TEN Ltd. Announces Second LNG Carrier Order in Hyundai Heavy Industries

TEN (NYSE:TEN) ordered a second LNG carrier from Hyundai Heavy Industries, scheduled for delivery in Q1 2029.

Rhea-AI Summary

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.

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.

Argus Jul 2 session

+5.65% close to close Open Argus

Details

News Market Reaction – TEN

On Jul 2, the first trading day after this news, TEN closed 5.65% above the previous close.

Data tracked by StockTitan Argus for the Jul 2 session.

Market Context

On Jul 2, the first trading day after this news, the stock closed 5.7% above the previous close. A s...

Analysis

On Jul 2, the first trading day after this news, the stock closed 5.7% above the previous close. 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 vessels Shuttle tanker delivery: July 2026 Secured revenues: $3.5 billion +5 more

Newbuilding program size

20 vessels

Total vessels in TEN’s current newbuilding program

Shuttle tanker delivery

July 2026

Scheduled delivery of Anfield DP in South Korea

Secured revenues

$3.5 billion

Minimum secured revenues referenced alongside the newbuilding program

Second LNG carrier order

2nd LNG carrier

Order placed at Hyundai Heavy Industries

LNG carrier delivery

Q1 2029

Expected delivery of newly ordered LNG carrier

Initial employment term

10 years

Minimum employment for Anfield DP with a U.S. oil major

Maximum employment term

20 years

Potential duration with extension options for Anfield DP

LNG market participation since

2007

TEN’s reference to long-term LNG sector involvement

Historical Context

5 past events · Latest: Jun 15

5 events

1. Jun 15

   Dividend declaration

   24h Move

   -1.0%

   Announced higher common stock dividend with 36% increase versus 2025.

2. Jun 09

   Annual meeting

   24h Move

   +0.8%

   All AGM resolutions passed with strong shareholder support above 93%.

3. May 21

   Earnings & dividend

   24h Move

   +0.8%

   Reported strong Q1 profits, higher EBITDA and lifted common dividends.

4. May 05

   Preferred dividend

   24h Move

   -1.9%

   Declared regular quarterly dividend on Series E preferred shares.

5. May 05

   Earnings date set

   24h Move

   +2.9%

   Scheduled Q1 2026 results release and investor conference call.

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

Key Terms

lng, newbuilding, dp2 shuttle tanker, shuttle tanker

4 terms

lng technical

"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.

newbuilding technical

"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 tanker technical

"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 tanker technical

"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.

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

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20-vessel newbuilding program on schedule

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

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

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.