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 $200 million.
“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
