TEN Ltd. Announces Delivery of “Dr Irene Tsakos”, an Eco-Friendly Suezmax From Hyundai Heavy, South Korea

Rhea-AI Summary

TEN Ltd announced the delivery of eco-friendly scrubber-fitted suezmax tanker 'Dr Irene Tsakos' and the naming of sister vessel 'Silia T' from Hyundai Heavy Industries. Both vessels secured long-term charters with European and US energy majors, with Dr Irene Tsakos chartered for 5 years and Silia T for 3 years with extension options up to 9 years. These contracts boost TEN's revenue backlog to $3.7 billion. The company's fleet renewal program, initiated in January 2023, has replaced 14 older vessels with 30 eco-friendly newbuildings and acquisitions, increasing total carrying capacity from 1.2 million dwt to 3.7 million dwt. TEN's proforma fleet now consists of 82 vessels, with 19 under construction scheduled for delivery between Q3 2025 and Q4 2028.

Positive

• Secured long-term charters with major energy companies for both vessels, enhancing income stability
• Strong revenue backlog of $3.7 billion providing financial visibility
• Significant fleet modernization with average age reduction from 17.3 to 0.6 years
• Triple increase in carrying capacity from 1.2M to 3.7M dwt through fleet renewal program
• Eco-friendly vessels align with environmental regulations and reduce operational costs

Negative

• Significant capital expenditure required for 19 vessels under construction
• Extended construction timeline through 2028 poses execution and market timing risks

Insights

Maritime Industry Analyst

TEN's new eco-friendly tanker delivery strengthens its $3.7B revenue backlog and triples fleet capacity through aggressive renewal strategy.

TEN's delivery of the eco-friendly suezmax tanker Dr Irene Tsakos represents a significant milestone in the company's ambitious fleet renewal strategy. This vessel, along with its sister ship Silia T (scheduled for Q3 2025 delivery), has secured valuable long-term contracts with major energy companies—five years for Dr Irene Tsakos and three years (extendable to nine) for Silia T. These contracts contribute to TEN's impressive $3.7 billion secured revenue backlog, providing exceptional income visibility in the historically volatile tanker market.

The company's aggressive "Greenship" program, launched in January 2023, demonstrates remarkable execution efficiency. TEN has divested 14 older vessels (average age: 17.3 years) with 1.2 million dwt capacity and replaced them with 30 modern vessels (average age: 0.6 years) totaling 3.7 million dwt—effectively tripling carrying capacity while dramatically modernizing the fleet. This transformation goes beyond simple replacement to represent substantial operational expansion.

With 19 vessels currently under construction (including 11 shuttle tankers, specialized vessels that command premium charter rates), TEN is positioning itself strategically in high-value shipping segments. The company's proforma fleet of 82 vessels (63 currently operational) represents one of the largest diversified tanker fleets globally. The secured long-term charters with "leading European and US energy majors" reflect industry confidence in TEN's operational capabilities and provide critical insulation against market volatility—embodying their "industrial shipping model" that has weathered multiple market cycles over three decades.

TEN’s total future secured revenues are now in the region of $3.7 billion

Tanker market fundamentals remain strong

ATHENS, Greece, June 12, 2025 (GLOBE NEWSWIRE) -- TEN Ltd. (NYSE: TEN) (“TEN” or the “Company”), a leading diversified crude, product and LNG tanker operator, today announced the delivery of the eco-friendly scrubber-fitted suezmax tanker Dr Irene Tsakos and the naming of her sister vessel, Silia T, from HD Hyundai Heavy Industries Co., Ltd. (“Hyundai”) in South Korea. The Silia T is expected to be delivered during the third quarter of 2025.

The Dr Irene Tsakos and Silia T have secured long-term charters with leading European and US energy majors for a period of five and three years, respectively. The latter is followed by options to extend its employment to a total of nine years, boosting the Company’s total revenue backlog to approximately $3.7 billion.

With the delivery of the Dr Irene Tsakos, TEN now has 19 vessels under construction, scheduled for delivery between the third quarter of 2025 and the fourth quarter of 2028. With this, TEN’s orderbook now includes 11 shuttle tankers, one suezmax crude carrier and seven product tankers (2 MR and 5 Panamax). The Company’s proforma fleet currently consists of 82 vessels, 63 of which are in the water.

Since the initiation of TEN’s ‘Greenship’ program in January 2023, the Company has executed one of the most comprehensive renewal strategies in its history, by divesting 14 older vessels of 1.2 million dwt with an average age of 17.3 years and replacing them with 30 vessels, eco-friendly newbuildings and secondhand market acquisitions, of 3.7 million dwt with an average age of 0.6 years. This dynamic fleet expansion has resulted in a material increase in total carrying capacity, further strengthening TEN’s commercial and operational presence globally, guided by a commitment to environmentally friendly and responsible energy transportation.

Dr. Nikos P. Tsakos, Founder and CEO, commented: “The delivery of the suezmax tanker Dr Irene Tsakos and the naming of the Silia T, two Hyundai-built high-specification and environmentally friendly suezmax tankers mark another important milestone in TEN’s long-term fleet renewal, solidifying its presence in the global energy space. These vessels, backed by long-term contracts with top-tier energy majors, further enhance the Company’s income visibility and financial resilience. With continued investment in modern tonnage and strong industrial partnerships, TEN remains firmly positioned to deliver sustainable growth and long-term value to its shareholders regardless of short-term market fluctuations. TEN’s industrial shipping model has been tested and proven for more than 30 years through the various market cycles.”

ABOUT TSAKOS ENERGY NAVIGATION
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 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.

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

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/2711b457-0238-4dfc-b170-480cf46575a1
https://www.globenewswire.com/NewsRoom/AttachmentNg/5d1a0cc5-5be4-4dd0-ab98-e21d7d8ec267

FAQ

What is the current revenue backlog for TEN Ltd (NYSE: TEN) after the new vessel delivery?

TEN Ltd's total revenue backlog is approximately $3.7 billion after securing long-term charters for Dr Irene Tsakos and Silia T vessels.

How many vessels are currently under construction in TEN's orderbook?

TEN has 19 vessels under construction, including 11 shuttle tankers, one suezmax crude carrier, and seven product tankers, scheduled for delivery between Q3 2025 and Q4 2028.

What is the total size of TEN's proforma fleet after the recent delivery?

TEN's proforma fleet consists of 82 vessels total, with 63 vessels currently in operation and 19 under construction.

How has TEN's fleet renewal program impacted its carrying capacity since January 2023?

TEN's fleet renewal program has increased carrying capacity from 1.2 million dwt to 3.7 million dwt, while reducing the average fleet age from 17.3 to 0.6 years.

What are the charter terms for the new vessels Dr Irene Tsakos and Silia T?

Dr Irene Tsakos is chartered for 5 years, while Silia T has a 3-year charter with options to extend up to 9 years, both with European and US energy majors.