TEN Ltd. Announces Delivery and Long-Term Charter of LNG Carrier TENERGY

Rhea-AI Summary

TEN Ltd. (NYSE: TNP) has announced the delivery of the LNG carrier TENERGY in South Korea, followed by an immediate charter to a major end-user. This contract is set for a minimum of five years and is expected to generate minimum gross revenues of about $100 million. The company also highlighted a revenue backlog exceeding $1 billion, providing strong cash flow visibility. TEN aims to expand its footprint in the LNG sector with environmentally friendly vessels, reinforcing its growth strategy.

Positive

• Delivery of the LNG carrier TENERGY enhances TEN's fleet with modern, environmentally friendly technology.
• Minimum gross revenues of about $100 million from the new charter contract.
• Revenue backlog over $1 billion ensures significant cash flow visibility.

Negative

• None.

Minimum Revenues of about $100 million

ATHENS, Greece, Jan. 18, 2022 (GLOBE NEWSWIRE) -- TEN Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the 174,000cbm LNG carrier “TENERGY” in South Korea and immediate charter to a major end-user.

The employment, of minimum five years at an accretive floor rate with market-related upside is expected to generate minimum gross revenues of about $100 million.

“We are excited to continue expanding our presence in the ever-developing LNG space with the delivery and charter of this latest technology and environmentally friendly vessel,” Mr. George Saroglou, COO of TEN commented. “TEN’s growth prospects and cash flow visibility, with a minimum revenue backlog of over $1 billion, with additional upside potential, enables management to pursue its growth strategy and diversify further TEN’s footprint in the greater energy sector,” 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