TEN Ltd. Announces 24-Month Charter for Two Panamax Tankers

Rhea-AI Summary

TEN Ltd. (NYSE:TNP) announced a 24-month extension for charters of two panamax tankers with a South American oil company, generating minimum gross revenues of $25 million. The new agreements reflect TEN’s commitment to long-term partnerships, aiming for full fleet utilization and upside potential in uncertain market conditions. The company's fleet consists of 71 vessels totaling 8.0 million dwt, including newbuilding projects for environmentally friendly tankers. TEN is known for its established presence in the shipping industry since 1993.

Positive

• 24-month charter extension expected to generate minimum gross revenues of $25 million.
• Accretive floor rate with favorable upside optionality.
• Reinforces TEN's strategy for long-term partnerships and fleet utilization.

Negative

• None.

Minimum Revenues at about $25 million

ATHENS, Greece, March 08, 2022 (GLOBE NEWSWIRE) -- TEN Ltd. (NYSE:TNP), a leading crude, product and LNG tanker operator, today announced the 24-month extension to the charter of two panamax tankers with the existing charterer, a leading South American oil concern. The employment, at an accretive floor rate with favorable upside optionality, is expected to generate minimum gross revenues of about $25 million over the duration of the respective contracts.

“Long-term continuity is in the core of TEN’s commercial strategy with the establishment and expansion of solid partnerships,” Mr. George Saroglou, COO of TEN commented. “In today’s uncertain environment, such strategy ensures full fleet utilization and upside potential, directly reflected on the Company’s bottom line,” Mr. Saroglou concluded.

ABOUT TEN
TEN, founded in 1993 is one of the first and most established public shipping companies in the world.
TEN’s diversified energy fleet currently consists of 71 double-hull vessels totaling 8.0 m dwt. Its newbuilding program includes one suezmax DP2 shuttle tanker and four dual-fuel LNG powered aframax vessels.

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 significance of the charter extension for TEN Ltd. (TNP)?

The charter extension is significant as it ensures minimum gross revenues of $25 million and reinforces TEN's strategy for long-term partnerships.

How many vessels does TEN Ltd. (TNP) operate?

TEN Ltd. currently operates a fleet of 71 double-hull vessels totaling 8.0 million deadweight tons (dwt).

Who is the COO of TEN Ltd. (TNP)?

The COO of TEN Ltd. is George Saroglou.

When was TEN Ltd. (TNP) founded?

TEN Ltd. was founded in 1993.

What types of tankers does TEN Ltd. (TNP) operate?

TEN Ltd. operates crude, product, and LNG tankers.