TEN Ltd Announces 24-to-36 Month Charters With Major Oil Concern

Rhea-AI Summary

TEN, Ltd (NYSE: TNP) announced the extension of charters for two product tankers with profit sharing provisions, generating a minimum of $20 million in gross revenues over 24 months. If an additional 12-month option is exercised, total revenues could exceed $32 million. COO George Saroglou highlighted the importance of these contracts in ensuring earnings visibility and adapting to market cycles. TEN operates a diverse fleet of 68 vessels and remains optimistic about the economic recovery in 2021.

Positive

• Minimum gross revenues of $20 million from charter extensions.
• Potential to exceed $32 million if options are exercised.
• Charters with first-class counterparties enhance earnings visibility.

Negative

• None.

$20.0 million in minimum gross revenues

ATHENS, Greece, Dec. 23, 2020 (GLOBE NEWSWIRE) -- TEN, Ltd (“TEN” or the “Company”) (NYSE: TNP) today announced 24-month charters extensions with profit sharing provisions for two product tankers to a major oil concern. Excluding options for an additional 12-month period at expiration of this fixture, the combined minimum revenues from these contracts are expected at around $20.0 million. Should the additional options get exercised, the total minimum revenues could surpass $32 million.

“Following our stated policy, these charters to first-class counterparties provide earnings visibility and upside potential. This flexibility has become the cornerstone of our strategy over the years and has served the Company well in navigating smoothly the market cyclicality,” Mr. George Saroglou, Chief Operating Officer of TEN stated. “As we leave 2020 behind us, we look forward to 2021 with renewed optimism and hope knowing that TEN, with the fleet it operates and the client base it has, will be a prime beneficiary of the expected economic resurgence in a safe and healthy world. We wish everyone good health and happiness for the festive season and the New Year,” Mr. Saroglou concluded.

ABOUT TEN 
TEN, founded in 1993 and celebrating this year 27 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, totalling 7.6 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 significance of TEN's recent charter extensions?

TEN's charter extensions signify a minimum of $20 million in revenues and potential for over $32 million, enhancing earnings visibility.

What is the expected revenue from the charter extensions announced by TEN?

The expected minimum revenue from the charter extensions is $20 million, with potential total revenue exceeding $32 million.

How many vessels does TEN operate?

TEN operates a diverse fleet of 68 vessels, including crude tankers, product tankers, and LNG carriers.

Who commented on the charter agreements at TEN?

George Saroglou, COO of TEN, commented on the importance of these charters for earnings visibility and market navigation.