TEN, Ltd. Announces Delivery and Naming of First Two in Series of Twelve DP2 Shuttle Tanker Orders at Samsung Heavy Industries, South Korea

$3.7 billion of minimum contracted revenues from 82 vessel pro-forma fleet

16-vessel shuttle tanker fleet making TEN one of the largest shuttle tanker owners inworld

Athens, Greece - May 1, 2025


TEN, Ltd. (TEN) (NYSE: TEN) (the "Company") today announced the delivery and naming of two DP2 suezmax shuttle tankers, the "Athens 04" and the "Paris 24", from Samsung Heavy Industries, Co., Ltd. ("Samsung") in South Korea and concurrent seven-year employment to a European oil major with options to extend until the vessels' 15th year anniversary.

Total gross revenues from these two contracts, excluding any optional periods being exercised, are expected in the region of $300 million.

The delivery of the "Athens 04" and the naming of the "Paris 24", which is expected in the fleet in June 2025, mark the commencement of TEN's second phase expansion in the Brazilian offshore space, having established a solid presence in this "high barriers-to-entry" market since 2013.

These two vessels, on top of the four already in operation, spearhead TEN's efforts in further cementing its foothold in this demanding segment of the tanker market and propel the fleet's minimum gross revenues to $3.7 billion.

"This new milestone kickstarts a series of shuttle tanker deliveries set to make TEN one of the largest owners of such high-end tonnage in the world, and Brazil in particular," Mr. George Saroglou, President and COO of TEN stated. "With a $3.7 billion secured revenue backlog, all to blue-chip concerns TEN can comfortably continue its growth, reward shareholders with healthy dividends which eventually should breach the deep valuation discount from its 52-week high of $31.5 dollars," Mr. Saroglou concluded.



Image by TEN, Ltd. TEN's Current Newbuilding Program


About Tsakos Energy Navigation
TEN, founded in 1993 and celebrating this year 32-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 82 vessels, including twelve DP2 shuttle tankers, two scrubber-fitted suezmax vessels, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers, totaling 10.1 million dwt.

TEN, Ltd. press release