Adds $250 million in Minimum Time Charter Income
Athens, Greece - 9 July 2020
TEN, Ltd (“TEN” or the “Company”) (NYSE:TNP) today announced the contract for the building of up to three suezmax DP2 shuttle tankers on long-term employment to a major European end-user.
The vessels will be built in South Korea and the time charter equivalent minimum revenues to be generated over the duration of the respective contacts, should all be exercised, are expected at about $250 million.
“TEN continues its profitable and market proven policy of attractive long-term charters to grow its fleet at periods of competitive newbuilding prices,” Mr. George Saroglou, COO of TEN commented. “By doubling our presence in this very selective with high-barriers-to-entry sector, we add market share and substantially increase our bottom line. Accretive fleet growth and renewal remains a cornerstone of our strategy which along with healthy dividends and stock buy backs should assist for a more realistic share valuation going forward,” Mr. Saroglou concluded.
TEN, founded in 1993 and celebrating this year 27 years in the capital markets, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 65 double-hull vessels in the water, one LNG carrier, two suezmax tankers and up to three suezmax DP2 shuttle tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, exceeding 8.0 million dwt.
Tsakos Energy Navigation press release