEN) (the “Company”), a leading diversified crude, product and LNG tanker operator, today announced that its Board of Directors declared the regular quarterly cash dividend of approximately $0.59375 per share for its Series F Cumulative Redeemable Perpetual Preferred Shares (the “Series F Preferred Shares”; NYSE: TENPRF). The dividend on the Series F Preferred Shares is for the period from the most recent dividend payment...

 PRESS RELEASE

TEN Ltd. Reports Profits for the 12 Months and Fourth Quarter Ended De...

TEN Ltd. Reports Profits for the 12 Months and Fourth Quarter Ended December 31, 2024 and Announces Common Share Dividend Dynamic 21 vessel expansion - 36% dwt growth - 82 vessel proforma fleet. Doubling minimum contracted revenues to $4.0 billion Adjusted EBITDA of $400 million and Net income of $176 million for 2024   Annual EPS of $5.03 and $0.42 for the 2024 fourth quarter Nine DP2 shuttle tankers on long-term employment to Brazil’s Transpetro with expected contracted revenues of $2.0 billion positioning TEN as one of the largest shuttle tankers owners in the world - Proforma Shuttle...

 PRESS RELEASE

TEN Ltd. Announces the Building of Nine DP2 Shuttle Tankers in South K...

TEN Ltd. Announces the Building of Nine DP2 Shuttle Tankers in South Korea With 15-Year Employment to Transpetro - Petrobras Expected gross revenues at $2.0 billionTEN to become one of the largest independent Shuttle tanker operators ATHENS, Greece, March 18, 2025 (GLOBE NEWSWIRE) -- TEN, Ltd (NYSE: TEN) (the “Company”) announces the construction of nine DP2 Suezmax Shuttle Tankers with 15-year employment contracts for Petrobras Transporte S.A. (“Transpetro”), Brazil’s largest oil and gas transportation company. The deliveries are scheduled for 2027 and 2028 and TEN intends to build th...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch