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$520 million in gross contracted revenues over project's life
Greenship initiative commences - 10 vessel program on track
Athens, Greece - October 05, 2023
TEN, Ltd (TEN) (NYSE: TNP) (the "Company") announces the delivery of the LNG powered aframax tanker, Njord DF, the first in a series of four high-spec eco designed vessels built against long-term employment to a major European state-owned oil concern.
The introduction of this vessel kickstarts the delivery of the Company's existing green growth program with now nine remaining vessels expected to be gradually introduced to TEN's fleet over the next ten quarters.
The gross revenues from this four-vessel industrial program are expected to reach $520 million should all extension options get exercised.
"We are both excited and honored to take on-board such a high-end green vessel against long term employment to a globally renowned environmentally sensitive group. The choice of TEN to build and operate such state-of-the-art vessels is a testament to the Company's experience and operational excellence in not only optimally operating modern vessels over the decades but also in efficiently managing the construction phase while safeguarding a timely delivery," Mr. George Saroglou, President & COO of TEN stated.
"We look forward to welcoming the second such vessel in the next few weeks while maintaining TEN's fleet modernity and green transition going forward," Mr. Saroglou concluded.
TEN's Current Growth Program
About Tsakos Energy Navigation
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TEN's diversified energy fleet currently consists of 68 double-hull vessels, including four dual-fuel LNG powered aframax vessels, two 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 8.4 million dwt.
Tsakos Energy Navigation press release
