TEN Ltd. Announces Sale of Two First-Generation Suezmax Tankers

TEN Ltd (NYSE: TEN) announced the sale of two 2006-built first-generation Suezmax tankers, a transaction expected to add in excess of $100 million to the company’s cash reserves.

Rhea-AI Summary

TEN Ltd (NYSE: TEN) announced the sale of two 2006-built first-generation Suezmax tankers, a transaction expected to add in excess of $100 million to the company’s cash reserves. The move follows the late-July delivery of the shuttle tanker Anfield from Samsung shipyard in South Korea.

According to TEN, the sale aligns with its fleet renewal strategy, focused on maintaining a modern and diverse fleet. The company highlighted its 26-vessel newbuilding program, of which seven ships have already been successfully delivered and chartered, supporting approximately $3.5 billion in future minimum secured revenues.

Positive

• Sale of two 2006-built Suezmax tankers releases over $100 million in cash
• 26-vessel newbuilding program with seven ships already delivered and chartered
• Newbuilding charters support about $3.5 billion in future minimum secured revenues

Negative

• None.

Argus Sep 1 session

+0.99% close to close Open Argus

Details

News Market Reaction – TEN

On Sep 1, the day this news came out, TEN closed 0.99% above the previous close.

Data tracked by StockTitan Argus for the Sep 1 session.

Key Figures

Newbuildings delivered: 7 of 26 newbuildings Future secured revenues: $3.5 billion Tankers sold: 2 2006-built Suezmax tankers +3 more

Newbuildings delivered

7 of 26 newbuildings

Dynamic renewal program

Future secured revenues

$3.5 billion

Future minimum secured revenues

Tankers sold

2 2006-built Suezmax tankers

Announced sale

Cash reserves released

In excess of $100 million

Proceeds released to company cash reserves

Newbuilding program

26 vessels

Program currently in effect

Newbuildings delivered

7 vessels

Newbuilding program

Historical Context

5 past events · Latest: Aug 20

5 events

1. Aug 20

   earnings date announcement

   24h Move

   +1.2%

   Scheduled second-quarter and six-month 2026 results release and conference call

2. Aug 03

   preferred dividend declaration

   24h Move

   -2.0%

   Declared quarterly cash dividend on Series E preferred shares

3. Jul 24

   shuttle tanker delivery

   24h Move

   -0.1%

   Delivered Anfield DP shuttle tanker into long-term employment

4. Jul 02

   preferred dividend declaration

   24h Move

   +5.7%

   Declared quarterly cash dividend on Series F preferred shares

5. Jul 01

   LNG carrier order

   24h Move

   +5.7%

   Ordered second LNG carrier and expanded newbuilding program

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

Key Terms

suezmax, newbuildings

2 terms

suezmax technical

"sale of two 2006-built Suezmax tankers"

Suezmax is the classification for the largest oil tanker size that can pass through the Suez Canal fully loaded; think of it as the biggest truck that still fits down a narrow highway. It matters to investors because ship size influences shipping costs, route choices and supply-chain flexibility — factors that affect oil transport expenses, freight rates and the profitability of energy and shipping companies.

newbuildings technical

"7 of 26 newbuildings successfully delivered & chartered"

Newbuildings are vessels that a shipping company has ordered and that are currently being built or have just been completed; think of them like custom cars on an assembly line that the company will add to its fleet. They matter to investors because newbuildings represent large upfront spending, future cargo or revenue capacity, and timing risk—delivery schedules, construction costs and financing affect a company’s profits, debt levels and ability to grow.

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

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Dynamic renewal program on schedule
7 of 26 newbuildings successfully delivered & chartered

$3.5 billion in future minimum secured revenues

ATHENS, Greece, Sept. 01, 2026 (GLOBE NEWSWIRE) -- TEN Ltd (NYSE: TEN). Following the recent delivery of the shuttle tanker Anfield from Samsung shipyard in South Korea in late July, TEN announced today the sale of two 2006-built Suezmax tankers. This transaction will release in excess of $100 million to the company’s cash reserves.

“In line with our stated policy of maintaining the modernity and diversity of our fleet, as evident by the 26-vessel newbuilding program currently in effect, of which seven have already been delivered, we continue to monetize the equity value of our first-generation vessels. These vessels, purposefully built 20 years ago by TEN for its client’s requirements, have been great contributors to the company’s success,” stated Mr. George Saroglou, President of TEN.

ABOUT TEN Ltd.
Founded in Bermuda in 1993 and celebrating 33 years as a public company, 24 of which on the NYSE, TEN is one of the first and most established public shipping companies in the world. TEN's diversified pro-forma energy fleet currently consists of 81 vessels, totaling approx. 10.5 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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/520d5eb9-7834-4a0f-ad81-eceeae95243d

FAQ

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

What did TEN Ltd (NYSE: TEN) announce on September 1, 2026 regarding its Suezmax tankers?

TEN Ltd announced the sale of two 2006-built first-generation Suezmax tankers. According to TEN, this transaction fits its strategy of renewing and modernizing the fleet while monetizing equity in older vessels that were originally built for specific client requirements.

How much cash will TEN (NYSE: TEN) generate from selling its two Suezmax tankers?

The sale is expected to release in excess of $100 million into TEN’s cash reserves. According to TEN, this strengthens the balance sheet while it continues investing in newer vessels within its ongoing 26-ship newbuilding and chartering program.

How does the Suezmax tanker sale fit TEN’s fleet renewal strategy (NYSE: TEN)?

The sale supports TEN’s policy of maintaining a modern and diverse fleet by monetizing first-generation vessels. According to TEN, proceeds complement its 26-vessel newbuilding program, under which newer ships are already delivered, chartered, and contributing future secured revenue visibility.

What is TEN Ltd’s 26-vessel newbuilding program and its revenue impact for TEN stock?

TEN has a 26-vessel newbuilding program, with seven ships already delivered and chartered. According to TEN, these charters underpin about $3.5 billion in future minimum secured revenues, providing longer-term cash flow visibility that may be relevant for TEN shareholders.

What recent vessel delivery did TEN (NYSE: TEN) report before selling the Suezmax tankers?

Shortly before the Suezmax sale, TEN reported delivery of the shuttle tanker Anfield from Samsung shipyard in South Korea. According to TEN, this late-July delivery is part of the broader fleet renewal and expansion under its current newbuilding program.

Why is TEN Ltd focusing on first-generation vessel disposals and newbuildings (TEN)?

TEN is disposing of first-generation vessels to maintain fleet modernity and diversity while unlocking equity value. According to TEN, the capital freed supports a 26-vessel newbuilding pipeline, where delivered ships are already chartered and supporting substantial future secured revenue.