TEN Ltd. Announces the Sale of A 2007-Built Aframax Tanker
16 acquisitions with 1.2 year average
10 sales with 18.5 year average
Green-growth initiative program continues
ATHENS, Greece, April 22, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) announces the sale of the aframax tanker Izumo Princess, the first in a series of eight pioneered-designed vessels the Company built between 2007 and 2010. The sale will add approximately $37 million to the Company’s cash balances.
“Following the sale of nine tankers over the last twelve months with an average age of 18.5 years, this subsequent 10th transaction underscores TEN’s commitment to divest from its first-generation assets and enhance its “green” footprint through the acquisition and building of state-of-the art eco-vessels to meet the transportation needs of our blue-chip clientele,” Mr. George Saroglou, President & COO of TEN commented, “Looking ahead, we have renewed our fleet with 16 acquisitions averaging 1.2 years, while maintaining our long-standing policy of providing our customers with the best vessels for their needs,” Mr. Saroglou concluded.
TEN’s CURRENT GROWTH PROGRAM
| # | Name | Type | Delivery | Status | Employment |
| 1 | Njord DF | Aframax Dual Fuel | Sep. 2023 | Delivered | Yes |
| 2 | Ran DF | Aframax Dual Fuel | Oct. 2023 | Delivered | Yes |
| 3 | Chios DF | Aframax Dual Fuel | Jan. 2024 | Delivered | Yes |
| 4 | Ithaki DF | Aframax Dual Fuel | Jan. 2024 | Delivered | Yes |
| 5 | Athens 04 | DP2 Shuttle Tanker | Q2 2025* | Under Construction | Yes |
| 6 | Paris 24 | DP2 Shuttle Tanker | Q2 2025* | Under Construction | Yes |
| 7 | Anfield | DP2 Shuttle Tanker | Q3 2026* | Under Construction | Yes |
| 8 | TBN | Suezmax – Scrubber Fitted | Q2 2025* | Under Construction | Under Discussion |
| 9 | TBN | Suezmax – Scrubber Fitted | Q4 2025* | Under Construction | Under Discussion |
| 10 | TBN | MR – Scrubber Fitted | Q1 2026* | Under Construction | Under Discussion |
| 11 | TBN | MR – Scrubber Fitted | Q1 2026* | Under Construction | Under Discussion |
*Expected delivery as per shipbuilding contracts
ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 74 double-hull vessels, including four DP2 shuttle tankers, two scrubber-fitted suezmax vessels and two scrubber fitted MR product tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 9.1 million dwt.
ABOUT 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
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Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
