TEN, Ltd. Announces the Delivery and Long - Term Charter of New DP2 Shuttle Tanker

Rhea-AI Summary

TEN, Ltd. (NYSE: TNP) announced the delivery of its fourth DP2 shuttle tanker, Porto, from a South Korean yard. The tanker will operate under an employment contract for up to 11 years, generating minimum secured revenues exceeding $80 million. This addition underscores TEN's strategic focus on long-term secured revenues and aims to enhance the company's profitability despite pandemic-related challenges. TEN's diversified fleet includes 70 double-hull vessels, positioning it as a key player in the energy transportation sector.

Positive

• Delivery of Porto increases secured revenues by over $80 million.
• Employment contract extends for up to 11 years, ensuring stable cash flow.
• Porto is technologically advanced and environmentally friendly, enhancing operational efficiency.

Negative

• None.

$80 Million of Additional Minimum Secured Revenues

ATHENS, Greece, June 22, 2022 (GLOBE NEWSWIRE) -- TEN, Ltd. (“TEN” or the “Company”) (NYSE: TNP) a leading diversified crude, product and LNG tanker operator, announced today the delivery of its fourth DP2 shuttle tanker, the Porto, from a South Korean yard and the commencement of her employment, of up to 11 years, at an accretive rate, to a major end user. The gross proceeds of this fixture, over the minimum duration of the contract, are expected to exceed $80 million.

“We are delighted to welcome the timely construction, in spite of the pandemic disruptions, of such technologically advanced and environmentally friendly vessel and look forward to it becoming a major contributor to TEN’s bottom line for the years to come,” Mr. George Saroglou, COO of TEN, Ltd. commented. “Such vessel and employment highlights our strategic approach in producing long-term secured revenues and makes TEN the carrier of choice for the strategic needs of our clients,” Mr. Saroglou concluded.

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and celebrating this year 29 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 70 double-hull vessels including four dual-fuel LNG powered aframax vessels under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.9 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 new tanker did TEN deliver recently?

TEN delivered its fourth DP2 shuttle tanker named Porto.

How much revenue is TEN expected to generate from the Porto?

TEN is expected to generate over $80 million in minimum secured revenues from the Porto.

What is the duration of the employment contract for the Porto?

The employment contract for the Porto can extend up to 11 years.

What is TEN's focus in terms of business strategy?

TEN focuses on securing long-term revenues through the employment of technologically advanced vessels.

How many vessels are in TEN's fleet?

TEN's fleet currently consists of 70 double-hull vessels.