TEN Ltd. Announces Delivery of Six Environmentally Friendly Vessels Since the Beginning of 2024
TEN (NYSE: TNP) announced the delivery of six environmentally friendly vessels since the beginning of 2024. These vessels include three Dual-Fuel LNG LR2 product tankers and three other tankers, one of which was delivered on May 14, 2024. A seventh vessel, a scrubber-fitted Aframax, is expected to be delivered by the end of May 2024. All vessels are employed on time-charter contracts with profit-sharing provisions, expected to generate minimum gross revenues exceeding $200 million. The company aims for a fully 'green' fleet by 2030, with eight more vessels currently under construction.
- Delivery of six new environmentally friendly vessels since the beginning of 2024.
- Seventh vessel expected to be delivered by end of May 2024.
- All vessels are employed on time-charter contracts with profit-sharing provisions.
- Expected minimum gross revenues of over $200 million from new vessels.
- Company aims for a fully 'green' fleet by 2030.
- Eight additional vessels are currently under construction.
- Potential risks associated with the integration and operational efficiency of the new vessels.
- Dependence on the timely delivery and performance of vessels under construction.
Insights
The delivery of these six environmentally friendly vessels adds significant value to TEN, Ltd in both the short and long term. The expected minimum gross revenues of
From a financial perspective, the addition of these vessels is likely to lower operating expenses over time due to fuel efficiency and cleaner technology. This, coupled with profit-sharing provisions in the charters, could lead to increased profitability. However, investors should be mindful of the capital expenditures needed to support future growth and the ongoing newbuilding program. The commitment to a 'green fleet' by 2030 is ambitious and requires careful monitoring of progress and costs involved.
The strategic expansion of TEN’s fleet with dual-fuel and eco-friendly vessels positions the company advantageously within the tanker market. As global demand for cleaner energy solutions rises, having a fleet capable of meeting stringent environmental regulations offers a competitive edge. Additionally, time-charters with profit-sharing agreements ensure steady revenue streams while mitigating market volatility risks. Investors will appreciate the company's proactive stance in adapting to market trends and regulatory landscapes.
Moreover, the ongoing newbuilding program further signals TEN's commitment to sustainable growth. However, the success of this initiative will largely depend on market conditions and the company's ability to manage costs and financing. The focus on 'green' credentials may also attract additional institutional investment, potentially enhancing shareholder value in the long run.
Green-growth initiative program in progress
Strong tanker market fundamentals
ATHENS, Greece, May 16, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd (NYSE: TNP) (the “Company”) announces that following the delivery of three vessels since the beginning of 2024, the Dual-Fuel LNG LR2 product tankers “Ithaki DF”, “Chios DF” and “DF Montmartre”, three more vessels have recently joined the fleet and consist of the 2023-built Dual-Fuel LNG LR2 product tanker “DF Mystras”, the 2018-built scrubber fitted 1A Ice Class, Aframax “Alpes”and the 2018-built Super Eco Suezmax, “Poppy S” which was delivered on May 14, 2024. An additional seventh vessel, the 2019-built scrubber fitted 1A Ice Class, Aframax “Aspen”, will be delivered by the end of May upon completion of its special survey currently performed by her present owners.
All these vessels are employed on time-charter contracts with profit-sharing provisions, with expected minimum gross revenues in excess of
“We welcome these environmentally friendly tankers in TEN which bring us closer to our goal for a full “green” fleet by 2030. These new acquisitions increase TEN’s cash generating prowess while further deepening its environmental footprint in the ever-evolving energy space,” Mr. George Saroglou, President & COO of TEN stated. "Our “green ship” initiative continues with eight more vessels currently under construction to join our fleet from next year,” Mr. Saroglou concluded.
TEN’s CURRENT NEWBUILDING PROGRAM
| # | Name | Type | Delivery | Status | Employment |
| 1 | Athens 04 | DP2 Shuttle Tanker | Q2 2025* | Under Construction | Yes |
| 2 | Paris 24 | DP2 Shuttle Tanker | Q2 2025* | Under Construction | Yes |
| 3 | Anfield | DP2 Shuttle Tanker | Q3 2026* | Under Construction | Yes |
| 4 | TBN | Suezmax – Scrubber Fitted | Q2 2025* | Under Construction | Under Discussion |
| 5 | TBN | Suezmax – Scrubber Fitted | Q4 2025* | Under Construction | Under Discussion |
| 6 | TBN | MR – Scrubber Fitted | Q1 2026* | Under Construction | Under Discussion |
| 7 | TBN | MR – Scrubber Fitted | Q1 2026* | Under Construction | Under Discussion |
| 8 | TBN | Panamax LR1 | Q2 2027* | Under Construction | Under Discussion |
*Expected delivery as per shipbuilding contracts
ABOUT TEN
TEN, founded in 1993 and celebrating this year 31-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 75 vessels, including three DP2 shuttle tankers, two scrubber-fitted suezmax vessels and two scrubber-fitted MR product tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carries, totaling over 9.0 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
President & COO
+30210 94 07 710
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
FAQ
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