Green-growth initiative program in progress
Fleet acquisition to generate in excess of $200 million of minimum gross revenues
ATHENS, Greece, June 03, 2024 (GLOBE NEWSWIRE) — TEN, Ltd (NYSE: TNP) (the “Company”) announces the completion of the Viken Crude AS acquisition with the delivery of a 2019-built scrubber fitted 1A Ice-Class Aframax tanker. Concurrently the Company has sold a 2008-built Aframax and a 2007-built Steam Turbine LNG carrier to third party interests. From these sales, the Company has generated an additional $100 million in free cash.
Since the beginning of 2023, TEN has sold 13 vessels totaling 1.1 million dwt averaging about 18.5 years. At the same time, it has purchased and placed new orders for 20 vessels totaling 2.25 million dwt, with an average age of 1.2 years. The above transaction significantly increases the Company’s size and dwt capacity and drastically modernizes the fleet.
“The vessel divestments coupled with strategic acquisitions, in co-operation with its first-class clients, have enabled the Company to enhance this modern fleet, and increase TEN’s critical mass in the maritime energy segments, while strengthening our environmental footprint at a time considered transformational for the industry,” Mr. George Saroglou, President & COO of TEN commented.
TEN’s CURRENT NEWBUILDING PROGRAM
| # | Name | Type | Delivery | Status | Employment |
| 1 | Athens 04 | DP2 Shuttle Tanker | Q2 2025* | Under Construction | Yes |
| 2 | Paris 24 | DP2 Shuttle Tanker | Q2 2025* | Under Construction | Yes |
| 3 | Anfield | DP2 Shuttle Tanker | Q3 2026* | Under Construction | Yes |
| 4 | TBN | Suezmax – Scrubber Fitted | Q2 2025* | Under Construction | Under Discussion |
| 5 | TBN | Suezmax – Scrubber Fitted | Q4 2025* | Under Construction | Under Discussion |
| 6 | TBN | MR – Scrubber Fitted | Q1 2026* | Under Construction | Under Discussion |
| 7 | TBN | MR – Scrubber Fitted | Q1 2026* | Under Construction | Under Discussion |
| 8 | TBN | Panamax LR1 | Q2 2027* | Under Construction | Under Discussion |
| 9 | TBN | Panamax LR1 | Q1 2028 | Under Construction | N/A |
| 10 | TBN | Panamax LR1 | Q1 2028 | Under Construction | N/A |
| 11 | TBN | Panamax LR1 | Q2 2028 | Under Construction | N/A |
| 12 | TBN | Panamax LR1 | Q3 2028 | Under Construction | N/A |
*Expected delivery as per shipbuilding contracts
ABOUT TEN
TEN, founded in 1993 and celebrating this year 31-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 74 vessels, including three DP2 shuttle tankers, two scrubber-fitted suezmax vessels and two scrubber-fitted MR product tankers and five scrubber-fitted Panamax tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carries, totaling 9.0 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
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
ten@capitallink.com
Visit our company website at: http://www.tenn.gr
