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• 16 acquisitions with 1.2 year average
• 10 sales with 18.5 year average
• Green-growth initiative program continues
Athens, Greece - April 22, 2024
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 10th 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
* Expected delivery as per shipbuilding contracts
About TEN
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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.
Tsakos Energy Navigation press release
