TEN Ltd. Announces the Sale of a 2006-Built LR2 Product Tanker

Rhea-AI Summary

On April 27, 2022, TEN, Ltd. (TNP) announced the sale of a 2006-built LR2 aframax tanker, generating $7.1 million in free cash after debt repayment. This sale aligns with TEN's "Greenship" initiative, coinciding with an order for four dual-fuel aframaxes on long-term contracts. The company, celebrating 29 years as a public entity, operates a diverse fleet of 70 vessels, including LNG carriers and product tankers, totaling 7.9 million dwt. TEN emphasizes ongoing exploration of similar transactions to enhance its fleet.

Positive

• Generated $7.1 million in free cash from the tanker sale.
• Sale supports the "Greenship" initiative.
• New order for four dual-fuel aframaxes indicates positive business development.

Negative

• None.

$7.1 million of free cash generated

“Greenship” initiative on track

ATHENS, Greece, April 27, 2022 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) today announced the sale of a 2006-built LR2 aframax tanker, one of the largest product tankers in the world at the time of its construction, to unrelated entities. This sale will generate the Company $7.1 million of free cash, after the repayment of related debt to be recorded in the second quarter of 2022.

“This timely sale depicts our commitment to our stated “Greenship” initiative as it coincides with the recent order of four dual-fuel aframaxes on long-term employment to a significant end-user. As we continue to explore and evaluate future alternatives, similar transactions should be expected,” Mr. George Saroglou, COO of TEN commented.

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 one suezmax DP2 shuttle tanker and 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 did TEN, Ltd. announce on April 27, 2022?

TEN, Ltd. announced the sale of a 2006-built LR2 aframax tanker, generating $7.1 million in free cash.

How does the tanker sale affect TEN's financials?

The sale will generate $7.1 million of free cash after debt repayment, positively impacting TEN's financials.

What is the "Greenship" initiative by TEN?

The "Greenship" initiative involves the transition to more eco-friendly vessels, as highlighted by the recent tanker sale and new dual-fuel aframax orders.

How many vessels are in TEN's fleet?

TEN operates a fleet of 70 double-hull vessels, totaling 7.9 million dwt.