TEN Ltd Announces 24-Month Charter for Four Panamax Tankers

Rhea-AI Summary

TEN, Ltd (NYSE:TNP) has secured 24-month charters for four LR1 product tankers, generating a minimum of $40 million in gross revenues, excluding profit-sharing potential. The charters are indicative of strong industry fundamentals, emphasizing a flexible long-term contract policy aimed at cash flow security while allowing for profit capture in favorable market conditions. TEN's fleet consists of 68 double-hull vessels, positioning it well within the shipping industry as global economies recover.

Positive

• Secured 24-month charters expected to generate minimum $40 million in revenues.
• Flexible long-term contracts enhance cash flow security and profit potential.
• Contracts reflect strong industry fundamentals amid global economic recovery.

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• None.

$40.0 million in minimum gross revenues

Strong industry fundamentals

ATHENS, Greece, April 16, 2021 (GLOBE NEWSWIRE) -- TEN, Ltd (“TEN” or the “Company”) (NYSE:TNP) today announced 24-month charters with profit sharing provisions for four LR1 product tankers to an oil concern. The combined minimum revenues from these contracts are expected to be around $40.0 million, excluding any additional revenue that may be generated from profit-sharing.

“These charters highlight our policy of flexible long-term contracts with first-class counterparties that on the one hand provide cash flow security while on the other preserve the Company’s ability to capture market upturns in strong freight environments,” Mr. George Saroglou, COO of TEN commented. “These contracts are a reflection of strong industry fundamentals as world economies restart and mirror the ones currently in evidence in the container and dry bulk sectors,” Mr. Saroglou concluded.

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and celebrating this year 28 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 68 double-hull vessels, including one LNG carrier and one suezmax DP2 shuttle tanker under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.5 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
COO
+30210 94 07 710
gsaroglou@tenn.gr 

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
ten@capitallink.com 

 

FAQ

What is the revenue expectation from the new charters for TNP?

The new charters are expected to generate a minimum of $40 million in gross revenues.

How long are the charters secured by TEN for the tankers?

TEN has secured 24-month charters for the four LR1 product tankers.

What does TEN's COO say about the contracts?

Mr. George Saroglou states the contracts provide cash flow security while allowing for profit capture during market upturns.

How many vessels are in TEN's fleet?

TEN's fleet consists of 68 double-hull vessels.

What does TEN's charter strategy indicate about the industry?

TEN's charter strategy indicates strong industry fundamentals as economies restart.