$80 Million of Additional Minimum Secured Revenues
Athens, Greece - June 22, 2022
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.
Tsakos Energy Navigation press release