TEN Ltd. Announces the Acquisition of a Fleet of Five Modern Environmentally-Friendly Vessels
Vessels chartered to a major energy company
Three vessels to be delivered with Special-Survey passed
LNG-powered tankers in TEN’s fleet increase to six
11 eco-friendly vessels to join the fleet
ATHENS, Greece, Jan. 31, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd (TEN) (NYSE: TNP) (the “Company”) announces the acquisition of five high-spec environmentally-friendly vessels from Norway’s Viken Crude AS. The fleet is comprised of two 2023-built Dual-Fuel LNG LR2 aframaxes, one 2019-built super-eco suezmax and two 1A ice-class scrubber-fitted aframaxes built in 2018 and 2019 respectively.
The vessels have an average employment of two years with fixed and profit-sharing features totaling over $100 million in minimum gross revenues.
TEN will fund the purchase with cash-at-hand and bank finance.
With this acquisition, TEN’s LNG-powered tankers, after the recent delivery of its four-new vessel program, increases to six, its scrubber-fitted vessels to 12, its vessels with ice-class capabilities to 17 and the pro-forma fleet to 72 diversified ships of all categories.
“Following the sale of 9 first generation vessels in the last 12 months and having initiated our LNG-powered tanker renewal program, we are delighted to acquire this modern eco fleet and underscore TEN’s commitment to operate environmentally-friendly vessels to meet the increasing demands of our blue-chip clientele,” Mr. George Saroglou, President & COO of TEN, commented. “With 11 vessels now joining TEN going forward, including the six under construction, the revenue growth capacity of the fleet and its expected impact to the bottom line, is materially enhanced,” Mr. Saroglou concluded.
Nordea Corporate Finance, part of Nordea Bank Abp, filial in Norway, acted as advisor to the seller in relation to the transaction.
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 | TBN | DP2 Shuttle Tanker | Q2 2025* | Under Construction | Yes |
| 6 | TBN | DP2 Shuttle Tanker | Q2 2025* | Under Construction | Yes |
| 7 | TBN | Suezmax – Scrubber Fitted | Q2 2025* | Under Construction | Under Discussion |
| 8 | TBN | Suezmax – Scrubber Fitted | Q4 2025* | Under Construction | Under Discussion |
| 9 | TBN | MR – Scrubber Fitted | Q1 2026* | Under Construction | Under Discussion |
| 10 | TBN | MR – Scrubber Fitted | Q1 2026* | Under Construction | Under Discussion |
| *Expected delivery as per shipbuilding contracts | |||||
ABOUT TEN
TEN, founded in 1993 and celebrating this year 30-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 72 double-hull vessels, including two 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 8.8 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
