TEN Ltd. Announces the Sale of a 2005-Built Suezmax Tanker and Completion of the First Phase of Its Dual-Fuel Renewal Program
Green initiative newbuilding program on track
Red Sea tensions further boosts tanker rates
ATHENS, Greece, Jan. 22, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd (TEN) (NYSE:TNP) (the "Company") announces the sale of the 2005-built suezmax tanker Eurochampion 2004 and the concurrent delivery of two LNG powered aframax tankers, the Chios DF and the Ithaki DF, the last remaining vessels in a series of four high-spec eco-designed tankers built against long-term employment to a major oil concern.
The Eurochampion 2004 which was debt free, will contribute approximately $40 million to the Company's cash balances with management in continuous discussions for further such sales in the near future.
"The sale and delivery of these three vessels constitute another milestone for TEN as it highlights the Company's commitment to fleet renewal by combining profitable vessel divestments with deliveries of high-end "green" vessels on long-term contracts," Mr. George Saroglou, President & COO of TEN commented. "The Eurochampion 2004 has served the Company well over the years and we wish her new owners "calm seas" in her journeys. With the all LNG-powered vessels now delivered, management will continue to explore growth opportunities on both the newbuilding and secondhand front while maintaining its interest in strategic sales to ensure a seamless fleet transition going forward," 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 | 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 67 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 8.2 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
+30210 94 07 710
[email protected]
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
[email protected]
Visit our company website at: http://www.tenn.gr
