TEN, Ltd. announces construction of nine DP2 shuttle tankers in South Korea

TEN announces the construction of nine DP2 Suezmax Shuttle Tankers with 15-year employment contracts for Petrobras Transporte. The deliveries are scheduled for 2027 and 2028 and TEN intends to build the vessels at Samsung Heavy Industries. in South Korea, the yard that the Company is currently using for the construction of three DP2 Shuttle Tankers, all on long-term contracts to major oil companies, with deliveries in 2025 and 2026. The charter will be in the form of a bareboat and the charterer will assume all operating and technical costs associated with the running of the vessels during the assigned employment period. With a proforma fleet of 16 DP2 Suezmax Shuttle tankers, TEN is now one of the world’s largest Shuttle tanker owners. Gross revenues from this project are expected to be around $2B.