TEN Ltd. Announces the Sale of A 2007-Built Aframax Tanker

Rhea-AI Summary

TEN announces the sale of the Aframax tanker Izumo Princess, adding $37 million to their cash balances. The sale marks the divestment from first-generation assets in favor of eco-vessels, with 16 new acquisitions averaging 1.2 years.

Positive

• The sale of the Izumo Princess tanker will contribute approximately $37 million to TEN 's cash balances.
• TEN is focusing on divesting from older assets, with the sale being the 10th transaction in the past year involving tankers with an average age of 18.5 years.
• The company is committed to enhancing its 'green' footprint by acquiring and building state-of-the-art eco-vessels to meet the needs of its blue-chip clientele.
• TEN has renewed its fleet with 16 acquisitions, each with an average age of 1.2 years, showcasing its dedication to providing customers with top-quality vessels.
• The company's growth program includes the delivery and construction of various vessels, including dual fuel aframax tankers and shuttle tankers, demonstrating a strong focus on modernizing its fleet.

Negative

• None.

16 acquisitions with 1.2 year average
10 sales with 18.5 year average
Green-growth initiative program continues  

ATHENS, Greece, April 22, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) announces the sale of the aframax tanker Izumo Princess, the first in a series of eight pioneered-designed vessels the Company built between 2007 and 2010. The sale will add approximately $37 million to the Company’s cash balances.

“Following the sale of nine tankers over the last twelve months with an average age of 18.5 years, this subsequent 10^th transaction underscores TEN’s commitment to divest from its first-generation assets and enhance its “green” footprint through the acquisition and building of state-of-the art eco-vessels to meet the transportation needs of our blue-chip clientele,” Mr. George Saroglou, President & COO of TEN commented, “Looking ahead, we have renewed our fleet with 16 acquisitions averaging 1.2 years, while maintaining our long-standing policy of providing our customers with the best vessels for their needs,” Mr. Saroglou concluded.
  
TEN’s CURRENT GROWTH PROGRAM  

#	Name	Type	Delivery	Status	Employment
1	Njord DF	Aframax Dual Fuel	Sep. 2023	Delivered	Yes
2	Ran DF	Aframax Dual Fuel	Oct. 2023	Delivered	Yes
3	Chios DF	Aframax Dual Fuel	Jan. 2024	Delivered	Yes
4	Ithaki DF	Aframax Dual Fuel	Jan. 2024	Delivered	Yes
5	Athens 04	DP2 Shuttle Tanker	Q2 2025*	Under Construction	Yes
6	Paris 24	DP2 Shuttle Tanker	Q2 2025*	Under Construction	Yes
7	Anfield	DP2 Shuttle Tanker	Q3 2026*	Under Construction	Yes
8	TBN	Suezmax – Scrubber Fitted	Q2 2025*	Under Construction	Under Discussion
9	TBN	Suezmax – Scrubber Fitted	Q4 2025*	Under Construction	Under Discussion
10	TBN	MR – Scrubber Fitted	Q1 2026*	Under Construction	Under Discussion
11	TBN	MR – Scrubber Fitted	Q1 2026*	Under Construction	Under Discussion

*Expected delivery as per shipbuilding contracts

ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 74 double-hull vessels, including four DP2 shuttle tankers, two scrubber-fitted suezmax vessels and two scrubber fitted MR product tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 9.1 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
gsaroglou@tenn.gr

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
ten@capitallink.com

FAQ

What did TEN announce regarding the sale of a 2007-built Aframax tanker?

TEN announced the sale of the aframax tanker Izumo Princess, adding approximately $37 million to the company's cash balances.

How many tankers has TEN sold in the past twelve months, and what is the average age of these tankers?

TEN has sold nine tankers in the past twelve months, with an average age of 18.5 years.

What is TEN 's commitment regarding divesting from its first-generation assets?

TEN is committed to divesting from its first-generation assets and enhancing its 'green' footprint through the acquisition and building of state-of-the-art eco-vessels.

How many new acquisitions has TEN made, and what is the average age of these acquisitions?

TEN has made 16 new acquisitions with an average age of 1.2 years, showcasing its dedication to providing customers with top-quality vessels.

What vessels are included in TEN 's current growth program?

TEN 's current growth program includes vessels like Njord DF, Ran DF, Chios DF, Ithaki DF, Athens 04, Paris 24, and Anfield, among others.