TEN Ltd. Announces an Up to Five-Year Charter Extension of Two DP2 Shuttle Tankers

TEN (NYSE: TEN) announced up to five-year charter extensions for two DP2 shuttle tankers, continuing existing charters that began at delivery in 2013.

Rhea-AI Summary

TEN (NYSE: TEN) announced up to five-year charter extensions for two DP2 shuttle tankers, continuing existing charters that began at delivery in 2013. The new charters take effect when the current 15-year contracts expire around mid-2028 and are expected to generate gross revenues in excess of $200 million over their durations. The company cites a $4.0 billion minimum fleet revenue backlog and a proforma shuttle-tanker fleet of 16 modern vessels. Management highlighted long-term partnerships with major oil companies and continued dividend policy.

Positive

• $4.0 billion minimum fleet revenue backlog
• Expected $200M+ gross revenues from two charter extensions
• Charters continue immediately after current contracts expire around mid-2028
• Proforma shuttle-tanker fleet of 16 modern vessels

Negative

• None.

Argus Apr 24 session

+1.87% close to close Open Argus

Details

News Market Reaction – TEN

On Apr 24, the first trading day after this news, TEN closed 1.87% above the previous close.

Data tracked by StockTitan Argus for the Apr 24 session.

Key Figures

Minimum fleet revenue-backlog: $4.0 billion Charter extension term: up to five years each Existing charter length: 15-year contracts +2 more

Minimum fleet revenue-backlog

$4.0 billion

Stated backlog level in tanker markets at record levels

Charter extension term

up to five years each

Extension duration for two DP2 shuttle tanker charters

Existing charter length

15-year contracts

Current shuttle tanker charters that expire around mid-2028

Extension gross revenues

in excess of $200 million

Expected gross revenues from the new charter extensions

Proforma shuttle fleet

16 modern vessels

Size of TEN’s proforma shuttle tanker fleet

Historical Context

5 past events · Latest: Apr 07

5 events

1. Apr 07

   Annual report filing

   24h Move

   +1.8%

   Form 20-F filing for 2025 financial year and disclosure of results.

2. Apr 06

   Preferred dividend

   24h Move

   -4.9%

   Declaration of quarterly dividend on Series F preferred shares.

3. Mar 11

   CEO media interview

   24h Move

   -1.6%

   CEO interviewed on Bloomberg about tanker outlook and strong results.

4. Mar 10

   CEO NYSE interview

   24h Move

   +1.8%

   CEO interviewed on Schwab Network about tanker market and performance.

5. Mar 06

   Earnings results

   24h Move

   -0.6%

   Reported profitable 2025 with strong revenues, EBITDA and cash position.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

dp2, shuttle tankers

2 terms

dp2 technical

"employment extension for two DP2 shuttle tankers, in direct continuation"

DP2 (also known as CRTH2) is a protein on certain immune cells that senses a chemical signal involved in allergic inflammation and helps attract and activate those cells. For investors, DP2 matters because drugs that block this receptor can dial down asthma and other allergic conditions; think of DP2 as a door lock and a drug as a block that prevents inflammatory cells from rushing in, which affects a drug’s clinical and commercial prospects.

shuttle tankers technical

"employment extension for two DP2 shuttle tankers, in direct continuation"

Shuttle tankers are specialized ships that pick up crude oil from offshore production sites and carry it to onshore terminals or larger tankers, like a delivery truck that shuttles loads from a remote factory to a distribution center. They matter to investors because their income comes from long-term charter contracts and utilization depends on offshore oil production and transportation demand, so changes in drilling activity, oil prices, or regulation can affect revenue and asset value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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$4.0 billion in minimum fleet revenue-backlog

Tanker markets continue at record levels

ATHENS, Greece, April 23, 2026 (GLOBE NEWSWIRE) -- TEN Ltd. (“TEN” or the “Company”) (NYSE: TEN) today announced the employment extension for two DP2 shuttle tankers, in direct continuation of the existing charters which commenced at delivery back in 2013, for up to five years each. These new charters are scheduled to come into effect upon expiration of the existing 15-year contracts around mid-2028 and are expected to generate gross revenues in excess of $200 million over their duration.

“Since our entry into the shuttle tanker market in 2013 with these two vessels, TEN has become one of the largest operators in that segment with a proforma fleet of 16 modern vessels and growing,” stated Mr. George Saroglou, President of TEN. “TEN continues its tested policy of long partnership with major oil concerns that secure future cash flow growth, strong balance sheet and continuous dividends to reward its shareholders,” Mr. Saroglou concluded.

ABOUT TEN Ltd.
Founded in 1993 and celebrating 33 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 83 vessels, including ten DP2 shuttle tankers, three VLCCs, five scrubber-fitted LR1 tankers and one LNG carrier under construction, consisting of a mix of crude tankers, product tankers and LNG carriers totaling approximately 11 million dwt.

ABOUT FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

For further information, please contact:

Company
Tsakos Energy Navigation Ltd.
George Saroglou
President & COO
+30210 94 07 710
gsaroglou@tenn.gr

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis/ Markella Kara
+212 661 7566
ten@capitallink.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What charter extension did TEN (NYSE: TEN) announce on April 23, 2026?

TEN announced up to five-year charter extensions for two DP2 shuttle tankers. According to TEN, these extend the existing charters that began at delivery in 2013 and will start when current 15-year contracts expire around mid-2028.

How much revenue will the TEN (NYSE: TEN) charter extensions generate?

The charter extensions are expected to generate gross revenues in excess of $200 million over their durations. According to TEN, this figure is a gross estimate and applies to the two DP2 vessels combined across the new charter terms.

When do the new TEN (NYSE: TEN) charters for the two shuttle tankers begin?

The new charters commence upon expiration of existing contracts, around mid-2028. According to TEN, the extensions directly continue the current employment arrangements that began at vessel delivery in 2013.

What does the TEN (NYSE: TEN) announcement mean for fleet size?

TEN reports a proforma fleet of 16 modern shuttle tankers following the extensions. According to TEN, these two vessel extensions are part of its long-term shuttle tanker operations that began in 2013 and contribute to fleet scale.

Will the TEN (NYSE: TEN) charter extensions affect dividends or cash flow?

TEN indicated the charter strategy supports future cash flow growth and continued dividends. According to TEN, long-term partnerships with major oil companies underpin expected cash flow stability, though no specific dividend amounts or schedules were announced.