TEN, Ltd Announces Long-Term Charters With Profit Sharing Provisions for Two VLCC Tankers

Rhea-AI Summary

TEN Ltd (NYSE:TNP) recently announced long-term charters for two VLCCs, expected to generate gross revenues exceeding $110 million over three to five years. The contracts include profit-sharing arrangements with major oil companies, indicating a recovery in the tanker market. COO George Saroglou highlighted that these flexible contracts are central to TEN's strategy, providing both downside protection and upside potential. The company is also exploring further opportunities with high-caliber clients and plans to deliver a new LNG carrier next quarter.

Positive

• Secured long-term charters generating over $110 million in gross revenues.
• Contracts include profit-sharing provisions enhancing revenue potential.
• Positive signs of recovery in the tanker market.
• Flexible contracts aligned with TEN's effective employment strategy.
• Plans for further expansion and participation in the tanker recovery.

Negative

• None.

Recent Charter Activity Signals Market Recovery

ATHENS, Greece, Nov. 12, 2021 (GLOBE NEWSWIRE) -- TEN, Ltd (“TEN” or the “Company”) (NYSE:TNP) today announced long-term charters for two VLCCs to major oil concerns. The contracts, for minimum three - maximum five years, incorporate profit sharing provisions and are expected to generate gross revenues in excess of $110 million over their maximum period, excluding additional income that may come from the profit share.

“We are pleased to announce these accretive employments which reflects the positive signs the tankers markets are beginning to exhibit. Such flexible contracts are the backbone of TEN’s tried-and-tested employment strategy that provides downside protection and significant upside potential,” Mr. George Saroglou, COO of TEN commented. “As rate fundamentals turn positive, we are exploring similar opportunities with other high caliber clients which together with our vessels in the spot market and the delivery of our new LNG carrier next quarter, should allow TEN to fully participate in the tanker recovery going forward,” 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 LNG carrier, 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 recent contracts did TEN Ltd announce?

TEN Ltd announced long-term charters for two VLCCs expected to generate over $110 million in gross revenues.

How long are the charters secured by TEN Ltd?

The charters are for a minimum of three years to a maximum of five years.

What is the significance of the profit-sharing provisions in TEN's contracts?

The profit-sharing provisions enhance revenue potential beyond the guaranteed charter fees.

What market trends does TEN Ltd's announcement reflect?

The announcement reflects positive signs of recovery in the tanker market.

What future plans did TEN's COO mention?

TEN's COO mentioned plans to explore further opportunities with high-caliber clients and to deliver a new LNG carrier next quarter.