Following a policy of continuous fleet renewal N.Y. listed company TEN ordered two eco VLCCs at Hanwha Ocean in South Korea with an option for an additional unit, to be delivered in 2027 and 2028. Concurrently with these orders, TEN proceeded with the sale of three 2007-built vessels, two handysize product tankers to related party interests as well as an aframax crude carrier to independent third parties. From the divestment of the above-mentioned vessels, TEN generated approximately $60.0 million in free cash and about $9.0 million in capital gains to be reflected in the Company's third quarter financial statements. "TEN continues its goal to address the needs of its clients by building high specification, environmentally friendly vessels while gradually divesting from its first-generation assets,” Mr. George Saroglou, TEN’s President & COO, said. "With responsible fleet growth remaining a core pillar of our tested model, TEN keeps being a one-stop shipping operation for its blue-chip clients,” Mr. Saroglou concluded.
Founded in 1993 and celebrating 32 years as a public company, TEN 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 eleven DP2 shuttle tankers, two VLCCs plus one option, one scrubber fitted suezmax vessel, 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 approx. 11million dwt.
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