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    TEN Ltd. Announces the Sale of A 2007-Built Aframax Tanker

    4/22/24 9:00:00 AM ET
    $TNP
    Marine Transportation
    Consumer Discretionary
    Get the next $TNP alert in real time by email

    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  

    #NameTypeDeliveryStatusEmployment
    1Njord DFAframax Dual FuelSep. 2023DeliveredYes
    2Ran DFAframax Dual FuelOct. 2023DeliveredYes
    3Chios DFAframax Dual FuelJan. 2024DeliveredYes
    4Ithaki DFAframax Dual FuelJan. 2024DeliveredYes
    5Athens 04DP2 Shuttle TankerQ2 2025*Under ConstructionYes
    6Paris 24DP2 Shuttle TankerQ2 2025*Under ConstructionYes
    7AnfieldDP2 Shuttle TankerQ3 2026*Under ConstructionYes
    8TBNSuezmax – Scrubber FittedQ2 2025*Under ConstructionUnder Discussion
    9TBNSuezmax – Scrubber FittedQ4 2025*Under ConstructionUnder Discussion
    10TBNMR – Scrubber FittedQ1 2026*Under ConstructionUnder Discussion
    11TBNMR – Scrubber FittedQ1 2026*Under ConstructionUnder 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

    +30210 94 07 710

    [email protected]

    Investor Relations / Media

    Capital Link, Inc.

    Nicolas Bornozis

    Markella Kara

    +212 661 7566

    [email protected]



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