TEN Ltd announced the order of two eco VLCCs at Hanwha Ocean in South Korea with an option for an additional unit, to be delivered in 2027 and 2028. Concurrently with these orders, TEN proceeded with the sale of three 2007-built vessels, two handysize product tankers to related party interests as well as an aframax crude carrier to independent third parties. From the divestment of the above-mentioned vessels, TEN generated approximately $60M in free cash and about $9M in capital gains to be reflected in the Company’s third quarter financial statements.
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