TEN Ltd. Announces Delivery of Six Environmentally Friendly Vessels Since the Beginning of 2024 By Investing.com

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 Alpesand 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    

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…