TEN (NYSE:TEN) ordered a second LNG carrier from Hyundai Heavy Industries, scheduled for delivery in Q1 2029. This brings TEN’s newbuilding program to 20 vessels.
The first newbuild, the Anfield DP shuttle tanker, should deliver in July 2026 with minimum 10-year employment, extendable to 20 years, contributing to $3.5 billion in minimum secured revenues.
Loading...
Loading translation...
Positive
Second LNG carrier ordered at Hyundai Heavy Industries for Q1 2029 delivery
Newbuilding program expanded to 20 vessels in total
Anfield DP shuttle tanker delivery expected in July 2026
Anfield DP minimum 10-year employment, extendable to 20 years
$3.5 billion in minimum secured revenues reported
Negative
None.
News Market Reaction – TEN
+5.65%
12 alerts
+5.65%Session close to close
+2.9%Peak in 57 min
$1.15BMarket Cap
0.2xRel. Volume
In the Jul 2 session, TEN gained 5.65%, reflecting a notable positive market reaction.
Argus tracked a peak move of +2.9% during that session.
Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility.
The stock moved +5.7% in the session following this news. A strong positive reaction aligns with TEN...
Analysis
The stock moved +5.7% in the session following this news. A strong positive reaction aligns with TEN’s strategy of adding long-term contracted LNG and shuttle assets, backed by at least 10–20-year employment and a sizable secured revenue base above $3.5 billion, though sector cyclicality remains a risk.
Key Figures
Newbuilding program size:20 vesselsShuttle tanker delivery:July 2026Secured revenues:$3.5 billion+5 more
8 metrics
Newbuilding program size20 vesselsTotal vessels in TEN’s current newbuilding program
Shuttle tanker deliveryJuly 2026Scheduled delivery of Anfield DP in South Korea
Secured revenues$3.5 billionMinimum secured revenues referenced alongside the newbuilding program
Second LNG carrier order2nd LNG carrierOrder placed at Hyundai Heavy Industries
LNG carrier deliveryQ1 2029Expected delivery of newly ordered LNG carrier
Initial employment term10 yearsMinimum employment for Anfield DP with a U.S. oil major
Maximum employment term20 yearsPotential duration with extension options for Anfield DP
LNG market participation since2007TEN’s reference to long-term LNG sector involvement
"a leading diversified tanker and LNG operator, today announced the order"
Liquefied natural gas (LNG) is natural gas that has been cooled into a liquid so it takes up far less space for transport and storage, like turning a bulky bundle into a compact package for shipping. Investors care because LNG enables gas trade across regions without pipelines, so changes in production, export capacity, shipping, or demand can quickly affect energy company revenues, infrastructure operators and commodity prices, amplifying both opportunity and risk.
newbuildingtechnical
"With this order, TEN’s newbuilding program reaches 20 vessels, the first"
A newbuilding is a contract to construct a brand-new ship at a shipyard, similar to ordering a custom vehicle that will be delivered at a future date. For investors, newbuilding orders matter because they signal planned fleet growth or renewal, require large upfront or staged payments, and affect future revenue capacity, capital commitments, and exposure to changes in shipping demand or construction costs.
dp2 shuttle tankertechnical
"the Anfield DP, a DP2 Shuttle tanker, is scheduled for delivery in late"
A DP2 shuttle tanker is an oil-carrying ship fitted with a dynamic positioning system with built-in redundancy so it can hold its place next to an offshore platform without anchors, even if a component fails. Think of it as a self-steering, multi-backup tanker that can safely load oil in rough seas or near platforms. For investors, DP2 capability affects safety, operating uptime, insurance and charter rates, so it influences revenue and risk profiles.
shuttle tankertechnical
"the Anfield DP, a DP2 Shuttle tanker, is scheduled for delivery in late"
A shuttle tanker is a specially equipped ship that carries crude oil from offshore production sites to onshore terminals or other ships when pipelines are unavailable, acting like a large delivery truck for oil at sea. Investors watch shuttle tankers because their earnings depend on long-term transport contracts, oil production levels, and fuel and regulatory costs, so changes in those factors can affect shipping company revenues and fleet valuations.
Shuttle tanker Anfield DP to be delivered in July 2026 in South Korea
$3.5 billion in minimum secured revenues
ATHENS, Greece, July 01, 2026 (GLOBE NEWSWIRE) -- TEN Ltd. (NYSE: TEN) (“TEN” or the “Company”), a leading diversified tanker and LNG operator, today announced the order of a second LNG carrier at Hyundai Heavy Industries in South Korea, with expected delivery in the first quarter of 2029.
With this order, TEN’s newbuilding program reaches 20 vessels, the first of which, the Anfield DP, a DP2 Shuttle tanker, is scheduled for delivery in late July 2026 with a minimum 10-year employment to a U.S. oil major, which, through extension options could stretch to 20 years.
“We are delighted to expand our presence in the ever-evolving LNG sector, a market we are actively participating in since 2007. The growing global energy demand fueled by geopolitical developments has increased the need for LNG as an alternative source,” Mr. George Saroglou, TEN’s President & COO stated.
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 83 vessels, in excess of 11 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
FAQ
What did TEN (NYSE:TEN) announce about its second LNG carrier order on July 1, 2026?
TEN announced it ordered a second LNG carrier from Hyundai Heavy Industries, with delivery expected in the first quarter of 2029. According to TEN, this order expands its LNG fleet within its broader 20‑vessel newbuilding program focused on tanker and LNG operations.
When will TEN’s new LNG carrier ordered from Hyundai Heavy Industries be delivered?
The new LNG carrier is expected to be delivered in the first quarter of 2029. According to TEN, this vessel is part of a 20‑vessel newbuilding program aimed at strengthening its position in the LNG transportation market amid rising global energy demand.
How many vessels are in TEN’s current newbuilding program and what does it include?
TEN’s newbuilding program now includes 20 vessels across tanker and LNG segments. According to TEN, the program features the Anfield DP shuttle tanker and two LNG carriers, reflecting a strategic focus on long‑term employment and participation in the evolving LNG transportation sector.
What are the employment terms for TEN’s Anfield DP shuttle tanker and who is the charterer?
The Anfield DP shuttle tanker has a minimum 10‑year employment contract with a U.S. oil major. According to TEN, extension options could stretch this period to 20 years, providing long‑term cash flow visibility once the vessel is delivered in late July 2026.
What is the significance of the $3.5 billion in minimum secured revenues reported by TEN (TEN)?
The $3.5 billion figure represents minimum secured revenues from TEN’s contracted fleet. According to TEN, these revenues are underpinned by long‑term employment agreements, including the Anfield DP shuttle tanker, enhancing cash flow visibility and supporting its 20‑vessel newbuilding and LNG growth strategy.
How is TEN (NYSE:TEN) expanding its presence in the LNG shipping sector?
TEN is expanding by ordering a second LNG carrier and integrating LNG vessels into its 20‑ship newbuilding program. According to TEN, it has been active in LNG since 2007 and views rising global energy demand as supportive of LNG’s role as an alternative energy source.
