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• Green-growth initiative program in progress
• Strong tanker market fundamentals
Athens, Greece - May 16, 2024
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
* Expected delivery as per shipbuilding contracts
About TEN
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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.
Tsakos Energy Navigation press release
